Centamin PLC Announces Interim Results

PERTH, AUSTRALIA / ACCESSWIRE / July 25, 2024 / INTERIM REPORT

for the six months ended 30 June 2024 ("H1 2024")

MARTIN HORGAN, CEO, COMMENTED: "Our focus on operating performance has enabled us to take advantage of stronger gold prices to deliver improved EBITDA and a significant increase in free cash flow. Looking ahead to H2 2024, the commencement of the grid connection project will build on our recent success in taking costs out of the business, with commissioning due in H1 2025.

At the same time, we are advancing the organic growth opportunities within our portfolio. The completion of the DFS at Doropo shows a very robust project; we are now well positioned to apply for a mining licence which we expect should be granted by the end of 2024, ahead of a final investment decision. Meanwhile, we are aggressively following up on the recent success at our Eastern Desert Exploration ("EDX") project with the continued drill out of the Little Sukari discovery."

H1 2024 HIGHLIGHTS

GROUP FINANCIAL SUMMARY⁴

1 Refer to Non-GAAP measures end note

2 100% project basis, NPV calculated as of the commencement of construction and excludes all pre-construction costs

3 See page 8 for interim dividend calculation

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

GROUP OPERATIONAL SUMMARY

FULL YEAR 2024 OUTLOOK -Guidance Unchanged

KEY DELIVERABLES

WEBCAST PRESENTATION

The Company will host a webcast presentation today, Thursday, 25 July 2024, at 08.30 BST to discuss the results, followed by an opportunity to ask questions.

Webcast link: https://www.lsegissuerservices.com/spark/Centamin/events/80411d15-3a8c-475a-8162-3bbcf0a2ac0e

PRINT-FRIENDLY VERSION of the announcement: www.centamin.com/media/companynews.

ABOUT CENTAMIN

Centamin is an established gold producer, with premium listings on the London Stock Exchange and 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 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 Côte d'Ivoire, Centamin is advancing an active pipeline of future growth prospects, including the Doropo project in Côte 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.

FOR MORE INFORMATION please visit the website www.centamin.com or contact:

ENDNOTES

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.

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.

LEI: 213800PDI9G7OUKLPV84

Company No: 109180

CEO OPERATIONAL REVIEW

(H1 2024 vs H1 2023)

I am pleased to report a solid first half of 2024 at Sukari, whilst continuing to advance numerous projects and work streams that will unlock the full potential of Centamin's portfolio. We remain on track to deliver against our 2024 guidance and all key capital projects are progressing.

HEALTH & SAFETY

We maintained our focus 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 one lost time injury at Sukari (as previously reported in Q1 2024) and two at EDX during H1 2024.

The Group's LTIFR was 0.32 per one million hours worked and we remain focused on meeting our annual target. The Group TRIFR was 1.45 per one million hours worked, a 51% decrease YoY.

SUSTAINABILITY

Centamin published the 2023 Sustainability Report (Link to report here) which was produced in accordance with the GRI Sustainability Reporting Standards ("GRI") 'Core option'; the GRI Mining and Metals Sector Supplement; the Sustainability Accounting Standards Board ("SASB") for the metals and mining industry; and the recommendations of the Task Force on Climate-related Financial Disclosures ("TCFD"). This report also provides a statement of our conformance to the Global Industry Standard on Tailings Management ("GISTM").

CORPORATE

I am delighted to report the promotion of Gustav du Toit to the role of Chief Operating Officer, after two and a half years in the role of General Manager of the Sukari mine where he led the reinvestment programme and the resulting operational reset at Sukari. Gustav's responsibilities will now broaden to include oversight of EDX and the advancement of the Doropo project, following the completion of the positive DFS. Gavin Harris takes on the role of Sukari General Manager, from his previous role as Operations Director and Deputy General Manager. Islam Al Ashker has been promoted to the role of Deputy General Manager. The fact that all three roles have been filled by the promotion of internal candidates demonstrates the depth of talent within the team and the benefit of the employee development programme which looks to identify, develop and promote individuals into leadership positions.

