Member Info for mrtibbles

Good day 3bear,

I have expressed my main points of contention as a UK shareholder in a courteous manner on numerous occasions and although it may be coincidence its seems since Buchanan PR haven't represented Centamin I haven't received even an acknowledgement, let alone any utterance of reassurance or answers to my concerns-

Considering Martin Horgan's initial claims of being open with all shareholders this is a very poor show, even basic courtesy or business protocol from a limited company requires at the very least an acknowledgment of some kind.

I take your point on the 325,000 from the open pit, but consider the true cost of processing such low grade ore and what if the grade quality worsens even further?

Then consider the points I raised below that the company seems reluctant to address openly.

Also consider why are some long term institutional holders selling, possibly they may too have concerns over the Sukari operation?

Just to clarify I first bought into Centamin in 2010 as a growth stock added over the years so I continue to hold a not inconsiderable number of Centamin shares.

I really do want the company to succeed and I would be delighted if my concerns were proven groundless, but as yet I receive no reassurance on the latter from the company.

This is very poor show and that seems to display an arrogant disregard to UK retail shareholders

In my experience Cowichan is a good chap, he cares about what's right and he is passionate about all manner of animal welfare and environmental issues

Various derogatory and spiteful remarks are made about Cowichan for asking questions, well good for him, I only wish a few more shareholder would do the same, it is in their own interests and if the company had any idea of good PR they would answer, or offer some explanation as to why they can't, failure to do so can only and understandably raise suspicions that all is'nt as being claimed!

So why don't you, or any of those still wearing the rose coloured specs or are dazzled by the bright lights of the Q1 2024 presentation disprove Cowichan's and my concerns by contacting the company by whatever means is preferable, even copy and past my comments, I am likely known to various relevant and senior member of the Centamin management and I would be delighted if they are willing and able to prove me wrong or at ideally allay my doubts in their present strategy.

Tibbs

https://www.agbi.com/industry/2024/01/uk-owner-ramps-up-output-at-egypts-largest-gold-mine/

Hi 3bear, appreciate your post is well meaning, however and not wishing to appear rude you do a better job than the Centamin PR team!

This Q1 2024 is reason for some very serious concern when considering the much lower grade mined, both from the open pit and underground.

For the open pit Martin & Ross put a brave face on it and claimed it was a “reclassification” of waste as ore.

It seems as if they cannot properly distinguish between ore and waste resulting in much more waste being sent for processing!

For the underground grades any explanation is missing?

So assuming they sent 3,395,000 tonnes to the stockpile at a grade of 0.36 g/t AU should they ever get around to treating this it will generate precious little cash flow!

The management seem to be are playing games with capex classification and to call deferred stripping “growth” capex is ridiculous!

Waste stripping is part of normal mining operation to achieve the planned LOM production and the reason why they (mis)qualify it is to avoid having to include it in the calculation of AISC cost metric.

AISC is a nonsense metric easily to manipulate.

Just classify capex as “growth” and it drops out!

This is why so many companies with fantastically low AISC are unable to generate free cash flow.

Why not calculate the revenue from the mined grade taking into account a low recovery.

Then calculate the mining cost for one tonne ore and all those tonnes of waste, processing cost, G&A and capital investments to keep going.

From this exercise It will become apparent that it generates very little to no cash flow!

Why not put these points to Centamin, if they respond their answer should be interesting.

If anyone is guilty of putting out the same old tripe likely it's the Martin & Ross act at the last Q1 2024 presentation when they served old tripe in lieu of decent grade ore from the open pit!

Thank you Cowichan, I wonder what the final invoice for these services from ZH&P will be for representing Centamin for over 12 years against fictitious accusations.

Surely Centamin should be awarded a refund of legal costs and compensation for the company and its shareholders?

Centamin plummets on Egypt court ruling 12th Oct 2012

An administrative court in Egypt has annulled Centamin's mining licence, with the company denying the court has the jurisdiction to do so

https://www.investorschronicle.co.uk/2012/10/31/tips-and-ideas/share-tips/tips-of-the-week/centamin-plummets-on-egypt-court-ruling-Y4wbthuULCZrH1ay6Vj9TK/article.html

No end in sight for Centamin legal fight over gold mine in Egypt

Cecilia Jamasmie | August 14, 2014

https://www.mining.com/no-end-in-sight-for-centamin-legal-fight-over-gold-mine-in-egypt-56904/

Centamin recovers ground after launching appeal against Egyptian court ruling

This article is more than 11 years old

Gold miner says it has documents showing ministerial approval, which were not among papers presented at court

Nick Fletcher

Mon 5 Nov 2012 15.33 GMT

Centamin has recovered some of the ground which it lost last week on reports an Egyptian court had ruled its rights to operate the Sukari gold mine were invalid.

