Member Info for mrtibbles

After doing some research the general opinion seems to regard Jeffery Christian is an industry apologist with his own agenda!

Many of the precious metals professional traders including GATA have had a long running dispute with him!

Worth bearing in mind he disputed gold and silver manipulation years before, HSBC,DB etc. etc. and JPM was fined close to $1Billion for these denied manipulations and the DOJ naming them a criminal enterprise!

Hi Dasut,

Thank you

Not being an industry experienced professional I was hesitant to post in case it was likely to be too optimistic,or on the other hand worry or disappoint other holders.

So thank you for giving the benefit of your professional knowledge and reminding us of your conversation with Martin Horgan in the Q&A webinar.

Good to know that it wasn't a fob off, but as you say although not ideal it seems that they are at least making the best of what ore they have available helped by the strong POG!

Hope you have an enjoyable holiday!

Kind Regards

Tibbs

Hi NoelShempsky, I got away with it because its the truth, people don't always want to acknowledge that though!

Thank you also Mr Gnome, you are quite correct !

So many of these any of these countries suffered exploitation of varying extremes under the various regimes of colonialism, so they fought for and now have self rule.

Now things should be so much better for the ordinary people of these now independent countries but instead t seems that in many instances their leaders and politicians in charge exploit their own people and their countries natural wealth even worse than in the past!

No, although this was likely a factor in the Centamin rationale to pull out of the Burkina Faso project after having invested many millions of dollars no w with no hope of ecvan a partial recovery and likely the partly developed project will end up being under the control of less than scrupulous operators!

the point of my post is to illustrate that so many of the governments in this region are untrustworthy, weak, corrupt and in order too stay in power are quite prepared to sacrifice the best interest's of their people, their countries natural resources (gold, etc) to corrupt Russian controlled influenced mercenaries.

In the meantime whilst Russian is acquiring huge amounts of blood gold bullion the US FED and its cartel of big banks are trying to control the markets with Comex paper contracts!

Whilst Mr Putin remains in power there are certain area's of Africa at risk from mercenary incursion that are no place to try and develop bona fide and properly regulated gold mines!

Fair commenst Dasut,

Posted as requested although I am a shareholder and not a mining analyst !

Cont Part 2 Final-

In summary, in Q1 we mined planned low grade material as well as additional Waste to ore conversion that went to the dump leach at 0.4-0.45g/t. We also mined our planned open pit mill feed at ~1g/t, this mill feed was slightly lower grade than usual for Q1 due to oxide ore in a region of stage 7 - we have mined the majority of this in Q1 and expect minimal quantities in Q2. On a combined basis the LG dump leach ore plus the mill feed meant the overall mined open pit grade was lower than the overall reserve grade.

As regards the reclassification of waste as ore, as described by your analyst, this is an obligatory accounting adjustment required by our auditors under IFRIC/IRFS and has no impact on AISC. If we reclassify material, we deduct the costs of mining it from operating costs and move it to sustaining capital costs – both of which sit within AISC.

We share your frustration with the current share price which we do not feel fairly values the business or rewards the progress we have made in recent years; however, we note that we are not alone with most gold mining stocks and much of the London stock market in general trading at historic discounts to NAV.

Once again, I think you for your support as a shareholder. We will announce Q2 and HY results on 25 July and hope you can again listen in to the webcast – and you are very welcome to submit questions to management via the portal.

Kind regards

Centamin

Thank you for your letter of 22 April and for your support as a shareholder. We take governance and transparency very seriously and so wanted to respond in detail to your concerns.

Before addressing some your concerns directly, I wanted to explain where we believe we are in the strategy that was outlined with the arrival of the new team from 2020. Firstly, we embarked on a 3- year reset programme to restore Sukari production towards 500,000 ounces per annum from this year. We have also made considerable progress on improving the quality of our operations, reducing AISC, reducing carbon emissions, and maintaining an excellent safety record. Our production guidance for this year remains 470,000 to 500,000 ounces

With the reset successfully delivered, we are now increasing our focus on growth. This includes exploration and development work in Egypt and also at our Doropo project in Cote d’Ivoire, where we will deliver a DFS this year.

As regards your concerns regarding the grade of ore being mined at Sukari, I’m sure the following points will set your mind at rest.

At the US1,450/oz gold price we use for our reserves – we have the following economic cut-off grades (the minimum economic grade) – any material mined above this is cashflow generative at a gold price above US1,450/oz. These are externally Audited and verified (NI 43-101 and Reserve Audits).

Open pit cut-off grade for reporting

0.4g/t Au for mill processing

0.2g/t Au cut-off for dump leach

Open pit design is based on a cut-off of 0.4g/t Au for M&I Mineral Resources only

On a full year basis within our mine scheduling, we aim for a mill throughput from the open pit of ~ 11Mt @ 1-1.1g/t in line with our open pit reserve grades, this is based on our detailed modelling of the open pit resource which we continue to refine.

