Member Info for goldgnome

"Gold gnome has repeatedly said that some companies keep identifying new reserves worth two further years of gold production..this doesn't represent growth ..it represents an extension of steady state production since new finds barely match gold depletion from previous production"

LET ME TRY TO INFORM YOU. A gold mine is from a geological perspective, a record of a gold mineralising event. The event generally involves large/crustal scale leaching of gold, followed by focussing the deposition of gold into a favourable area. The scale of the favourable area is generally at the scale of 10's of kilometers. At this scale, a mine is generally not much more than a point on a map.

Sukari known gold reserve is a point on the map.

The probability of finding more gold in the scale of 10's of kilometers is relatively very high.

The cost of discovering this is incremental, and contained within a mine site exploration budget. It does not involve additional political risk, governance risk, Capex risk, personnel risk in operating in new countries, etc.

If one makes a discovery within the 10's of kilometers of the present owned mine, then the conversion of the discovery into minable ounces does not involve a rehash of the exploration/acquistion (new country, new laws, regulations, logistics, mine build, etc) risks, requires substantially less invetsment and happens in substantially less time.

You can say increasing the JORC Resources and Reserves, the production profile and decreasing the all-in company risk profile does not represent growth, but then what does such a change represent my dear accounting friend. Steady state? A decrease? Call it what you may like, but I call it growth, at a lower risk in less time, and companies are built around this every day.

Why dont you look at how Northern Star was built,
https://www.nsrltd.com/about
Evolution Mining
Evolution in November 2011 and successfully turned that initial resource at Mt Carlton into one of the world’s highest-grade open pit gold mines.
https://evolutionmining.com.au/our-story/

good luck in your investing,

the Gnome

Cowichan,

I think the death of South African Gold production was predictable to a fair degree. Deep mines, thin vein underground, hot mines, expensive mines, dangerous mines, use of cheap desperate labour to finance the mines, the end of apartheid, questionable management practices and competencies...etc. Hours in travel time to get from the surface to the mine face....

What is going to be interesting is the gold mines of the future, My bet ... large (easier to find, block cave), deep (all the shallow stuff has been found and taken) and these will be lower grade. BUT its not the grade that mnatters its the margins...you can have high grade and low margin, and the reverse is true...

best
the gnome

Cowichan
"This isn't a growth share. It's midway through its life cycle"
As I commented on before I knew a very profitable gold mine in west australia (or 3!), that only ever had about 2-3 years if mine life....
and so it was always in the back end of its life, but it went on like this for more than 50 years.
I know some old gold mines which were shuttered down, at the end of their life, and some bright young thing came along, drilled some more holes int he right place, and added another 20 years onto the life of the dead mine!?
Companies have been built on old gold mines all at the end of their life..LOL Have a look at Northern Star's History...built on old dead Mines at the end of their lives!
https://www.nsrltd.com/investor-and-media/asx-announcements/2005/october/2005-annual-report
Did they find a new mine? No they were a lot smarter than that they bought old Gold MInes, and got them to work, did smart exploration...company now has 20 years of mine life, 2 m ozs pa of gold production from mines "past their mine life"

Mine life, is function of dicovery, and this can be a function of the cost and time to get cost effective drill access to best get enough pierce points into a orebody, to get that orebody rated as JORC compliant reserve. It can be a function of the board, the management , the exploration technology,... the exploration manager.

In fact one of the mines I worked in did not have time to get the ore interestections into reserve, they just went for it.

There are some very naieve comments on this board, which does suggest that quite a few, have never worked in a mine, and if this is true, then it is very easy to not know how they work. Conclusions based on no knowledge can be misleading.

Can I suggest (again), the Extraordinary Popular Delusions and The Madness of Crowds (written in 1841, and nothing much has changed from a behaviourial sense):...all I can say is make sure you are not one of the crowd, get some real knowledge, and don't follow messiahs with no clothes on...or idle chatter on chat boards

Footy game tonight! Must limber up, ....
best
the gnome

Did not see your last post Cowichan, must have been naughty?

HI Red

The run up in housing and share prices I think shows that people do not trust fiat, and this means they dont trust the government and the central bankers (won't mention the chosen bankers who are now wirting loans like there is no tomorrow, come one come all, there is a bit in the kitty for everyone, interest rates all time low etc etc....). Just had a house snapped up for north of $10m, sight unseen (apart from via video, and spy in the sky, and this seems to be going on in many cities at lower proces (if I believe the friendly real estate agents??)
I believe this is integenerational in Oz now.

