Member Info for DASUT

Tibbs, sorry I don't understand what you are saying. All I said was that I read the same article that Cowichan made reference to and didn't read anything that relates to the waste contract.

I am not reading anything negative into meetings held with Badawi quite the contrary to me it looks as though Badawi is trying to be seen as encouraging investment in the mining sector.

Cowichan,

I also read the article relating to Capital meeting with Badawi and this is what was reported:-

"During the meeting with the Capital Drill Company delegation, which included Jamie Boyton, Chairman of the Board of Directors, Brian Rudd, the Executive Director, and Khaled Mortagy, Chairman of the Company in Egypt, the company’s drilling work was reviewed in several gold mining sites in the Eastern Desert, most notably the Sukari Gold Mine.

They also examined the Company’s latest technological contributions in cooperation with EMRA in developing the mining industry represented by the MSA LABS laboratory in Marsa Alam in the Eastern Desert to support the needs of the Egyptian mining industry for specialized laboratories for comprehensive examination and testing of gold ore and minerals for rock and soil samples."

Sorry but I see no reference to the waste contract.

I just think it was a website glitch.

Cowichan,

This is the link "https://portals.landfolio.com/CoteDIvoire/en/" that you provided and this is the link that I and appears Mr Bond used but as I say went into the search and One Hundred CI isn't recognised but Centamin CI is.

All I can think is that somewhere there is an incorrect AI translation from Centamin using Century (one hundred).

Checked One Hundred CI on Internet and can't find a company with that name especially in relation to mining.

Need to wait for a response from your LinkedIn post and see what comes back.

Cowichan, Grateful if you can advise where on the Cadastre site you found One Hundred CI because when I did the search for them on the Cadastre Site I couldn't find them whereas Centamin CI still applicable to the PR areas that you refer to.

I certainly agree that any decision to move forward at ABC is a while away yet. Thanks

Tibbs

I am certain they didn't invest in the project but a sovereign (partnership) debt guarantee, insurance, delayed royalties in this case profit share can make finance somewhat easier hence carefully wording "support" rather than "investment".

Tibbs yes as I say from the very early days getting Sukari up and running has been very much a joint venture and if there can be a successful partnership with a government I think this is close to being that success.

Will it continue to be successful as over time there is a change in personnel who haven't experienced the early days of development I don't know but I hope so.

Paul,

Back when Pharoah Gold first started Egypt had no mining law/structure/infrastructure/experience. The geologist Sami who is Josef El Rhagy's dad pretty much discovered the Sukari resource as I understand it many years before it got going.

I first came across the excitement of a few people back in the mid/late 1990's supplying some input and selling a few smallish machines to start the exploration and in November 2000 I attended a presentation which was one among many presentations at an Africa meets Australia seminar that was held in Perth, WA.

The presentation was extremely well put together and became the talk of the attendees many of whom were large scale investors and other mining houses. What was interesting was the presentation consisted of both Sami and a representative of the Egyptian Government think back then it was Ministry of Oil & Gas .

So the development of the Sukari resource was always a joint approach. Sami whilst quite well known in the mining world particularly in Australia where he plied his trade for many years wasn't an International player involved in developing large mines. It took quite a while before funding was achieved and I have no idea what input or support was provided by the Egyptian Government in the very early years but it was always a lifetimes ambition of Sami's to develop a mine at Sukari and he came across as also passionate about his home country.

So today in hindsight could be deemed as a tad expensive but back at the start it was very much a learning curve of the extremely steep variety, so personally thankful that Sami and the early team persevered and got the resource up and running.

We have to also realise that the Egyptian Government were also taking somewhat of a risk with a mine going into operation ,exporting and selling gold and for many years paying very little by way of revenue, having duty free status and pretty much zero taxation, until the initial investment costs had been recovered. If the mine hadn't succeeded there would have been lost revenue of a magnitude that would have been very difficult to explain to the Egyptian people, given the rhetoric at the time relating to selling off Egyptian treasure.

Paul,

Sukari is all that is shared with EMRA. Centamin is larger than Sukari that is why I often refer to Pharoah Gold. So in very simple terms there is a lot of extra Capex outside of Sukari like the development of Doropo that in accounting terms has nothing to do with EMRA likewise the development costs for Eastern Desert currently nothing to do with Sukari/EMRA.

Then there are all of the additional Capex costs that relate to Sukari such as joining the National Grid, or expanding the solar project etc.

Accountants can be a complicated bunch because I understand what you are saying when is a cost an "All In Sustaining Cost" or AISC and when isn't it ?

This has been the cause of discussion for many years, so you are by no means a dunce just one of us who gets confused by some would say creative that I call confusing shorthand jargon.

Paul this is what was included in the last interim mid year report.

"Capex

● Adjusted capex guidance of US$215m is maintained, including:

o US$112m of sustaining capex

o US$103m of non-sustaining capex, of which US$58m is allocated to growth projects that are funded from

Centamin treasury and cost recovered over three years

o Adjusted capex guidance for the full year excluded US$91m of sustaining deferred stripping reclassified from

operating costs as per IFRIC 20. As a result of the aforementioned reduction in the strip ratio, these costs

were reported in cash costs and were not capitalised as originally planned during H1 2024. We now budget

US$45m of sustaining deferred stripping in H2 2024."

