Member Info for JohnNth

In the Interim report under 2024 Year End Outlook, CORE states

“The management does not expect comparable half-on-half results in H2 2024 given the following detrimental factors: high base effect of de-stockpiling, which is not likely to be repeated in the near future, stronger than budgeted year-to-date KZT/USD rate, inflationary pressures, shortage of railcars and congestions of the eastbound railroads.”

Inflation in Kaz is currently 8.5% whilst Tenge slightly strengthened against USD in the first half and so the company took a big hit. However, since 1st July Tenge to date on average is showing 5% depreciation against USD. If this continues to year end, it should reflect positively on the bottom line, as all income is in USD and majority costs are in Kaz Tenge.

Add to this, a further spike in gold price of late should ensure an excellent second half.

Enjoy rise in sp…and there’s lot more to come imo.

Think we’re over the worst for sure.

ATB

According to CORE website, interim results will be published today at 22.00 hrs UK time and 02.00 hrs on Sat morning in Kaz.

It seems insulting of its shareholders knows no bounds since the company redomiciled to Kaz.

Just the latest game changer in a long list of game changers.

Challenger Tanks, HIMARS, F16..... to name but a few

@Scooters...you are smack on eg. company Articles makes clear it is company duty to keep members list up to date, but this is completely ignored by CORE management. No way they would get away with that being listed on LSE.

And yet, Nesis did say when redomiciling from UK that company will maintain best practice and comply/adhere to the same rules applicable in the UK when in Kaz.

once moex listing is done and dusted, and if core wants to make real difference to shareholders, it could start buying on aix to lift the price.

actual company buyback (net of **************) amounted to 9m shares on moex in the month of august, almost twice the entire turnover on aix, and yet it hardly moved the price. if this was repeated on aix it probably would have doubled the price.

point i’m making is it could remain listed on aix for whatever reasons it sees fit, as long as it is seen to be returning value to shareholders.

right now, holders get no divis and cannot obtain true value through selling, and that doesn’t sound right.

@Scooters...that would be great; I don't use Telegram or other boards and I'm sure there's few more like that on here. Thanks

@Scooters…I think there's more to it than that; think it could be a tool to be used by management to fast-track growth. Listed on LSE would impose rigorous rules on the company, but in countries like Kaz, such rules are on paper only and nobody gives two hoots if company complied or not. There is complete absence of any scrutiny as the authorities are too eager to keep companies like CORE listed in Kaz and attract new ones.

Kaz is a compliance haven for companies.

You can more easily get away with using sharp practices in Kaz eg. use of slush fund to seal the deals. How many times have you heard companies like Glencore, which is listed on Europe and US exchanges pulled up and fined for bribing to obtain mining licenses?

I’m sure and hope there’s legitimate reasons with CORE, but the need to bulk up before listing just doesn’t wash with me.

@Krok...........

"Dire future, for the country, for the economy and for Ukrainian people. Only because a few clowns once believed they would be saved by their masters"

I'd say just one clown Z being hyped/encouraged by another clown Bojo in 2022 that he could defeat Russia and go down as Ukranian Churchill".

For me, the company have not provided a solid/valid reason not to relist on LSE sooner. Nesis did say at the last conference there was nothing stopping CORE from listing on LSE right now.

I’m certain there are reasons but he cannot spell them out eg. keeping price suppressed helps in buying back shares on the cheap on MOEX and this is happening as we speak. Also, company may have plans to buyback shares on AIX from ‘impatient’ shareholders selling out and cancel them as well, resulting in rise in value of those who holds on.

So yes I agree, those with patient capital will win in the end, as company have strong fundamentals.

@Alex1978...Yes you would have been hacked off if you were of Ukranian ethnicity. If you were an ethnic Russian living in Donbas which is a Russophone Region, you would have been at the receiving end of the likes of Azov Battalion whom Zelensky embraced and who made life a misery for the ethnic Russians who forms the majority. Add to this, prior to the war, Zelensky put in motion measures to wipe out all things Russian in Ukraine including majority spoken Russian language in Donbas.

Faced with such a situation, I’m sure you’d be up in air in anger, and that is what they did. Why do you think Russia is allowed to control these areas without much opposition, because majority Russian occupants knows how they endured life under Zelensky and the likes of Azov Battalion.

"How can you put stamp prices up but yet still offer a free collection on parcels ? , this just tells you how they want the company to go ".

Because they have to compete in the parcel business. RM is strike prone and unreliable, hence cannot compete on service with likes of DHL, so they have to have an incentive; free collection is an incentive for people to use RM.

Ukraine’s incursion into Kursk can be viewed in ‘some’ way to the hollow victory achieved by Napoleon in 1812 when he captured Kremlin. Russians abandoned Kremlin allowing Napoleon to march in unopposed, only to find Russians blocked all roads leading into Kremlin and hence depriving it of supplies. French left after just 36 days with tails between their legs.

