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 2023with 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 with3,100 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 EBITDAup 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 of2.0 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 DELIVERABLES

Sukari updated Life of Mine Plan (NI 43-101), including underground expansion

Sukari Gold Mine grid power connection study and project timeline

Group Mineral Resource and Reserve update

Group 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.

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.

Contact:

Tel: +442037271000

Guidance

The Company actively monitors the global geopolitical uncertainties and macroeconomics, such as global inflation, and guidance may be impacted if the supply chain, workforce or operations are disrupted.

Non-GAAP measures

This statement includes certain financial performance measures which are not GAAP measures as defined under International Financial Reporting Standards (IFRS). These include EBITDA and adjusted EBITDA, Cash costs of production, AISC, Cash and liquid assets, Free cash flow and adjusted Free cash flow. Management believes these measures provide valuable additional information for users of the financial statements to understand the underlying trading performance. An explanation of the measures used along with reconciliation to the nearest IFRS measures is provided in the Financial Review.

Profit after-tax attributable to the owners of the parent ('shareholders')

Centamin's profit after the profit share split with the Egyptian Mineral Resource Authority ('EMRA'), the Company's Egyptian government partner.

Royalties

Royalties are accrued and paid six months in arrears.

Cash and liquid assets

Cash and liquid assets include cash, bullion on hand and gold sales receivables.

Liquidity

Liquidity is defined as the sum of cash and cash equivalents and available credit under the Company's revolving credit facility.

Movements in inventory

Movement in inventory on ounces produced is the movement in mining stockpiles and ore in circuit while the movement in inventory on ounces sold is the net movement in mining stockpiles, ore in circuit and gold in safe inventory.

Gold produced

Gold produced is gold poured and does not include gold-in-circuit at period end.

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 direct or indirect 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, the risks and uncertainties associated with the direct and indirect impacts 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.

HEALTH & SAFETY

We remain focussed on the protection of our workforce and the local communities that we work in. Our safety performance continues to be strong; while noting that our ultimate ambition is to create a zero-harm workplace.

We had only one lost time injury in H1 2023 at Sukari. Notwithstanding, there has been an increase in low consequence, minor injuries. Proactive measures have been taken to understand these injuries, identify trends, and implement mitigations. These measures include 'safety stops' focused on awareness sessions and the implementation of programmes that ensure greater management oversight and enhance hazard identification education.

The Group LTIFR was 0.15 per one million hours worked and we are on track to meet our annual target. The Group TRIFR was 2.94 per one million hours worked, a 1% increase YoY.

SUSTAINABILITY

Centamin published its sixth annual Sustainability Report and 2022 Modern Slavery Statement. The Sustainability Report was aligned with globally recognised reporting frameworks including GRI Sustainability Reporting Standards ('GRI'), the Sustainability Accounting Standards Board ('SASB') for the metals and mining industry, and the Task Force on Climate-related Financial Disclosures ('TCFD'). Furthermore, we have strengthened our third-party verification and assurance processes, around our greenhouse gas accounting, people and workforce development frameworks, gender inclusion and diversity, and closure cost liability.

Tailings management

Our comprehensive and systematic approach to tailings management continues, with good progress on bringing the governance processes and management systems in line with the Global Industry Standard on Tailings Management ('GISTM'). The raising of our second tailings storage facility ('TSF2') continues to progress ahead of schedule.

Energy and climate change

In March 2023, we issued our decarbonisation roadmap to 2030 with an interim 30% carbon abatement target. This science-based target is underpinned by integrating and expanding solar power generation at Sukari, combined with switching to lower carbon Egyptian grid power. This will fully replace the current use of diesel fuel for power generation at Sukari.

The Sukari 30MWAC solar plant has now been operating for nine months and has exceeded project power generation expectations, showcasing exceptional performance as we operate in the peak sunlight hours during the summer months. The preliminary technical work to expand the Sukari solar capacity to 50MWAC is complete and advanced studies are underway including project design and timeline. The tender process for the Egyptian grid connection was launched in Q1. All qualifying proposals have been received and are currently under review by our management team supported by external technical advisors. The estimated target for grid connection is 2024. These two carbon abatement initiatives will reduce our GHG carbon emissions by 30% from our 2021 base year by 2023 and deliver significant cost-savings.

Professional development

In H2 2023, alongside the second year of our Employee Development Pathway we will also be rolling out the Leadership Development Pathway at Sukari, targeted at all management and supervisory roles. We are committed to educate, develop and empower our workforce with the requisite tools and skills to continue to deliver operational excellence.

