Mr. Martin Horgan reports

CENTAMIN PLC ANNOUNCES GROUP RESOURCE & RESERVE UPDATE 2023

Centamin PLC has released its annual update of group mineral resources and reserves, comprising the Sukari gold mine in Egypt, and the Doropo gold project and ABC project in Ivory Coast. Martin Horgan, the company's chief executive officer, commented: "Our improved geological understanding at Sukari has enabled a 500,000-ounce increase in reserves over the 5.3-million-ounce reserve estimated in the recently published LOM [life of mine] plan. Since 2020, we have delivered 3.5 million ounces of mineral reserve growth, before mining depletion, exceeding our three-million-ounce target. This has been driven by reserve growth of almost 1.6 million ounces at Sukari and a maiden 1.9-million-ounce reserve at Doropo.

"The progress made in 2023 is testament to the geological opportunity within our portfolio, the quality of Centamin's geological leadership team and investment in our orebodies. During the first half of 2024, we will release the results of the maiden drilling campaign across our Egyptian exploration portfolio and will also aim to publish the updated reserve numbers for Doropo, as part of the ongoing DFS [definitive feasibility study]."

Highlights:

• Sukari proven and probable (P&P) mineral reserves increased by 10 per cent to 5.8 million ounces (Moz) compared with the 5.3 Moz mineral reserve estimate included in the new life of mine plan (available on-line) published on Oct. 12, 2023.
• Group P&P mineral reserves increased by 3.5 million ounces since 2020, before depletion, exceeding the company's stated target of three Moz.
• Group P&P mineral reserves increased 28 per cent compared with 2022, to a total of 194 million tonnes (Mt) at an average grade of 1.23 grams per tonne (g/t) for 7.7 Moz of contained gold, driven by reserve growth at Sukari and the inclusion of maiden mineral reserves at Doropo in Ivory Coast (available on-line).
• Group measured and indicated (M&I) mineral resources of 392 Mt at an average grade of 1.06 g/t for 13.4 Moz of contained gold (inclusive of mineral reserves) -- reflecting resource growth at Doropo and depletion at Sukari.
• Following the completion of the DFS drill program, the Doropo M&I mineral resources increased by 23 per cent to 77 Mt at 1.26 g/t for 3.1 Moz of contained gold. The updated resource will form the basis of the DFS reserve update in mid-2024.

Outlook

The 2024 geological program continues to target resource and reserve growth across the portfolio, and comprises:

• 285,000 metres of drilling budgeted at Sukari for 2024, with a focus on grade control and infill drilling to support short- and medium-term planning, and longer-term extensional drilling.
• With the Doropo definitive feasibility study resource drilling complete, 10,200 metres of sterilization drilling is budgeted in 2024 as part of the DFS, to confirm infrastructure locations, with publication expected in mid-2024.
• The full assay results from the Eastern Desert exploration (EDX) maiden 16,000-metre drill campaign are expected in Q1 2024, with a follow-up work program to be based on an analysis of the results.

Summary group mineral resource and reserve table

Please refer to the back of the document for detailed tables by asset, including basis of preparation and notes.

About Centamin PLC

Centamin is an established gold producer, with premium listings on the London Stock Exchange and Toronto Stock Exchange. The company's flagship asset is the Sukari gold mine, 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 five million ounces of gold, and today has a projected mine life to 2035.

Through its large portfolio of exploration assets in Egypt and West Africa, Centamin is advancing an active pipeline of future growth prospects, including the Doropo project in Ivory Coast, and over 3,000 square kilometres of highly prospective exploration ground in Egypt's Arabian Nubian Shield.

Centamin practices responsible mining activities, recognizing its responsibility to deliver operational and financial performance, and create lasting mutual benefit for all stakeholders through good corporate citizenship.

Mineral resource and reserve statements

The mineral resource and reserve data presented in the tables included in this document comprise summary extracts of the respective technical reports. For comparative purposes, data for 2022 have been included. The significant figures used in the table are intended to reflect the level of accuracy of the different resource classifications reported. Numbers have been rounded and therefore there may be small differences in the totals.

Sukari gold mine, Egypt

Mineral resource estimate

As at June 30, 2023, the Sukari mineral resources (inclusive of mineral reserves) were 10.3 Moz of contained gold, reflecting an 8-per-cent decrease in M&I resource ounces, compared with 2022 (year-over-year (YoY)). The change in ounces YoY is the result of mining depletion, a significantly improved open-pit design as per the new LOM plan and transitioning of the resource modelling from external consultants to in house, managed by Centamin's mineral resource management department.

The company's improved geological understanding has resulted in an in-house model which better reflects the known distribution of mineralization consequently improving its application for mine planning. Enhancements to the classification process have resulted in a redistribution of the mineral resource estimate between the measured and indicated categories, primarily within the open pit. The goal remains to continue improving the company's understanding of the orebody and increase the classification of indicated to measured. This will be done largely through advanced grade-control drilling to further support near-term mine planning.

