Member Info for mrtibbles

Cont-

The June 2021 PEA outlines that the Doropo project is a series of individual resource deposits rather than one singular deposit like Sukari,

, with deposit grades ranging from ~1.0g/t to 1.7g/t, depending on the way the pit optimisation were run it will have generated open pit shells from those deposits (albeit using updated drilling data from the PFS). The grade dispersion will vary with the geology and the drilling information/density. As such, portions of those pits will be at lower grades and in the Inferred Resource category.

Tibbs

Hi Dasut,

My remarks on lies and innuendo weren't specifically at Centamin but on the way the whole stock market industry operates.

Doropo

I,m not at all convinced that this area is politically stable or will remain free from some sort of incursion from rebel groups .

As to the reports I remain suspicious that the projects will turn out to be more expensive than is being estimated and although a three year payback is envisioned and would be ideal the reality of that remains to be seen.

You may find this information from Centamin of interest-

In response to your first email around the purpose of the update.

• Earlier in the year we had committed to updating the market on the Doropo pre-feasibility study ("PFS"), the announcement was following through on that with an update of the various work streams and their various stages of completion.

• The update also enabled us to communicate the following:

o Firstly, that we had identified an opportunity to make significant capital and operating cost savings within the processing circuit.

o Secondly that in pursuing this opportunity publication of the PFS was being deferred until we had completed the necessary test work to evaluate the cost saving opportunity, to ensure we published the most comprehensive PFS based on available data.

• Finally, the update was also necessary to communicate the updated Mineral Resource Estimate (“MRE”), which demonstrated a significant improvement in grade from the preliminary economic assessment ("PEA")

As mentioned in the recent full year results, we look forward to publishing the results of the completed PFS in June this year.

In response to the second

The grades in the MRE update are correct. The data was prepared by and under the supervision of the Group Qualified Persons, Howard Bills, Group Exploration Manager, Craig Barker, Group Mineral Resource Manager, and Mike Millad, the independent Qualified Person from Cube Consulting Pty Ltd. All are geoscientists who fulfil the requirements of being a "Qualified Person(s)" under the CIM Definition Standards.

In the June 2021, we published the PEA MRE and in November 2022 we published an update. Historically the Inferred Resource grade was at 1.13g/t, and this was updated to 1.14g/t. Previously the Mineral Resources were unconstrained (at any gold price, which is not unusual for an early stage study). When we published the November 2023 update, the Mineral Resources were constrained within US$2,000/oz open pit shells to outline the scale of the Mineral Resource that has the potential to become economically viable to extract at our reserve evaluation gold price of US1450/oz. This is a more rigorous approach involving the application of the Reasonable Prospects for Eventual Economic Extraction ("RPEEE") criterion reflected in most current reporting codes. The June 2021 PEA outlines that the Doropo project is a series of individual resource deposits rather than one singular deposit like Sukari

Hi Razor's,

The Blackrock increase is on a CFD basis, so on leverage , no long term commitment to Centamin , Blackrock have no morals or integrity, they would trade in anthrax or nuclear waste if they thought they could make a quick profit!

Somnamma,

I appreciate that traders point of view is very different to that of an investor, traders and indeed computor driven logarithms care not a jot about whether those making claims on behalf of the company are being truthful, or if they have any integrity because their prime objective is to maximise their quick profit or return out of fluctuations or spikes in the share price of a particular company that is a result of more often than not claims of future guidance without any sound evidence to substantiate them and once the farce is realised the same traders likely then take short positions in order to makefile from the company share price going into free-fall.

To state that looking back is just history and no longer relevant is preferable for a trader because they have no interest on the long prospects of the company, just a quick profit from a spike in share price which likely turns out to be unjustified and based on some unsubstantiated claim from a company director whose priority is to gloss over the flaws in the company strategy draw their bonuses and fill their boots with swag then likely once the truth evident move on to another company where they will repeat scam and screw the next lot of what they regard as gullible investors!

This what is wrong with the whole market system, it exists on the basis of lies and innuendo, rather then integrity and sustainable sound and reliable long term performance.

As the market system to a large extent is based around charts and data of historical performance so then surely any investor should base their decisions to a large extent understanding the historical fundamentals and sustainable performance potential of a company, rather then short term data based on unsubstantiated claims that are more akin to wishful thinking.

An investor should be able to buy shares in a company put the certificates in drawer and forget about them for the long term reasonably confident that they will appreciate, unlike traders whose only interest is a quick profit over the shortest possible period.