SUKARI GOLD MINE (Egypt)

The Sukari team delivered another solid operational performance in H1 2023 and we remain on track to meet the midpoint of 2023 production guidance. Total open pit material mined was 65Mt, a 1% increase YoY. The accelerated waste-stripping programme continues to yield positive results, increasing operational flexibility with multiple working areas available in the north, east and west of the pit. The Centamin fleet mined 36Mt of waste in H1 2023. The waste mining contractor mined an additional 22Mt, resulting in the total contracted 120Mt programme being approximately 70% complete, with scheduled completion mid-2024.

In terms of total open pit ore tonnes, Sukari achieved 7Mt with an average grade of 0.88g/t Au. This marks a 20% increase in tonnes and an 11% decrease in grade YoY, reflecting the scheduled inclusion of low-grade oxide and transitional ore tonnes from Stage 7, which will be placed on the dump leach. Open pit average milled grade was 0.99 g/t Au for H1 2023, a 2% decrease YoY.

The underground mine continues to benefit from the transition to owner mining, as demonstrated by a 19% increase in ore tonnage mined YoY. Grades remained consistent YoY, averaging 4.2g/t Au. We anticipate a slight improvement in average grades during H2 2023. The key focus within the underground is augmenting the fleet with a staged replacement of end-of-life equipment, whilst simultaneously introducing the use of paste-fill into the operating cycle.

The underground paste-fill plant commenced commissioning during Q2 pouring the first paste into trial stopes, with the excellent results for both Portland and slag cement strength. As part of the commissioning phase, we are conducting various performance monitoring and optimisation programmes such as viscosity modelling test work as we work to refine the process. It's worth noting that the trial stopes are located within historically mined areas, ensuring no disruption to current mining operations. To ensure a seamless transition, we will continue to utilise the existing underground backfilling system of cemented rock fill ('CRF') and waste rock fill in parallel with the commissioning of the paste plant. This approach mitigates implementation risk while maintaining ongoing mining operations.

As planned, the plant processed 6Mt of ore at an average feed grade of 1.23 g/t Au, a 4% increase YoY in tonnes and 1% in grade. There were several key projects during the period, including mill relining and work on the mill motors, all of which were completed successfully with no unplanned disruption to throughput.

The metallurgical gold recovery rate was 88.5%, in line with budget and flat YoY. Work on the gravity circuit continued to progress with design reviews nearing completion. The design review is underway with a detailed design tender and construction decision by the end of 2023.

Significant progress has been made on the North Dump leach project, with the installation of the high-density polyethylene ('HDPE') liner completed, and the base layer of mill scats placed on top of the liner. Ore placement has commenced on the fully constructed cells. We aim to initiate leaching activities in H2 2023, depending on the percolation rates, this could potentially result in the first pregnant gold solution being generated at the end of 2023.

The optimised life of mine plan is on track for completion in Q4, including the fully-engineered underground expansion. Our team has recently concluded a comprehensive work programme with external support, specifically addressing the updated geotechnical parameters that will assist in determining the criteria for the revised open pit and underground mine design. Moving ahead, our focus will be on analysing the initial outputs derived from the revised input parameters, as well as refining the open pit stage design, expanded underground and equipment maintenance strategy.

Doropo GOLD Project (Cote d'Ivoire)

On 27 June 2023, we published the results from the Doropo pre-feasibility study ('PFS'), which demonstrated the economic robustness of the project with a post-tax NPV8% of US$497 million and an IRR of 41% at US$1,900/oz gold prices. Importantly, using a more conservative long-term gold price of US$1,600/oz, the project meets Centamin's hurdle rates and the definitive feasibility study ('DFS') and environmental and social impact assessment ('ESIA') are well underway and expected to be completed in H1 2024, ahead of the mining licence submission.

Doropo ESIA terms of reference were approved by the Ivorian government with work commencing immediately afterwards. Baseline studies and the impact assessment are well advanced supporting the optimisation of the project design and accompanying stakeholder engagement.

The project sits in a well-established mining jurisdiction, and with a maiden Mineral Reserve estimate of 1.87Moz of Probable reserves, it supports a 10-year life of mine with an average production rate of 173,000 ounces per annum at all-in sustaining costs of US$1,017/oz.

