Member Info for mrtibbles

Hi Dasut,

Thank you for a your very informative,but easy to understand explanation of the complex operations that are taking place to rectify the situation at Sukari

Kind Regards

Tibbs

Hi Casparoni,

I'm sure that you will understand that considering all that we long term holders experienced together that any decision to get out is not to be taken lightly as one likes to hope that this time will be different!

You may recall when the share price dropped from £2.30ish to £1.70ish after the initial RNS announced the problems with the open pit wall,.

At that point I considered getting out, but then and in hindsight I mistakenly thought that Martin Horgan would make a statement about the remedial actions being taken and this would stabilise the share price, wrong again, then it dropped to £1.30 as it became even more apparent just how bad the situation was with no possibility of any quick fix and to make the open pit safe and fit for purpose was gong to be a lengthy very involved job, as we know the share price has since declined and remained at its present penny share level.

So here we are in the "Last Stop Saloon" and having sunk to this level the share price hopefully wont drop much more , so I feel its worth taking a chance that before too long the company will make some substantiated announcement that the turnaround is finally under way!

So I remain invested, but if that changes then I will of course let you know.

Kind Regards

Tibbs

The company doesn't take us retail shareholders seriously!

For instance one of my questions to Centamin IR and FTI

Re Egypt's lack of funds to import fuel is only getting worse – a serious consideration for Centamin contemplating connection to Egypt's power grid ?

https://www.dailynewsegypt.com/2023/07/27/egypts-prime-minister-announces-measures-to-address-power-cuts/

12th Aug 2023

Dear ****

As a long term holder of a not inconsiderable number of Centamin shares and having told in the past on a telephone call by Martin Horgan that all shareholders are valued by the company I can only assume that I no longer fall into that category as my emails over the past months seem to have been disregarded .

I appreciate that this may be due to you having a very demanding work schedule and indeed other shareholders to deal with, however in the past I would often approach “Buchanan” who were usually able to answer on Centamin’s behalf , however I feel certainly since Centamin has appointed FTI as its new PR company that this support to shareholders is somewhat lacking to say the least.

However whatever the present company policy is on communication with shareholders I feel that the feasibility of linking Centamin up to the Egyptian national power grid needs some clarification to be sure that the company is able to deliver the hoped for efficiencies and savings.

Yours Sincerely

My Details

Retail Share Holder

Reply sameme day from FTI

Hi ******

It has indeed been a busy period particularly in the run up to and following the interim results.

With the results RNS, shareholders are in possession of the latest material information and therefore we did not retrospectively respond to all enquiries.

Thank you for the below, obviously such factors will be taken into consideration as part of the ongoing grid power connection study which we expect to conclude in H2. Following any grid connection, Centamin will still have the option of reverting to its current power source alongside power generated by its solar plant.

More generally, the company is conscious of its regulatory obligations to disclose material information to shareholders via the correct channels. We do value all input from shareholders but often it will be more appropriate to respond to such issues / concerns / suggestions through formal RNS announcements than via email.

Regards

Name ***

FTI Consulting

Is it any wonder that Cowichan gets frustrated!

Hi Spoonigton,

Thank you for giving us the benefit of your professional experience on this issue, certainly the appointment of FTI seems to be all part of the BOD and managements strategy of giving the impression a new era of openness with share holders but is in reality quite the opposite.

The reality now is slick presentations promising much, but so far delivering shareholders far less at greater cost, whilst entering into huge debt agreements and hedging future gold production whilst eroding the company cash pile

I see your point about the unsustainable CAPEX, to be fair Dasut also made reference to this on the inception of the Capital waste clearance contract, but now you have further confirmed the detrimental impact this is having on the share price,profits and indeed dividends!

Share holders who are less experienced in all the various aspects of mining, including corporate accountancy may not always know the best places to look in the quarterly reports, or the most appropriate/pertinent questions to ask and this is why in many respects its easy for the company to hide the most important or details by distracting the majority of trusting shareholders with slick presentations promising more sometime in the future in order to keep them on the hook whilst the management fill their boots with bonuses for just doing what they are already paid handsomely for anyway!

You are right I have been critical of Andrew Pardey and the previous management, also I agree that they did reward share holders more than this new management, although that said we are paying for it now, but even allowing for the waste clearance the new managements strategy so far has meant that we are are paying what seems to be excessive to say the least and over and above what may be regarded as justifiable.

When Martin Horgan took over I had great hopes,but 3 years in feel that the new management aren't delivering as much as they promised and even worse are not being open or entirely honest with share holders!

Tibbs

Thank you for the information Cowichan,

This seems like yet another job for the "Old Toro Boys", rather like the appointment of FTI Consultancy !

Adoption of the Sango coin has thus far been lackluster, however, as the government only managed to sell 8 million of the 200 million tokens made available during the token's initial coin offering (ICO), with CAR citizens showing little interest in the token.

