Member Info for Tornadotony

The company has made cost savings. In 2022 the AISC for the entire year was $1399 per ounce mined. In Q1 of 2023 it was $1348 per ounce and in Q2 it was $1228 per ounce. The solar plant has removed 16% diesel usage. The payback is going quite well and the company may build a second pilot plant to reduce diesel usage further. The cost cutting has involved significant innovation in many aspects of mining. The on going programmes are anticipating a further $50 reduction on per ounce of gold mined. They also plan to join up with the electrical grid which reduce costs further in the year ahead.

The changes in underground mining have allowed for a gold grade reduction in the mining ore of 0.1g per tonne for both open pit and underground output. This maintains same delivery of gold ounces mined out despite an 11% drop in grade. This enables Centamin to maintain its share price in comparison to the previous year. The total ounce growth this year is 4.5%.

I would therefore suggest that in the month of august short term the Centamin share price may well increase, especially if gold prices exceed 2000 per ounce.

As for Doropo, my preference is for the company is to sell it and use the money on a JV with Shanta Gold in its West Kenya projects. They would easily find 1.8M ounces of gold and may be working on a project that could out do Doropo reserves.

I am interested in what the drilling outside of Sukari may reveal.

It is quite possible we get the autumn pull back, however, I believe 2024 may be a good year for Centamin.

Cowichan may be right on the intermediate term.

The biggest mistake in all of this was in the title of the 6th of January RNS without a mitigating paragraph exampled below.. Litigation Outcome settlement agreed gets everybody's attention especially hot money. We heard last week that the CEO thought because no financial information was contained within it would result in not much happening to the share price. That comment was a confession of a mistake through effectively demonstrating naivety. An RNS that eliminated a court trial outcome risk and removing uncertainty was somehow not going to impact the share price was wrong. The RNS was actually signed off by the CFO. The CEO however is his boss.

The person responsible for arranging for the release of this announcement on behalf of Nanoco is Liam Gray, Chief Financial Officer. (In the 6th Jan RNS)

The information contained within this announcement is considered by the Company to contain inside information for the purposes of UK MAR. Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.

The RNS should have also stated the Board will be in discussions and a further RNS in due course the latest being 30 days. In the meantime investors are advised not to speculate on the suspension of going to a full trial as the company deliberates on the term sheet. It should be noted that any source quoting likely settlement financial outcomes in the past will have been based upon their own opinion and not of the company. The company has also forewarned of the risks involved in this litigation process. Investors should be aware of the importance of forward looking statements and disclaimers the company has made as repeated in this again in this RNS below.

If the above was in the 6th January RNS, The CEO and CFO would have been absolutely okay with the follow on 9th January RNS. The arguments of only looking at high end speculation without the opposite side of risks would be down to the investor community,

The second issue of $11M was discounted in fees by not going to going to court was undertaken without disclosing financial details of the settlement is possible. They would have been free to say the company had a route not going to Court and were discussing the term sheet. Of course if they were giving up $11M in fees the principles thought they were going to get they would have sold shares at the prevailing price if it was recovering part of the $11M they were thinking was coming to them. All they would know is a discount had to be applied to the model for not going to trial and they were getting less cash as a result on that specific basis.

Folks either accept the above or they don't and make their decision accordingly. You have two versions of events. I am certain Tenner would have wished some of what he said last week was put in the 6th January RNS. I think he owed up to it.

Kooba and nanostory,

If you have real evidence of corruption, share it with the FSA and report it. The fact is we have all been given nothing that holds up as evidence by the requisition group. The alternative option put before us was unprofessional, non-transparent other than the group takes away 10-12p away from private investors in February 2024. The current vote is either for a board which probably has made mistakes for an alternative requisition group that look like a bunch of used car salesmen or some flash boy real estate agents in suits. We did not make them look like that. They succeeded in creating that impression all by themselves in how they handled all of this.

Https://alt-market.us/bidenomics-is-a-fraud-based-on-deliberately-misrepresented-stats/

Thanks to zero hedge.

Steve

I have done those type of trades in the past at 60,000 sells here on CEY. It is great when you can pull those kind of moves off. I presume it is Michelin star restaurant this weekend or something nice. Tony

Data point on Michigan view on inflation. Last time it goes up a little bit and they hammered gold. This time the data all goes the other way. Lets see what happens now.

To nanostory.

I am not expecting a miracle from anybody and that word is usually used when observers have no knowledge of science or miss observational links between practice and logic during application and so reveals something magical they have not seen before. Overall, contentment is having a good slice of Samsung damage monies paid to shareholders that de-risks on-going investment for many by 30% or more. The second objective is having an income stream built up from the current $2M a year to around $40M or so. A company on a PE rate of 6 with £22M annual profit would give shareholders a 40p target price. It is not impossible to get the Runcorn plant up to 45% active. It is a big ask and it has risks.

What is the alternative. We lose 30% potential pay back from the off. All the monies are fought in long running court battles that has uncertainty about the outcome. The litigation team will have lost all their scientific experts. I recall several times when companies got rid of the scientists by takeover legal and financial wizards only to bankrupt the company in question. They had no knowledge of material sciences, the value of IP that it contained, issues of competitive IP concerning the science and the list goes on. I recall when one company was bought and all the facilities and know how was acquired (so they thought) and they shifted from UK to Massachusetts USA. When the new production line delivered product none of the devices worked and it was subtle differences in the chemistry being the cause, but they fired all the UK scientists and so had to abandon manufacturing as they had no clue where to look. The point I am making is that anyone delivering change has to provide a huge amount of knowledge and give us investors the confidence that a better outcome is likely. Nanostory the requisitioners campaign has spectacularly failed to do so.

