Mr. Martin Horgan reports

CENTAMIN PLC ANNOUNCES Q1 2024 REPORT

Centamin PLC has released its quarterly report for the three months ended March 31, 2024

Martin Horgan, CEO, commented: "The scheduled processing of lower-grade ore from the open pit, alongside the planned underground ventilation upgrades and mill maintenance during Q1 contributed to slightly lower production year-on-year ("year over year"). Our commitment to cost control meant our AISC on an absolute basis decreased 3 per cent quarter-on-quarter ("QoQ") and 6 per cent year over year; albeit the lower production coupled with the timing of gold sales resulted in a temporary increase in reported unit costs. With improved ventilation and the processing of lower grade open pit ore substantially completed during Q1, we expect production rates to now increase for the balance of the year and reaffirm our 2024 production and cost guidance ranges.

We continue to advance organic growth opportunities within our portfolio. We are actively following up on the recent exploration successes from our Eastern Desert Exploration ("EDX") drilling programme and are progressing well towards completion of the DFS for the Doropo project in Cote d'Ivoire by mid-year."

HIGHLIGHTS

• Group safety record of 12.5 million hours worked without a lost time injury ("LTI"). Regrettably, late in the quarter we recorded our first LTI in twelve months at the Sukari Gold Mine ("Sukari"). The lost time injury frequency rate ("LTIFR") for the three months to 31 March 2024 ("Q1") was 0.32 per one million hours worked. The Group's total recordable injury frequency rate ("TRIFR") for Q1 was 1.28 per one million hours worked.
• ISO 45001 Certification achieved, providing external validation for Sukari's occupational health and safety ("OHS") management system.
• Gold production of 104,821 ounces ("oz"), and gold sales 92,494 oz from the Sukari Gold Mine ("Sukari"), with 19,241 oz of gold bullion on hand, which was sold at the start of the second quarter.
• Cash costs of US$1,088/oz produced, and All-in sustaining costs ("AISC") of US$1,519/oz sold, based on 92,494 ounces sold, noting that on an absolute basis AISC was US$9 million lower QoQ.
• Doropo Environmental and Social Impact Assessment ("ESIA") submitted to the Cote d'Ivoire government, which alongside the DFS, will form the basis for the mining license application in mid-2024.Capital expenditure ("capex") of US$46 million, including raising TSF2, open pit and underground fleet purchases, equipment rebuilds, underground ventilation upgrades and waste mining.
• Robust balance sheet: cash and liquid assets of US$167 million, as at 31 March 2024 and total liquidity of US$317 million including the undrawn US$150 million sustainability-linked revolving credit facility.

OUTLOOK -Guidance unchanged

• Gold production guidance range of 470,000 to 500,000 oz per annum weighted towards H2
• Cost guidance:
  • Cash cost guidance range of US$700-850/oz produced
  • AISC guidance range of US$1,200-1,350/oz sold
  • Guidance reflects a range of diesel prices from 75-90 US cents per litre
• Adjusted capex guidance is US$215m, including:
  • US$112m of sustaining capex
  • US$103m of non-sustaining capex, of which US$58m is allocated to growth projects that are funded from Centamin treasury and cost recovered over three years
  • Adjusted capex excludes US$91m of sustaining deferred stripping reclassified from operating costs as per IFRIC 20

KEY MILESTONES

• Doropo Project, Cote d'Ivoire, completed DFS (mid-2024)
• Accelerated waste-stripping programme completion (Q2-2024)
• EDX exploration update (H2 2024)
• Sukari 50MW grid connection project construction (H2 2024)
• Completion of Solar Expansion Study (H2 2024)

WEBCAST

The Company will host a webcast today, Thursday, 18 April at 08.30 BST where the senior executives will discuss the results, followed by an opportunity to ask questions.

Please allow a few minutes to register

ABOUT CENTAMIN

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 ("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 5.7 million ounces of gold, and today has a projected mine life to 2035.

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 over 3,000km2 of highly prospective exploration ground in Egypt's Arabian Nubian Shield.

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

HEATH AND SAFETY

At Sukari there were two significant achievements during the quarter. Firstly, surpassing a new LTI (Lost Time Injury) free record of 12.5 million hours, outperforming the previous benchmark of 9.8 million hours established in March 2023. Secondly, achieving external accreditation of our Occupational Health and Safety (OHS) management system under ISO 45001:2018 standards, demonstrating our commitment to prioritising the health and safety of our workforce and stakeholders.

In Q1, there was one lost time injury ("LTI") resulting in a Group LTIFR of 0.32 per 1,000,000 site-based hours worked. The total recordable injury frequency rate ("TRIFR") for Q1 was 1.28 per 1,000,000 site-based hours worked.

SUKARI GOLD MINE, EGYPT

(Q1 2024 vs Q1 2023)

Production

Sukari Gold Mine ("Sukari") produced 104,821oz in Q1, a 1 per cent decrease year over year.

Production guidance range for 2024 remains 470,000 to 500,000 ounces.

Open pit mining

Total material moved (waste and ore) in Q1 decreased by 4 per cent year over year to 31.8Mt.

