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% decrease YoY.

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% YoY to 31.8Mt.

Total open pit waste material mined (owner and contractor) for Q1 was 25.5Mt, a 14% decrease YoY, 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% 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% increase YoY, 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% increase YoY. Total ore mined was 230kt at an average combined (stoping and development) grade of 3.20g/t Au. This represented a 4% increase in ore tonnes YoY and a 20% decrease in grade YoY. 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% increase YoY, at an average feed grade of 1.12 g/t Au, a 7% decrease YoY. 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% for the quarter, a 1% decrease YoY, 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% decrease YoY. 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% YoY. Revenues generated were US$191.0 million, a 7% decrease YoY, 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% increase YoY. The AISC of US$1,519/oz Au sold, a 13% increase YoY, reflected the lower gold sales. In absolute terms, AISC decreased both YoY 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.

¹Reclassified from operating expenditure, from 2021, the Company implemented a more granular methodology to the accounting and classification of waste-stripping costs, in line with IFRS accounting standards. As such, there is an accounting reclassification of open pit waste mining costs, resulting in a reduction in total cash costs with a corresponding equal increase in the sustaining expenditure and therefore AISC, with no impact on net cash flow

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.

Liquidity

*The financial assets at fair value through profit or loss relate to the open gold put options purchased by the Company in FY2022 as part of the gold price protection programme

ENDNOTES

Financials

Financial data points included within this report are unaudited.

Non-GAAP measures

This statement includes certain financial performance measures which are non-GAAP measures. These include Cash costs of production, AISC, Cash and liquid assets, and Free cash flow. Management believes these measures provide valuable additional information for users of the financial statements to understand the underlying trading performance. Definitions and explanation of the measures used along with reconciliation to the nearest IFRS measures are detailed in the Company's 2023 Annual Report www.centamin.com/investors/results-reports/.  

Adjusted capital expenditure

Excludes the sustaining capital element of the waste-stripping.

Exploration expenditure

Exploration expensed covers all exploration activities excluding the Sukari Concession Agreement and are expensed in the period they are incurred.

Cash and liquid assets

Cash and liquid assets include cash, bullion on hand, gold sales receivables and financial assets at fair value through profit or loss.

FORWARD-LOOKING STATEMENTS

This announcement (including information incorporated by reference) contains "forward-looking statements" and "forward-looking information" under applicable securities laws (collectively, "forward-looking statements"), including statements with respect to future financial or operating performance. Such statements include "future-oriented financial information" or "financial outlook" with respect to prospective financial performance, financial position, EBITDA, cash flows and other financial metrics that are based on assumptions about future economic conditions and courses of action. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "believes", "expects", "expected", "budgeted", "forecasts" and "anticipates"." and include production outlook, operating schedules, production profiles, expansion and expansion plans, efficiency gains, production and cost guidance, capital expenditure outlook, exploration spend and other mine plans. Although Centamin believes that the expectations reflected in such forward-looking statements are reasonable, Centamin can give no assurance that such expectations will prove to be correct. Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Centamin about future events and are therefore subject to known and unknown risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. In addition, there are a number of factors that could cause actual results, performance, achievements or developments to differ materially from those expressed or implied by such forward-looking statements; the risks and uncertainties associated with the ongoing impacts of COVID-19 or other pandemic, general business, economic, competitive, political and social uncertainties; the results of exploration activities and feasibility studies; assumptions in economic evaluations which prove to be inaccurate; currency fluctuations; changes in project parameters; future prices of gold and other metals; possible variations of ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; climatic conditions; political instability; decisions and regulatory changes enacted by governmental authorities; delays in obtaining approvals or financing or completing development or construction activities; and discovery of archaeological ruins. Financial outlook and future-ordinated financial information contained in this news release is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that any such financial outlook or future-ordinated financial information contained or referenced herein may not be appropriate and should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information has been prepared on a reasonable basis, reflecting management's best estimates and judgments at the date hereof, and represent, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by the outbreak of COVID-19. Forward-looking statements contained herein are made as of the date of this announcement and the Company disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements.

LEI: 213800PDI9G7OUKLPV84

Company No: 109180