Member Info for DASUT

I will be relatively happy with 225,000 ounces albeit was hoping for 2nd qtr nearer 125,000 which would have got us closer to 230,000 but a marked improvement over 1st Qtr and at 45% of higher end 500,000 ounces so definitely moving in the right direction. However need an exceptional 2nd half to achieve an additional 275,000 to meet high end target so now is definitely hammer time to prove the last 4 years of hurt has been worthwhile.

Wow Tibbs that is a quick change of view pity you didn't do the research earlier before describing the resource a waste of time and money and a money pit etc. What changed your mind?

Tibbs there is a massive difference between a 50:50 profit share and "Nationalisation". The latter means it is owned and managed by the Government and there are very few if any successful gold or precious metal mines in the world that are owned and managed by a Government.

It was tried in Ghana after Nkrumah became president and most mines with exception of Obuasi were defunct by 1970 and I actually got involved with The State Gold Mining Company in the late 1960's when there was a push to revitalise some of the mines. I was dealing with politicians and civil servants who didn't have any idea so virtually no revenue came out of the mines until the 1990's, when overseas investors were encouraged to develop the already known resources.

Cowichan is pushing the threat of Russian ownership and management of Pharoah Gold and I travelled some of Russia and visited with mining companies and my impression back in the early 2000's was that they were very old fashioned and lacking sophistication, and crying out for overseas investors and personnel. As I say back in the early 2000's and I know that there was investments but doubt that has been overly successful in recent years.

Siko will I am sure give us some thoughts on the current Egypt, Russia relationship which I know has in the past been quite strong up to earlier years of Putin.

3bear understand but I really do hope the company aren't satisfied with the lower end target if so why provide a higher number. I for one would be disappointed if they only just make the lower end target.

Tibbs sorry for the tardy reply unfortunately had to travel north for a celebration of life occasion.

I don't think Doropo is Gung ho and some have criticised the length of time it has taken and the cost of drilling holes in the ground and the glossy presentations. Too many assumptions being made as to the cost of Doropo and throwing $400 million away even though it is said to have an initial cost recovery in just over 2 years.

I do think we need to wait until we see the long awaited for DFS and like all of the Political Parties manifestos see how it has been costed before casting votes.

The DFS and hole drilling etc is I would suggest what is being done to mitigate risk and the new team did walk away from Batie and received serious condemnation for doing so.

I am not defensive in anyway because like you I have money invested but what I do have first hand knowledge and experience in is mining organisations working in developing countries several of which are close by Cote D'Ivoire. Mitigating risk is knowledge and experience in how things are done and one is taking out insurances and involving banks and financial institutions to under pin and underwrite the projects.

Mining in West Africa goes back decades and as such experiences are gained from people and organisations with knowledge.

I remember when Newmont first put their toe in the water in West Africa and you couldn't come across a more conservative organisation back in the late 1990 early 2000's. Due diligence was and still is all important and they decided to go all the way with what was a similar initial project scenario.

The other Egyptian opportunities are very early doors, Doropo is now short term in mining project terms.

Not sure I understand what you are saying about drilling and digging holes and moving piles of spoil for no purpose means because that is part of mitigating risk.

3bear I seriously hope we see more than 107,000 ounces because this would mean first half year only achieved 211,000 ounces when need to be closer to 230,000 ounces to be close to bottom end target and even then will need last two quarters to average at least 120,000 ounces. So let's be a bit more ambitious and hope the 2nd qtr is nearer 4th qtr 2023 at over 120,000 ounces to give us all a bit of hope for a year end mid to high end target.

Yes optimistic but should now be approaching some consistency albeit still think we are little way off accessing Tibbs bonanza grades.

Wow Tibbs you are a happy fellow today, why on earth are you invested in Centamin or the mining market when it is all doom and gloom?

A while back you were on the band wagon saying Centamin were a one trick pony and the need for adding more mines and when they unearth what is a good resource OK not special but pretty straight forward you criticise.

I fully appreciate opinions but it needs to be supported with some substance, so let's wait and see if Doropo is actually a go and based on a DFS, a Bankable costed study that provides enough information for us all to state a case for or against.

Right now none of us have enough information to for a meaningful opinion.

Yes Tibbs and a company that goes to countries that you wouldn't recommend.

