Member Info for goldgnome

Major owners are required to divulge they are selling and how many shares they sell each time. See the link in my email

If you are a fund manager...an active fund manager you are obligated to take such actions which increase or potentially increase your shirt and long term investments...you are not paid to do nothing

If you are a smart seller or manager selling assets you always test the market and try ti get tension around the table. The latter is a form of auction. You go to auction your house when you are not sure of market positions for instance

Regards

The gnome

Its quite common that a group of disgruntled shareholders facilitate or orchestrate a takeover or merger. They are majority owners and gave such right to exercise such right to force a higher asset value (short term ) and better strategic optionalities (longer term)

The BOD are minority shareholders and employees who are doing a poor job at getting proper market recognition of the assets of the company

I believe the large owners would have been pressuring the board as they are obligated to do. Enough is enough I suspect

Cheers

The Gnome

The directors have only pledged their shares and have recommended other shareholders do the same. The BOD have BA shares in the scheme of things as noted previously

You can see the large share holders steadily selling their shares as they are required to do by law I believe on the Centamin web site. https://www.centamin.com/investors/regulatory-news/

And you can see who are not. Interesting? Those are selling might be waiting for a higher offer or facilitating such an offer. Interesting

The BOD are not the smartest team in town I suspect

The gnome

The reason to back gold can be seen in the massive govt debts built up ad nauseum.. In Australia we might not be leading the pack but we are having a great try..and there is productivity increases or even talked about rather union derived entitlement claims

World-leading deficits..why not...BA ACCOUNTABIKITY

RBA governor Michele Bullock last month effectively ruled out cutting the cash rate from 4.35 per cent this year, amid concerns over the lingering strength of inflation.

Australia’s big-spending state governments are recording some of the largest deficits in the developed world, putting state debt on track to triple by 2028 relative to pre-pandemic levels, ratings agency S&P Global has warned.

Queensland Premier Steven Miles announced $11.2 billion in household subsidies in the June budget in a last-ditch effort to hold onto power at the October 26 state election, including a $1000 power bill rebate and 50¢ public transport fares.

The Albanese government may have underestimated a state and federal government spending splurge by $70 billion, after a string of stimulatory budgets that have blown Treasury’s official forecasts out of the water.

Thats $70 billions no end in sight

The gnome

Prices of gold, considered a more attractive investment ahead of US Federal Reserve rate cuts expected next week, hit a new high of $US2,567.93 an ounce on Friday. Gold miners thus led the charge with West African Resources soaring nearly 9 per cent. Evolution Mining jumped 7.6 per cent, and Perseus Mining leapt 6.8 per cent.

Question is which option gives cry better return on their inground assets. The CEY board obviously think Anglogold will, and I find it hard to disagree

Cheers

Interesting commentary Marmot. You imply this is a good deal for Anglo...and I agree

But I also am reasonably happy it is a god deal for CEY given the BOD shackles the company operates under

May we akk win !!!

The gnome

I have 85 m shares traded today

Is this right

Interesting line if thought Bushy. That sounds a bit New Yorkish

If a good company wants to get full value they go to the right marketplace. It is very evident that New York is the right market as has most $$$ and huge liquidity...unlike the poor old LSE.. for Mining stocks of a certain size that is

It does beg the questions Mr t

1. Did the board put the company up for sale....without telling shareholders...tch tch

2 Is this an opportunistic bid by a prudent stealth operator...

3. If 2 is correct why were the shareholders (owners) not informed when bid rcvd ...

4. if 2 not correct and the BOD wanted to get the price what was the price discovery process and again why were the owners not informed

I could go on, but there are some serious questions to be answered by the market regulator, who could well be asleep at the wheel of course...?!

Good luck to us all and may the best price and operator of the companies true assets win

The nosey gnome

Good question Mr T

I have always found in negotiations on any continent and culture that the first bid is not the best or final bid.

I am not surprised that the board has rushed to recommend as my view of the CEY BOD is unprintable and I would not employ any of them and run for the exit of any company any one of them turned up at ss a NED or Exec

It is an unusual tactic in deed to unanimously accept the first bid! Is there a possible second bidder? How does one flush another bidder? Tier 1 gold mines are few and getting fewer!

