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Endeavour Mining PLC on Thursday said it sacked its President & Chief Executive Sebastien de Montessus, for ‘serious misconduct’ with immediate effect.

The gold miner with assets in nations including Senegal and Burkina Faso said the move followed an investigation into an irregular payment instruction issued by him in relation to an asset disposal undertaken by the company.

The irregular payment instruction amounted to $5.9 million and was discovered in the course of a review of acquisitions and disposals, which is ongoing.

https://www.sharesmagazine.co.uk/news/market/1704395251218085100/top-news-endeavour-mining-sacks-ceo-for-serious-misconduct

https://www.sharesmagazine.co.uk/news/market/1704395251218085100/top-news-endeavour-mining-sacks-ceo-for-serious-misconduct

I'm surprised it has taken so long to get rid of him!

https://www.africaintelligence.com/west-africa/2020/11/23/as-he-steers-endeavour-to-london-flotation-sebastien-de-montessus-faces-legal-headwinds-in-paris,109622817-eve

Endeavour Mining PLC on Thursday said it sacked its President & Chief Executive Sebastien de Montessus, for ‘serious misconduct’ with immediate effect.

The gold miner with assets in nations including Senegal and Burkina Faso said the move followed an investigation into an irregular payment instruction issued by him in relation to an asset disposal undertaken by the company.

The irregular payment instruction amounted to $5.9 million and was discovered in the course of a review of acquisitions and disposals, which is ongoing.

https://www.sharesmagazine.co.uk/news/market/1704395251218085100/top-news-endeavour-mining-sacks-ceo-for-serious-misconduct

https://www.sharesmagazine.co.uk/news/market/1704395251218085100/top-news-endeavour-mining-sacks-ceo-for-serious-misconduct

I'm surprised it has taken so long to get rid of him!

https://www.africaintelligence.com/west-africa/2020/11/23/as-he-steers-endeavour-to-london-flotation-sebastien-de-montessus-faces-legal-headwinds-in-paris,109622817-eve

I recall a report on SRB some years ago and at that time it was evident it was a perpetual cash drain.

I admit I have no knowledge of the current state of affairs, but if its is still mining the same deposit then I doubt things have changed for the better.

As someone already highlighted (Below)one of the reasons for its poor performance was the small production level, this makes it hard to carry the overheads of a listed company!

So some important considerations for any potential investors !

The main con of Serabi is its tiny size: £35.44 million, that makes it hard to get in and difficult to get out.

http://www.investing.com/equities/serabi-gold-plc?utm_source=investing_app&utm_medium=share_link&utm_campaign=share_instrument

The advice the Doctor (who is me) gave to me was: don't rush and take a look at page 23 from Serabi’s presentation Nov 2023 because there are some miners ideas that could help you choose and do your own research.

https://serabigold.wpenginepowered.com/wp-content/uploads/2023/11/Serabi-Gold-Corporate-Presentation-Nov-2023vFinal.pdf

Glad to see that some are starting to question the management spin on things , very prudent!

Fair comments ThePublican, although likely there are better buys than Shanta, but that said there are shareholders who have refereed pertinent questions on the issues you mention to the Canadian regulator which I understand are now under investigation.

Regarding West Africa and take for example the Wadaradoo deposit, it is industry recognised that a good grade in Western Africa is essential to pay for extraction there, there is such a thing as an African cost structure and it is relatively high!

To that you need to add the security risk which is increasing annually with the fundamental Islamist insurgency. whilst concerns about forfeiting 1.4 million ounces may be true, are they economic ounces?

So this may well be a case of preventing throwing more good money after bad money!

It not uncommon for shareholders to believe that management makes decisions unfavourable to the company and, by extension, them., but from recent actions it seems that Centamin management has decided to rather focus away from West Africa with all its problems and back to Egypt where they have a strong foothold, existing government relations, knowledge of the geology and it being a country with very little historical exploration.

Without knowing all the specific details this would seem to be a very sensible approach!

Agreed Mr Bond!

Gold prices are slightly higher and silver prices slightly lower in midday U.S. trading Tuesday. Quieter, post-holiday trading is featured. Bullish charts are prompting some mild speculator buying interest in both precious metals. The key outside markets were also bullish for the metals today, as the U.S. dollar index was modestly weaker and crude oil prices were solidly higher. Some profit-taking from the shorter-term futures traders did limit gains in gold and silver today

https://www.kitco.com/news/article/2023-12-26/gold-bit-bullish-outside-markets-technical-buying

The initial question over the Doropo comparison was raised by Tony, I sought to find some answers .I agree far too many corporate analysts are working to agendas dictated by mining companies and brokers, one of the reason;s KD has been so unpopular is because he says it how it is and wont be bullied or fobbed off with B.S..

Have a look at the Seeking Alpha resorts "Get out whilst the going is good" in 2016 & 2018 , they are just two examples that unfortunately for Centamin investors proved to be spot on, despite the repeated denials of Andrew Pardey CEO from 2016 onwards!

I agree DYOR but that can be difficult at times if the information available is flawed or incomplete.

No one is pulling my strings, I an just trying to encourage people to be sure they look beneath the gloss of presentations, ask questions and practice caution before making any decisions.

