Member Info for Major-Tom

IMO, Centamin are perfectly placed for the upcoming gold bull market

Producing 400,000 to 430,000 oz per annum

New Egyptian licences recently applied for

$345m cash in bank

No debt

When the gold price moves upwards Centamin is sure to go with it. The recent overdone SP drop just means higher returns when it does.

What is it, from the way the board handled the last 2 lowball bids, that makes you think this will be taken out on the cheap.

It is clear that if someone wants DELTs assets, IMO the best gas prospects in the SNS, then they will need to pay fair value for them.

DELT are either fully funded for the 2 drills with Shell. Or, if Shell pull out fully funded for a few years whilst they secure other farm out options.

I am very comfortable that there will not be any cheap takeover.

MT

Positive note from VSA Mining

"Ferro Alloy Resources (FAR LN) has announced the first commercial production and sale of calcium molybdate at its processing plant in Kazakhstan."

"This broadens FAR’s near term production capability with another high value product which can be produced as a byproduct from the
third party vanadium bearing materials the company is currently treating to produce AMV. This therefore has the potential to enhance FAR’s margins over the coming months with capacity of around 14 tonnes of calcium molybdate per month. This product is priced against the molybdic oxide benchmark less a small
discount. Fastmarkets data shows that molybdic oxide prices of US$8.50-8.6/lb Mo have recovered from June lows of US$7.65-7.80/lb and
molybdenum products are primarily driven by steel markets given its use as an alloy."

"Target capacity of 14 tonnes per month of calcium molybdate contains around 10 tonnes of molybdic oxide against which the price is set. This
capacity is also dependent on future grades of third-party materials acquired for processing which could vary. As previously indicated and
already reflected within our estimates for vanadium production, the connection to the high voltage power line, due in Spring 2021, means that there is potential for production disruption making it harder to assess the initial likely calcium molybdate contribution. However, the upside potential from this new product line is not currently reflected within our forecasts and given the high value nature of the product indicates significant additional potential."

"We reiterate our Buy recommendation and 171p/sh. target price."

I would be over the moon with 171p

MT

Not long to wait for news on the Haveirion / Telfer option.

Sold today. Had hoped for a little more but not going to bemoan a 100% profit.

Nice to see a decent buyout price for a change. Well done all who held long term.

MT

Maybe Lombard Odier buying back the shares they sold off during the IOG offer period?

Watch the spin when the deal goes through. I reckon this could smash 10/11p on this news alone.

MT

Got a feeling things are going to get interesting here.

IMO a full carry to production with us retaining 30 - 40% would be a great result.

Other alternative is Anglo have seen enough already and want to buy us out altogether.

I personally can't see any way Anglo won't make some sort of offer. Just hope NVS is a good negotiator.

MT

MT, back in a different guise.

It's a very simple investment proposal this one. Cash position gives a very obvious and real bottom valuation. At this moment in time we are valued pretty much bang on cash.

If Shell commit to the Pensicola well some of that potential upside will get priced in Pre drill. If not long term we will be valued at cash whilst we pursue other farm outs. No loose situation there.

If we find commercial gas this is 10 bagger all day long. If we don't it will revert to cash position post drill. Around £5m is my guess.

The risk reward here is almost second to none.

MT