I cant blame anyone for thinking this way, as the government has been woeful in Oz, until recently - we were the most undervaccinated country, none took responsibility for the 700 plus deaths in aged "care" from the virus, doled out $13 billion of tax payers money to companies who did not need it with no payback or give back clause (etc) and to make things worse they keep playing political games amongst one another rather than trying to row the boat in the right direction...and they dont even seem to understand how bad they have been.

Life pensions coming up all round for the pollies when they retire from politics and take up their lobbying jobs, whilst the next generation of 3 will be paying off the debt incurred

The amount of money sloshing around desperately looking for higher returns than the banks beggars belief. I dont understand why CEY which has a history 7 year historyof solid dividend playment, which operates with nice margins, that may well get better with the new management, and 10 years of future dividend payments... does not have higher demand than supply for its shares? and the SP riseth.

Funny old world eh?

Thank goodness for football ! At least they have a good set of undertandable transparent rules, and enough umpires of high standard. Pity would counldt run a market place like that?!

the Gnome

PS, I see you have let Blair out again! Still bellowing on about invading Islamic countries if the cause is good enough (it does not have to be true or pass the pub test). Can someone please give him "The true history of the crusaders "for his bedtime reading?
https://www.dailymotion.com/video/x7x4936

Thats delightful Red!

I read,that what you are saying, is that the dead are long term investors and the short..well they are short of their senses and other things (no need for details), but you cannot keep a good woman down too long is the short of it?

Will history repeat? Well it has for a few millenia but ... but of course we dont know that for sure(the academics and talking heads must earn their keep)? and besides this time will be different!

So we sail into endless debt, bottomless social security, flat lining productivity, wage stagnation, equality frustration wokeism, lack of trust, government bureaucracy gone mad (der), global conflict (again) and general 24/7 hysteria and anxiety...

and we expect fiat currency which holds up on nothing but trust, to get stronger...well well, well

good luck to all

I know where my money is

best
the gnome

Thanks Rebess.

Great to be alert to the "clarity windows" through which one can see the workings of the "invisible hand of the market".
Once known/identified, these can be insightful into the "transparent" market place, and one can see the thrill of the swill..and swillers..sometimes.

If one can see clearly when the windows open, one can wonder "what chance does a poor man have?"

The answer is not a lot, its a mugs game. You can guess who the mugs are.

Second guessing the market machinations day-to-day is foolhardy and tiring to say the least, but good luck to those that try.

I do my homework, know there is an invisible hand that needs to make money every minute and hence shape/distort the market, and go to the football regularly...sometimes slowing past a friendly tavern..and ... betting on a longer game.

Goodluck to the shorters, and snorters.

best
the Gnome

I get the feeling the gold is going to have a decent run now and for several years, and I am with you MrBond, it looks like CEY production will ramp up very nicely with the Gold Price, and with no forward sales (etc) this is going to be very good for CEY.
2021 margin on sales-AISC of approx us$750/oz should see some healthy cash flows, and 2024 targeting 475,000 ounces at <$950 an ounce AISC, is going to do even better if the gold price runs north of $2000/ozs.

The Central Bankers and politicians seem attracted to reliving the 1970's (Robert Gordon’s magisterial account of The Rise and Fall of American Growth is a great read - he challenges the view that economic growth will continue unabated, and demonstrates that the life-altering scale of innovations between 1870 and 1970 cannot be repeated...contends that the nation’s productivity growth will be further held back by the headwinds of rising inequality, stagnating education, an aging population, and the rising debt of college students and the federal government, and that we must find new solutions...and now we have the pandemic! ), which was a turning point in US economic history, thanks to a sharp slowdown in meaningful (!) economic innovation.

A larger body of more recent work now finds that productivity growth has been slowing in the 21st century, and a very large proportion of the workers have found no growth in wages and salaries, and now the pandemic and the "government management" looks to be inflicting another heavy blow. Housing prices are rising at an anual rate in some cities in Oz at up to 80% in the last 12 months, and one does wonder how this is going tobe paid when there is not even a wiff of productivity increase, but there are some whiffs of interest rates rises. With the equities, its hard to lose money (in fact the only way to lose money today is to have cash in the bank..or bonds) the ASX top 20 has risen 25% in 12 months, ASX 100 up 25% ASX 300 up 25%, and there must be a few who would be nervous about this position.