SUKARI GOLD MINE (Egypt)

The team delivered another solid operational performance in H1 2024 and we remain on track to meet the 2024 production guidance.

In the open pit, a total of 64 Mt of material was mined, representing a 2% decrease year-over-year (YoY). Of this, 50 Mt was waste, with 33 Mt mined by the Centamin fleet and the remainder by contractor Capital Ltd. The 120 Mt accelerated waste-stripping programme was completed ahead of schedule, allowing us to retain Capital Ltd to mine up to 10 Mt of waste over the next three months to September 2024. The additional capacity will support the construction of a new dump leach pad, as well as facilitating the early completion of limited waste stripping scheduled for 2025 ahead of the delivery of the new 785C dump trucks. The net result is expected to be an incremental 2 to 3 Mt to the planned total annual volume at Sukari for 2024, equating to a 1-2% increase.

We mined 14 Mt of ore at an average grade of 0.65 g/t Au, a 99% increase in tonnage and a 26% decrease in grade YoY. This change reflects the reclassification of material from Stage 7, which was previously scheduled as waste, to low-grade ore, leading to a reduction in the strip ratio for Stage 7. The majority of the reclassified material was placed on the dump leach with the balance going to stockpiles. The average milled grade from the open pit was 0.97 g/t Au for H1 2024, a 2% decrease YoY.

The underground mine demonstrated the benefits of significant infrastructure and equipment upgrades since transitioning to owner mining, with the final ventilation upgrade completed in Q1 2024. These enhancements resulted in an 11% year-over-year (YoY) increase in ore tonnage mined. Although grades were lower YoY, averaging 3.3 g/t Au, we expect average grades to improve in H2 2024, aligning with our underground reserve grade.

The plant processed 6.4Mt of ore at an average feed grade of 1.15 g/t Au, a 5% increase in tonnes and 7% decrease in grade YoY. 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 87.7%, reflecting a 1% decrease year-over-year (YoY). This was influenced by the processing of oxide ore mined in Stage 7, which negatively impacts recovery rates, in addition to the lower feed grade. The mining of oxide ore is largely complete, and the remaining oxide ore will be blended to minimise its impact on recovery.

DOROPO GOLD PROJECT (Côte d'Ivoire)

On 18 July 2024, we published the results from the Doropo definitive-feasibility study ("DFS"), which demonstrated the economic robustness of the project with a post-tax NPV_8% of US$426 million and an IRR of 34% at US$1,900/oz gold prices. Importantly, it fulfils Centamin's hurdle rate of 15% internal rate of return ("IRR") at the US$1,450/oz gold price used for Mineral Reserve estimation.

The project sits in a well-established mining jurisdiction with a Mineral Reserve estimate of 1.87Moz, supporting a 10-year life of mine averaging a production rate 167,000 ounces per annum at all-in sustaining costs of US$1,047/oz.

Financing options for the project are well advanced, supported by a clear roadmap for early works that will mitigate completion risks. This study underlines our confidence in Doropo's potential to become a commercially viable project, bringing substantial investment and employment opportunities to northeastern Côte d'Ivoire.

The DFS has resulted in a plan with significantly lower execution risk, relative to the PFS, reflecting a reconfiguration of the project to reduce its social impact on local communities. We received regulatory approval of the Environmental and Social Impact Assessment with the receipt of the environmental permit in June 2024. The DFS, together with the environmental permit will form key documents in support of our submission for a mining licence to the Côte d'Ivoire Government. This application is scheduled to be submitted in Q3 2024. Following the award of the mining licence and conclusion of the mining convention, we will then progress to a final investment decision, following which we will provide an update on the project financing.

Of the US$14 million budgeted for Doropo in 2024, US$8.6 million was spent on completion of both the DFS and completing the Environmental and Social Impact Assessment ("ESIA"). There is up to US$6 million identified for early works including starting front-end engineering design ("FEED"), grade control drilling and some limited earthworks. These activities will reduce project delivery risk and potentially expedite construction timelines.