We have identified several opportunities for potential reserve and resource growth and to further optimise the project, which will be assessed as part of the DFS. Of the US$23 million budgeted for Doropo in 2023, US$13.2 million was spent on finishing the PFS and completing the DFS drilling and fieldwork. Further drilling will be focussed on hydrology, metallurgy, geotechnics and sterilisation as we continue to progress the DFS. This de-risks the timeline to completion and further confirms our faith in the potential of Doropo to support a commercially viable project which will bring significant investment and job creation to northeastern Cote d'Ivoire.

EASTERN DESERT EXPLORATION BLOCKS (Egypt)

Model mining exploitation agreement

The Ministry of Petroleum & Natural Resources has been clear in its vision to create a thriving mining industry for the benefit of Egypt and its people. Centamin shares this vision and strongly believes that mining can fulfil its true potential in Egypt through employment, education and training, and direct financial and infrastructure investment to support Egypt's target for the mining industry to contribute 5% of the country's GDP by 2030.

On 20 July 2023 we agreed the framework for the model mining exploitation agreement ('MMEA') in principle with the Egyptian Ministry of Petroleum & Natural Resources and the Egyptian Mineral Resources Authority. The MMEA sets out the legal and fiscal framework that will apply to commercial discoveries made on the highly prospective c.3,000km2 of ground awarded to Centamin in 2021 for exploration in the Eastern Desert of Egypt, referred to as the EDX blocks. Following routine Egyptian government and legal procedures, the MMEA will be ratified as a Special Law by the Arab Republic of Egypt in late 2023.

The MMEA terms are comparable to other jurisdictions with international, modern mining codes. The MMEA does not apply to the 160km2 Sukari Gold Mine mining concession, which operates independently under the Sukari Concession Agreement, ratified by parliament under Egyptian Law No. 222 of 1994.

Exploration

Drilling commenced in Q2 2023 at our EDX Nugrus block. The Nugrus block is adjacent to the Sukari Mining Concession, sitting within 30km of the Sukari processing plant. The 10,000 metre drill programme is focussed on seven priority targets identified from the initial regional exportation programmes. To date, 3,000 metres have been drilled with assay results due later in H2 2023. In addition to the drilling, regional exploration will continue at Nugrus and Um Rus, including soil and generative rock chip sampling, with BLEG sampling commencing on the Nadj block in H2 2023.

EXPLORATION

Throughout H1 2023, we continued to advance our highly prospective exploration portfolio. At Sukari, a 20,000 metre drill programme was underway across the 160km2 concession area. The programme focused on infill drilling of the resources that could generate satellite feed and testing strike extensions at Quartz Ridge, V-Shear East, Wadi Alam and the new Arc prospect located east of Sukari.

At Doropo, reverse circulation and core drilling activities were focused on resource infill drilling for the DFS. In addition, the team completed 15,403 metres of auger drilling alongside continued soil sampling with the aim to generate further drill targets.

At ABC, exploration was focused on testing extensions along the strike to confirm continuity of mineralisation with trenching undertaken on the Windou permit which generated several new drill targets. On the Kona permit, which is where the current Mineral Resource is located, a 11,500 metre RC programme was completed testing the Lolosso structure between Kona Central and Kona South and to the north and south. Moving forwards, we may undertake a provisional financial evaluation of the current resource before undertaking any further fieldwork.

OUTLOOK

Centamin is well positioned with guidance for 2023 unchanged. We are on track to achieve the midpoint of the production range, while continuing to progress our key projects that will unlock the full potential of our portfolio.

I would like to commend our workforce for their commitment, professionalism and passion. Their operational excellence has enabled us to deliver another strong half, building on our operational track record and delivering our strategy. I would also like to thank our local communities, partners and wider stakeholders for their support and shared vision.

We look forward to a busy second half of news flow, as we continue to deliver on our commitments and progress towards our vision of being a multi-asset, multi-jurisdictional, responsible producer.

We are pleased to report material improvements across most of our key financial metrics including revenue, EBITDA, profit after tax, operating cash flow and free cash flow. The strength of these results during a period of elevated capital investment, is testament to our prudent long-term approach to capital allocation and cost management.

H1 2023 has delivered strong operating cash flow of US$172 million, the highest in five interim periods. We generated positive Group free cash flow of US$19 million, after Sukari profit share distribution of US$46 million to our Egyptian partner, EMRA, and US$46 million to Centamin, and US$18 million spent advancing our organic growth pipeline at Doropo (Cote d'Ivoire), EDX (Egypt) and ABC (Cote d'Ivoire).