According to the Sango website, the tokenization of resources “means that they would be available to investors worldwide through the Sango Blockchain & Sango App, using SANGO coins. The direct impact of tokenization is the access to capital through the monetization of natural resources, being achieved in a transparent and democratic way, while enabling broader participation through fractionalization.”

The Sango website shows that the CAR is estimated to have iron deposits valued at $2.2 trillion, diamond deposits valued at $258 billion, gold deposits valued at $60 billion, graphite deposits valued at $7 billion, uranium deposits valued at $5 billion, and limestone deposits valued at $2 billion.

https://tinyurl.com/ss3h4t7h

There appears to be no good reason to enter into any hedging agreement at this stage and likely no good reason in the future.

Possibly the Martin Horgan and the BOD may have what they feel are valid reasons , if so then they should explain them to shareholders as soon as possible.

Hi Dasut,

I agree , but then all the more reason all the more reason for for those who posses the relevant information and professional experience to take the opportunity to explain to those who are asking the question in order to eliminate any future misconceptions.

I feel sure that I am not alone in being very grateful for your help and explanations on so may mining related issues that have indeed taught me a great deal

Thank you Prof, for your thoughts on this, I think that it can only be to the good that all questions are answered as fully as possible.

As far back as 2015 the Centamin Sukari operation was being operated on what may be described as "Pyramid Scheme " principle using questionable mining methods and the management were glossing over the true facts in order to reel in the unsuspecting retail investors!

Had Andrew Pardey and the BOD had the professional integrity and the foresight to change their ways in 2015 and yet again in 2018 then the business wouldn't have been taken to the brink of a catastrophic disaster at Sukari, but instead they carried on with bad mining practice and deceit until the investable crack in the gloss forced their admission of guilt!

https://tinyurl.com/vf6vbr69

https://tinyurl.com/mr428ker

So when are the new management going to deliver the proof in the pudding as it were?

Quite agree Rebess, the new BOD claim to have brought about change for for the better, but then that depends on whether your a shareholder or a director!

I am puzzled why directors should have received any bonuses at all when they have delivered nothing as yet but a vastly increased AISC , a pathetic share price, a halved dividend and an increase in debt!

'Reason to be cheerful" , certainly not for shareholders!

https://tinyurl.com/29a2nfz4

'Everybody knows the captain lied the boat was leaking!"

https://tinyurl.com/u4yr5csx

Newer and potential buyers to proceed with caution and ask why despite the POG at around $1900 the CEY share price is more often than not scraping its butt along the bottom of the sick share bucket!

Centamin isn't that viable whilst the whilst the AISC continue at such excessively high levels and market trust at all time lows.

The slick presentations and yet more promises of "Good times coming" no longer impress, it's plain to see with institutions reducing their holdings and even the BOD not willing to back up their sales talk with some meaningful buys ,also now the suspicions of the increasing level of outstanding debt owed to the company by a cash strapped government that the this share ain't going to pick up anytime soon, if ever at all!

Tibbs

Hi Spoonington,

Oh agree, that's why Cowichan keeps asking questions so we can all be better informed about Centamin!

Over 2000 responses including some members of management to his posts on Linkedin!

Hi Spoonington,

Thank you for your reply, I'm sure others on here although not as learned as you in professional corporate accountancy will never the less be happy to offer the other members the benefit of their particular area of professional expertise in a less patronising manner.

Hi Prof,

Thank you for your detailed input on this, you will recall in the earlier days of the mine Centamin made advance payments over and above what it was contractually obligated to do , partly to promote goodwill , not that the Egyptian government ever seemed to reciprocate with any goodwill! of any kind, quite the contrary!

Kind Regards

Tibbs

Hi Tornado,

Wouldn't be so confident about the findings of any company analysts , especially not the corporate ones who seem to have for whatever reason overlooked so much in the past!

Not just Centamin ,all the miners are less than truthful with shareholders when it suits!

Never does any harm people like Cowichan asking questions, keeps them on there toes and if they have nothing to hide then they will gladly answer the questions!

Likewise Paul!

Fair comments Mr Gnome,

But then there still needs to be some better explanation and clarification of these issues by the company , it may help reassure the market and help the share price recover .

Far too many times in the past many times in the past those on your list seem to have failed to ask enough of the right questions!

Thanks you Cowichan!

The share price remains languishing in the sick bucket of the last chance saloon because market remains suspicious that as in the past not all is as well as claimed by the management!

https://www.centamin.com/media/2980/cey-rns_1h23-interims_final_250723_website.pdf

Steve,

You must realise that this is'nt going anywhere soon because it's hobbled by the grossly inflated AISC and loss of market confidence!

If the directors don't have enough faith in their strategy to make some substantial share purchases then possibly things aren't going as well as they claim !