EXPLORATION

Eastern Desert Exploration ("EDX") (Egypt)

At the previously identified targets within the Nugrus block, Little Sukari, and Umm Majal, the exploration team completed detailed mapping and ground-based geophysical surveys, consisting of induced polarization (IP) and magnetic surveys. The second phase of drilling commenced across these targets, which will now include an expanded programme of 20km of core and reverse circulation drilling, building on the successful initial drill campaign as reported (here). In the Um Rus block, follow-up work on soil and rock chip samples from BLEG anomalies has been completed. In the Nadj block, we established a remote camp and successfully concluded the BLEG sampling programme, with the collected samples now being prepared for analysis in overseas laboratories. An update on the EDX drilling programme is expected to be announced in the second half of 2024.

ABC (Côte d'Ivoire)

At ABC, in light of encouraging drill results from neighbouring permits to the north, we undertook a soil sampling programme across the northern portion of the Farako-Nafana permit. This area was previously sampled using termite mounds as the sample medium; however, it was prudent to re-sample using soil geochemistry to ensure accuracy.

Geological interpretation of the soils data is ongoing. If any soil anomalies are identified that require further investigation, we plan to initiate a drill testing programme towards the end of the year, during the dry season. Additionally, there is potential to conduct infill drilling in the Kona Central and South resources.

OUTLOOK

Centamin remains well positioned, and guidance for 2024 remains unchanged.

I would like to commend our workforce for their commitment, professionalism and passion. 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 responsible multi-asset, multi-jurisdictional producer.

MARTIN HORGAN

CEO

25 July 2024

CFO FINANCIAL REVIEW

(H1 2024 vs H1 2023)

We are pleased to report material improvements across the majority of our key financial metrics including revenue, EBITDA, profit before tax, operating cash flow and free cash flow.

H1 2024 has delivered strong operating cash flow of US$204 million. This translated into a positive Group free cash flow of US$43 million, after Sukari profit share distributions of US$74 million to our Egyptian partner, EMRA, and US$74 million to Centamin, and US$12 million spent advancing our organic growth pipeline at Doropo (Côte d'Ivoire), EDX (Egypt) and ABC (Côte d'Ivoire).

FINANCIAL PERFORMANCE

Revenues increased YoY by 9% to US$464 million, from annual gold sales of 209,269 ounces, down 5%, at an average realised price of US$2,218/oz, up 15% YoY. Due to timing of gold shipments, a total of 22,381 ounces of unsold gold bullion was held at Sukari as at 30 June 2024, equivalent to US$52 million which has now been sold.

The Group adjusted EBITDA was US$211 million, at a 45% EBITDA margin and up 9% YoY, principally driven by

Profit before tax increased by 2% to US$117 million, due to:

The above factors together with an increase in EMRA distributions during the period resulted in basic EPS decreasing by 9% to 7.19 US cents.

COST MANAGEMENT

Cash costs of production in H1 2024 were US$220 million, a 17% increase YoY. This is primarily due to lower capitalisation of costs (discussed above), increased output from the underground and higher throughput in the plant. Unit cash costs of production were US$977/oz produced, a 15% increase, driven by the aforementioned cost drivers, partly offset by higher production volumes.

AISC in H1 2024 were US$289 million, a 7% increase YoY, and with lower sales volumes (due to timing of gold shipments) resulting in unit AISC of US$1,382/oz sold, a 13% increase YoY.

STRONG FINANCIAL POSITION

As of 30 June 2024, Centamin had cash and liquid assets of US$200 million, including 22koz of gold inventory waiting to be sold. From a liquidity standpoint, the US$150 million sustainability-linked revolving credit facility remains available and undrawn.

CAPITAL INVESTMENT

H1 2024 gross capital expenditure was US$89 million, including the underground ventilation upgrades, continued contracted waste-stripping programme, new underground and open pit equipment purchases, underground development, open pit equipment rebuilds, and raising TSF2.

Total sustaining capex was US$47 million, and non-sustaining was US$42 million. We had expected a higher capex spend in H1 but due to minor changes in scheduling, this has been moved to H2 2024 and we remain on track to meet 2024 guidance.