In the US in recent years, first the Trump tax cuts, then pandemic-related catastrophe relief, and now progressive plans to expand the social safety net (and health?) have hit the federal budget hard, and now the embarrassment of Afghanistan, fast after the disaters in Iraq, Syria, Libya. Will the US military machine seek to re-establish itself, yet again? Plans to fund these costs by raising taxes only on the rich will likely fall far short, and with no wage growth for the plebs and middle class, (and we won't mention quality jobs) very hard to see how its all going to work?

back to the footy for me

the gnome

The City is the City. It is run by the City for the City, and everyone else can go for a (long) run. They are hanging onto power as best they can, but in the mean time looking the contrived, self serving, elitists that they have been for a century or 2.

One can see their signs everywhere: "At an anti-corruption summit in London, the former British prime minister (CAMERON) sat alongside Nigeria’s president (!!!) and other dignitaries and declared that money laundering was “the cancer at the heart of so many problems we need to tackle in our world”. ..NEWS? ... AND THEN WHAT HAPPENED ...

“Kleptopia: How Dirty Money Is Conquering the World”, by Tom Burgis is a great read ...

The year that Lehman Brothers collapsed, just half of Britain’s commercial properties were registered to a named person. The houses on a North London road known as “Billionaires’ Row” belonged to oligarchs and a front company for former Kazakhstan President Nursultan Nazarbayev (ANOTHER MAN OF IMMENSE INTEREST)

“Kleptopia” shows the at-times violent origins of the questionable cash behind the property splurges. In 2011, oil workers in Kazakhstan went on strike when they realised their employers were only paying them half what they declared to the country’s treasury. Police used live ammunition on the protesters, while others suffered torture. The international outrage raised uncomfortable (NOT SURE FOR WHO) questions for Kazakhstan’s then leader, Nazarbayev. To smooth things over before an upcoming trip to Cambridge University, former UK Prime Minister Tony Blair (NOW THERE IS A MAN OF SUBSTANCE) offered him tips on how to downplay the incident. (HOW PREDICTABLE?)

The City of London’s role in facilitating corporate crime could prove the capital’s undoing...

Solutions are easy.

Dismantle the City (send it to the Bahamas) , and put it on the same legal footings as the rest of London and the world. Make the markets unhindered, transparent with a clear set of rules that apply to all, 24/7. Make it accountable, supersize penalties and include lengthy jail terms in Kazakstan.

Must back to the football finals, before I get locked down, or up,

best
the Gnome

THE BASEL 3 CARVE OUT IS JUST MORE EVIDENCE OF HOW CONTRIVED AND CONFLICTED CERTAIN MARKETS ARE. JUST WHO BENEFITS, AND IT IS FAIR, AND IS IT WHAT WE SHOULD BE AIMING FOR?

The upcoming rules... net stable funding ratio (NSFR),.. are part of Basel III regulations designed to make banks more stable and prevent a repeat of the financial crisis of 2008-09. VERY WORTHY GOAL!

The London Bullion Market Association (LBMA) lobbied against them, saying they are unnecessary and could force some banks – including clearing banks - to stop trading (SO WHAT? THE POINT IS THE STABILITY OF THE BANKS AND BANKING SYSTEM AND NOT WHETHER SOME BANKS STOP TRADING GOLD IN A MANNER INCONSISTENT WITH ACHIEVING THE WORTHY GOAL).

Following EXTREME LOBBYING, the Bank of England's Prudential Regulatory Authority (PRA) said on Friday it had "decided to amend its approach to precious metal holdings related to deposit-taking and clearing activities."

It said it had introduced an "interdependent precious metals permission" which would reduce the size of the required capital buffer, AND DEFEAT THE PURPOSE OF THE NEW RULES, AND COMPROMISE THE WORTHY CAUSE, ADD COMPLEXITY AND ADMINISTRATION

"This is one of the key points that what we've been asking for all these years," said Sakhila Mirza, the LBMA's chief counsel. "Clearing will be exempt." AND WHY, WHO BENEFITS AND WHY INTRODUCE CARVE OUTS AND COMPLEXITY

The PRA said it would not classify gold as a high-quality liquid asset (ONE PONDERS THE DEFINITION OF HIGH QUAITY LIQUID ASSET?), which would have freed other trades such as precious metals loans and leases from the high capital requirement.

