Member Info for mrtibbles

Thank you Alhamd for this information , interesting pieces on Egypt!

Chief executive Eric Zurrin speaks to Thomas Warner from Proactive about how the East Africa-focused gold producer, developer and explorer has been performing so far this year.

https://www.proactiveinvestors.co.uk/LON:SHG/Shanta-Gold-Ltd

Shanta Gold Limited (AIM:SHG, OTC:SAAGF)

Chief executive Eric Zurrin speaks to Thomas Warner from Proactive about how the East Africa-focused gold producer, developer and explorer has been performing so far this year.

He says that "life is good at Shanta" following a quarter in which production surged by 92% to 29,000 ounces and EBITDA leapt by 207% to $23mln, leading to an attractive EBITDA ratio of under two times.

Additionally, net debt plunged by 54% to $9 million, representing a $10 million debt reduction in just one quarter.

I'm not a mining expert, but this Guy doesn't seem to give any real detail, it sounds like lot's of nothing certain really?

Liberum to rate them as underpriced, although they are the corporate brokers so that's possibly why/

If all as good as this guy claims then why is is he leaving and why is the BOD looking at selling out?

Zurrin attributes these gains to the new mine, Singida, which has been a significant addition to their portfolio and also emphasises Tanzania's thriving mining sector, noting major investments by global giants like BHP and Barrick, underscoring the country's favourable business climate.

https://www.proactiveinvestors.co.uk/companies/news/217534/shanta-gold-smashes-records-as-revenues-soar-217534.html

Hi Dasut,

Yes you are right, you have reminded me, it was Dave and he was in an exploration area where he reported that the Eygptian army had just kicked off a group of well equipped Sudanese artisanal miners who were using a JCB excavator to dig out really high grade ore which they were loading into several Toyota pick up trucks to move over the border.

Unfortunately someone dobbed Dave in to Capital and after that his information flow ceased.

i think I may still have some of his messages though so I will see if I can check which area he was referring to, although from what he said at the time high grade ore was just under the surface. it did sound very promising indeed!

Tibbs

Steve,

Must be so frustrating for traders, if only they could find out more at this stage so they could place their stops or stand chance of making a huge profit , but there you go, quite rightly that information (Data) on that boring stuff mining has to remain under wraps for a bit longer

Centamin is now in the closed period so insiders are prohibited from trading company shares or making any relevant information public (Such as to short term traders) before it is officially announced.

This period typically lasts for one month prior to quarterly or interim reports and two months prior to annual reports.

Agreed Paul!

Also grateful that Dasut has already had a look through and he seems to be cautiously optimistic on the information that's available, so that's reassuring!

Best

Tibbs

Encouraging RNS and news from Eygpt, although distribution does involve some cutting ,translating and pasting!

But that said it's all more informative than the same old diatribe of insults and boasting that you usually post!

Have lovely day's trading,, or take a break and go golfing!

Your old mate

Tibbs!

Page 6

The company aims to establish a mining school in the Marsa Alam region in cooperation with the Ministries of Petroleum and Mineral Resources, and Education, so that the school will be the first of its kind in Egypt in the field of mining, and students will be trained in the mine to qualify young people to work in the mining industry in Egypt. He said, "We are currently in the process of finalizing the procedures, and we aim to complete the construction of the school during 2024."

oil consumption

Oil Comsumption

Amr Hassouna revealed that the company obtains the diesel necessary for operational operations in the mine through the Egyptian General Petroleum Corporation, represented by Misr Petroleum Company, at the international price, as monthly quantities range between 12 and 14 million liters.

Hassouna continued that the value of annual diesel purchases amounts to about 145 million dollars, approximately 4.5 billion pounds, which is paid in full to the Egyptian Petroleum Authority, explaining that 20% of the total costs in the mine go to the diesel used to operate the equipment and generate electricity.

The Sukari gold mine, which employs approximately 2,000 employees, is one of the most important projects of the Centamin International Group, as it is classified among the list of the largest gold mines in the world during the current period.

http://tinyurl.com/9mbkuezh

End

Page 5

Expansion into foreign markets

He pointed out that Centamin will participate in the 2024 International Mining Conference in the Kingdom of Saudi Arabia, scheduled to be held next January, to explore the Saudi mining market and learn about the legislative frameworks and mining agreements, as well as suppliers and service providers in the Kingdom.

He pointed out the possibility of the company entering other markets in the future to explore for gold, whether in the Middle East or other countries, explaining that the company has reserves and resources in Côte d'Ivoire in the "Drobois" mine estimated at 2 million ounces, and the company is currently working on a feasibility study for the project.

Production costs

Amr Hassouna pointed out the increase in the prices of fuel and materials used in gold extraction operations, which caused the total cost of producing one ounce to reach 1,300 and 1,350 dollars.

Regarding the amount of benefit from the jumps in gold prices in the past period, Hassouna pointed out that on an annual basis, the market witnessed some increases, as the price of an ounce jumped to $2,000, which positively affects the size of Centamin’s revenues.

