Centamin — FY2023 Earnings Presentation
50 slides from Centamin's earnings presentation, March 2024
Slide 1: Full Year Results March 2024
| EAR gi CENTAMIN ae abe FULL YEAR RESULTS MARCH 2024
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 Pic (*Centamin" or “Company") solely f
Slide 3: Measured & Indicated Resources, Proven & Probable Reserves
Measured & Indicated Resources! Proven & Probable Reserves! SUKARI DOROPO GOLD MINE GOLD PROJECT Egypt (160km2) Cote d'Ivoire (1,856km2) ABC 6 EDX PROJECT BLOCKS Cote d'Ivoire (1,148km2) Egypt (2,989km2) * 470-500koz (FY24e) * DFS Mid-2024 * 5.8Moz P+P * Upside potential * 10.3 Moz M+ * 1.9Moz P+P *
Slide 4: 2023 Guidance Delivered
2023 GUIDANCE DELIVERED PRODUCTION (oz) CASH COSTS (US$/oz Produced) AISC (US$/oz sold) 450,058 875 1,205 2022: 440,974 2022: 913 2022: US$1,399 2% higher YoY 4% improvement YoY 14% improvement YoY FY23 GUIDANCE FY23 GUIDANCE FY23 GUIDANCE 450,000 — 480,000 840 — 990 1,250 — 1,400
Slide 5: 2023 Sustainability Highlights
2023 SUSTAINABILITY HIGHLIGHTS FIRST FULL YEAR OF SOLAR LEADERSHIP ROLES — NATIONAL EMPLOYEES | SAFETY (LTIFR per one million hours) 86,/69uwn 9 76% 0.08 2023 Solar Power Generation 2022: 76% 2022: 0.08 21.5m litres of diesel saved Sustained national leadership 83% improvement on 3-year trailing ave
Slide 6: Safeguarding Our Workforce
SAFEGUARDING OUR WORKFORCE STRONG SAFETY PERFORMANCE HEALTH, SAFETY AND WELLBEING Achieved ISO 45001 Accreditation 83% improvement on LTIFR versus 3-year trailing average 24% improvement on TRIFR versus 3-year trailing average Ended year 9.5 million hours LTI free at Sukari Ambition to create a zero
Slide 7: 2023 Operational Scorecard
2023 OPERATIONAL SCORECARD TOTAL MATERIAL MOVED (0P+UG) TOTAL OPEN PIT ORE MINED UNDERGROUND ORE MINED 129Mt 16.8Mt 1,004kt FY 2022: 136Mt FY 2022: 11.7Mt FY 2022: 829kt -5% decrease YoY 44% increase YoY 21% improvement YoY TOTAL ORE PROCESSED FEED GRADE METALLURGICAL RECOVERY 12.0Mt 1.27g/t Au fi 8
Slide 8: Operational Improvement
Tonnes per hour OPERATIONAL IMPROVEMENT REALISING THE BENEFITS OF THE CAPITAL REINVESTMENT PRIMARY DIG UNIT PRODUCTIVITY — 5% AVG. INCREASE OVER 2023 3250 UNDERGROUND: OWNER MINING — COST SAVINGS AND PRODUCTIVITY — 12 Contractor Mining SGM — Owner Mining 120 = zg 10 100 S 08 80 a < 2 & S 06 60 e 04
Slide 9: 2024 Guidance
2024 GUIDANCE PRODUCTION (ounces) CASH COSTS (US$/oz produced) 470-500 Koz 700-850 2023: 450koz 2023: 895 Increased the upper end Reflects range of diesel prices and cost reallocation ADJUSTED CAPEX EXPLORATION SPEND (Expensed) US$215m' fF US$23m 2023: US$31m 2023: US$202m! Including Grid Power Comp
Slide 10: Financial Review
FINANCIAL REVIEW
Slide 11: 2023 Financial Scorecard
2023 FINANCIAL SCORECARD REVENUE US$891m 2023: US$788m 13% increase YoY BASIC EPS 8.0 Us cents 2022: 6.3 27% increase YoY EBITDA MARGIN! 45% 2022: 40% 10% increase YoY LIQUIDITY US$303m 2022: US$307m Inc US$150m undrawn RCF PROFIT POST-TAX TO SHAREHOLDERS US$92m 2022: US$72m 27% increase YoY FREE CA
Slide 12: Financial Statement Analysis
FINANCIAL STATEMENT ANALYSIS NON-CASH AND ONE-OFF ITEMS KEY DRIVER OF YEAR-ON-YEAR VARIANCES Consolidated statement of comprehensive income US$'000 FY 2023 FY 2022 Revenue 891,262 788,424 Cost of sales (596,836) (544,075) Gross profit 294,426 244,349 Exploration and evaluation expenditure (31,653) (