Cut-off grades have been clearly stated, along with the gold price assumption of $2,000 (U.S.)/oz, both of which remain unchanged for the mineral resource estimate. A total of 297,600 metres of drilling was completed between June, 2022, and June, 2023, divided between open pit (67 per cent) and underground (33 per cent), with the open pit resource model externally audited by H&S Consultants Pty. Ltd.

In 2024, the primary focus will be on expanding resources in the underground sector, concentrating on converting inferred resources to measured and indicated categories to offset mining depletion. The strategy involves continuing underground target generation, leveraging geological interpretation and structural modelling. Furthermore, drilling will be conducted on identified targets from designated exploration drives, aiming to augment inferred resources to the south of Horus and Horus Deeps, where mineralization remains open. In the open pit, the drilling program will prioritize grade control. Advanced grade-control initiatives will specifically target Sukari Hill, encompassing stage 7 and stage 8, which currently represents the ultimate pit shell.

Mineral reserve estimate

As at June 30, 2023, the Sukari mineral reserves were 5.8 Moz of contained gold, reflecting a 4-per-cent decrease YoY, driven by 520,000 ounces of mining depletion, partially offset by 240,000 oz of mineral reserve growth. Reserve growth came from both the open pit and underground, with the open pit increase resulting from the changes in modelling, and underground growth from improved continuity in Bast and Amun, and an increase in reserves in deeper sections of the orebody in Horus.

The gold price assumption used for estimating mineral reserves is unchanged at $1,450 (U.S.)/oz. Based on the planned throughput and mining rates, the remaining Sukari mineral reserve life is 13 years for the open pit operation, including stockpiles, and eight years for the underground operation. As outlined in the life of mine plan, the company will continue to investigate various optimization and upside opportunities within the open pit around waste deposition strategy, slope angle optimization and the potential for dump leaching subgrade ore, as well as processing recovery optimization and expansion of the existing solar plant.

Doropo project, Ivory Coast

Mineral resource estimate

As at Oct. 31, 2023, the Doropo mineral resource estimate (inclusive of mineral reserves) of 3.1 Moz of contained gold, was a 23-per-cent increase in M&I resource ounces, compared with 2022. All mineral resources are contained within open pits.

The DFS drilling phase has been mostly concluded, with only a limited amount of sterilization drilling left to complete. A total of 49,831 metres of drilling was completed between October, 2022, and October, 2023, and focused on converting inferred to M&I resources within the resource pit shells, confirming reserve pit depths, and initial grade-control drilling. The grade-control drilling was conducted for planning and optimization purposes. This program resulted in a maiden measured resource classification at largely consistent or higher grades than the deposits respective indicated resources.

Cut-off grades were lowered from 0.5 g/t to 0.3 g/t to account for the mineral reserves, as detailed herein, in the oxide material which are approximately 0.4 g/t. The gold price assumption for mineral resource estimates was unchanged at $2,000 (U.S.)/oz.

Study work is continuing, with publication of the DFS expected in mid-2024.

Mineral reserve estimate

The mineral reserve was published with the prefeasibility study (PFS) (available on-line) and is reported in accordance with the CIM (Canadian Institute of Mining, Metallurgy and Petroleum) Definition Standards for Mineral Resources and Mineral Reserves (CIM, 2014). The mineral resource was converted by applying modifying factors. The probable mineral reserve estimate is based on the mineral resource classified as indicated. The project has a current mineral reserve life of 10 years.

ABC project, Ivory Coast

Mineral resource estimate

As at Oct. 31, 2023, the ABC mineral resource estimate of 2.15 Moz of contained gold, was unchanged from 2022.

Qualified persons

A qualified person is as defined by the National Instrument 43-101 of the Canadian Securities Administrators. The below named qualified person(s) have verified the data disclosed, including sampling, analytical and test data underlying the information or opinions contained in this announcement in accordance with standards appropriate to their qualifications. Each qualified person consents to the inclusion of the information in this document in the form and context in which it appears.

Information of a scientific or technical nature in this document, including, but not limited to, the mineral reserve and mineral resource estimates, was prepared by and under the supervision of qualified person Craig Barker, who is the group head of geology/group mineral resource manager, in addition to the below internal and external qualified persons:

• Sukari gold mine, Egypt:
  • Mineral reserve (open pit) -- Ozgur Zor of Centamin;
  • Mineral reserve (underground) -- Petre Florea of Centamin;
  • Mineral resource (open pit) -- Mr. Barker of Centamin;
  • Mineral resource (underground) -- Mr. Barker of Centamin.
• Doropo gold project, Ivory Coast:
  • Mineral reserve -- Ross Cheyne of Orelogy Consulting;
  • Mineral resource -- Michael Millad and Flavie Isatelle of Cube Consulting Pty. Ltd.
• ABC project, Ivory Coast:
  • Mineral resource -- Patrick Adams of Cube Consulting.

Investors should be aware that the figures stated are estimates and no assurances can be given that the stated quantities of metal will be produced.

Mineral resource and mineral reserve estimates contained in this document are based on available data as at June 30, 2023, for Sukari and Oct. 31, 2023, for Doropo.

Varying cut-off grades have been used, and are clearly marked, for estimating the mineral resource and mineral reserve estimates.

We seek Safe Harbor.