INTERIMDIVIDEND

Consistent with the Company's stated commitment to shareholder returns, the Board declares an interim dividend of 2.25 US cents per share (US$26 million) for the six-month period ended 30 June 2024. 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 53% of H1 2024 Group free cash flow before growth capex will be distributed to shareholders on 27 September 2024:

The interim dividend is calculated by the following:

1 Defined as Sukari growth capex funded from Treasury and available for cost-recovery as per the Concession Agreement.

2 Discretionary capital allocation options include future project investment, portfolio optimisation and supplemental shareholder returns

Please refer to the Dividend Declaration announcement and or the website (www.centamin.com/investors/shares-dividends/dividend-information/) for further detail including the interim dividend timetable.

OUTLOOK

Financially, we expect a stronger second half of 2024 driven by higher production volumes. Meanwhile, our focus on cost management means we remain fully focused on managing the bottom line of the business so that we can maximise the value at Sukari whilst delivering growth and diversification alongside stakeholder returns.

ROSS JERRARD

CFO

25 July 2024

PRIMARY STATEMENTS HIGHLIGHTS

Revenue from gold and silver sales for the period increased by 9% year-on-year to US$465 million (2023: US$426 million) with a 15% increase in the year-on-year average realised gold price to US$2,218 per ounce sold (2023: US$1,936 per ounce sold) offset by a 5% decrease in gold ounces sold to 209,269 ounces (2023: 219,354 ounces).

Cost of sales represents the cost of mining, processing, refining, transport, site administration, depreciation, amortisation and movement in production inventories. Cost of sales is up 10% year-on-year to US$295 million.

Profit share payments during the year are reconciled against SGM's audited financial statements. Any variation between payments made during the year (based on the Company's estimates) and the SGM's audited financial statements, may result in a balance due and payable to EMRA or advances to be offset against future distributions. SGM's 30 June 2023 financial statements have been audited and signed off; the 30 June 2024 financial statements will be audited in due course in line with the agreed timetable.

Certain terms of the Concession Agreement (CA) and amounts in the cost recovery model may also vary depending on interpretation and are therefore subject to continued discussions between EMRA and management which can result in variations in the profit-sharing split between periods. Centamin and EMRA continue working on closing outstanding open audit periods as well as agree on the timing and mechanism of any financing and ultimately the distribution of future proceeds between partners.

Refer to note 1.2.1.2 in the 2023 Annual Report for details of the treatment and disclosure of the EMRA profit share.

CAPITAL EXPENDITURE

The following table provides a breakdown of the total capital expenditure of the Group:

(1) Non-sustaining capital expenditure included the spend on North dump leach pad expansion, tailings storage facility stage lifts and the Capital Waste Stripping. Non-sustaining costs are primarily those costs incurred at 'new operations' and costs related to 'major projects at existing operations' that will materially benefit the operation.

(2) Reclassified from operating expenditure.

EXPLORATION EXPENDITURE

The following table provides a breakdown of the total exploration expenditure of the Group:

Exploration and evaluation expenditure comprises expenditure incurred for exploration activities primarily in Côte d'Ivoire and in the Egypt greenfield permit areas. Greenfield exploration and evaluation costs (excluding Burkina Faso) decreased by US$6 million or 33%, primarily driven by reduced work in Côte d'Ivoire as the Definitive Feasibility Study ("DFS") stage of the Doropo project has now been finalised. Drilling work was however significantly expanded in the new Egypt permit areas hence the 41% or US$0.9 million increase in the exploration costs in that area. The brownfield capitalised exploration costs on the Sukari concession area decreased by US$3 million or 41% year on year due to the decrease in the surface exploration and evaluation work and related activities within the Sukari concession areas.

The spend in Burkina Faso was mainly on key services and other regulatory obligations required to formally exit the country. The in country incorporated entities have now been formally liquidated.

SUBSEQUENT EVENTS

Interim dividend

The Directors have declared an interim dividend of 2.25 US cents per share on Centamin plc ordinary shares (totalling approximately US$26 million). The interim dividend for the half year period ended 30 June 2024 will be paid on 27 September 2024 to shareholders on the register on the Record Date of 30 August 2024.