Only $89 million spent first half of 2024.

Gnome forgot to mention I was visiting a gold mine in Ghana in the late 1990's can't remember what year and the contractor was Australian and you should have heard the talk in the bar that night because your treasury not only sold your gold reserves but wiped off millions from the Australian gold mining companies and associated businesses pretty much over night.

Auson assuming that politicians understand finance or have an ounce of commonsense.

Gnome you guys aren't alone our then chancellor of the exchequer Gordon Brown did the same selling off almost half of our gold reserves in 1999, 395 tonnes for $3.5 billion $275 per ounce worst deal in UK history people have been convicted of treason for less.

Tibbs I said that I agree badly managed for 2/3 years no need to repeat all over again, unfortunately history is impossible to change and we will have to wait for the proof.

Making a decision to employ Barminco at the time wasn't pathetic it was necessary and OK there were blips but if I had hindsight many of my past decisions might have been different.

Tibbs what is an inherent low grade with current GP?

My view for what it is worth is that yes thoroughly agree badly managed for a couple or three years when twit features took his eye off the ball and led the company up a blind alley and faced with the brick wall had nowhere to turn, other than working on scraps.

It needed the new team to knock down the wall and get back to basics which is what has been going on now for about 4 years. I don't know what the average grades are going to be over the next few years in the open pit but suggest reduced strip ratio will pull down the grades 0.5 in the open pit at $1500 an ounce is inherently low and therefore marginal but at $2400 an ounce not sure it can be classified as inherently low.

Prior to the 1980's, 1.5/2 grams per tonne was deemed as marginal and low grade but with improved processes and larger machines, even brought about mining the old tailings which was previously deemed as too expensive to process.

I don't know all of the detailed costs per tonne more importantly per ounce going forward now that they are working with a totally different playing field with the mine opened up but would suggest we will see good profits.

If the new team hadn't knocked down the wall we would still be working the scraps albeit pretty sure all the scraps would be long gone.

Grateful we still have a mine and if we see close to 500,000 ounces by year end knocking the wall down will have been the right course of action.

The mine has always from pretty much day one been all about the added value of the underground resource hence opening up the underground early in the plan and not waiting until closer to the later stages of what has always been at the lower end of grades, open pit.

I don't think there was any hiding of lowish grades in the open pit and if properly managed the grades were workable but not when we got into the 12:1 strip ratios, the result of the blind alley.

As I said earlier in my response to 2nd Qtr results the 3.3 average underground grade really is the worry if the optimum feed grade through the plant is to be maintained.

Bonanza grades could still be a while off but as goldgnome says excellent to have in the back pocket and also massive incentive to actively invest in the rich and crucial underground resource.

Tibbs I didn't say anything about the Capital Fleet I said the Centamin fleet, whilst I do however agree if the fleet of equipment is available and there is an opportunity to fill the void whilst waiting for the new machines to arrive then make hay, especially if it can be equated to additional revenue.

I don't think we are looking at any major improvement to grades in the open pit but consistent access to increased ore volumes.

Yes we do however need to see improvements in the underground grades.

I feel the gold price drop over shadowed the relatively good results. Not a great set of figures without the higher GP but certainly encouraging as they turn the corner. Lower grades basically accounted for the less than 120,000 ounce quarter so we need to see a better third quarter if what we are being told is true and that the foundations have been laid down for continuity and growth.

The tonnage of waste moved by Centamin's fleet will I hope reduce and therefore free up equipment to move ore in the open pit. I haven't had the time to delve into the detail if there is any relating to actual tons moved etc but encouraged that they continue to lay down leach pads for low grade waste (ore) rather than dumping.

Tibbs you and your analyst need to appreciate that whilst the ore grade is low in the open pit the cost of recovery is also low even more so as you remove the waste programme so there is still good profit to be had emphasis on profit.

The underground ore grade is a worry and this is the area that needs some investigation so I have a bit of catching up to do.

Don't think the drop in SP had anything to do with the ounces unsold at the end of the quarter because they mentioned subsequently sold at $52 million. Not unusual to have a carry over this happens with all mines and pretty much impossible to get it exact with the lead times involved.

Tibbs can you go to the regulator when you don't hold shares in the non responsive company?

Sorry my last post should have referred to the Doropo dead licence Society

After asking the question regarding licence expiry I was told that all licences had been granted a 90 day extension and that at that time they were awaiting the now granted Environmental Impact Approval. So EIA received now they need to get the Mining Licence Application sorted out which according to the Licencing Laws should be pretty much a formality, albeit I am sure the authorities with assistance from their advisors will dot and cross for a few weeks.

There is now a lot of work to be done by Centamin to get all of the numbers together to rubber stamp or these days press the keys on financing and then the go buttons.