Slide 13: Financial Statement Analysis Continued
FINANCIAL STATEMENT ANALYSIS CONTINUED OTHER ONE-OFF ITEMS KEY DRIVER OF YEAR-ON-YEAR VARIANCES Basic EPS (US cents per share) FY 2023 FY2022 Total comprehensive income for the year 194,885 170,775 Total comprehensive income for the year attributable to: — the owners of the parent 92,284 72,490 = no
Slide 14: Sukari profit share and cost recovery structure
Profit Share Sukari Dore Cost Recovery ONSHORE (EGYPT) OFFSHORE CEY Funded growth projects* Refiner Gold Sales (US$)
Slide 15: In Partnership With Our Stakeholders
IN PARTNERSHIP WITH OUR STAKEHOLDERS $1.9BN CUMULATIVE DISTRIBUTIONS TO STAKEHOLDERS 2023 LOCAL PROCUREMENT SPEND 1,848 EGYPT — (SUKARI & EDX) 1,663 USS631m = 1,331 1,028 805 647 371 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 ™ Shareholder dividends (US$m) = Profit share (EMRA)(US$m) — ™ Roya
Slide 16: Liquidity and revolving credit facility
Bullion on Gold and silver hand, sales debtor, US$14m > programme”, USS$1m Cash and cash equivalents, Revolving Credit Facility, US$150M SUSTAINABILITY-LINKED REVOLVING CREDIT FACILITY Facility undrawn with FY 2023 investment funded from cash flow Available to finance investment in Sukari and part f
Slide 17: Unit Rates Reflect Operational Improvement
UNIT RATES REFLECT OPERATIONAL IMPROVEMENT PRODUCTIVITY GAINS, CAPITAL INVESTMENT AND INPUT PRICES DRIVE LOWER OPERATING COSTS OPEN PIT MINING COSTS UNDERGROUND MINING COSTS 150 3.0 _ 16 80.0 = 25 = 3 B12 60.0 2100 2.0 = S s = S 15h B08 40.0 F 5 2 ~ ww 50 1.0 & = 204 20.0 z 0.5 g 9° - “0 0.0 0.0 0.0
Slide 18: Stringent Cost Management
STRINGENT COST MANAGEMENT FOCUS ON THE BOTTOM-LINE COUNTER INFLATIONARY ENVIRONMENT MINE PRODUCTION COSTS (“MPC”) (US$M) 640 480 320 160 0 MPC 2023 SPLIT BY COST CENTRE Minesite G&A, 10% Refinery & Transport, 0% Open Pit Mining , 40% US$413M Processing, 43% Underground 2020 2021 2022 2023 Mining, 7%
Slide 19: Cost currency split
US DOLLARS (“USD”) 80% 70% EGYPTIAN POUND (“EGP”) 60% 409 AUSTRALIAN DOLLAR (“AUD”) 30% : 20 109 2020 2021 2022 2023 mUSD EGP (Diesel, USD linked) ™EGP (Other) m™ Other AUD
Slide 20: Capital expenditure profile
150 us$m 10 3 5 ro) FY21 FY22 FY23E w Adj. Sustaining (Excl. Reclassified Waste Strip) — FY24E FY25E Contractor Waste-Stripping FY26E FY27E Non-Sustaining FY24 NON-SUSTAINING CAPEX US$103M Grid connection Contractor waste-strip TSF2 OP Fleet FY24 SUSTAINING CAPEX? US$112M US$57m US$37m US$16m UG dev
Slide 21: Commitment to Shareholder Returns
COMMITMENT TO SHAREHOLDER RETURNS 10™ CONSECUTIVE YEAR OF DIVIDEND DISTRIBUTION FINAL DIVIDEND DECLARED 2.0 US cents Equal to US$23m 19 June 2024 payment date 30-Jun-23 30-Dec-23 2023 US$m Interim Final Total Group free cash flow 19.4 29.6 49.0 Add back: Growth capex financed from treasury! 218 13.9
Slide 22: Robust Financial Strategy
ROBUST FINANCIAL STRATEGY DELIVERING CONTINUED IMPROVEMENTS STRONG BALANCE SHEET STRINGENT COST MANAGEMENT DISCIPLINED CAPITAL ALLOCATION FREE CASH FLOW RELIABLE SHAREHOLDER RETURNS CENTAMIN 32 2023 DELIVERABLES US$303m in liquidity, including US$153m cash and liquid assets (30-Dec-23) SAP Implement
Slide 23: Sukari Gold Mine
SUKARI GOLD MINE” NEW LIFE OF MINE PLAN
Slide 24: New Life of Mine Plan
