Centamin — Q3 2023 Earnings Presentation
51 slides from Centamin's earnings presentation, October 2023
Slide 1: Investor Presentation October 2023
CENTAMIN INVESTOR.PRESENTATION OCTOBER 2023
Slide 2: Disclaimers
DISCLAIMERS THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL This presentation has been prepared by Centamin Plc (:Centamit ‘ompany") solely for in
Slide 3: Portfolio of assets: Sukari, Doropo, ABC, EDX
w Measured & Indicated Resources! Proven & Probable Reserves! ABC \ EDX PROJECT ( BLOCKS Cote d'Ivoire (1,148km2 Egypt (2,989km2) SUKARI ry DOROPO GOLD MINE | & GOLD PROJECT Egypt (160km2) Cote d'Ivoire (1,856km? * 450-480koz (FY23e) * DFS underway * 6Moz P+P * Upside potential * 11.11 Moz M+! * 1.9
Slide 4: Clear and Consistent Strategy
CLEAR AND CONSISTENT STRATEGY DELIVERING LONG TERM SUSTAINABLE GROWTH AND RETURNS COMMITMENT T0 STAKEHOLDER RETURNS CENTAMIN AZ 4
Slide 5: Unlocking the Potential of Our Portfolio
UNLOCKING THE POTENTIAL OF OUR PORTFOLIO DELIVERING INTO OUR STRATEGY ¢ 2020 ’ 2021 * 2022 2023 SUKARI GOLD MINE (“SUKARI”) Life of Asset Phase 1 Issued 3yr guidance Commenced accelerated waste-stripping contract SUKARI New Sukari Orebody Stewardship Model Life of Asset Phase 2 — Roadmap to 500koz p
Slide 6: 2023 Guidance on Track
2023 GUIDANCE ON TRACK PRODUCTION (oz) AISC (US$/oz sold) CAPEX (US$M) YTD 2023 YTD 2023 YTD 2023 321,931 1,240 166m YTD-2022: 331,410 YTD 2022: 1,386 YTD 2022: US$213m 3% lower YoY 11% improvement YoY 22% lower YoY FY23 GUIDANCE FY23 GUIDANCE FY23 GUIDANCE 450,000 — 480,000 1,250 — 1,400 US$273m Ta
Slide 7: Q3 2023 Scorecard
Q3 2023 SCORECARD OPEN PIT ORE MINED UNDERGROUND ORE MINED GOLD RECOVERY 4.5Mt 0.25Mt 88.5% YTD: 11.4Mt YTD: 0.7Mt YTD: 88.5% Increased conversion from Increased mining rates 1% improvement YoY waste to ore REVENUE FREE CASH FLOW BALANCE SHEET US$200m US$12.4m i US$126m YTD: US$626m YTD: US$34.9m Ca
Slide 8: Disciplined Capital Allocation
Slide 9: Balance sheet and liquidity
Gold and silver sales debtor, US$14m Bullion on hand, US$23m Cash and cash equivalents, Revolving Credit Facility, US$150M SUSTAINABILITY-LINKED REVOLVING CREDIT FACILITY Facility undrawn with H1 2023 investment funded from cash flow Available to finance investment in Sukari and part fund Doropo’s c
Slide 10: Gold Price Downside Protection Programme
GOLD PRICE DOWNSIDE PROTECTION PROGRAMME SAFEGUARDING REVENUES DURING PERIOD OF INCREASED INVESTMENT PUT OPTIONS Partially limits the downside risk Underpins cash flow generation 240,000 ounces of production over whilst maintaining full upside through a period of elevated capex exposure to gold pric
Slide 11: Commitment to Shareholder Returns
COMMITMENT TO SHAREHOLDER RETURNS INTERIM DIVIDEND DECLARED 2.0 US cents Equal to US$23m 29 September paydate STRENGTHENED DIVIDEND POLICY INTERIM DIVIDEND DECLARATION GROUP FREE CASH FLOW ad US$19.4 million ADD BACK GROWTH PROJECT CAPEX! [id US$21.8 million CASH FLOW AVAILABLE FOR DIVIDENDS US$41.2