If anyone is wondering what the future share price may be then they need to appropriate the reasons why it is where it is today are factors such the cost of the very generous ongoing profit share agreement and that the contribution from the underground is crucial to supplement the unreliable and mediocre open pit grades.

Any hope of some decent rise rise in share price from increased guidance and lower AISC is directly related to the efficiency of the underground operation.

As yet their is little to substantiate the hopes/claims for the Doropo site which might turn out to be reasonable of it could be an expensive failure, as yet on what is known will have little positive effect on the future share price.

It is a great mistake o assume that there is going to be any substantial increase in share price until some proof of ongoing lower AISC and reliable and improved guidance is delivered,

The 2012 Centamin annual report the management were well aware of the significance of the underground workings and the need to develop them so that the higher underground grades could be used to compensate for the inerrant low grade problems of the open pit

See Centamin at a glance , overview – What Sets Us Apart para 1.

"In particular, the underground mine and regional

prospects offer significant potential to define further

resources."

See also 4. * An experienced team

* (Bunch of shyster's!)

Centamin’s management team and Board of Directors have considerable expertise in the gold mining industry. **

**(So they were fully aware then of the dangers of long term high grading?)

This ranges from the early stage identification of deposits,project financing, construction and development, to the operating of large mines.

Some of the leadership team has been based at Sukari for almost a decade, taking it from an early stage exploration project to the operating gold mine it is today. ***

***(Including an Elraghy brother who used to be a Cairo copper with a police academy certificate in post as Sukari general manager?)

Yet despite this claimed expertise within this BOD and management instead of acting responsibly by developing the underground operation they disregarded sound mining practice and went for a what they knew was a very high risk strategy of high grading the open pit for over half decade glossing over the truth for short term gain withoutv thought for long term consequences !

On the link below go to the top line then select Archive , then go to page numbers at the bottom scroll back to page 06 2012 annual repott

https://www.centamin.com/investors/results-reports/?year=archive

I appreciate that some may find it boring to read through these retrospective reports , but that said much of the detail makes it obvious all the things that Martin Horgan recognised needed doing on his arrival needed doing half a decade before, had they been then things would be very different now!

Strange isn't it how Trump claims that everything American is so superior, yet he choose to ignore that not the USA internal airline system near falling to bits but that Boeing aircraft have also been discarding parts of their fuselage in flight over many years!

As part of my research re the timing of Josef's share disposals I asked Kees Dekker for hie thoughts and to be frank I feel that his opinion is likely one of the most valid and concerns the long term effects upping of the profit share to 50% and the parasitical effect of this which an awful lot of people myself included never seemed to fully appreciate !

07/2018

Hello T,

I suspect that it will be very difficult to prove insider trading by Mr El Raghy. As you point out management until recently did not appear to see problems coming. So how did Mr El Raghy see that?

I think proving otherwise will be nigh impossible!

What he must have seen coming is sharing the net free cash flow 50/5o, but this any shareholder should have seen coming as it was never a secret.

kind regards,

Kees

Hi Somnamma,

I did write to the company on several occasions re the timing of Josef's share sales, even tried via the company secretary to gets questions raised at the AGM, but this didn't happen?

I have a file of the various explanations from the company, in many respects they all seemed plausible although that said any opinion on the rationale behind theses sales does depend whether you are a retail investor or a member of the BOD !

If you recall Marmot, he offered some thoughts about 5 million share disposal LSE 07/2018

There is nothing significant in a regulatory sense about his shareholding at 4.67% today vs. 6% before the sales.

But leaving aside speculation about personal financial decisions there are several points about his stake which may be significant.

Firstly, although CEY has 1.15bn shares in issue almost half, 575m shares are held by 8 Co's and one individual. The May presentation on the CEY website reports that there were 9 large shareholders with holdings of 2.7% or more, owning 50.8% of the shares in issue. Even after his recent sale Josef El Raghy still ranks 3rd largest shareholder with 4.67% behind fund managers Blackrock 12.9% and Van Eck with 11.9%.

After the court case is resolved I think it reasonable to expect that some of these institutional shareholders will increase their stakes and others will take new holdings.

As the price rises and more holders become strong hands it will get more difficult to build stake of 2%-4% without bidding up the price. I expect Josef's stake to drop down from 3rd largest in the future as other institutions take 5% or larger stakes.

Perhaps these share sales were requested by some institutional buyers keen to get a slice before the court case was resolved.

Over the last few weeks Josef's 17.6m share sales have released 1.53% of the issued share capital back into the free float market.