Other than as noted above, there were no other significant events occurring after the reporting date requiring disclosure in the financial statements.

NON‑GAAP FINANCIAL MEASURES

1) EBITDA AND ADJUSTED EBITDA

EBITDA is a non‑GAAP financial measure, which excludes the following from profit before tax:

Management considers EBITDA a valuable indicator of the Group's ability to generate liquidity by producing operating cash flow to fund working capital needs and capital expenditures. EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or 'EBITDA multiple' that is based on an observed or inferred relationship between EBITDA and market values to determine a company's approximate total enterprise value. EBITDA is intended to provide additional information to investors and analysts and does not have any standardised definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

EBITDA excludes the impact of income from financing activities and taxes, and therefore is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may also calculate EBITDA differently. The following table provides a reconciliation of EBITDA to profit for the year before tax.

Adjusted EBITDA removes the effect of transactions that are not core to the Group's main operations, like adjustments made to normalise earnings, for example profit on financial assets at fair value through profit or loss, impairments of property, plant and equipment, non-current mining stockpiles and exploration and evaluation assets.

Reconciliation of profit before tax to EBITDA and adjusted EBITDA:

(1) Adjustments made to normalise earnings for example profit on financial assets at fair value through profit or loss, impairments of property, plant and equipment, non-current mining stockpiles and exploration and evaluation assets.

2) CASH COST OF PRODUCTION PER OUNCE PRODUCED AND SOLD AND ALL-IN SUSTAINING COSTS ("AISC") PER OUNCE SOLD CALCULATION

Cash cost of production and AISC are non-GAAP financial measures. Cash cost of production per ounce is a measure of the average cost of producing an ounce of gold, calculated by dividing the operating costs in a period by the total gold production over the same period. Operating costs represent total operating costs less sustaining administrative expenses, royalties, depreciation and amortisation. Management uses this measure internally to better assess performance trends for the Company as a whole. Management considers that, in addition to conventional measures prepared in accordance with GAAP, certain investors use such non-GAAP information to evaluate the Company's performance and ability to generate cash flows. Management considers that these measures provide an alternative reflection of the Group's performance for the current year and are an alternative indication of its expected performance in future periods. Cash cost of production is intended to provide additional information, does not have any standardised meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. This measure is not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently.

Reconciliation of cash cost of production per ounce produced:

1) The movement in inventory on ounces produced is only the net movement in mining stockpiles and ore in circuit while the movement in ounces sold (in table below) is the net movement in mining stockpiles, ore in circuit and gold in safe inventory.

A reconciliation has been included below to show the cash cost of production metric should gold sold ounces be used as a denominator.

Reconciliation of cash cost of production per ounce sold:

(1) The movement in ounces sold is the net movement in mining stockpiles, ore in circuit and gold in safe inventory while the movement in inventory on ounces produced (in table above) is only the net movement in mining stockpiles and ore in circuit while.

Reconciliation of AISC per ounce sold:

(1) Includes refinery and transport.

3) CASH AND CASH EQUIVALENTS, BULLION ON HAND AND GOLD AND SILVER SALES DEBTOR AND FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

Management considers that, in addition to conventional measures prepared in accordance with GAAP, certain investors use such non-GAAP information to evaluate the Company's performance and ability to generate cash flow and the measure is intended to provide additional information.

Cash and cash equivalents, bullion on hand, gold and silver sales debtor and financial assets at fair value through profit or loss is a non-GAAP financial measure of the available cash and liquid assets at a point in time. Management uses this measure internally to better assess performance trends for the Company as a whole.

This non-GAAP measure does not have any standardised meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. This measure is not necessarily indicative of cash and cash equivalents as determined under GAAP and other companies may calculate it differently.

Reconciliation to cash and cash equivalents, bullion on hand, gold and silver sales debtor and financial assets at fair value through profit or loss:

The majority of funds have been invested in international rolling short-term fixed interest money market deposits.