Tariq Hamoodi has his experience, knowledge and competencies but many of us from many walks of life also have ours.

Comparison to other miners shows that Shanta Gold received nothing for bringing Singida mine on line successfully. Today more relentless selling as we are taken through a support line and into single digits. Forward earnings PE is around 3. To think the annual reserves conversion could well be 1.5 to 3 times the mined out rate.

13.55 was the modest slice I took on the way down. Will buy it back when it finally stops falling and confirms a bottom in place. I think it might be around 11p. Slicing only yields like a small divi when it works out. If I do not get it back still have loads of RBW.

Steve,

Yesterday at lunch time it was 98p. I go the cinema and see Oppenheimer get back to close and it was 94.8p. To trade a volatile stock becomes a 100% job. Also you can trade positions out and the stock fires up quickly and you reduce the yield that one is trying to hedge out on a portfolio. At the moment the Centamin share price is hugely undervalued against the valuation it was given back in April. The company has also performed better than cost expectations and built in 20,000 ounces of protection put that becomes profitable at $1875 per ounce. Centamin share price at $1950 gold should be around 104p-106p at least and that includes taking sterling increased valuation vs USD.

Hopefully, late August will give some clarity with the future direction.

One of the issues that left investors blind sighted was knowing the legal costs and I recall estimates given to me here on LSE were 50% lower than what transpired. Such an error amounted to 7p in the calculation of any model settlement and I believe PIs did not have detailed visibility on that front.

However, a lot of warning signs by some posters who often contributed like shorters in a boiler house wrote about some of the risks occasionally. We had LOAM selling in the background which did not always result in SP going down, but on more earlier occasions it certainly did. LOAM being a buyer often pushed prices of the SP higher in a 3 month forward window and that certainly did not happen.

The future however has 18 months to roll out. If the existing board come through the vote, which I think is probable, then the real pressure to deliver and communicate more effectively begins. We shall have heightened sensitivities of any favouritism on how Samsung second tranche monies are paid out. The company would be very mindful to take a poll on that issue later in the year and be more supportive to the retail investor base. Tony

The real reason of course on why so many people on Bloomberg are mystified on a lack of dissent amongst the FED Board is significant parts of the USA are in serious recession and other parts are booming away. Nobody wants to talk about what is happening on the West Coast and just maybe the FED has decided that part of America is a different country and does not fit well with their hawk narrative. It also hides how useless the national data sets are in which central bankers set policy if of course they had a strategy to pursue one.

I found the article on Janet Yellen earnings post FED Chair enlightening (Zero hedge) in which she was paid millions to give talks sponsored by bailed out banks. I guess Jerome is getting his copy book ready to get his $7M for a few hours of useless chat.

I found it intriguing that USA GDP goes up through all the channels of increased government spending and one of the highest increases on consumer spending is through higher benefit cheques, that I arrive at the conclusion that the best place to be invested is gold related. It is a mystery to me how things can be so rosy with credit debt maxed out, loan defaults increasing that the economies can somehow grow. Of course if governments take on more on the debt clock and pump in on the fiscal side that will generate GDP news worthy numbers. Usual garbage to monkey hammer on gold. Putting up rates by central bankers to try and stop governments spending more money with two policies operating against one another. This ends just one way and its not pretty, but instead its pretty ugly for FIAT currencies.

The usual monkey hammer on gold after garbage data sets.

USA GDP data;

The report gave clear warnings of insufficient sampling data. (Very typical in July and August on voluntary submissions) The leading causes for GDP growth were the following;

1. Personal current transfers (led by government social benefits) up 2.5% on improved disposable income.

2. Local government spending up.

3. Federal Government spending up.

4. State spending up.

5. Consumable spending on non-residential fixed investment. (Not sure what that is)

6. Increased rental income growth.

Export and importing activity is declining in several reports as an impact of re-shoring and mentioned in GDP and durable goods reports.

Durable goods orders also up. However it is mainly in computers and electronic products. The second increased area is in fabricated metals associated with transport equipment. Most other sectors outside of defence are flat.

None of the above is influenced by interest rates putting out inflation pressures. It certainly shows supply chains moving back to USA and using higher rates to deal with the impacts of re-shoring is counter intuitive. It also shows fiscal spending is pulling in the opposite direction of what the FED monetary policy is trying to do. The headline number however, is used to pull down gold and Centamin.

Hoping tomorrow we go the other way as we drift through original reports behind the numbers.

May reflect the size of a closing put options. It does appear to be a bet on the share price increasing so the current price is being taken. It is one possibility.

Today is a gold options expiry date- 26 July in USA.

The cost per ounce for the puts is $25 per ounce ($6M) and is set at 20,000 per month over the following 12 months. If gold fell back to $1800 average for 4 months the hedge is at breakeven.

70% of the waste stripping is resolved. The remainder completes over the following 12 months for $48M.

The company is on course to hit mid range on the production ounces between the high and lower range quoted at the present time.

! year graph was tightly correlated until Odey sell off. Shanta remains 1p away from where the GDXJ ETF is now performing. Shanta downgraded 10% because of that issue which had nothing to do with the company performance or any other issue.

Everything as i hoped for and they answered my questions that reserves and resources to be updated in H2 and the progress on Nubris drilling. I hope he explains the put option in the presentation on how it all works. Unless someone here can tell us in a couple of lines.

Open your HL account with passwords etcetera.

The first page which Secure messages to the right hand side will have another section underneath which says shareholder meetings.

Hit the shareholders meeting tab and it will take you to the Nanoco meeting and opportunity to vote. You have 3 weeks to do it so do not worry. Tony