Slide 12: Sukari Gold Mine
SUKARIGOLD MINE EGYPT OCTOBER 2023 Sa
Slide 13: Re-establishing Sukari as a Tier One Asset
RE-ESTABLISHING SUKARI AS A TIER ONE ASSET GOLD PRODUCTION! ALL-IN SUSTAINING COSTS! LIFE OF MINE 506koz US$922/0z 11 years Average for 2024-2032 Lower half of global cost curve With opportunities to extend LOM: 475koz pa (2024-2034) Group AISC US$975/0z2 Sukari underground & small satellite deposit
Slide 14: New Life of Mine Plan
NEW LIFE OF MINE PLAN CONSISTENT OUNCE PROFILE AT BETTER MARGINS Targeting life extension through 1 resource conversion SUKARI PRODUCTION & COST PROFILE econ 1400 SO0Koz ie = ae aie aaa --- Goo ccccct ---T- 5 ect i) i) ' 1200 i) 400Koz H 1000 300Koz 800 600 200Koz 400 100Koz 200 - 0 2023 (Guidance)
Slide 15: Positioning Sukari as a Low-Cost Producer
POSITIONING SUKARI AS A LOW-COST PRODUCER IMPROVING OPERATING MARGIN DRIVES FREE CASH FLOW GENERATION 2,500 2,000 Production (%) 50% 75% 100% oO $922/0z $1042/02 T 1 1 1 1 1 1 1 LOM Sukari AISC | FY25 Sukari AISC | FY22 Sukari AISC 1 i | 1 1 1 i] 1 H _ 1 1 H - 1 = 1 —— H _ ! (ill 10,152 25,380 30,45
Slide 16: Sukari Reset Launched in 2020 Near Complete
SUKARI RESET LAUNCHED IN 2020 NEAR COMPLETE COMPREHENSIVE WORK PROGRAMME TO MAXIMISE THE VALUE OF SUKARI ¢ 2020 ¢ 2021 » 2022 9 2023 LOA Review - Phase 1 Accelerated waste- stripping contract awarded Process plant upgrades commenced TSF 2 commissioned Camp upgrades started LOM geotechnical drilling
Slide 17: New Lower Risk Operating Plan
NEW LOWER RISK OPERATING PLAN CONSISTENT PRODUCTION, LOWER COSTS REDUCED RISK + New LOM plan developed by site team for review by internal and external qualified persons * Based on updated technical and economic inputs + Plan designed to optimise mining rate, technical risk, carbon abatement and NPV
Slide 18: Sukari: A World Class Orebody
SUKARI: A WORLD CLASS OREBODY OREBODY STEWARDSHIP MODEL DELIVERS RESOURCE & RESERVE GROWTH ve SUKARI MINERAL RESERVES 6 S 3 SUKARI CUMULATIVE PRODUCTION 0 3 6 FY17 FY18 FY19 FY20 FY21 FY22 mReserves announced (Moz) ™ Measured and Indicated Resources, excl. Reserves (Moz) ™ Cumulative Production (Moz
Slide 19: Improved Open Pit Flexibility
IMPROVED OPEN PIT FLEXIBILITY MULTIDISCIPLINARY APPROACH DELIVERS ENHANCED OPEN PIT PLAN IMPROVED ORE SCHEDULE: BETTER CONSISTENCY 2023 — NEW LOM 149 111 Mill feed supplemented by stockpiles Lower reliance on stockpiles 2021 — INTERIM LOM IMPROVED STRIP RATIO 16.0 4.0 Fyeg Fy25 FY260 FY27— FY28 FY2G
Slide 20: Site Driven Schedule
SITE DRIVEN SCHEDULE INFRASTRUCTURE UPGRADES NEARING COMPLETION STEADY INCREASE TO 1.4MTPA BY 2026 US$16M OF CAPEX IN 2024 & 2025! 3 X TRUCKS 3 X LOADERS 1 X DEVELOPMENT DRILL 2 X PRODUCTION DRILL 5 X ANCILLARY EQUIPMENT
Slide 21: 50MW Grid Power Connection