The LBMA says gold is liquid enough not to need an additional liquidity buffer for clearing and settlement and short-term transactions. (ALL MANNER OF DERIVATIVES CAN BE VERY LIQUID AS WELL, UNTIL TRUST LEAVES THE ROOM?)

A spokesperson for UBS said: "UBS welcomes the PRA's decision, which supports stability in bullion cleaning and avoids disruption to the London market." SUPPORTS THE STATUS QUO AND COMPROMISES AN EFFICIENT MARKET WHICH CAN FUNCTION WITH A MINUIMUM OF ADMINISTRATION AND MAXIMUM OF TRANSPARENCY?

BUT the exemption to "Basel 3" regulations offered last week to London bullion banks by the Bank of England's Prudential Regulatory Authority will not cover the "unallocated" gold the banks hold. The exemption is "short-term window dressing" that will give the London bullion banks a few more months to reduce their gold derivatives business. Macguire says, will push the gold price up.

Maguire adds that more transparency is being demanded of the banks by the PRA.

Russia and China are using gold to attack U.S. dollar hegemony and encouraging smaller countries to join them, Maguire says, and the Bank for International Settlements recognizes that gold is the only weapon that can displace the dollar. He expects the United States eventually to cooperate with a revaluation of gold that diminishes the dollar'

2021 DIVIDEND INTENTION

Reflecting the Company's confidence in the outlook for the year, and progress delivering on the reset plans, the Board reiterates its intention to recommend a total dividend of US$105 million (interim and final). Therefore, this implies a final dividend of approximately 5.0 US cents per share (US$58.7 million). The final dividend will be announced with the 2021 Full Year Results in Q1 2022 and remains subject to Board approval and shareholder approval.

DIVIDEND TIMETABLE

Below is the final dividend timetable for the London Stock Exchange and Toronto Stock Exchange

Ex-Dividend Date: 2 September 2021

Record Date: 3 September 2021

Last Date for Currency Elections: 8 September 2021

Payment Date: 30 September 2021

CURRENCY ELECTIONS

The dividend will be paid on 30 September 2021, in US Dollars ("USD") with an option for shareholders to elect to receive the dividend in Pounds Sterling ("GBP"). Currency elections should be made no later than 8 September 2021 as per the instructions detailed on the Company website (www.centamin.com). Payments in GBP will be based on the USD/GBP exchange rate on 10 September 2021 and the rate applied will be published on the website thereafter.

Mando

I suggest there are other more important matters to watch. I would also suggest that trying to predict the momentary variations in the share price of a company, is ... well its gambling

There are better plays in town, but they may take a bit longer ...

US jobs today? US jobs tomorrow?

Can I suggest that gambling is a bad habit and in these days of ridiculous noise in the media, ... there maybe better pursuits and strategies...

the gnnome

The often! "Extraordinary popular delusions and Madness of crowds" was written in 1841, and what a ripping read it is, but more importantly it suggests how little we have learnt, and there is more.

" We find that whole communities suddenly fix their minds on one object, and go mad in its pursuits: that millions of people become simultaneously impressed with one delusion, and run after it, till their attention is caught by some new folly more captivating than the first."
..and off they go....
Be it a virus, be it a rumour, be it crypto's of a certain flavour, or the odd tuilp of a certain color!?

"Some in clandestine companies, combine
Erect new stocks to trade beyond the line
With air and empty names beguile the town
And raise new credits first, then cry em down
Divide the empty nothing into shares
And set the crowd together by the ears
..Defoe

and it all ends in tears,
savings of years
...the gnome

It is peculiar to me as to how the crowd washes around,
chasing flavours, and saviours,
and then feeling frightfully let down

Great time to accumulate for the long termers ....

best
the gnome

Nice point to buy for the true believers in Gold and CEY!

Lets do something a little different?!

Lets composite a set of questions for the LOM meeting next, that ARE SENT as a BOARD (the LME BOARD of concerned stakeholders) to the CEY BOARD....

I will take a lead now, and could I suggest that Mr T composites, and submits as our key questions...