Total open pit waste material mined (owner and contractor) for Q1 was 25.5Mt, a 14 per cent decrease year over year, predominantly due to the reclassification of material from Stage 7 scheduled to be waste to low-grade ore. This reclassification of waste to ore also resulted in a reduction in the strip ratio and grade per tonne. The strip ratio for Q1 was 4.1:1 (waste:ore).

The ongoing contractor waste-stripping programme mined 7.9Mt, with 93 per cent of the fixed volume contract mined to date, and completion expected during Q2.

During Q1, open pit ore was mined from multiple working areas with ore processed sourced primarily from Stage 5 and 7. Lower-grade ore mined from Stage 7 was primarily sent to the dump leach or stockpiled. Total open pit ore mined for Q1 was 6.2Mt, a 90 per cent increase year over year, at an average mined grade of 0.63 g/t Au reflecting the 1.8Mt of additional low-grade ore mined from Stage 7 during the quarter. During 2024, we anticipate continued conversion of waste to ore in Stage 7; however, we currently project that this conversion rate will be lower than the levels seen in Q1.

Underground mining

Total material mined (waste and ore) in Q1 was 357kt, a 4 per cent increase year over year. Total ore mined was 230kt at an average combined (stoping and development) grade of 3.20g/t Au. This represented a 4 per cent increase in ore tonnes year over year and a 20 per cent decrease in grade year over year. During the quarter upgrades were made to the primary ventilation including the installation of additional fans to increase airflow in both the Amun/Horus and Ptah regions of the mine and facilitate the planned underground expansion. Whilst this lead to a reduction in material moved QoQ, we expect this to increase over the balance of the year.

The underground ore mined consisted of 162kt of ore mined from stopes at an average grade of 3.33g/t Au, and 68kt of ore mined from development, at an average grade of 2.87g/t Au.

Processing

During Q1, the plant processed 3.0Mt of ore, a 2 per cent increase year over year, at an average feed grade of 1.12 g/t Au, a 7 per cent decrease year over year. There were several key maintenance projects scheduled for the quarter, including mill relining, which were completed successfully with no unplanned disruption to throughput.

The metallurgical gold recovery rate was 87.7 per cent for the quarter, a 1 per cent decrease year over year, driven by the oxide material and lower feed grade.

During the quarter, the closing stockpile balance was 21.0Mt at a grade of 0.47g/t Au.

EXPLORATION PROJECTS

The total expensed exploration and development spend for the quarter was US$6 million.

In 2024, budgeted Group exploration spend (expensed) is US$23 million, including US$14 million to complete the Doropo DFS, ESIA, permitting and financing assessment, and US$9 million for EDX exploration.

Doropo Gold Project (Cote d'Ivoire)

Work at Doropo continued to progress well, notably with submission of the draft ESIA report to government for approval and permitting. Community consultation continues in parallel alongside the commencement of a suite of pilot livelihood improvement projects.

DFS work included; preliminary whittle shell selection and ongoing cost estimates using the mining contactor submissions, metallurgical test work and infrastructure and flowsheet design finalisation, and completion of hydrology, sterilisation and geotechnical drilling.

The DFS remains expected to be completed by mid-2024.

Eastern Desert Exploration ("EDX") (Egypt)

In the Nugrus block surrounding the Sukari Mining Concession, detailed mapping of Little Sukari and Umm Majal was completed, alongside the initiation of ground-based geophysics consisting of induced polarisation ("IP") and magnetic surveys over these targets. Additionally, a contractor has been selected for the second phase of drilling, scheduled to commence in Q2. In the Um Rus block, follow-up work on soil and rock chip samples from BLEG anomalies was completed. Finally, in the Nadj block, a remote camp was established, and the BLEG sampling program was successfully concluded with the collected samples being prepared for analysis in overseas laboratories.

The EDX exploration update remains expected H2 2024

SALES AND COSTS

Gold sales for the quarter were 92,494 oz, a 14 per cent decrease year over year. However we closed the period with 19,241 oz of gold bullion on hand which was sold at the start of the second quarter. The average realised gold price for the quarter was US$2,062/oz, up 8 per cent year over year. Revenues generated were US$191.0 million, a 7 per cent decrease year over year, driven by lower gold sales partially offset by a higher realised gold price.

Unit cash costs of production were US$1,088/oz produced, a 16 per cent increase year over year. The AISC of US$1,519/oz Au sold, a 13 per cent increase year over year, reflected the lower gold sales. In absolute terms, AISC decreased both year over year and QoQ, by US$5 million and US$9 million respectively.

CAPITAL EXPENDITURE

Key capital projects progressed as scheduled during Q1, including the TSF2 embankment raise, the north dump leach expansion, underground ventilation upgrades - namely the installation of additional fans, underground and open pit equipment purchases and the ongoing waste-stripping programme which remains on track for completion during Q2.

FINANCIAL POSITION

Balance Sheet

Under the terms of the Sukari Concession Agreement, the Egyptian government earned US$6 million in royalty payments and alongside Centamin received an equal US$21 million in profit share payments during the quarter. After Sukari profit share distribution, Group exploration expenditure and corporate investing activities, the free cash flow for the quarter was US$10.3 million.

Balance Sheet

Centamin is in a strong financial position, with net cash and liquid assets of US$167 million as at 31 March 2024. The Company has a US$150 million senior secured sustainability linked revolving credit facility ("RCF") which is available and undrawn.

We seek Safe Harbor.