Mr. Martin Horgan reports

CENTAMIN PLC ANNOUNCES FULL YEAR 2023 RESULTS

Centamin PLC has released its audited results for the 12 months ended Dec. 31, 2023.

Martin Horgan, chief executive officer, commented: "Two thousand twenty-three is the third consecutive year that we have safely delivered on our production guidance, reflecting the operational improvements and flexibility from our three-year reinvestment plan. Despite ongoing local inflationary pressures, we reduced our AISC [all-in sustaining costs] by $194/ounce versus 2022, beating the lower end of our guidance range. With the reinvestment program ending in 2024, Sukari has been repositioned towards consistently delivering 500,000 ounces per annum over the long term, with further growth and cost-saving opportunities identified.

"Looking ahead to 2024, the grid connection project will continue our recent success in taking costs out of the business whilst delivering into our near-term decarbonization targets of reducing our scope 1 and 2 emissions by 30 per cent by 2030. We will continue to advance the organic growth opportunities within our portfolio of assets by aggressively following up on the recent exploration success with our Eastern Desert exploration drilling program (EDX) and proceed towards an investment decision at Doropo in Cote d'Ivoire following the publication of the DFS [definitive feasibility study] later this year."

Highlights:

• 9.5 million hours worked at the Sukari gold mine with zero lost time injuries (LTI). The group lost time injury frequency rate (LTIFR) of 0.08 was an 83-per-cent improvement on the three-year trailing average. Total recordable injury frequency rate (TRIFR) of 2.83, a 24-per-cent improvement on the three-year trailing average.
• Scope 1 and 2 greenhouse gas emissions (GHG) reduced by 7 per cent since 2021 base year, driven primarily by the 21.5-million-litre reduction in diesel consumption during the first full year of solar power generation.
• Gold production of 450,058 ounces (oz), a 2-per-cent increase on 2022, delivered in line with 2023 guidance.
• All-in sustaining costs of $1,205 (U.S.)/oz sold, a 14-per-cent improvement on 2022, beating 2023 guidance.
• Increased adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) by 25 per cent to $398 million (U.S.), at a 45-per-cent margin, up from 40 per cent in 2022.
• Annual capital expenditure (capex) of $204-million (U.S.) below guidance of $272-million (U.S.): due to cost savings, lower capitalization of costs and changes to equipment rebuild schedules.
• Sukari cash contribution of $121-million (U.S.), including $45-million (U.S.) in cost recovery and $112-million (U.S.) of profit share, net of $36-million (U.S.) capex financed from corporate. Government profit share and royalties totalled $139-million (U.S.).
• Group free cash flow of $49-million (U.S.), up from negative $18-million (U.S.) in 2022.
• Robust balance sheet with cash and liquid assets of $153-million (U.S.), as at Dec. 31, 2023, and total liquidity of $303-million (U.S.), including the undrawn $150-million (U.S.) sustainability-linked revolving credit facility.
• Final dividend of two U.S. cents per share, equating to $23-million (U.S.), subject to approval at the annual general meeting on May 21, 2024. Total dividend for full year 2023 of four U.S. cents per share, or $46-million (U.S.).

Two thousand twenty-four outlook

Guidance unchanged:

• Gold production guidance range of 470,000 ounces to 500,000 oz per annum, with a minor weighting toward H2 (second half).
• Cost guidance:
  • Cash cost guidance range of $700 (U.S.) to $850 (U.S.)/oz produced;
  • AISC guidance range of $1,200 (U.S.) to $1,350 (U.S.)/oz sold;
  • Guidance reflects a range of diesel prices from 75 U.S. cents to 90 U.S. cents per litre.
• Adjusted capex guidance is $215-million, including:
  • $112-million (U.S.) of sustaining capex;
  • $103-million (U.S.) of non-sustaining capex, of which $58-million (U.S.) is allocated to growth projects that are financed from Centamin treasury under the Sukari concession agreement and cost recovered over three years;
  • Adjusted capex excludes $91-million (U.S.) of sustaining deferred stripping reclassified from operating costs.

Two thousand twenty-four key milestones:

• Doropo project, Ivory Coast, completed DFS (mid-2024);
• Accelerated waste-stripping program completion (mid-2024);
• EDX exploration update (H2 2024);
• Sukari 50 MW (megawatts) grid connection project construction (H2 2024);
• Completion of solar expansion study (H2 2024).

Webcast presentation

The company will host a webcast presentation today, Thursday, March 21, at 8:30 a.m. Greenwich Mean Time, to discuss the results with investors and analysts, followed by an opportunity to ask questions. Please find the required participation details below. A recording will be made available on the company's website.

Join the webcast on-line.

Please allow a few minutes to register.

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 5.7 million ounces of gold, and today has a projected mine life to 2034.

Through its large portfolio of exploration assets in Egypt and Ivory Coast, 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.