5O0MW GRID POWER CONNECTION Extensive and competitive tender process, preferred contractor has proven expertise in the Egyptian power sector. Using underground powerlines to minimise maintenance. The Egyptian grid power is generated from natural gas and a mix of renewables, such as hydro, solar 3 O
Slide 22: Gravity Gold Recovery Circuit
GRAVITY GOLD RECOVERY CIRCUIT DRIVING IMPROVED GOLD RECOVERIES AND PRODUCTION VOLUMES CONCEPTUAL DESIGN Conceptual design and site selection completed Design changed from a cyclone underflow feed to a mill discharge feed configuration. Reducing building height and lowering construction cost Estimate
Slide 23: Capex profile and FY24 capex breakdown
US$m 150 100 FY21 FY22 FY23E Adj. Sustaining (Excl. Reclassified Waste Strip) FY24E FY25E Contractor Waste-Stripping FY26E FY27E Non-Sustaining FY24 NON-SUSTAINING CAPEX US$89M Grid connection US$34m Contractor waste-strip US$34m TSF2 US$8m Gravity circuit US$7m OP Fleet US$6m FY24 SUSTAINING CAPEX2
Slide 24: Delivering into Our Decarbonisation Roadmap
DELIVERING INTO OUR DECARBONISATION ROADMAP NEW PLAN REDUCES GHG EMISSIONS INTENSITY 39% OVER THE LIFE OF MINE DECARBONISATION ROADMAP INTERIM TARGET SOLAR EXPANSION by 20MWac for a total SOMW,, of solar power, displacing daytime diesel power GRID CONNECTION 50MW connection to the Egyptian national
Slide 25: Opportunity and Benefit
OPPORTUNITY Mineral Resource & Reserve growth Dump leach expansion Open pit slope angle optimisation Open pit haulage optimisation Plant optimisation Solar expansion BENEFIT Continued target generation to extend the mine life, inc. UG orebody at depth and along strike, small surface satellite and ex
Slide 26: Improvements in Open Pit, Recoveries and Costs
IMPROVEMENT IN OPEN PIT STRIP RATIO vs. FY22 (10.8x) * Geotechnically driven improved pit redesign improve ore availability in 2026-2028 INCREASE IN UNDERGROND ORE VOLUMES vs. FY22 (0.8Mt) * Fully eng expansion Si + Sup 2022 resi ed chedule 2021 & ‘e increases IMPROVEMENT IN GOLD RECOVERIES vs. FY22
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Slide 28: Doropo Overview
OVERVIEW LOCATION GEOLOGICAL SETTING LANDHOLDING OWNERSHIP SITE ACCESS REGIONAL SETTING Northeastern Bounkani region 480km north of Abidjan Tonalite-Trondhjemite- Granodiorite 1,847km? 100% exploration phase 90% on exploitation permits National road system to Bouna Town as regional hub Comoe Nationa
Slide 29: Doropo Project Overview
PROJECT OVERVIEW MINING & GEOLOGY shallow dipping structures with consistent geology Multiple shallow pits LOM Strip Ratio (waste to ore) PROCESSING Conventional flowsheet 4.0Mtpa (fresh ore) 5.4Mtpa (oxide/transition ore) Non-Refractory INFRASTRUCTURE * Full geomembrane lined, downstream constructi
Slide 30: Environmental & Social Assessment
ENVIRONMENTAL & SOCIAL ASSESSMENT INVESTMENT AND EMPLOYMENT OPPORTUNITY IN REMOTE REGION OF COTE D'IVOIRE PFS BASELINE STUDIES COMPLETED BY NATIONAL EXPERTS + Early development of detailed ESIA information has allowed incorporation into PFS design and decision-making process BASELINE SUMMARY + Multi