So I am a patient seller but unfortunately I am impatient with CEY Board

The inground assets need a better BOD and mngt but its the pathetic BOD that is the main concern

So I will see what happens, Game on

The Gnome

IN SHORT its a disappointing result in the sense the in the ground assets are worth significantly more than is being bid. HOWEVER unfortunately the present CEY BOD and management have failed to put a convincing performance as to their capabilities to monetarise these in ground assets, as has been reflected in the CEY Share price..continually. So I have come to the conclusions

1. We need to get a decent BOD and mngt team which is near impossible as evidenced..organically

2. The Conservative nature of mngt and BOD as evidenced by the work at Doropo is not going to deliver my expectations in my lifetime from any inground assets

3. The performances at Anglo are materially better than CEY

4. The combined entity should bring improved monetarisatiin of CEY assets, diversification, and better access to capital and further opportunities

SO DISAPPOINTING, BUT HAPPY TO GET THE ASSET APPRECIATION NOW, SOME CASH AND A NEW BOD AND MANAGEMENT TEAM

THE GNOME

TO ADD, ...

IF CEY USE A CORPORATE $1500/OZ FOR LT GOLD, AND IT TURNS OUT TO BE $2,500/OZ, AND THEY PRODUCE 500,000 OZS PER YEAR...THIS IS A DIFFERENCE OF $500,000,000 IN REVENUE OR $500M IN SHORTHAND.

PUT IN DOROPO AT ANOTHER 200,000 OZS PA, AND WE GET INTO $700M DIFFERENCE IN PREDICTED REVENUE.

THERE IS A SIGNIFICANT AMOUNT OF DIFFERENCE? WHO BENEFITS? Cui bono

CEY HAS A MARKET CAP OF ABOUT ... ???

WHERE DO YOU PUT YOUR INVESTOR DOLLAR?

BEST

THE GNOME

Good Morning Dasut,

Fascinating in the detail they have gone to, which is very conservative. They seem to have gone after most of the major risk factors for projects (most projects fail to live up ot the hype of a mediocre DFS, but this does not seem to be one of these, perhaps bordering on overdetailed...but this is good to see. CONFESSION: I have a scant disregard for most DFS's as most seem to serve to justify the CEO's decision that the project is a "GOER!!!" (based on more on bonuses, and share options, than hard facts).

"The lodes at KILO extend over an 8 km strike length and dip gently to the south-west at ~30°. The DFS program focused on infilling most of the area at 25 m with closely spaced drilling of 10 m by 10 m in a test area " Thats a lot of drilling ... but the chances of bad surprises are probably minimal at this spacing.

Be nice to see the exploration review in as much detail (this will not hapopen, but is not that hard to do). A nice long section (s) which shows the inetresctions that are outside of the pit model, so we can see where the upside is ... where exploration targets might lie etc.... EXPLORATION UPSIDE IS SOMETHING WORTH COMMUNICATING DEAR CENTAMIN DIRECTORS !!! YOU DO VERY POORLY AT THIS.

They quote a measured and indicated resource of 3.1 M Ozs, and yet claim a reserve of 1.88 M ozs. Interesting. I alo have seen Total Resource figures of 6 m ozs ! My guess, is the project will yield a lot lot more than 1.88 m ozs...comfortably

BRINGS ME TO: INVESTORS SHOULD BE VERY AWARE OF THE IMPICIT ASSUMPTIONS IN WHAT CENTAMIN REPORT AND HOW THEY BUILD NARRATIVE. SUFFICE TO SAY I DISAGREE A LOT WITH THEIR VIEW, WHICH I SEE AS ULTRACONSERVATIVE.

... the Company's long term gold price of US$1,450/oz from US$1,500/oz

I CAN UNDERSTAND WHY THEY SAY THIS, AS THEY ARE ULTRACONSERVATIVE. MY FRANK VIEW AND OTHERS WOULD BE GOLD IS GOING TO BE HIGHER FOR LONGER. HOW HIGH ARE OTHERS SAYING US$2,500 PER OUNCE...WHICH IS US$1,000 PER OUNCE MORE THAN CENTAMIN ...SOME $2,700 TO 3,000 ?!

https://www.kitco.com/news/article/2024-09-04/gold-between-2700-3000-world-gold-councils-joe-cavatoni-says-lot-market

THIS HAS SIGNIFICANT IMPACT ON RESERVES, MINE LIFE AND PREDICTED CASH FLOWS AND ROI, IRR ETC...

IN SHORT THEIR FINANCIAL PREDICTIONS ARE VERY CONSERVATIVE IN MY VIEW...

WHAT DO THE BROKERS AND ANALYSTS USE ... I WILL SPARE YOU MY CYNICISM OF THESE MIDDLE MEN, BUT SUFFICE TO SAY THIS IS A GOOD COMPANY WITH ASSETS WHICH ARE UNDERVALUED BY THE MARKET, AND I THINK IT IS NORE TO DO WITH THE ASSUMPTIONS WHICH IF PEOPLE READ, THEY DO NOT FOLLW THROUGH ON THE FULL IMPLICATIONS OF THESE ON SHARE PRICE.