Doropo Mining Licences extended by 90 days so another rumour grateful you substantiate the rumour. Tibbs risks in Mining have been going on forever. Ghana coup after coup yet miners still made large investments. Tanzania risk of Nationalisation but miners still made significant investments, Sukari first commercial mine in a military zone but got it across the line. The list goes on Angola, DRC and very many more including Burkina and Mali. Cote D'Ivoire is paradise these days compared to many of the markets I have mentioned back in the day.

Communications, Mining Equipment, Engineering these days are far more advanced than times past. The changes and advancements from 1970's when I was supporting Bauxite, Iron Ore, Rutile and Diamond Mines in Sierra Leone and even when I stopped travelling back in 2008 was massive.

When we were working in remote places in the 1970's television, airconditioned vehicles, phone lines, reliable power some didn't exist and some took considerable pre arrangements.

Love to hear your experiences.

Tibbs If mining companies didn't take risks there wouldn't be any mining companies it is a business full of risks.

Horgan has until the year end to put Sukari back on track and in my opinion it is already on it's way back, compared to when the very difficult decisions had to be made shortly after he arrived on the scene. If he hadn't made those decisions goodness knows where the company would be right now.

When I first got involved with Pharoah Gold, Sukari was predicted to be a 500,000 ounce mine at it's peak, the extra that was squeezed out came at a cost that we all know only too well.

So let's give credit where credit is due and see where Sukari is placed come the year end as I keep on saying wait until we see the outcome of the Doropo DFS before we condemn decisions that haven't even been made yet.

Tibbs not sure why you have published what you posted previously because when you posted this I responded thanks but I have already read the 2023 Technical Report which explains in considerable detail what you posted and also answers your questions in detail. So I will ask you again why a gamble, money pit, pie in the sky. Sorry don't get it and can assure you there are many mining companies that would love to be able to mine a resource of this size and potential.

As I have said let us see what the DFS says and then pass judgement with current facts, and it will need to be factual if banks are to get involved.

Tony thanks but think I will wait to see the outcome of the DFS because would suggest funding will be spread over longer than three years and a number of estimates particularly relating to AISC should then be costed to make the document bankable. My view currently after reading the 2023 technical review is it is a simple straight forward mine albeit location of the plant is still one of my questions as haul distance equals cost. The early year(s) production is the sweetener because of volumes of free dig equals low costs both in recovery and processing hence an estimated 2.3 years payback based on only $1600 GP. Yes I agree this statement is another significant question but if they are to press the go button the costings will need to be robust for banks/finance organisations to jump aboard.

Tibbs please answer my question was the view on Doropo taken prior to the 2023 Technical review that was undertaken by the current Centamin team, rather than the the inherited studies?

Yes some very valid points on Sukari but that is another story why not add to your list the funds available by way of cas,h is that owned by Centamin or the joint venture with EMRA? Is there only 50% available for projects outside of Egypt?

One subject at a time please it is easy to deflect.

Tibbs who told you that Doropo is a gamble and was this assumption prior to the 2023 technical review because I don't understand whoever it is who made the assumptions/negative comment.

Any investment that has a suggested payback in 2.3 years (based on a gold price of $1600) is worth a more detailed look hence the need for the DFS.

Yes the technical report highlights some issues and questions that I would need answers to again hence the DFS. Please back up your criticism with factual questions relating to the technicalities or wait like I am for the DFS.

Tony interesting numbers can you tell me where you got these especially the need for a 2700 dollar gold price?

I don't know the answers to your question but reading between the lines I would suggest and only suggest that the project is likely to be a go. Also suggest that an exploitation licence would add value over an exploration licence.

Hopefully we will hear more when the DFS is published which according to Centamin is to be completed prior to the end of this month but guess this will also depend on if and when the approval of the environmental impact plan is finalised.

The good news if it is a go is that they have a 90 day extension to upgrade to an exploitation/mining licence.

Will we have to wait until Centamin have something definitive to tell us I think this is very much the case.

Cowichan, grateful if you or mhendersen can explain is Gustav being the new COO which was a good promotion for him the news that was being advised by mhendersen or is it his promotion that is being questioned by the authorities/EMRA?

Mr Bond I also have some confidence in the new team but the proof will be the year end results and hopefully therefore building the respect of the market.

I checked out the licence issue with Centamin and am advised as follows: -

"We have a 90-day extension period on permits beyond their expiration dates to apply for the mining license. Rest assured, we will submit our mining license application within this period."

Tony yes but wanted to check with someone who was on the periphery of the study albeit not directly involved with the submission, knows that the study was submitted to Government but not sure of the exact date.

Maybe worth me asking Centamin.