NEW LIFE OF MINE PLAN CONSISTENT OUNCE PROFILE AT BETTER MARGINS Targeting life extension through SUKARI PRODUCTION & COST PROFILE ! resource conversion & exploration 1400 7 a | 6 | ee he cae 1200 400Koz 1 1000 1 1 1 300Koz ' 800 600 200Koz 400 100Koz 200 - 0 FY23A FY24 Guidance FY25E FY26E FY27E FY
Slide 25: AISC reduction initiatives and targets
2024 AISC Guidance US$1200 – 1350/oz 50MW Grid power • $46m capital expenditure connection • $41m saving per annum H2-24 • ~$20m capital expenditure Gravity Circuit • +1% increase in recovery H1-25 • Improved open pit design parameters and scheduling Mining Optimisation • Increase in underground ore
Slide 26: Delivering Into Our Decarbonisation Roadmap
DELIVERING INTO OUR DECARBONISATION ROADMAP NEW PLAN REDUCES GHG EMISSIONS INTENSITY 39% OVER THE LIFE OF MINE DECARBONISATION ROADMAP GRID CONNECTION SOLAR EXPANSION 2030 INTERIM TARGET 5OMW,g connection to the Egyptian by 20MWpc for a total SOMW,¢ of solar national grid, fully displacing diesel po
Slide 27: Opportunities and benefits
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 28: Eastern Desert Exploration (EDX) Egypt
EASTERN DESERT EXPLORATION (“EDX”) EGYPT
Slide 29: MMEA applies to Centamin's three EDX blocks
The MMEA applies to Centamin’s three EDX blocks (Nugrus, Um Rus and Najd) The MMEA terms align with a modern, international mining code comparable to other jurisdictions. Presents a “win-win” to share risk and reward throughout the mining life-cycle The MMEA does not apply to the 160km? Sukari Gold
Slide 30: EDX: First Drill Programme Completed
EDX: FIRST DRILL PROGRAMME COMPLETED 16KM DRILLING PROGRAMME AT NUGRUS FINISHED IN 2023 — FOLLOW UP DRILLING IN 2024 LITTLE SUKARI PROSPECT: 46m at 3.3 g/t Au from 91m 77m at 1.84 g/t Au from 44m 69m at 2.01 g/t Au from 81m 46m at 2.14 g/t Au from 116m 29m at 2.71 g/t Au from 2m UMM MAJAL PROSPECT:
Slide 31: Doropo Gold Project, Cote d'Ivoire
BURKINA FASO DOROPO GOLD PROJECT COTE D'IVOIRE
Slide 32: 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 33: Doropo PFS Meets Internal Hurdle Rates
Mine Life 10 Years DOROPO PFS MEETS INTERNAL HURDLE RATES A ee USSi.017/07 2.5Moz of Indicated Resources, inc. 1.9Moz of Development capex LOM sustaining capex Probable Reserves @ 1.44g/t Au US$349m US$110m Annual gold production of 173koz over the LOM, Gold Price REAVER with an average of 210koz in
Slide 34: Resources and project timeline
RESOURCES +23% - 3.1Moz in Indicated Category PROJECT TIMELINE T+6m | T+ 12m | T+18m |T+24m | T+ 36m MINING Final investment decision | Mine design and schedule optimisation are well advanced ; Detailed design METALLURGY Procurement Test work supports PFS assumptions Construction PROCESSING ono Proc
Slide 35: Centamin
> CENTAMIN Az +
Slide 36: Unlocking the Potential of Our Portfolio
UNLOCKING THE POTENTIAL OF OUR PORTFOLIO DELIVERING INTO OUR STRATEGY 2020 SUKARI GOLD MINE (“SUKARI”) Life of Asset Phase 1 Issued 3yr guidance Commenced accelerated waste-stripping contract 2021 SUKARI New Sukari Orebody Stewardship Model Life of Asset Phase 2 — Roadmap to 500koz pa EGYPTIAN EASTE
Slide 37: Group production profile
SUKARI AVERAGE PRODUCTION! 906... GROUP PRODUCTION PROFILE (INCLUDING DOROPO PFS ESTIMATES) 2024-2032 a — £U5, 700Koz GROUP AVERAGE PRODUCTION! [ ' l Targeting life 600Koz extension at Sukari O O through exploration / 500Koz a + Koz “ mm 4 Hi 2027 — 2032 400Koz [| GROUP LONG-TERM AISC TARGET <$1000.