Questions

1. The West African properties are described as assets, but are they assets or liabilites? ... and how does the board intend to extract the maximum shareholder value in the shortest time on these assets?

2. There is an understandable focus on reducing costs, but given there is value on extending mine life, what is the plan to add the next 2-5 million ounce reserve onto the books? Time, actionable measurable items ... etc Balance of this objective with creating opportunities....

3. Given a reduction in Op costs is highly desirable, what are your plans to reduce mining costs? When will these happen, what ROI/ROC are attached to each item/s. Costvreductions can be in Miing, metallurgical, waste management etc ....

4. Given pathways for organic growth for CEY and other gold companies have been susect, does CEY have plans in this arena, and can you diviulge what they are, and how much investment in terms of moeny and human resources are directed at this?

...over to everyone to table their pet questions..please table, lets be constructive, clear and compelling ....

best
the Gnoem

Worrying to see regulators way behind PhD students in undertanding what goes ion in the market place! The crypto space is a well known wild space, but there is a large amount of money washing around, and one would wonder why regulators are not watching and regulating.
A UTS business school study has highlighted rampant price manipulation across the $US2 trillion cryptocurrency market “in broad daylight” as regulators and exchanges turn a blind eye.The study by finance professor Talis Putnins and PhD researcher Anirudh Dhawan identified 355 cases of pump-and-dump schemes involving up to 23 million participants using social media or encrypted message groups like the Telegram App.The average cryptocurrency pump-and-dump produced a 65 per cent price rise in the space of minutes, with an average of eight minutes for a coin to reach its peak price on volume around 13.5 times the usual daily volume, according to the research.“Gambling propensity increases during times of anxiety, isolation, and boredom,” he said. “It explains why these games are really popular. They’re a form of manipulation unlike any we’ve seen in traditional markets. There’s no trickery here, the manipulation is in broad daylight.”On average manipulators buy around $US24.3 million ($33.3 million) worth of coins prior to a pump signal. This results in a conservatively estimated profit figure of $US6 million per pump by reconciling the differences in volume weighted average prices before and after a pump signal, according to the research.Pump-and-dump networks can include loose affiliations of social media celebrities, financial or crypto influencers, altcoin issuers, organised cybercriminals, and millions of speculators hooked on meme-fuelled fantasies of instant, easy, wealth.

Plenty of anxiety isolation and borediom around.

One wonders what would happen if we got a few PhD students onto gold price manipulation.

best
the Gnome

African adventure bears fruit for rising star Perseus
Aug 26, 2021 – 11.04am

Revenue ($m): 679.7 up, 15pc from year-earlier 591.2
Pre-tax loss ($m): 163 v year-earlier 126.7
Net loss ($m): 116.2 vs 94.4
Final dividend: nil
Perseus Mining has delivered a reminder to the Australian gold sector that a successful business can be built beyond the security of developed nations, as its long journey in West Africa culminated in record profits and a maiden dividend on Thursday.

Fifteen years after it first ventured into Africa, Perseus now has three gold mines operating across Ghana and Cote D’Ivoire and has staked a claim as an emerging mid-tier player in the ASX gold sector.

Gold was fetching $US1790 per ounce on Thursday...AND NOW HIGHER

Perseus’ persistence in West Africa has run contrary to the conventional wisdom in an Australian gold sector that has rarely looked beyond North America and Australia for growth in recent years.

Northern Star, Newcrest Mining, Evolution Mining and St Barbara all made North American acquisitions in 2018 and 2019, with Northern Star now marketing itself as being the ASX miner with the most gold in “tier one” jurisdictions; a veiled swipe at Newcrest’s reliance on Papua New Guinea for growth.

Perseus’ ability to get three West African mines into profitable production and announce its maiden dividend on Thursday stood in stark contrast to the problems St Barbara disclosed in the relative comfort of Canada on the same day.

Lets watch what happens in West Africa, full of positive surprises for a well managed company

best
The Gnome

Global debt has been rising parabolically since 2016

Between 2012 and 2016, the global debt had increased by $5.6T. Over the same 4 year period between 2016 and 2020, the world debt has increased ten times faster, or $56T.

This parabolic increase clearly shows us that the world debt situation is currently out of control. It represented 365% of the world’s GDP by the end of 2020. Even at the end of the WW2, financial commitments had not reached such a level as a proportion of GDP.