I think one point worth noting is that all the sales came from Nordana Pty fund which Josef controls.

He has kept all of his and family trust shares.

So it is conceivable that Nordana was set up as a vehicle designed specifically to fund another opportunity? Perhaps if one comes up in Egypt?

Marmot

Hi Paul,

although I didn't put it in the last post along with some other shareholders in 2014 I attended the general meeting in Jersey in 2014 along , at that meeting Josef made several claims that turned out to be a complete crock!

Kees is a very experienced mining analyst and for a while he sent out analysis that looked beneath the surface of various miners reports which was free of charge retail investors , through that forum several friends of mine were able to avoid getting reeled in to several investments that were base on pie on the sky publicity that turned out to be complete money pits although some of the members did very well by following some of Kees's tips.

Due to the amount consultancy work Kees could no longer spare the time to continue with his monthly new sheet although he still does some analysis for https://www.cruxinvestor.com/

As pointed out by Kees in 2015,2018 Sukari and to the present time the Sukari underground operation that is so crucial to to viability of the operation.

Thank you 3 bear for your thoughts,

In the past I posted information from conversations with a well informed and well meaning acquaintance I whom I saw on the train on a regular basis, much of the information was very useful in dispelling misunderstanding and myths regarding the dispute regarding accusations over original Sukari concession agreement and on the accuracy of the press releases by the previous Sukari general manager in the Eygptian media.

Unfortunately though some of the information given to me by my acquaintance in good faith on their part then proved to be unreliable which was disappointing to say the least for all concerned and some members on here then criticised me for posting it and accused me of being too positive about the company.

In 2016 after concerns had been raised in the mining media regarding the seemingly inherent poor quality grade problems in the open pit I called Andrew Pardey and expressed my concerns as a shareholder, Andrew Pardey assured me that the analysts media article was based on inaccurate data and that the vain of low grades were only temporary and they would soon be through into much higher grades, he also assured that high grading was carried out in most mines on a temporary basis and all was well managed in the Sukari operation, sadly subsequent events prove this was a complete "Crock" the CEO had lied to me.

In 2018 much the same problems occurred only it was even worse this time because the poor open pit grades couldn't be supplemented by the higher underground grade because Andrew Pardey failed to oversee Bariminco the underground contactor properly who had allowed the sole LHDR to self destruct without any contingency plan or spare parts available , this was supposedly to save costs, although the result was an RNS warning of reduced guidance!

After this I again spoke with Andrew Pardey who assured me that lessons had been learnt, that these unexpected occurrences happen, but that lessons had been learnt and new methods and an additional LHDR had been ordered to mitigate any future interruptions to guidance!

Then what happens in 2020, I think you know that!

I'm afraid until i have some proof the verdict is still out on the new management and as to any ftse companies CEO's or BOD most of them are only in it to fill their saddle bags with swag and then ride off elsewhere leaving the shareholders to pay the bill, I trust them all as much as I would trust a rattle snake at a lucky dip!

Obviously everyone must make their own decisions based on their own research , but just be wary of the accuracy of the information that is made available!

Tibbs

A gold and silver supply shortage may coincide with an economic downturn and how investors can prepare for coming challenges by switching to sound money.

https://tinyurl.com/d5f6pacc

A trusted acquaintance forwarded the piece below to me,I appreciate it's cut and paste but I didn't see the point of rewriting it and its is some news about Centamin so it should at least keep some of the forum members at least half happy!

Egypt, Regional Exploration

Upon completing successful screening programs, the Fatiri and Atalla licenses were relinquished after indications of large mineralized systems were not observed.

Exploration programs are progressing on the Hamash-Sukari, where initial observations from the first phase exploration program have identified

features that are indicative of elevated prospective, including fertile intrusive s and a major, multikilometer, structural corridor associated with extensive alteration along extensional flexures.

An airborne geophysical survey is planned early in 2024 to support the generation of the first set of prioritized targets or drill testing.

https://tinyurl.com/ycx9bseu

Barrick has decided to dispose of quite a lot of Egyptian real estate all at once - and that without the modern geotechnical techniques to 'hunt for elephants' as Bristow likes to say - but noticeably staying with the concessions nearest Sukari which possibly indicates an interest in a future consolidation with Centamin?

Thank you for the reply Mr Bond,

My agenda as you put it is to encourage others to look a bit deeper into the finer detail of what they are being spoon fed rather than just accepting it on face value through their rose coloured glasses.

To enable any debate there needs to be different views and opinions on the subject in question, there wouldn't be any debate or any point of discussion forums like this if everyone just accepts the same corporate rhetoric.