FINANCIAL PERFORMANCE

Revenues increased YoY by 11% to US$426 million, from annual gold sales of 219,353 ounces, up 8%, at an average realised price of US$1,936/oz, also up 3% YoY. Due to timing of gold shipments, a total of 14,692 ounces of unsold gold bullion was held at Sukari as at 30 June 2023, equivalent to US$28 million.

STRINGENT COST MANAGEMENT

Globally cost inflation remains high and central banks continue to tighten monetary policy in response. Our judicious approach to forecasting and stringent cost management has allowed us to deliver costs within our guidance last year and we remaining on track to meet 2023 guidance.

Cash costs of production in H1 2023 were US$187 million, a 1% improvement YoY and below our internal forecasts. This is primarily due to lower fuel prices and lower fuel consumption ( due to the integration of solar and our focus on operational efficiency gains,) partially offset by a 2% YoY increase in total material mined. Unit cash costs of production were US$849/oz produced, a 9% improvement YoY, driven by higher production volumes.

AISC in H1 2023 were US$269 million, an 8% improvement YoY, reflecting lower sustaining capex in the period offset by increased corporate costs due to non-recurring legal fees associated with the debt facility and gold protection programme. Unit AISC was US$1,228/oz sold, a 15% improvement YoY, driven by higher sales volumes. Importantly, our AISC margin is US$708/oz up 66% YoY.

Good progress continues to be made on our multi-year cost-savings programme with a cumulative US$143 million of our US$150 million target of cost savings by the end of 2023.

STRONG FINANCIAL POSITION

As of 30 June 2023, Centamin had cash and liquid assets of US$161 million, including 14.7koz of gold inventory waiting to be shipped. From a liquidity standpoint, the US$150 million sustainability-linked revolving credit facility remains available and undrawn.

CAPITAL INVESTMENT

This year is a period of significant reinvestment in the Sukari mine with an elevated level of gross capex of US$273 million budgeted for 2023. This includes US$48 million of sustaining capitalised deferred stripping. As a number of studies and multi-year projects move towards completion, we expect the capex to reduce from 2024 and beyond. These projects underpin our confidence in the long-term potential of Sukari.

H1 2023 gross capital expenditure was US$108 million, including commissioning the underground paste-fill plant, continued contracted waste-stripping programme, new underground equipment purchases, underground development, open pit equipment rebuilds, and construction of the North Dump Leach facility. Total sustaining capex was US$50 million, including US$10 million on deferred stripping, and non-sustaining was US$58 million. We had expected a higher capex spend in H1 but due to minor changes in scheduling, this has been moved to H2 2023 and we remain on track to meet 2023 guidance.

Gold Price Protection Programme

Centamin purchased put options for 240,000 ounces of gold at a strike price of US$1,900/oz. The put options mature at a rate of 20,000 ounces of gold per month, for the twelve months from July 2023 to June 2024[2]. This is a cash-settled programme, not involving physical gold delivery.

The programme provides the Company protection should the average monthly gold price fall below the US$1,900/oz strike price, while allowing us to retain full exposure to any upside in the gold price above this level. As detailed above, this programme aligns with a period of elevated capital investment at Sukari, and gives us further financial flexibility to pursue the Company's strategy of delivering growth and returns to shareholders.

We were able to lock-in attractive pricing for put options, for a total premium paid of US$6.1 million which was funded from the Group's cash position.

Interim dividend

Consistent with the Company's stated commitment to shareholder returns, the Board declares an interim dividend of 2.0 US cents per share (US$23 million) for the period ended 30 June 2023. As per the dividend policy, this distribution is in line with the commitment to return a minimum of 30% of Group free cash flow before growth capex3 to shareholders in cash dividends. In consideration of the below factors, and reflecting the Board's confidence, a total of 56% of H1 2023 Group free cash flow before growth capex will be distributed to shareholders on 29 September 2023:

Centamin is in a financially robust position with US$161 million in cash and liquid assets

The US$150 million sustainability linked revolving credit facility remains undrawn as a result of H1 2023 growth capex being funded from cash flow

The gold price protection programme limits the revenue downside risk below US$1,900/oz gold price

The Company is operationally and financially well positioned for a stronger H2 2023, in line with plan

Contact:

Web: www.centamin.com

The Company publishes profitability performance metrics on a bi-annual basis.

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