The reports wiped around 40% off its share price, but the company has eased some of the concerns, and they have bounced back 16.25p to 76.75p, a 27% increase which makes it the biggest riser in the FTSE 250

https://www.theguardian.com/business/marketforceslive/2012/nov/05/centamin-court-egypt-gold-mine

Thank you Cowichan, I wonder how much ZH&

24th April 2024

The technical picture still points to further price gains for the precious metal, according to OANDA Senior Market Analyst Kelvin Wong.

Wong points out that the Gold/Copper ratio has stayed above support since late November and has remained within a major ascending channel in place since Oct. 15, 2021. “Therefore, the current configuration of the ratio suggests that there is still a relatively higher demand for gold as a hedging asset for stagflation risk.”

https://www.kitco.com/news/article/2024-04-24/sharp-daily-declines-dont-spell-end-golds-bull-run-oandas-kelvin-wong

Hi 3bear ,

Thank you for your opinion on this, I was always led to believe that the underground operation is crucial to the viability of the whole Sukari operation.

Tibbs

Fair comments Spot, it all sounds hopeful,if only the same could be said about the poor ore grades, I wonder does Martin Horgan have a cunning plan to deal with these ?

https://www.youtube.com/watch?v=AsXKS8Nyu8Q

https://www.youtube.com/watch?v=ACnqI1l4I9s

https://www.youtube.com/watch?v=Gp5St7hORyw

Good to hear Sotolo & Paul's thoughts, I hope the new management turn out to be deserving of your trust you both deserve not to be let down again!

Josef and Andrew Pardey were less than honest in the past, the latter on several occasions to me and even though I initially had great hopes in the abilities of Martin Horgan they are now waning to say the least, as one of his managers said "Martin could sell fridges to Eskimos!"

Martin's presentation format seems to be an initial fanfare about the Sukari H & S record that last quarter,(although that said a high standard of H & S should be taken for granted in any responsible company) after which he enthusiastically announces the last quarters possibly average performance whilst glossing over the misses and the abysmally low the grades in the Sukari open pit which are really not worth the effort and expense to mine and now the underground "Bonanza" grades seem to have been a mirage and the remaining grades don't seem to be anything special!

I remain as yet to be convinced about this"Reset" and it seems so do the institutional investors, so its seems any success ( or hope) is very much dependant upon a strong POG!

Wasting your valuable time Cutting and pasting Steve,

If you choose to regard "Burned" as not being given the true facts about the true state of Sukari and other now abandoned West African projects, then yes I agree and it seems that may well be the case yet again!

The Sukari open pit operation is now a almost a charity case to create local employment by moving piles of crap from one location to another, at present ore grades it may be better for the environment just to park up the trucks and cut the CO2 emissions, just pay the staff to do something else, possibly they could make up two teams for a game of "Kicking the good times coming can" down the road!

Horgan was supposed to deliver this year, so far there is little evidence of delivering anything other than excuses despite spending huge amounts of money, cutting the dividend and failing to invigorate the share price, although he has received really generous bonuses for some reason's that aren't as yet that apparent.!

Centamin CEO predicts a gold bonanza at Sukari mine after geological re-assessment

By Brendan Ryan -December 8, 2021

Horgan added two particular underground targets would be a priority for 2022 so that they could be classified as resources and then brought into the mine schedule as reserves.

“Given their location we believe it is possible to integrate them into our underground mining plan from 2023 onwards. The mining of these stopes is not currently contemplated in either our interim plan or the road map to 500,000oz plan.”

https://www.miningmx.com/news/gold/48335-centamin-ceo-predicts-a-gold-bonanza-at-sukari-mine-after-geological-re-assessment/

2

*Readers are encouraged to refer to the detailed drill results disclosed at the end of this exploration update.

NEAR TERM MILESTONES & TARGETS

• Solar power plant commissioning – Q3 2022

• Capital structure review – Q3 2022

• Underground expansion study – Q3 2022

• Doropo Project (Côte d’Ivoire) pre-feasibility study – Q4 2022

• Sukari Resource & Reserve update – Q4 2022

SUKARI UNDERGROUND DRILLING UPDATE

With the completion of the orebody re-logging exercise in early 2022 and the development of an integrated geological

framework for the Sukari orebody, drilling at the Sukari underground operation continued to test for both resource extension

and conversion to support both the growth of the underground reserve base and in turn the underground production expansion study. The exploration programme has focussed on defining targets close to existing infrastructure which can be quickly and cost effectively brought into the mine planning process, while also continuing to test the depth and strike extents (which remain open) that underpin the longer term potential of the underground mine and the mine expansion plan.

The current drill programme also focussed on the further delineation of the high-grade Bonanza zones as announced in December 2021 which have the potential to host low tonnage / high grade targets.

Drilling completed up to 30th June 2022 is planned to be incorporated into a Mineral Resource and Reserve update scheduled for completion in Q4 2022.

https://www.centamin.com/media/2836/cey-rns_-2q22-exploration-update_final.pdf

Possibly then these Bonanza grades were in fact "Baloney grades" possibly to try and get a better rating from Broker Liberum?

