Serabi Gold Share Discussion Threads

[kennyp52] 15/10/2021 22:00

NTV .. it probably disappeared down a black hole 🤣

[tightfist] 15/10/2021 20:25

Lumpy shipment processes, I guess. They recently described quite carefully their products, shipments and 2-stage valuation processes - maybe take a look? tightfist

[ntv] 15/10/2021 17:06

I wonder why they didn't sell all the gold they produced during the quarter?

[kennyp52] 15/10/2021 09:24

Boris … lookup others miners’ production and stop making yourself look an idiot 🤷‍a94;️

[borisjohnsonshair] 15/10/2021 09:13

You may research thoroughly but why not read the world news. Look up Covid 19!!!!

[kennyp52] 15/10/2021 09:02

then April RNS …

“I am delighted to report that the response in March, producing approximately 3,700 ounces of gold, a monthly production record represented a truly exceptional effort which has continued into the start of April”

All the indications were that 45,000 ounces should be achievable .. forget 2020 we can write that off with the Covid issues but certainly by now 3 x 3,700 = 11,100 per quarter is my minimum expectation .

[kennyp52] 15/10/2021 08:48

To put the records straight tightfist …

2020 Production Guidance
The Company anticipates full year production for 2020 will be between 45,000 and 46,000 ounces.
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

That RNS was dated 14.1.2020 if you want to check it .

If they were back to managing and operating the mine well then this should be their target - at least 10k Oz a quarter imho .

Then 10.2.2020

“Passing this material through the ore sorter first, screens the waste out of this low-grade material and scavenges the ore. This results in an increase of the feed grade of the ore entering the milling circuit and the rest of the gold recovery plant, whilst also liberating much needed plant capacity, which can be taken up with additional ore feed. By doing this we believe we can increase the output of the processing plant from the 40,000 ounces that we achieved in 2019 to an annualised rate of over 50,000 ounces”

Please understand when I make comments they are backed up by research and facts . Seeing only 9K Oz in the latest quarter tells me they are not managing the mine well ; the ore sorter in play makes the gold production even worse . These are bone idle directors imho with managers that do not care on site probably because they do not respect the directors … thus the cash / false expense claims .. following the lead of the people at the top .. taking their money for nothing. All imho of course .

[tightfist] 14/10/2021 13:42

Hi Kenny, to set the record straight, the 45kOz goal was actually mentioned in respect of forthcoming 2022 FY on 25th August text "I am hopeful that, by the end of 2021, both the Palito and Sao Chico orebodies combined should be ready to deliver production levels of around 45,000 ounces of gold for 2022". I was concerned that yesterday's report (see #4159) may become a prelude to declaring guidance reduced from that 45kOz..I am not usually an advocate of looking in the rear-view mirror: I can get my head around colluding employees authorising payment of invoices for work not executed, and the challenge of auditing same. However, the travel expenses and advance payments aspects (ongoing for 5+ years) appears both more vulnerable and auditable - IMO shareholders have not received an attempt at a reasoned explanation as to why this went undetected, particularly for a sustained period..Executive Management do seem quite complacent in their positioning, I guess they have decided to try and tough-it-out. But..... therein lies our opportunity - I do like the over-the-bonnet prospect of #4182. Cheers, tightfist

[ppvn] 14/10/2021 09:04

Well said Cotton! Frustratingly undervalue here but you're right - it's a lot of the same faces here on the bb!

Shame tiger isn't posting anymore really but hey ho.

[borisjohnsonshair] 14/10/2021 08:50

Bunch of whingers here. You'd all give an aspirin a headache.

[kennyp52] 14/10/2021 08:32

Loganair .. the longer they string it out .. the longer they pocket the fat salaries . Then when the heat is on they put out RNS about excellent production .. when it is most definitely not . 🤷‍a94;️

[loganair] 14/10/2021 08:29

As mentioned many times before the problem with Serabi is that the BOD continually over promise and under deliver. For over 6 years the BOD have been saying in the next couple of years Serabi is going to be a 100koz a year miner and during this time the best they've been able to mine is just a little over 40koz in any one year.

[imastu pidgitaswell] 14/10/2021 08:27

And that's why we're all here - the basic financial proposition.

It's despite the management, not because of them.

$2m gone missing over 6 years - and not a word of apology or acknowledgement of responsibility.

Also don't forget they received significant bonuses based on their financial numbers (I wasn't around too see it). Numbers that have turned out to be wrong.

Per the Directors Remuneration Report - opaque as you would expect, on the rationale for annual bonus payments: "To incentivise and reward, on an annual basis, the performance of individuals, and of the Group, using a range of financial and non-financial metrics."

Anyone expect them to repay part or all of them?

[ppvn] 14/10/2021 08:24

The thing is that I find it hard to see how they'll be able to mess things up from this point - despite some justified misgivings about our BOD (and I note the continued absence of ay purchases of shares by either Clive or Mike - results out yesterday mean they are now free to buy if they did so wish) - Palito is in a steady state, Coringa is being developed by the team on the ground, and I'm (fairly) sure that accounting issues will be being reviewed with a fine toothcomb.

With a market cap of just £53mm, an EV of just £40mm (reckon about £13mm cash on hand) - it's hard to see how the directors could do anything to make this worth less. So in that regard shareholders should be happy from this point as it seemingly can't go any lower!

[imastu pidgitaswell] 14/10/2021 08:01

Even the bloody heading of that RNS - "Excellent Third Quarter Production..."

Says who?

Nobody serious puts out RNSs like that.

[backinblack80] 13/10/2021 21:50

kennyp52, I do not know but suspect he will be there for progress on Coringa late November/ December when they take a bulk ore sample and decide the best way to process....

[backinblack80] 13/10/2021 21:39

kennyp52, imho your post seemed that you were blaming Boris being that you'd taken the time and trouble to copy and paste some of his past posts and then there was your subsequent comment stating his delusional ramping. Apologies for the misunderstanding, if there was one. However, I happen to agree with his general view and expectations and therefore don't consider it delusional ramping at all......I can understand your frustrations but do not agree with your vitriol towards peeps...

[kennyp52] 13/10/2021 21:33

BIB80 .. for how long and is he still there ? His CFO is still in Surrey ?