Slide 31: Doropo PFS Meets Internal Hurdle Rates
Mine Life 10 Years Avg. Annual Gold Production AISC DOROPO PFS MEETS INTERNAL HURDLE RATES 173Koz US$1,017/0z 2.5Moz of Indicated Resources, inc.1.9Moz of Probable Reserves @ 1.44g/t Au Annual gold production of 173koz over the LOM, After-Tax NPVsq, with an average of 210koz in the first five years
Slide 32: Project Capital Intensity Aligned with Peers
PROJECT CAPITAL INTENSITY ALIGNED WITH PEERS WELL PLACED VERSUS PEERS WITH OPPORTUNITIES TO FURTHER ENHANCE * Capital intensity in line with other African projects on both a US$/kt pa basis and US$/oz produced basis * AISC estimates which would see the project situated in lower half of the cost curv
Slide 33: Exploration Funded from Project Cashflow
EXPLORATION FUNDED FROM PROJECT CASHFLOW TARGET ADDITIONS TO DRIVE 200KOZ PRODUCTION IN FIRST 5 YEARS Optimal project configuration confirmed during PFS trade off studies DFS to focus on further optimisation and identified upside opportunities: Mineral Resource upgrades Resource extensions along str
Slide 34: Project Timeline
WORKSTREAMS PROJECT TIMELINE T+6m | T+12m | T+18m |T+24m | T+36m Final investment decision | DFS drilling programme 94% complete Detailed design Desktop and laboratory work programmes ongoing Procurement ESIA and RAP, fieldwork and data collection ongoing (draft Construction submission by the end of
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Slide 36: Model Mining Exploitation Agreement negotiations
Engaged period of negotiations between the Ministry of Petroleum and ourselves as part of an ‘industry group’, supported by a leading expert advisory panel The Model Mining Exploitation Agreement? presents a “win-win” to share risk and reward throughout the mining life-cycle Provides clear and compe
Slide 37: Egypt's Eastern Desert
EGYPT'S EASTERN DESERT EXPLORATION BLOCKS EDX MODEL MINING EXPLOITATION AGREEMENT (“MMEA”) AGREED IN PRINCIPLE SUBJECT TO EGYPTIAN ROUTINE LEGALISATION MMEA KEY TERMS (TO BE RATIFIED AS A SPECIAL LAW) LICENSE 30 year license ROYALTY 5% NSR paid to the Egyptian government TAX 22.5% corporate tax rate
Slide 38: EDX First Drill Programme
EDX FIRST DRILL PROGRAMME 15KM DRILLING PROGRAMME AT NUGRUS - RESULTS EXPECTED FROM Q4 2023 15,000m programme 11,000m drilled to date Wadi Kiribi drilled first to help develop skills for more remote drill sites Results expected in Q4 2023 38 CENTAMIN AZ
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Slide 40: Group Production Profile
SUKARI AVERAGE PRODUCTION! 906... GROUP PRODUCTION PROFILE (INCLUDING DOROPO PFS ESTIMATES) 2024 — 2032 900Koz 800Koz 700Koz GROUP AVERAGE PRODUCTION! Targeting life 600Kor l l | extension at Sukari 7 O O — through exploration + Koz 500Koz il = il 2027 - 2032 400Koz 4 il 300Koz eooner GROUP LONG-TER