"If gold is able to exhibit some stability and people get used to this sort of relative range in prices above $2,000, that can create a very nice foundation to allow people to think more about the miners, " he said.

https://www.kitco.com/news/article/2024-04-23/q1-earnings-will-be-mining-sectors-time-shine-higher-gold-environment

True Mr Bond, But investors need to be aware of all the facts so that they can make an informed choice, which at present is difficult because all they are getting is promises of better next time which as yet is getting further and further away!

The Sukari open pit ground has been mined for over a decade and due to the inerrant and consistent poor grades it was only possible in the past to make the operation profitable by high grading the open pit and not clearing up the waste ore, we are all aware of the costly consequences!

It seems from this last 2024Q1 report the open pit grades are no better ,in fact appallingly bad and the promised "Bonanza " grades supposedly in the underground pit seem to have been lost because the underground grades now appear mediocre to say the least!

the Solar power supply doesn't appear to be fully commissioned as yet as promised and the waste clearance contract has been extended so the AISC remain excessively high!

As to investor relations laughing at me well that remains to be seen, but if they fail to respond appropriately then I shall be referring my concerns and the information I have to several mining publications, the corporate brokers and contacting the FCA.

investors were led up the garden path far to many times in the past and as far as I am concerned it wont happen again!

Mr Bond, People need to be aware of all the facts and it's true that institutional investors have been reducing their positions and there doesn't appear to be any new institutional investors either.

Why is this, the reduced dividend is one reason but it's likely they aren't seeing anything like the reduced AISC or any great improvement in performance.

What's happened to the new concession tranches in Eygpt, very little it seems, as to Doropo it is'nt anything spacial and after all the build up and spending of millions of dollars will likely just be another abandoned project like all the others.

The Sukari open pit , it's a basket case pit that has consistently been and continues to be a source of crap grade ore !

Anyone that cares to open their eyes must see that the last Q1 2024 was shockingly bad and they are doing their best to gloss over the true facts, I think any institutional investor realise this by now.

I have written to Centamin asking some pertinent questions and I am awaiting answers which is why I haven't been more specific now!

While addressing the economy, Tiggre pointed out the misleading nature of nominal highs when discussing gold prices.

With inflation adjustments, he argued, gold’s true value is considerably higher: "One, it's not an all-time high. It's a nominal high. If inflation adjusts, even using the government's nonsense, CPI numbers and real all-time high would be over $3,400 or $3,500."

https://www.kitco.com/news/article/2024-04-19/gold-has-new-buyer-lobo-tiggre

TF Metals Report’s Craig Hemke to address the community’s pressing questions on the FED’s suppression struggles, predictions for gold and silver and insight into BRICS.

Ep 169

https://www.youtube.com/watch?v=8OL1vWVj_7I&list=PLE1y8hGSqr8ar1gKUdfqFDK5ygLIlrdmz&index=1

Quite possibly they are have see through the double act of Martin & Ross's slick sales spiel

The dividend as attractive to institutions but is virtually a thing of the past!

The open pit grades are so poor that it is almost a case of moving crap just for the sake of moving it !

This Q1 2024 report was terrible and the Centamin share price is now dependant upon a high gold price and Martin & Ross are rapidly running out of road to kick the can of "promise next quarter" down!

Doropo is a diversionary tactic that will likely be more millions down the lavatory whilst the new concessions in Egypt are as yet more pie in the sky!

"A healthy pull back!" what utter tosh just like "Overbought" "oversold" are all just stock market casino terminology to try and justify churning the shares to create commissions and fees for the benefit of those parasitic stinkers that milk the crooked and bent casino system known as the stock market!

Hi 3bear,

One of the problems is that the people have been conditioned to believe that the banks have integrity and are run by upright trustworthy people who know what they are doing and act in the best interests of society as a whole, big mistake!

It's just like those that believe that stock market is properly regulated on an equal basis across the board and that no one institution or organisation is given an advantage over anyone else!

Debtocracy, a (not very) new colonial tactic

The principles behind the Israel government’s proposal – to offer debt cancellation in exchange for political favours – are not new. Sadly, this is an example of a practice frequently used by the rich countries of the Global North in a world characterised by neo-colonial financial power structures. This means that the impoverished countries which take out loans with the Global North and multilateral financial institutions (such as the IMF, World Bank etc.) are still largely identical to the ex-colonies. This means that debt is not merely a financial issue but can also be used as a tool of oppression and extortion: the creditor is able to wield power over the debtor, influencing their political decisions.

https://progressive.international/wire/2024-02-02-israels-latest-weapon-against-palestine-is-egypts-debt/en

Correct Mr Gnome!

The big banks create money on a screen out of nothing and then they lend it on high interest to third world countries likely to buy arms and luxuries for those countries rulers!

The usual Monday morning POG fix!