Slide 38: Investment Case
INVESTMENT CASE WORLD CLASS SUKARI ASSET * Guidance of 470-500koz in 2024 * Projected mine life to 2035 BALANCE SHEET STRENGTH * US$303 million in liquidity (81 Dec 23) * 6mon gold price protection programme below US$1900/oz gold COMMITMENT TO SHAREHOLDER RETURNS C E N TA M | N EVs * 10th consecutiv
Slide 39: Enquiries
5 ENQUIRIES | INVESTOR@CENTAMINPLC.COM ge’
Slide 40: Sukari Concession Agreement
SUKARI CONCESSION AGREEMENT EGYPTIAN LAW 222 OF 1994 BY WAY OF PRESIDENTIAL DECREE CENTAMIN PLC LICENSE Kesohag? (CEY LN; CEE CN) 30 year license granted in 2005, with option , for a further 30 years ROYALTY 3% NSR paid to the Egyptian Ministry of Finance 100% PROFITSHARE 50% of revenue net of all q
Slide 41: Egypt's Eastern Desert Exploration Blocks
EGYPT'S EASTERN DESERT EXPLORATION BLOCKS EDX MODEL MINING EXPLOITATION AGREEMENT (“MMEA"”) AGREED IN PRINCIPLE SUBJECT TO EGYPTIAN ROUTINE LEGALISATION MMEA KEY TERMS (TO BE RATIFIED AS A SPECIAL LAW) LICENSE 30 year license ROYALTY 5% NSR paid to the Egyptian government TAX 22.5% corporate tax rat
Slide 42: Sukari Quarterly Operating Statistics
SUKARI QUARTERLY OPERATING STATISTICS LAST EIGHT QUARTERS Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 OPEN PIT MINING Total material mined (kt) 31,001 33,371 35,647 36,401 32,998 32,303 31,655 32,229 Ore mined (kt) 2,970 2,767 2,814 3,146 3,273 3,609 4,501 5,401 Ore grade mined (g/t Au) 0.92 1.0
Slide 43: Open Pit
FY 23 OPEN PIT Total material mined (kt) 129,186 136,420 -5% 63,885 65,301 Ore mined (kt) 16,784 11,696 44% 9,902 6,882 Ore grade mined (g/t Au) 0.78 0.99 -21% 0.70 0.88 UNDERGROUND Ore mined (kt) 1,004 829 21% 546 458 Ore grade mined (g/t Au) 4.33 475 -9% 4.44 4.21 PROCESSING Ore processed (kt) 12,
Slide 44: Cost & Sales
FY 2023 COST & SALES Gold sold (oz) 456,625 438,638 4% 237,271 219,353 Cash cost (US$'000) 393,823 402,546 -2% 206,666 187,157 Cash costs (US$/oz prod) 875 913 4% 901 849 AISC (US$'000) 550,354 613,868 -10% 280,898 269,414 AISC (US$/oz sold) 1,205 1,399 -14% 1,184 1,228 Realised gold price (US$/oz)
Slide 45: Doropo Mineral Resources & Reserves
DOROPO MINERAL RESOURCES & RESERVES RESOURCE GROWTH UNDERPINNING DFS RESOURCES October 2023 October 2022 Tonnage Grade Gold Tonnage Grade Category : Content E or (Mt) (g/t) (Moz) (Mt) (g/t) Measured (M) 1.5 1.60 0.1 - - - 2023 0.3g/t cut-off . 2022 0.5g/ cut-off Indicated (1) W)33 1.25 3.0 Sil) 1.52
Slide 46: Sukari Mineral Reserves June 2023
June 2023 Tonnage Grade Gold Content Cates) (Moz) (Moz) (Mt) (g/t) (Mt) (g/t) OPEN PIT Proven 93.7 1.2 3.6 108.9 0.9 33 O.4g/t cut-off Probable Sil.3} 08 08 27.5 15 13 P&P 125.0 1.1 4A 136.4 1.0 46 UNDERGROUND Proven 40 3.8 0s} 40 3.6 0.5 2.2e/t cut-off Probable 46 4.0 0.6 53) 4.2 0.7 P&P 8.6 3.9 1.
Slide 47: Sukari Mineral Resources June 2023
June 2023 Tonnage Grade Tonnage Grade Gold Content Gold Content Category (Moz) (Moz) (Mt) (g/t) (Mt) (g/t) Measured (M) 197 1.06 68 267 1.04 8.9 Open pit 0.3g/t cut off Indicated (1) 118 0.93 3.5 53 1.30 2.2 Underground 1.0g/t cut-off Stockpiles 0.4g/t cut-off M+ SIS 1.01 10.3 320 1.08 11.1 Inferred
Slide 48: Group Mineral Resources
Gold category Tones re me SUKARI GOLD MINE Measured (M) 197 1.06 68 Indicated (1) 118 0.93 3S M+ SIS 1.01 10.3 Inferred 20 18 1.0 DOROPO PROJECT Measured 15 1.60 0.1 Indicated 7333 1.25 3.0 M+ 76.9 1.26 3.1 Inferred 74 1.23 0.3 ABC PROSPECT Measured - - - Indicated - = = M+ - - - Inferred 72 0.9 2.2
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Slide 50: Thank You
~ THANK YOU ~