Slide 41: Investment Case
INVESTMENT CASE » WORLD CLASS SUKARI ASSET * On track to meet guidance of 450-480koz in 2023 * 11 year life of mine, averaging 500koz at US$923/oz AISC BALANCE SHEET STRENGTH * US$276 million in liquidity (30 Sept 23) * 12mon gold price protection programme below US$1900/oz gold COMMITMENT TO SHAREH
Slide 42: Centamin Appendix
INVESTOR PRESENTATION CENTAMIN AZ OCTOBER 2023
Slide 43: Foreign Currency
FOREIGN CURRENCY DEVALUATION OF EGP ISOLATED TO ~10% OF COST BASE WITH FUEL LINKED TO USD PRICE GROUP FX EXPOSURE (% of total cost base) EGP COST BREAKDOWN Contract waste stripping increased 13% Decrease reflects devaluation of the EGP against other major currencies Currency exposure reduced to <1%
Slide 44: Sukari Concession Agreement
SUKARI CONCESSION AGREEMENT EGYPTIAN LAW 222 OF 1994 BY WAY OF PRESIDENTIAL DECREE CENTAMIN PLC (CEY LN; CEE CN) 100% PHARAOH GOLD MINES ae: aad operating surplus* (“Profit Share”) operating surplus (“Profit Share”) 3% royalty to ARE LICENSE 160km? 30 year license granted in 2005, with option for a
Slide 45: Appendix: Sukari Schedules
>) APPENDIX: SUKARI SCHEDULES OPERATIONAL CONSISTENCY DELIVERED NEW OPERATING SCHEDULES! ~) Improved open pit ore profile ~ Fully engineered UG expansion to 1.4Mtpa Y) Consistent 12-12.5Mt mill feed @ +89% recovery PROCESSING PLANT mmm Ore Processed (Mipa) ===Feed Grade (g/t) 14 12 10 8 6 4 2 FY24 F
Slide 46: Reserves Plus Resource Conversion Case
© APPENDIX: SUKARI SCHEDULES RESERVES PLUS RESOURCE CONVERSION CASE!2 2034 2024-LOM Open Pit Mining 20241 2025 2026 2027 2028 2029 2030 2031 2032 2033 Total Mining Ex-Pit kt 119,331 110,000 110,000 110,000 100,200 94,750 82,546 56,000 31,000 10,189 = Total Waste Mined kt 103,189 100,013 101,145 BEKE
Slide 47: Reserves Only Case
© APPENDIX: SUKARI SCHEDULES RESERVES ONLY CASE? Open Pit Mining 20241 2025 2026 2027 2028 = 2029S 2030S 2031_:=S 208220332034 Total Mining Ex-Pit kt 119,331 110,000 110,000 110,000 100,200 94,750 82,546 56,000 31,000 10,189 3 824,016 Total Waste Mined kt 103,189 100,013 101,145 99,955 «91,927 83,66
Slide 48: Sukari Reserves
© APPENDIX: SUKARI RESERVES. 14 YEAR LIFE OF MINE Tonnage Gold (Mt) Content (Moz) OPEN PIT Proven 108.9 0.9 33} Probable 27.5 15 13} P&P 136.4 1.0 46 UNDERGROUND Proven 4.0 3.6 0.5 Probable Ss) 4.2 0.7 P&P 9.3} 4.0 1.2 STOCKPILES Proven 17.4 0.5 0.3 Probable P&P 17.4 0.5 0.3 Sukari Mineral Reserves
Slide 49: Group Mineral Resources
©) APPENDIX: SUKARI RESOURCES GROUP MINERAL RESOURCES ACTIVE GROWTH PIPELINE 2022 Gold Tonnage Grade Category Content (Mt) (g/t) (Moz) SUKARI GOLD MINE Measured (M) 267 1.04 8.90 Indicated (1) 53 1.30 2.21 M+l 320 1.08 11.11 Inferred 18 1.6 1.0 DOROPO PROJECT Measured 2 2 2 Indicated 51.51 1.52 2.52
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Slide 51: Enquiries
° — ogee sme , OCTOBER 2023 = _ ENQUIRIES T ALEXANDRA BARTER-CARSE | INVESTOR@CENTAMINPLC.COM