Regarding next year's price expectations, he said that it is not easy to predict gold price trends in light of the current global conditions that directly affect prices.

He confirmed that the company plans to reduce the cost of producing an ounce to less than $1,000 in the coming years through a package of new mechanisms that are primarily related to increasing production and reducing the cost of some of the elements involved in the gold industry inside the mine.

Regarding the company’s reliance on solar energy in the Sukari mine, Hassouna said that Centamin used local and foreign expertise represented by Giza Cables and Joy in implementing a solar power station currently operating at a capacity of 30 megawatts with investments of $36 million, which reduced 20% of the cost. The diesel used to generate electrical energy in the Sukari mine is equivalent to 20 million liters annually, with a value of approximately $18 million, as the company obtains a liter of diesel at international prices.

Hassouna pointed out that Centamin aims to conduct expansions on its own within the solar station and raise its production capacity to 50 megawatts, which is the mine’s total hourly electricity needs, so that the station covers the entire electricity consumption over 8 hours a day.

He pointed out that the company intends to implement a project to connect the Sukari mine station to the national electricity grid in the Marsa Alam region during 2024 with investments of $45 million, and once its operation phases are completed, it will save about $40 million annually in operating expenses at the mine.

Cont

Page 4

He pointed out that Centamin obtained 3 concession areas with an area of ​​3,000 km2 located in the Arabian Shield region. It was divided into 3 companies and began work on the first company, which is “Centamin Central Mining”, which undertakes work near the Sukari mine in the “Najrs” area. The entire area was surveyed over an area of ​​900 km, and 16 targets were identified for drilling, which were completed and rock samples were taken for analysis. It is expected that Its results will appear during January or February 2024, to determine the degree of concentration of gold ore in the region and plan a more focused drilling program based on these results, as about 10 million dollars were spent in the first two years on drilling and exploration programs in that region.

The second company is "Centamin South Mining", whose mission is to work in the Umm Al-Rous area north of Sukari, near Marsa Alam Airport, and has begun collecting samples to search for gold-bearing rocks. The third company is "Centamin North Mining", which is specialized in carrying out exploration, drilling and production work in South of Al-Qusayr, near Al-Fawakhir area, and we will start in this area during January 2024.

Cont

Page 3

Targeted increases in production

He pointed out that Centamin has adopted a strategy to produce gold from the Sukari mine within the next 11 years, according to the latest announced plan for the life of the mine. It basically aims to produce an average of 475 thousand ounces annually during the period from 2024 to 2034, interspersed with an increase in production in some periods to reach 500 thousand ounces, and it may decrease to the level of 450 thousand ounces according to the conditions and work environment in which we work.

He explained that the plan to increase production goes in parallel with the targeted expansions in the coming years in the mine, which has a proven gold reserve of 5.8 million ounces, and a resource reserve estimated at about 11 million ounces - which are unconfirmed quantities of gold, some of which are added to the proven reserve on a semi-annual basis.

He pointed to the company's success, through improved geological studies at the "Sukari" mine, in increasing reserves by 500,000 ounces compared to the reserve of 5.3 million ounces estimated in the mine's lifetime plan last October.

He stated that the total investment flows over the life of the Sukari mine have so far amounted to approximately $6 billion, including “investment and operational” expenditures that have enhanced the Sukari mine’s production in recent years and its possession of a reserve capable of supporting the Egyptian mining sector’s contribution to the state’s national product.

Arabian-Nubian Shield region

He pointed out that the Arabian Nubian Shield region is one of the most promising areas in the field of mining in Egypt, which is expected to receive great attention for gold exploration in light of the current legislative frameworks that have become an incentive for foreign investors after the amendments made in 2019 to the Mineral Resources Authority Law, which is based on Paying taxes, land rent, royalties, and a percentage of the profit to the state, and this is the system in effect in most countries of the world.

He said, "The new law amended the business model from sharing profits at a rate of 50% between the government and companies to royalties, taxes, rent, and a share of the profit."

He pointed out that Egypt possesses infrastructure, ports, road network, and security and political stability that will help the company expand in Egypt, as these components are among the most important elements of attracting foreign investments in the field of mining.

cont-

Page 2.

The CEO of Sukari Gold Mines and Centamin Egypt , Amr Hassouna, said that the revenues of the Sukari Gold Mine during 2023 are approximately $850 million, compared to about $788.4 million in 2022.

He added in an interview with Al Arabiya Business that the exploratory studies conducted by the company raised the proven reserves in the Sukari mine by 500,000 ounces, rising from 5.3 million ounces last October to 5.8 million ounces, bringing the group’s total reserves to 7.7 million ounces.

He said that the company's investments in the Sukari mine during the current year amounted to $600 million, and he expected that investment rates in the mine next year would continue at current year's levels, in addition to investments expected to be pumped into other new areas in the Eastern Desert, ranging between $10 and $15 million.