Even more interesting is to look at the details of the debt by country. An infographic from the How Much website allows you to visualize this in the form of the debt to GDP ratio of countries around the world [well worth a visit]

https://howmuch.net/

In all, 32 countries exceed the 100% threshold. The days when having a debt to GDP ratio above 100% was a taboo seem to be over.

The Fed and Reserve Banks are putting on a brave face, but what would you expect them to do?!
Pulling ones hair out in front of the media camera's is not a good look.

the gnome ...

Just to add a bit more, for infotainment, in case your weekend is lost!

First seriosuly...My football team won in its final, and looks odds on to take the premiership, ...whew!

The Central Banks have committed to printing over $10 trillion (half of total GDP) under the auspices of Covid relief. IN Oz we are entering our 2nd quarterly recession resulting from our governments management of covid, have record government and private debt, housing out of reach, outsourced our manufacturing, and on it goes.... [We also have more people dying on road accidents per month than covid, and an obscenely all time high of teenagers admitting themselves with mental heath issues into our hospitals, the cure is worse than the disease?]

The biggest deal on the ASX was the acquisition of AFTERPAY for a cool A$39 billion, which had neither an orginal idea, or a large robust moat, and has just revealed a $156.3 million net loss, 689 per cent worse than its $19.8 million loss last financial year, [BUT of course, with high expectations for growth amid being Australia’s biggest ever corporate takeover!!], and this after the co-founders took $x00m off the table, and they now pocket A$2.7 b each ... great money if one can get it, why bother with mining or finding gold. Eldorado recast/reminted? AFTERPAY is part of the endless credit and debt game that is now part of life, as few now (apart from co-founders) have had a meaningful pay increase for decades, and hence cannot afford the lifestyle they aspire to. Answer: BUY NOW, PAY LATER, and why not?! Productivity gains?

We work hard to not learn from past mistakes, believe what we are told if we are told enough times, regardless of how stupid it is. In fact reminds me of MOBS, MESSIAHS AND MARKETS, by Bonner and Rajiva, and of course

THIS TIME WILL BE DIFFERENT

Enjoy the dying hours of the weekend, for next week is another week in the mystery of the [slightly regulated] market place, and my football team is a other week closer to an appearance in the Grandfinal!.

best the Gnome

Gold price, has some long term sets and short term. The long term sets are etched in ink by the continual loss of purchasing power of fiat currencies. The US dollar has lost more than 95% of its purchasing power since the creation of the Federal Reserve in 1913 (happy coincidence?), as adjusted by the official consumer price index (CPI). In other words, goods and services you could buy with less than $5 in 1913 would cost you $100 in today’s dollar.
Watch the Money supply (M2) in the U.S. which has skyrocketed over the last two decades, up from $4.6 trillion in 2000 to $19.5 trillion in 2021. The effects of the rise in money supply were amplified by the financial crisis of 2008 and more recently by the COVID-19 pandemic. In fact, around 20% of all U.S. dollars in the money supply, $3.4 trillion, were created in 2020 alone (!!!). Reason to believe in the value of the fiat currencies? If the fiat goes down in effective value, the value of gold in terms of the fiat goes up?
But Ray Dalio explained, if you put money back into the economy by roughly the same amount that it was taken out / cancelled, then consumer inflation will not pop up. The equation is: – X (money destroyed by crisis) + X (money printed to replace them) = 0 CPI. Assuming this money gets directly in consumers’ hands and they spend it on CPI-related goods, not on stocks. Evidence for this balance? No.
Recent figures in Oz, show spending on retail is going down, and the spending on house purchases and shares is going up. The hedge fund industry is now around $3.1 trillion. In 2020, the value of venture capital investments in the U.S. amounted to approximately 130 billion U.S. dollars. Both are competing (very) aggressively for quality assets. Both are overpaying. So money is washing around looking for good assets to invest in.
The monetary system is fiat with a massive tilt towards "credit and debt money". Probably with no way out.
Fiat definition? a command or act of will that creates something without or as if without further effort
According to the Bible, the world was created by fiat, and today we have our earthly versions .. the central bankers.

The other aspects come down to the word trust. Given the constant debasing of the value of money over the last several decades, topped by recent events such as wars, viruses, bubbles, fraud, what would you trust in?

good luck
the gnome.