Mr. Martin Horgan reports

CENTAMIN PLC ANNOUNCES INTERIM RESULTS

centamin plc has released its interim report for the six months ended June 30, 2023 (H1 2023).

Martin Horgan, CEO, commented: "This marks Centamin's third consecutive six month period of improved EBITDA, driven by our focus on operating performance and cost management, whilst also benefiting from an improved gold price. This has enabled us both to continue investing in our portfolio and to distribute returns to our stakeholders. Our operational track record and strong balance sheet put Centamin in a robust position to deliver the next stage of growth including further optimisation at Sukari and continued development of the Doropo project."

OPERATIONAL HIGHLIGHTS

• Group safety performance on track to meet safety targets: zero LTIs in Q2, resulting in a lost time injury frequency rate ("LTIFR") of 0.15 H1 2023 with a total recordable injury frequency rate ("TRIFR") of 2.94
• Production of 220,561 ounces ("oz") for H1 2023 from the Sukari Gold Mine ("Sukari") in Egypt and on track to meet 2023 guidance
• Cash costs of US$849/oz produced and all-in sustaining costs ("AISC") of US$1,228/oz sold and on track to meet 2023 guidance
• Decarbonisation roadmap published with interim target of 30% reduction in scope 1 and 2 GHG emissions by 2030. Grid power connection tender submissions are under evaluation and solar expansion study work is underway
• Doropo Gold Project in Cote d'Ivoire pre-feasibility ("PFS") study complete: robust economics with a post-tax net present value using an 8% discount rate ("NPV8%") of US$497 million and internal rate of return ("IRR") of 41% at US$1,900/oz gold price with further upside opportunities, DFS expected mid-2024 (full announcement)
• New Egyptian mining framework agreed in principle with the Egyptian government for the Company's Eastern Desert Exploration licences ("EDX Blocks") creating a clear, competitive regulatory structure for development of new mining projects (full announcement)
• Commenced drilling on 3,000km2 highly prospective EDX Blocks with 3,100 metres completed of a 10,000 metre drill programme focussing on seven priority targets identified on the Nugrus block (adjacent to Sukari)

FINANCIAL HIGHLIGHTS

• Revenue generation of US$426 million from gold sales of 219,353 oz at an average realised gold price of US$1,936/oz, with equivalent to US$28 million in gold inventory to be shipped
• Increased EBITDA margin of 45% with EBITDA up 26% to US$193 million (H1 2022: US$153m)
• Basic EPS of 7.86 US cents and net profit after tax attributable to shareholders of US$91 million
• Capital expenditure ("capex") of US$108 million with key capital projects advanced as scheduled and on track to meet 2023 guidance
• Group operating cash flow of US$172 million from Sukari
• Group free cash flow of US$19 million after US$88 million was received in profit share and cost recovery and US$59 million was distributed to our Egyptian government partners in profit share and royalties
• Gold price protection programme implemented for the twelve months to June 2024, with the purchase of put options for 240,000 ounces of gold at a strike price of US$1,900/oz
• Strong and flexible balance sheet with available cash and liquid assets of US$161 million (at 30 June 2023), after payment of the 2022 final dividend of US$29 million, and total liquidity of US$311 million reflecting the undrawn sustainability-linked revolving credit facility
• Interim dividend declared of 2.0 US cents per share, equating to a distribution of approximately US$23 million, to be paid to shareholders on 29 September 2023 (ex-dividend date of 31 August 2023)

2023 OUTLOOK

• Guidance unchanged and on track
• Gold production guidance range of 450,000 to 480,000 oz per annum targeting the midpoint
• Cash cost guidance range of US$840-990/oz produced and AISC guidance range of US$1,250-1,400/oz sold
• Adjusted capex guidance is US$225 million, which excludes US$48 million of sustaining deferred stripping costs
• Exploration spend is results-driven. 2023 exploration expenditure budget is US$30 million, including US$23 million for the pre-development study work on the Doropo Gold Project

KEY H2 2023 DELIVERABLESSukari updated Life of Mine Plan (NI 43-101), including underground expansionSukari Gold Mine grid power connection study and project timelineGroup Mineral Resource and Reserve updateGroup exploration activities report

GROUP RESULTS SUMMARY[1]

WEBCAST PRESENTATION

The Company will host a webcast presentation today, Wednesday, 26 July 2023, at 08.30 BST to discuss the results, followed by an opportunity to ask questions.

Webcast link: https://www.investis-live.com/centamin/64632d444170900d004d0607/lubo

PRINT-FRIENDLY VERSION of the announcement: www.centamin.com/media/company-news.

About Centamin

Centamin is an established gold producer, with a premium listing on the London Stock Exchange and a secondary listing on the Toronto Stock Exchange. The Company's flagship asset is the Sukari Gold Mine ("Sukari"), Egypt's largest and first modern gold mine, as well as one of the world's largest producing mines. Since production began in 2009 Sukari has produced over 5 million ounces of gold, and today has 6.0Moz in gold Mineral Reserves. Through its large portfolio of exploration assets in Egypt and Cote d'Ivoire, Centamin is advancing an active pipeline of future growth prospects, including the Doropo project in Cote d'Ivoire, and has over 3,000km2 of highly prospective exploration ground in Egypt's Nubian Shield.

Centamin recognises its responsibility to deliver operational and financial performance and create lasting mutual benefit for all stakeholders through good corporate citizenship, including but not limited to in 2022, achieving new safety records; commissioning of the largest hybrid solar farm for a gold mine; sustaining a +95% Egyptian workforce; and, a +60% Egyptian supply chain at Sukari.

We seek Safe Harbor.