Egypt agrees in principle to reduce the Israeli component in the “QIZ” agreement

Economic stories

private Egypt agrees in principle to reduce the Israeli component in the “QIZ” agreement

Hassouna confirmed that gold production from the Sukari mine rose to 450,000 “planned” ounces by the end of 2023, compared to 440,000 ounces last year, explaining that the company operates in a dynamic environment with regard to the annual production capacity of the mine, which may rise or fall from year to year

Participation in auctions

Regarding Centamin’s participation in the upcoming gold exploration auctions in Egypt, Hassouna said that the company does not mind expanding and owning new concessions to work in, whether by participating in the upcoming gold exploration auctions or through exploration within the current concession areas.

He added: "We will certainly study all the bids that will be offered by the Egyptian Mineral Resources Authority, and all options remain available to us, as we had the ability to work on more than one project and possess the financial cloak to cover those projects at one time."

The Egyptian Mineral Resources Authority and the Pharaonic Gold Mines Company - a subsidiary of the Australian company Centamin - signed an agreement in 1994. The commercial disclosure was announced, and a company was established to carry out operations under the name “Al-Sukari Gold Mines”, and production began in 2010 as a joint entity between “Centamin” And the body

cont-

Pleas note I have cut and pasted this news using TWP to translate the Arabic text, but it is a good update about Centamin!

Centamin to Arabic: $850 million in revenues from the Sukari mine in Egypt during 2023

The company intends to invest about $600 million in the mine next year !

The CEO of Sukari Gold Mines and Centamin Egypt , Amr Hassouna, said that the revenues of the Sukari Gold Mine during 2023 are approximately $850 million, compared to about $788.4 million in 2022.

He added in an interview with Al Arabiya Business that the exploratory studies conducted by the company raised the proven reserves in the Sukari mine by 500,000 ounces, rising from 5.3 million ounces last October to 5.8 million ounces, bringing the group’s total reserves to 7.7 million ounces.

He said that the company's investments in the Sukari mine during the current year amounted to $600 million, and he expected that investment rates in the mine next year would continue at current year's levels, in addition to investments expected to be pumped into other new areas in the Eastern Desert, ranging between $10 and $15 million.

Egypt agrees in principle to reduce the Israeli component in the “QIZ” agreement

Economic stories

private Egypt agrees in principle to reduce the Israeli component in the “QIZ” agreement

Hassouna confirmed that gold production from the Sukari mine rose to 450,000 “planned” ounces by the end of 2023, compared to 440,000 ounces last year, explaining that the company operates in a dynamic environment with regard to the annual production capacity of the mine, which may rise or fall from year to year

Cont-

Hi Razor's and other members,

When this RNS popped up this morning I thought how great to have s me really encouraging news to start off 2024, seems to confirm that the company has indeed turned a corner and concentrating on Eygptian exploration and development as a priority may well turn out to have been a prudent move by Martin Horgan!

p.s. Glad it was you that cut and pasted, saves me being criticised for doing it!

Https://www.kitco.com/news/article/2024-01-08/china-boosts-gold-holdings-foreign-exchange-reserves-december

China's foreign exchange reserves rose 2.1 percent month-over-month to $3.238 trillion in December, a two-year high, according to data released Sunday by China’s State Administration of Foreign Exchangehttps://www.lse.co.uk/ShareChat.html?ShareTicker=CEY&share=Centamin-PLC

Steve, in general your contributions fall into three categories; put-downs, self-congratulatory or so-general-as-to-weigh-less-than-a-feather!

Hi Razors , traders have had their bit of fun for now, things seem to be steadily turning around yet again, they won't be able to keep the gold down price for very long now, it's in demand! by buyers who want delivery rather than paper contracts!

Not long now to find out how much profits have improved!

Keep well

Tibbs

Thee are better things to watch on the BBC i Player!

Well Steve if you had been a forum member for a few years longer then you would have been aware of all the information I posted that wasn't available in the mainstream media during the difficult times of political revolution and during the court case disput.

But then those of us that were able through staying strong and buying in at less than absolutely bottom of the bargain bucket prices are still way in profit now and we have had the benefit of all the big bonus dividend and all dividends since which is why we don't feel the urge to scratch around now chasing the share up and down for a few pence likely on leveraged CFD's.

You see what ever information is offered and given in good faith there is always the chance that unforeseen events can occur or even that some people have been less than honest about the true state of affairs.

I was criticised in the past for being too upbeat about Centamin after the information given to me by a well meaning and reliable source didn't work out because they themselves had been misled, so n view of this I felt it better not to risk building peoples expectations up and instead encourage them to expect less , in which case anything better is a bonus!

You criticise me for cutting and pasting, but that has it;s place in sharing information and educating people about important topics , I doubt very much that you never do research which in turn likely involves consulting very many cut and paste publications, even the data will have been cut a pasted and no doubt changed many times over

Bu contrast you post little or nothing about Centamin the company, general mining or other related issues, but instead waffle on about your trading prowess which is incidently is likely just wishful thinking whilst your your repeated statements, information and opinions are boring,and quite useless to the majority of investors who are in for the long term.

Have a nice day.