What I find amusing is that you assume that I only have a small holding, my holding is such that I certainly don't feel guilty about speaking out, but that said its not the value of the shares which is my main cause of anger but the fact that share holders have been taken for mushroom's (Being kept in the dark whilst having loads of crap tipped on them) and have been misled and lied to on more than one occasion by the management.

Fair comments Tornado,

Unfortunately there is something still not right, the share price is a joke if the claimed potential of the company is true , likely one overriding factor is the loss of confidence, Centamin still hasn't shaken off the ghosts of it's past.

I'm bored with slick fast talking presentations going over much of what has already been said before, ,what's needed now is some proof of reliable guidance, reduced AISC and before too long the reinstatement of a decent dividend. deliverable.

I hope I am wrong, but I am expecting not a lot!

Mr Henderson,

I have written to those making the accusations and if they supply the proof then I shall forward it on the appropriate authorities for them to deal with .

I see no point in contacting Centamin as I have no faith they will take it seriously.

Shame but despite being a sizeable shareholder for over a decade I think there is some truth in Rebess's opinion Centamin is far too cosy with the Eygptian Mobb

Tibbs

Good question Bushy, well both are mercenaries who asset strip countries and Fujitsu are still entwined in most of the UK's largest governmental IT systems!

Steve, credit where credit's due you are very adept at claiming to be so astute at trading , but if this were so then why mess about on a message board.

I think most of your posts are just wishful thinking in an attempt be a big fish in a very little pond.

If you aren't interested Mr Bond then why bother with replying ?

Kees Dekker's concerns over the state of Sukari in 2015 of 2018 despite Pardey trying to deny then and the BOD denying any knowledge of what was going on at Sukari have been proven to be correct in every case, the collapse of the share price and the loss of market confidence not to forget the halving of the dividend and the depletion of the company cash reserves are all the testament to the fact that shareholders were deliberately misinformed.

Come on Mr Bond you should be honest why you always leap to defend Centamin.

Feasibility studies are just that.

A feasibility study will typically include estimating the size and quality of the ore body, producing geotechnical information, researching metallurgic or mineral processing information, as well as researching similar projects, waste disposal, environmental factors, and potential risks!

There are no certainties, companies are quick to point this out after investors money has been flushed down the lavatory pan!

So far Centamin"s feasibility studies so far really haven't proven to be that reliable not only in Sukari but elsewhere where they have proven t be as much us as a chocolate teapot!

Fair question why didn't I get out in 2015?

Well several reasons , I didn't know that much about Kees Dekker a freelance analyst at that time, so I thought I should be able to trust in the integrity of Andrew Pardey a very senior member a of the Centamin BOD to carry out his duties with due diligence in the best interests of the shareholders.

Andrew Pardey claimed that all was basically well at the mine, but that these things happen in mining and that lessons had been learnt and changes made.

I realise now that i was foolish to give Andrew Pardey the benefit of the doubt and that far from being learnt if be known things had had carried on in the same old way, although to be fair things did seem to pick up until in 2018 hitting the unexpected poor grades in the open pit and this was made worse by the underground operation coming to a standstill due to the near self destruction of the sole LHDR without having the right spare parts available!

Yet again Pardey claimed these things happen mining, it was Barminco's fault , they were trying to save money by not having essential spare parts on site, it wont happen again!

If you recall even you Mr Bond and others with past experience of Sukai all agreed that these unpredictable things happen and so once again I chose to believe those that should be acting in my best interests and other shareholders who claim to have some knowledge of the mining industry

Then woulnt you know it https://www.sharesmagazine.co.uk/news/shares/centamin-plunges-as-production-hit-by-mine-trouble

oops, a cut and paste, still never mind!

So now I have no confidence that Centamin management are telling us the whole story or that Doropo is worth bothering with! Tibbs

To be honest Europe and America should be doing a great more to support Ukraine,

The situation in Niger is a case out of the frying pan into the fire , the danger of inviting in Wagner group who after all are in the main just mercenaries recruited from prisons and the criminal mafia who don't abide by any of the established international rules to prop up unstable, corrupt and week governments is that Wagner once entrenched is impossible to control or get rid of.

https://tinyurl.com/mrxkjd9d

I agree knowing the costs is important, but considering all the unknown facts and risks how can th cost be realistically calculated.

The same goes for the claimed results and alleged potential of Doropo, can they be entirely relied upon, I very much doubt it considering the many unknown factors, Centamin got it so wrong in the past, nothing can be taken for granted now.