4) FREE CASH FLOW AND ADJUSTED FREE CASH FLOW

Free cash flow is a non-GAAP financial measure. Free cash flow is a measure of the available cash after distributions to the Non-Controlling Interest ("NCI") in SGM, being EMRA, that the Group has at its disposal to use for capital reinvestment and to distribute to shareholders of the parent. Free cash flow is intended to provide additional information, does not have any standardised meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. This measure is not necessarily indicative of operating profit or cash flow from operations as determined under GAAP and other companies may calculate this measure differently.

(1) Adjustments made to free cash flow, for example acquisitions and disposals of financial assets at fair value through profit or loss, which are completed through specific allocated available cash reserve

GOVERNANCE

SHARE PLAN AWARDS

Granted 02 May 2024

PRINCIPAL RISKS AND UNCERTAINTIES

RISK MANAGEMENT

Centamin recognises that nothing is without risk. We believe a successful and sustainable business requires a robust and proactive risk management framework as its foundation. This is supported by a strong culture of risk awareness, encouraging openness and integrity, alongside a clearly defined appetite for risk. This enables the Company to consider risks and opportunities for more effective decision-making, delivery on our objectives and improve our performance as a responsible mining company. The Board has overall responsibility, supported by the Audit and Risk Committee, for establishing a framework that allows for the review of existing and emerging risks in the context of both opportunities and potential threats that inform the principal risks and uncertainties. These risks and opportunities inform the assessment of the future prospects and long-term viability of the Group, as shown in the Viability Statement of the 2023 Annual Report and are also considered when challenging the strategic objectives of the Company.

2024 continues to provide macroeconomic change exacerbated by geopolitical pressures including the ongoing conflicts in Gaza, the Rea Sea and Ukraine. Whilst as a business we were able to successfully manage the operational considerations these have brought, we have felt the financial pressures as every government, business and individual has globally. The 2023 Annual Report included the latest updates to the principal and emerging risks driven by these pressures.

We continue to feel the ongoing global impact of these increased financial pressures, which we carry on monitoring, and has led to the introduction of additional mitigations and changes to our ongoing strategy for the financially focussed risks. When considering the healthy financial position of the business, including additional measures such as the revolving credit facility, means we feel there is sufficient financial flexibility to meet the Company's current and future financial commitments through 2024.

The Directors confirm that a robust assessment of the principal, new and emerging risks impacting the Company has been undertaken which identified external, strategic and operational risks on a sliding scale depending on the level of influence over which the Company may have on the factors which can impact the risk. For further detail please refer to the Risk Review within the 2023 Annual Report and 2023 Sustainability Report, published on the Company's website:www.centamin.com.

PRINCIPAL RISKS

The principal risks and uncertainties facing the Group remain unchanged from those which are set out in detail within the Strategic Report section of the 2023 Annual Report and can be found on the Company's website (https://www.centamin.com/investors/principal-risks-and-uncertainties/) .

The principal risks are listed below:

External risks

· Geopolitical

· Legal and regulatory compliance

· Litigation

· Global macroeconomic developments

· Gold price

Strategic risks

· Capital allocation and liquidity

· Diversification

· Concession governance and management

· Licence to operate

· People (attract, develop and retain skilled people)

· Stakeholder environmental and social expectations

· Decarbonisation

Operational risks

· Safety, health and wellbeing

· Exploration and project development

· Maximising our geological potential

· Operational performance and planning

EMERGING RISKS

Below we have outlined a list of emerging risks, these remain unchanged from those which are set out within the Strategic Report section of the 2023 Annual Report and website:

· Cyber security

· Infectious disease

· Climate change

DIRECTORS' RESPONSIBILITY STATEMENT

RESPONSIBILITY STATEMENT OF THE DIRECTORS IN RESPECT OF THE SIX MONTHS ENDED 30 JUNE 2024 FINANCIAL REPORT

The Directors confirm that to the best of their knowledge:

The board of Directors that served during all or part of the six month period ended on 30 June 2024 and their respective responsibilities can be found on pages 84 to 130 of the 2023 annual report and financial statements of Centamin plc. There has been no changes to board of Directors since the approval of the 2023 Annual Report.

By order of the Board,

For the full report and accounts please refer to the website: www.centamin.com/media/companynews

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SOURCE: Centamin PLC