IN SHORT, DOROPO IS A FAR BETTER AND MORE LUCRATIVE PROJECT THAN THEY REPORT FOR THE ABOVE REASONS.

GOOD LUCK TO US ALL, AND ARENT WE ALL GLAD WE DONT LIVE IN THE MIDDLE EAST. I HAVE ALWAYS WONDERED WHAT THE HISTORY OF THE MIDDLE EAST IF IT DID NOT CONTAIN OIL?

THE GNOME

Economic Summary @ US$1,900/oz Au Units Value Post-Tax Economics

Net present value - US$M 426

Internal rate of return 34%

Payback period Years 2.1

Conservative gold price ....

The Israeli tactics and their associates, seems a lot like what Robert Fisk wrote about in his book, Night of Power. The country was Iraq

Its a strange thing, when one repeats the same action and expects a different result. Something just seems to be a tad wrong?

Jdj2

Yes I am looking at Portugal as well, I like the country, food, climate and people...and they seem to look after you very well !!!

Used to be a lot of gold in Portugal ...the Dourou River...

the Gnome ...

The loss of trust in fiats (and a firm belief in gold) proliferates in the lost southern colony. We are currently slapping more prawns on the BBQ to celebrate having the worst treasurer in 50 years, with the worst being one who tried to bring a budget to parliament in 1974, who was Treasurer for only seven months and was one of only a handful of Treasurers not to bring down a budget at all, such was his lot ; and not to boot, this Labor government is the most economically incompetent in half a century. Just without a looming dismissal to save us from it. But there is a looming election.

Trust in us, trust in the firmness of our fiat. We are back on the boats trying to get into Indonesia as refugees ... tough gig.

Gold is looking excellent value ... A$3,708.00

the Gnome

{Pl;eas ego back into reading your cartoons int he telephone boxes, but perhaps do not drink so much, ...

Ludicrous commentary

The Gnome

Its interesting to see investors have a go at Egyptian political risk, but in Australia its another dimension. I wont bore you to tears, but it has consistently got more expensive and vastly more costly to (not) get indigenous and environmental clearance to establish a new mine, let alone what happens when they are running one ...

BEFORE DEVELOPMENT

Perhaps Environment Minister Tanya Plibersek really doesn’t understand the lengthy time frames and the complex and difficult approval processes required to open or extend a mine in Australia.

How else to interpret her insistence that blocking the proposed site of a tailings dam for a new gold mine in NSW is “crucially, not a decision to stop the mine”?

Environment Minister Tanya Plibersek. Regis says her intervention will (FOR SURE) make the company more wary about investing in Australia.

Regis Resources has had to inform her and the ASX that, actually, it means just that. The company is instead writing off $192 million of value for what had been planned to be a near $1 billion project.

The gold miner is not about to risk many more years of getting the environmental and Indigenous approvals needed for another tailings site – particularly not when its experience demonstrates the real possibility of it again being unexpectedly rejected at the last hurdle.

The company had spent four years gaining necessary state and federal approvals but was undone by an application under section 10 of the Aboriginal and Torres Strait Islander Heritage Protection Act.

WHEN THE MINE IS GOING IT OWULD BE GREAT TO HAVE A SUPER TAX ON MINING...

The Greens were also floating big numbers, with leader Adam Bandt proposing at the National Press Club this week an agenda involving raising $514 billion in taxes from big business over 10 years. These “Robin Hood reforms” involve super-taxes on miners, banks and other large corporations, including a rerun of Labor’s mining tax which otherwise dare not speak its name.

At a time when big business is on the nose, with voters facing a cost-of-living crisis even more than politicians, saying you are going to impose taxes on “excessive” corporate profits, “gas and oil” and “coal and mining” might sound superficially attractive to some voters.

But numbers like $514 billion – or for that matter, $100 billion or $315 billion (take your pick) – have a certain “gazillion” quality to them that reflects just how far our budget and economic policy debate have descended in recent years into low farce and ideas that don’t actually withstand much scrutiny.

MADNESS HAS NO LIMIT IN THE POPULARITY STAKES.

GRAB YOUR POPULAR IDEOLOGY, DONT CHECK AGAINST FACTS, AND GO FOR THE ELECTION

IS IT ANY WONDER THAT THE FINANCE COMMNITY HAS LOST FAITH IN THE FIATS ... IN GOVERNMENTS WE TRUST

I forgot the Inidgenous matters where a friend of mine said he had a quote to pay $50k per kilometer to clear a roadside for indigenous heritage sites (it was alre

Siko

There is a lot of hot air that comes form certain parts of the board

https://www.centamin.com/media/2941/centamin-ar22-decarbonisation-roadmap.pdf

https://www.centamin.com/sustainability/energy-and-climate-change/

GG