In Ukraine, Russia is using it to capture more territory in Donbas with large Russian population, knowing full well they can recapture Kursk at the time of their choosing.

Zelensky has lost and so should focus on ending the conflict instead of sending more of his people to meat grinder.

Masses don't require first class postal service. I cannot think of anything coming through mail which I cannot wait a day or two longer....can you?

Ukranians in Moscow...hahaha! Once Russians have captured what it wants in Donbas, they will address Kursk incursion. All they have to do is cut off Ukraine troops from supplies and its game over.

Putin appears little concerned about Kursk.......

Best option for Ukraine is enter talks and bring this bloodshed to an end. They cannot win this war.

IMO, when negotiations does start, they will 'eventually' settle for an autonomous Donbas within Ukraine with considerable powers, Crimea to keep forever, no NATO on its border (means no troops in Donbas and within buffer zone inside Ukraine bordering rest of Russia) and constitutional rights for Russians living in Ukraine.

There are approximately 15% Russians in Poltava and 85% Ukrainians, so it would not be of interest to Russians.

IMO the process is repeating itself now on MOEX. If you recall, in the run up to delisting on LSE, the market was distorted with sp much lower than that on AIX and MOEX. At the time, uncertainty regards the move and sanctions meant many shareholders were running round like headless chickens not knowing what to do. This is now repeating itself on MOEX where the shares held is much smaller than was on LSE.

Issue facing the company is to make sure Russia exit is clean and decisive; and it has to be for it to relist on LSE and pay divi. For this reason the company is sweeping up the shares on MOEX instead of leaving it floating around like they did on LSE at time of terminating the listing.

During year 2023 and up to time of announcing MOEX exit in 2024, shares held in treasury barely changed (2.5m). However, since MOEX exit was announced, company have added 26m shares to treasury through buyback on MOEX and this is rising fast with another 5 weeks to go. I get the feel the company approach on MOEX will be that either holders exchange the shares or they sell up; they can’t be in between like here in UK where eg. you could still be holding old shares through likes of HL but not be a holder on AIX.

I think the company is eager to update and correct members register (which is their duty under company Articles of Association), and this can only happen with a listing on the LSE.

So, higher earnings and lower float on cancelling of shares means higher EPS. CLEAN Russia exit and relisting on LSE means accurate members register, which in turn means divis.

I think it’s all coming together…icing on the cake would be a major acquisition or new licenses.

ATB and please DYOR

Russia is not interested in Poltava so FXPO mines are safe. They're only interested in Donbas, Crimea and the coridoor connecting the two which currently runs from the Azov Sea to east side of Dnipro River. If you recall, Russia did occupy area on the western side of Dnipro but had to withdraw due to difficulties in supplying troops across the river.

Latest update states CORE have added another 9m shares to the treasury in the past month, bringing total to 67.8m shares in total. Buyback have been entirely on MOEX and company have stated all shares held in treasury will be cancelled. The buyback have been accelerated in the past month and to date company have added 26m shares to treasury this year. There is every indication the figure could now exceed 80m shares which would bring total float to under 400m after cancellation.

In my recent post, I estimated this figure to be around 73m by the time company delists on MOEX, but I think it will exceed that. Further, despite the buy-back, sp on MOEX remains weak and the company have taken advantage of this.

IMO this is second bit of good news this week….looks we’re finally on the up!

ATB

It most certainly does not make sense for the company to deliberately keep sp low and not pay divis despite having resources to do so. IMO sp is deliberately kept low on AIX to mop up as much stock as possible from MOEX (to be cancelled) on the cheap and divis cannot be paid until CORE is relisted on the LSE.

Impact of shares repurchased will transpire on sp as soon as shares are cancelled…that is if it hasn’t started to impact already.

“LSE won’t touch this company”

Absolute rubbish, as CORE is not subject of any sanctions imposed in the West, and Nesis said most recently there’s nothing stopping the company from listing on LSE.

“Russian Board Russian managers”

Some may be Russian but holding dual nationalities and I think all live outside Russia

“What's not Russian bar the product”

Think most will agree product is almost everything, and this is why they had to stop mining in Russia.

“100% production processed in Russia”

This is correct but with full clearance/oversight of OFAC, US economic and trade sanctions enforcement agency

"They’ve lost control of shareholders database"

This is correct and it will probably get worse once Russian holders find themselves in no man’s land after 15th October, just like some (could be quite a few) UK holders. Overwhelming majority of holders are non-Russians and majority retail investors are in the UK, so LSE listing will go long way in mending members register. This will leave question mark over what happens to Russian holders…………

Lastly, I am a long term holder and can assure you I am not balls deep in the red. I can cash out now with profit, but don’t intend to.