What we’re seeing is that in addition to mining our modelled and planned ~11Mt of open pit ore for the mill, in certain areas that were difficult to resource drill due to the historic terrain, material that we planned to mine as waste in the resource model is mineralised at grades above the economic cut-off grade when we grade control (GC) drill it. It is therefore reclassified to low grade ore:

This ore is around 0.4-0.45g/t and the majority is sent to the dump leach which, as above, has a cut-off grade 0.2g/t, we do not process this material – we invested in dump leach expansion last year and this has generated good ounces with a very low cost. We would have had to originally mine and dump the material on waste dumps but now are able to realise economic ounces from this.

Also, depending on where we are in the pit – typically near surface push backs - we mine planned low grade ore which is typically designated for the dump leach.

In summary, in Q1 we mined planned low grade material as well as additional Waste to ore conversion that went to the dum

In another country, Burkina Faso, as in Niger and Chad, former Wagner forces are now under firm control of the Africa Corps.

Young boys gather on top of a car while displaying flags of Niger, Burkina Faso and Russia during a demonstration for the immediate departure of United States Army soldiers deployed in northern Niger in Niamey. | AFP via Getty Images

https://www.politico.com/search?q=burkina+faso

Seven months after the fiery death of Yevgeny Prigozhin, the audacious oligarch whose private army known as the Wagner Group led an insurrection against Russian President Vladimir Putin, the Russian state is establishing control of the private mercenaries and putting them to work pursuing the Kremlin’s agenda.

The thousands of the former Wagner forces have splintered into at least four groups, according to two U.S. officials granted anonymity to discuss sensitive intelligence matters.

By mixing the fighters with other mercenaries loyal to Putin, the Russian government hopes to prevent a repeat of the events of last year, when a unified Wagner turned on Putin and his defense ministry.

“Part of the objective of the restructuring is to make sure there is more control over the operations overall,” one of the U.S. officials said.

In the Central African Republic, for instance, Wagner had taken control of a gold mine. In the wake of Prigozhin’s death, his former subordinates have significantly expanded the mine, U.S. officials said, but have not yet found a way to efficiently market and ship the minerals. They would reap hundreds of millions of dollars in profit on the global market.

https://www.politico.com/news/2024/04/28/wagner-fighters-russia-africa-00154595

Blood Gold Report: Key Findings

The Kremlin has earned more than US$2.5 billion from trade in African gold since Vladimir Putin launched his full scale invasion of Ukraine in February 2022.

n the Central African Republic (CAR), a Wagner front company has been awarded exclusive rights to the Ndassima mine, the country’s largest gold mine, in return for propping up an authoritarian regime.

In Sudan, “the Russian company” controls a major refinery that has allowed Wagner to become the dominant buyer of unprocessed Sudanese gold, with multiple accounts of Russian military transport planes shipping processed gold out of the country.

In Mali, Russian mercenaries are paid in cash – US$10.8 million per month according to US Intelligence – by a military junta that relies on a small number of international mining companies for the majority of its tax revenue. Canada’s Barrick Gold – the country’s top taxpayer – paid US$206 million to the junta in the first half of 2023 alone.

How to stop the Kremlin’s blood gold system

The Blood Gold Report recommends a suite of measures which, if taken collectively, can significantly hamper Wagner and Russia’s Blood Gold operations, and deliver a major financial blow to the Kremlin, to the benefit of African security and the defense of Ukraine.

These measures include:

WIDEN sanctions to automatically target any party that employs Wagner’s security services, ensuring fitting punishment for Wagner’s benefactors.

INTRODUCE stringent supply chain controls to prevent blood gold infiltration.

DEMAND real responsibility from international mining companies that do business with regimes and factions that employ and fund Wagner.

DESIGNATE Wagner a terrorist group and set the International Criminal Court on the mercenary group’s trail to ensure justice is served.

DEEPEN collaboration between allies and international partners to close gaps in the existing sanctions framework.

INCREASE support to African democratic states, independent media, and civil society groups directly and indirectly threatened by Wagner operations on the continent to both strengthen local resilience against Wagner’s hybrid tactics and demonstrate strength against Kremlin interference.

https://bloodgoldreport.com/

Thank you Razor's!

Hi Mr Gnome,

I'm not making any assumptions about who is telling the truth because most of the experts likely have their own reason's for promoting a particular narrative.

I posted the piece by Jeffery Christian just because it is a contrarian view to that of the majority at the moment and one which people will likely have their own opinions on.

