Member Info for Somnamna

Good comments Sotolo, it will soon be Thursday and all will be revealed.

Well said Goldnome. The prudent paying for and subsidising the reckless. Time such imprudent practices by directors and CEO's of banks was made a criminal offence with jail time, similar as was done with corporate manslaughter. I understand the need to stop a meltdown of the banking system but without some form of detterent reckless behavior will continue. Also intead of being made whole customers should not recover the full amount of their funds. Those responsible and those culpable borh banks and customers should not walk away Scot free.

Agreed and understood with thanks about the development timescale Cowichan.
The main thrust of my recent posts was to emphasize that in addition to other growth and diversification CEY has three key areas to focus on, being:
1) the existing Sukhari mine,
2) the 160km2 and
3) EDX,
Also that CEY management should get a wiggle on with the last two and treat them separately so far as management actions and reporting are concerned.
For me this will be the real test of how good Martin Horgan and the Non-Executive Directors are because at the moment I have the feeling Martin Horgan and team have put in a credible performance with regard to the existing mine but more is required in terms of the 160km2 and EDX in terms of planning, focus, timeline, KPIs and communication.

Agreed and understood with thanks about the development timescale Cowichan. The main thrust of recent posts is to emphasise CEY has three key areas for Managemnt to focus on, being the exisating Sukhari mine, the 160km2 and EDX, and that CEY managementt should get a wiggle on with the last two and treat them seperatly so far as management actions and reporting are concerned. For me this will be the real test of how good Martin Horgan and the Non-Executive Directors are. At the moment I having the feeling Martin Horgan and team have put in a credible performance with regard to the existing mine but more in terms of the 160km2 and EDX in terms of planning, focus and comunication.

Good points Cowichan. CEY developing "growth and diversification" such as Dropopo on its own or with borrowed funds may be feasible (or not depending on interest rates) but clearly developing the 160km2 and EDX is a whole different ball game. Possiblly the 160km2 could be done with a cash raise from shareholders but EDX would possiblly be better on a JV basis with someone with deep pockets e.g. the Saudis? Just my musings.

Cowichan, perhaps a JV or other means of monetising the new concession? Horgan should be thinking out of the box on this one to bring value to CEY.

On page 3 of the March 2023 Corporate Presentation CEY sets out it’s “clear and consistent strategy for delivering long term sustainable growth and returns” comprising:
1. Value maximization at Sukhari
2. Growth and diversification
3. Commitment to shareholder returns
Sadly this is very much a cut and paste from previous years and although valid in the early days for Martin Horgan’s tenure is now well past its sell by date.
Instead of kicking the can down the road it is time CEY updated its strategy by introducing a fourth aspect being “Development and monetization of the 160km2 and new concession” with a clear strategy, objectives, plans and targets.
Development and monetization of the 160km2 and new concession is far too important and of a high priority to be lost in “Growth and diversification”. Also should be made a performance KPI for Martin Horgan et al., with bonuses linked to key performance milestones, eg. first gold, etc.

Thanks for that Mr Bond, good infoemation. Any idea when the new access will be available / target date for accessing the higher grades?
PaulM it certainly would be very good to have production up to 500k oz.

Martin Horgan and his team are doing an ok job with regard to Sukhari mine, but then they should do. That is their job and the they are being paid to do it.
The “Elephant in the Room” is monetization / development of the 160km2 and the new concession. Progress in this respect could have a big impact on CEY share price.
Demonstrable and substantiated focus on this from Martin Horgan and the (very quiet) non-executive directors on development and monetization is a key to unlocking this potentially valuable asset.
Time to get a wiggle on and not for sitting on hands.

Time to get a wiggle on to reach 500,000 oz.
Year 2010 83,432
Year 2011 202,699
Year 2012 262,828
Year 2013 356,943
Year 2014 377,261
Year 2015 439,072
Year 2016 551,036
Year 2017 544,658
Year 2018 472,418
Year 2019 480,528
Year 2020 468,681
Year 2021 407,252
Year 2022 440,974
Year 2023 Guidance is 450,000 to 480,000 oz

Sotolo, Razors, SteveJ, 3Bear et al, all good points as far as production from the existing Sukhari mine is concerned but for me a big factor that could bump start the share price is to get a wiggle on with developing the 160km2 and the new concession. Dare I say it even JV with other companies to accelerate development of the new concession.
,

Apart from Martin and Ross its a jolly.
Even then should apply the investment test on if it is worth them going.

....and meanwhile CEY sharer price drifts lower.
It is now 2023 and despite management promises and vast amount of shareholder funds they have expended I am still waiting for the wonder.

Thanks Siko, it is a dream come true.
Now let's see what Martin Horgan will do to develop the 160km2.

Thanks for the information Siko, it certainly puts a slant on the way the ruling may go.
With potential of Law 32 being ratified and entry of the Saudis into the Egyptian gold mining market I hope these developments don’t result in a take over of Centamin, especially given the abject failure of Centamin / Buchanan to promote the real value (jam tomorrow aspect) of Centamin and for this to be reflected in the share price.

Thanks for the information Siko, it certainly puts a slant on the way the ruling may go.
With potential of Law 32 being ratified and enrty of the Saudis into the Egyptian gold mining market doesn't result in a take over of Centamin, especially given the abject failure of Centamin / Buchanan to promote the real value (jam tomorrow aspect) of Centamin and for this to be reflected in trhe share price.

It will be interesting to see if the judiciary in Egypt vote to limit the the coverage of their powers and rights to claim.

The following is an extract from Extract from a report in Stanford Journal of International Law entitled Egypt's Ban on Public Interest Litigation in Government Contracts: A Case Study of 'Judicial Chill'

1) PIL proliferated in Egypt because of the lack of good governance, particularly the absence of an independent anti-corruption body during the privatization program.
2) The promulgation of Law 32/2014 is an example of “judicial chill”, where the government forecloses the courts’ review power in the name of foreign investment.
3) Law 32/2014 curtails the fundamental “right to petition the courts” as laid down in the Egyptian Constitution.
4) Instead of limiting PIL, Egypt should address the widespread and institutionalized corruption in government contracting as the root cause of the disputes, by establishing an independent anti-corruption body and streamlining government contracting.
5) Egypt should consider explicitly allowing for citizen suits in the area of human, labor, and environmental rights' to overcome government inertia and corruption.

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2578819#

Well noted Dasut, a similar situation existed in the oil and gas industry until it was reaslised how easy it was to tilt a contract in the direction of a fvaoured bidder, be it at company level or by management in their own, often personnal interets .
Well noted Goldnome re fleet avaiability, I would have expercted that to be a techinical crieriteria balanced against need for early start and price diffrerential.
My feelin g on the waste contract is Centamin through Buchanan could do a better job of informing and communicatiing, espcially the costs v future benefits in more detail. This way Shareholders could understand better the rational.

The announcement refers to "competitive tender process" but not a two stage competitive tender process (with seperate technical / contractual and priced envelopes) which is good practice for technically complex major contracts. By two stage I mean the first envelope is opend first and evaluated and aligned for technical and contractual complaince and only after all bidders are aligned is the second priced envelope opened then the contract is awarded to the lowest pricxe technically acceptable tenderer. i.e. all have priced on the same technical / contractual basis. Single stage tendering mixes technical and price aspects and is open to abuse, hence the reason for two stage tendering. Buchanan are not giving the full story.

As it says, welcome back, good to see you posting again.