From our past experience as Centamin investors Tony is quite justified having confidence in the reservations expressed by K.D. have a look at some of his past articles for Seeking Alpha or Crux Investor you will see that all too often a gloss is put over the cracks or true facts by some less scrupulous mining company managements!

Nobody is being to told what decision to make here , but just to be wary and practice caution!

About the dividends, true we missed the 2022 dividend, but it needs to be appreciated that the dividend was funded by taking up loans well and above the returned amount, and the 2021 dividend, which was paid by running down the cash balance.!

This company seems to be playing games!

No dividends in the four years before that!?

Also have a look at the last 6 years of reported cash flow statements and it is clear that the reasoning for shareholder caution still stands!

Success means very different things to different people, what a person claims to have achieved or be worth may impress some, whilst it may be of kittle or no consequence to others.

Centamin has pulled back, but that's the way of things, we all know the reasons why, but no worry Centamin will go up again, just as it has before!

Steve ,

As a matter of interest the information was from a well respected brokers website and posted to possibly assist others who may not posses your trading expertize in understanding that there are different options of employing stop losses.

You will be telling us next that you golf handicap is 4.4 or better and you always have pole position on the racing circuit!

But credit where it is due because you have certainly demonstrated your ability to boast of your trading prowess, although self praise in any walk of life is no virtue!

Have a nice day!

Stop-loss hunting occurs when market participants, often large players or market makers, intentionally manipulate forex prices to trigger stop-loss orders placed by retail traders. They drive prices to levels just beyond common stop-loss placements, causing these orders to be executed. This manipulation aims to induce forced exiting or purchasing by retail traders, generating liquidity for the manipulators’ positions. Traders can mitigate the impact of stop-loss hunting by placing their stop-loss orders at less obvious levels and practising prudent risk management.

Use hidden stop-loss orders

Some brokers offer the option of hidden or non-displayed stop-loss orders. These orders are not visible in the order book and are, therefore, less susceptible to manipulation by other market participants. Utilizing hidden stop-loss orders can provide an additional layer of protection for the trades, as they do not reveal the stop-loss levels to potential manipulators.

Good points Tony!

I had considered investing here but based on the information available I shall not partake in this opportunity.

Possibly some of you in your enthusiasm which hopefully may prove to be justified may have missed the point, this was a comparison regarding if the money spent on Doropo may have been better spent on this alternative acquisition for those that are invested in ether or both companies.

I appreciate that shareholders understandably hope they are being given the full facts and his may look to bit too good to be true and a snip!,but that said as yet there doesn't seem to be a rush by other mining companies to get involved, even though they will likely have had unofficial heads up or access to more detailed formation, so possibly they are yet to express interest , in which case shareholders may do well, only time will tell!

Quite so Jeffa , don't get caught out by the bull, there seems to be a plethora of that around at the present, so do your own research and ask your own questions , but unfortunately that is difficult with Shanta because they aren't making available all of the relevant information!

Cowichan wasn't my side kick, he was a fellow shareholder who regularly over the years posted all sorts of useful information about the company operations and he put questions directly to the company, that is to his credit.

When I stated that Centamin was valued at less than half it once was I was being generous, if you recall it was around 40% of what it was prior to the pit wall problems which had the Sukari open pit been run as it should have been from 2016 on wouldn't have occurred!

if you recall Pardey denied on several occasions that things weren't as well as was being claimed, although subsequent events proved that he was less then truthful with shareholders from 2016 onwards and for which we have paid a heavy price over the past thee years or so!

How many questions did you put to Centamin, let me guess none!

Equanimity,

Classic campaign?, my only campaign is to make people aware and encourage them to ask questions.

I considered investing in this stock because it seemed very cheap and may be a good opportunity, however after some investigation I am of the opinion this stock may not be underpriced at all, in fact quite the contrary!

So I won't be buying in, but that's my personal choice based on the information available!

Onargeti,

Kees only looked at this as a favour to me because other investors had asked questions.

Re the operational financial performance of the New Luika Mine, this information isn't provided by the company because although being an AIM listed company it isn't legally required to do so, unlike if it were dual listed in Canada.

Instead they give all kinds of non-relevant information (e.g. the number Board meetings attended), but nothing on waste stripping, operating cost, etc!!

If Shanta were so sure then they would be releasing the relevant technical information, instead they provide meaningless waffle, this must surely raise some legitimate concern?

Hi Tony,

I am glad that you posted this because Kees is a highly experienced analyst who has gained great respect over the years for his no nonsense analysis which is always truthful and based on the evidence and facts available, rather then the unsubstantiated fiction that far to many mining companies spout in order to reel in the often all too trusting, but ill informed investors.

As we are aware managements are all too often less than entirely honest and open with shareholders and will spin them a yarn for a long as they can in order to extract as much money from them as possible until events force the exposure of the true facts!

Unfortunately sometimes people only see what they want to see, that is until the sh*t hits the fan and by then its too late!

Personally I would,touch this outfit with a bargepole, but each to their own!

See Mr Gnomes opinion below-

For Shanta, there are some noticeable omissions (profit) and with a current production profile of 28k ounce, it beggars belief that this or will be real world profitable. The underground extensions are notably too lower grade to be viable. The Q3 update is amateurish at best. Comparison with Doropo..no comparison...Doropo anyday

good luck punters

the gnome