Institutional owners may take dramatic actions as Centamin plc's (LON:CEY) recent 5.0% drop adds to one-year losses

https://simplywall.st/stocks/gb/materials/lse-cey/centamin-shares/news/institutional-owners-may-take-dramatic-actions-as-centamin-p

https://www.lse.co.uk/rns/CEY/

I don't know anyone has any knowledge of CPM Group but Jeffery Christian, opinion's in this presentation seems to be pushing a very different narrative to many of the other precious metals market experts

Might be interesting to invite Jeffery on some time for an exchange of opinions with one of other experts in the Youtube Live from the vault presentations?

In this presentation, CPM Group’s Jeffrey Christian discusses a range of topics surrounding precious metals, focusing on misinformation about U.S. Treasury Gold and providing a Market Update for Gold and Silver.

Jeffery also discusses gold held in foreign and international accounts at the New York Federal Reserve, who controls leased metal, and the myth of delayed metal delivery from the US Treasury to Germany.

https://www.kitco.com/opinion/2024-04-26/gold-and-silver-market-update-myths-and-misinformation

Hi Dasut,

Thank you for your detailed reply , it is greatly appreciated!

I quite understand why you couldn't ask questions last time and I hop enjoy enjoy your next trip!

I have had a reply from fti, although I wont post any of it as yet on an open forum until I have had a few things checked out

Tibbs

Crux Investor, Deeds, not words are needed now!

Whilst a healthy start and a confident presentation, I should emphasise that investors should remain cautious until Sentiment management demonstrates sustained operational stability over a longer period of time. Here's a more balanced take:

While the recent update provides grounds for optimism, investors would be prudent to maintain a healthy scepticism until Centamin shows it can deliver consistent operational performance over an extended timeframe. The company has faced struggles with meeting production targets and managing costs in the past. Though the new management team led by CEO Martin Horgan seems to have made progress in addressing these issues, one year of hitting guidance does not definitively prove they have resolved the underlying problems. There is still execution risk in consistently hitting forecasts.

Additionally, guidance was met but at the lower end of the projected output range in 2022, and required what management called "prudent" cost assumptions. Investors should watch for Sentiment to demonstrate it can beat guidance over a series of quarters, rather than just meet baseline expectations. There are also risks around Centamin's major growth projects like the Sukari underground expansion that could face unexpected challenges during implementation. Until these capital programs are executed successfully, they represent potential downside risks if behind schedule or over budget.

While the healthier balance sheet and strong free cash flows from the Sukari mine provide some stability, Centamin lacks the margin for error of some industry majors. To truly change perceptions, consistently meeting or exceeding operational targets in 2023 and beyond will be critical.

While the future looks brighter for Centamin, investors may want to take a "trust but verify" approach, looking for an extended track record of outperformance and flawless execution before viewing the operational turnaround as fully secured. There is still work ahead for management to translate potential into consistent value creation.

January 31, 2023

Matthew Gordon

https://www.cruxinvestor.com/posts/centamin-plc-q4-2022-investor-presentation-summary

652 views 8 Mar 2024

Centamin PLC’s (TSX:CEE) two highlights of 2023 were achieving all-in-sustaining costs of $1,250 an ounce, and delivering guidance for the third straight year, says CEO Martin Horgan.

https://www.youtube.com/watch?v=Sss6zwnkuus

Hi 3bear

Also good to hear from Cooperman again, pity the ipad played up, you may be able t salvage what you composed though if you do then please post it.

Glad you now see what I am concerned about at 3bear, I do hope that my concerns about what seems to be slick accountancy tactics are due to some misconception or misunderstanding on my part rather than some intending misrepresentation of the true facts.

I'm certain that everyone myself included were hoping for a far more shall I say inspiring or encouraging Q1 2024 report which unfortunately certainly wasn't the case !

Interestingly at 1755 Fri 26th April I received a courteous and professional reply not from Mr M Stoner but from Centamin's PR representative Ben Brewerton of fti Consultancy in which Mr Bremerton has attempted to address my concerns, although I have yet to do some research on the reasoning and rationale contained in it before I will be able decide if I feel reassured or not about the the future prospects of Centamin.

Tibbs

Andy Schectman, President of Miles Franklin. The precious metals experts juxtapose the current physically-driven bull run with their long histories of financial education.

The military application of Silver there are 500 oz of silver in the tip of a Tomahawk cruise missile!

China owns the LBMA and the gold bullion will be stored in China!

BRICS is a gold backed commodities currency!

China owns $2.5 - $3 trillion of USA treasuries!

https://tinyurl.com/5dmrpety

Thank you Tony for your past contributions to this forum and may I wish you health and prosperity for the future and hope that you will still drop in from time to time anyway!

Best

Tibbs

It's time that the trading cess pit notability the Comex was more tightly regulated to have some moral responsibility and be about more than a quick profit, at present the Comex trading brings about severe or erratic price fluctuation for the benefit of the trading desks, but at a great cost and detriment to the vast majority of the worlds inhabitants by helping to bring about the destruction of and pollution of our planet and inflict hardship and suffering on a huge number of the worlds communities!