Centamin — H1 2024 Earnings Presentation
40 slides from Centamin's earnings presentation, July 2024
Slide 1: Centamin Half-Year Results
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 (“Centamin" or “Company") solely f
Slide 3: Portfolio: Sukari, Doropo, EDX Blocks, ABC Project
Measured & Indicated Resources! SUKARI GOLD MINE | 3 Egypt (160km2) * 470-500koz (FY24e) * 5.8Moz P+P * 10.3 Moz M+I BROWNFIELD EXPLORATION DOROPO GOLD PROJECT Cote d'Ivoire (1,856km2 * DFS published * Mining License application underway * 1.9Moz P+P ° 3.1 Moz M+l DEVELOPMENT PROJECT Proven & Probab
Slide 4: 2024 Guidance on Track
2024 GUIDANCE ON TRACK PRODUCTION (oz) H1 2024 224,138 H1 2023: 220,562 FY24 GUIDANCE 470,000 — 500,000 On track CASH COSTS (US$/oz produced) H1 2024 977 H1 2023: 849 FY24 GUIDANCE 700-850 On track AISC (US$/oz sold) H1 2024 1,382 H1 2023: 1,228 FY24 GUIDANCE 1,200 — 1,350 On track
Slide 5: Safeguarding Our Workforce
SAFEGUARDING OUR WORKFORCE STRONG SAFETY PERFORMANCE HEALTH, SAFETY AND WELLBEING -) Achieved ISO 45001 Accreditation Achieved 12.5 million hours LTI free at Sukari No reportable environmental or social incidents Y) Ambition to create a zero-harm workplace LOST TIME INJURY FREQUENCY RATE (“LTIFR”) p
Slide 6: H1 2024 Operational Scorecard
H1 2024 OPERATIONAL SCORECARD UNDERGROUND ORE MINED TOTAL MATERIAL MOVED (0P+UG) TOTAL OPEN PIT ORE MINED 64Mt 13.7Mt 908kt H1 2023: 66Mt H1 2023: 6.9Mt H1 2023: 458kt 2% decrease YoY 99% increase YoY 11% improvement YoY TOTAL ORE PROCESSED FEED GRADE METALLURGICAL RECOVERY 6.4Mt 1.15¢/t Au 987.7% H
Slide 7: Waste to Ore Opportunity
WASTE TO ORE OPPORTUNITY RECLASSIFICATION CHANGES COST ALLOCATION, CREATES DUMP LEACH MATERIAL H1-2024 OPEN PIT TOTAL MATERIAL MOVEMENT 70 Strip ratio - 5.3x Strip ratio - 3.7x 60 50 40 30 Material Mined (Mt) 20 Waste to Ore Conversion 10 Ore Budget Actual 6.1Mt @ 0.96¢/t Ore mined to ROM (To be pro
Slide 8: Projects
PROJECTS NEW NORTHERN DUMP LEACH se ~ . New Dump Leach Concept :] ASO Wh. ANG Fas = TSF2 GISTM COMPLIANCE PROGRESS CENTAMIN 32
Slide 9: Financial Review
FINANCIAL REVIEW
Slide 10: H1 2024 Financial Scorecard
H1 2024 FINANCIAL SCORECARD REVENUE US$465m H1 2023: US$426m 9% increase YoY BASIC EPS 7.19 Us cents H1 2023: 7.9 -9% decrease YoY ADJUSTED EBITDA US$211m H1 2023: US193m 9% increase YoY LIQUIDITY US$350m H1 2023: US$311m Inc. US$150m undrawn RCF PROFIT POST-TAX TO SHAREHOLDERS US$83m H1 2023: US$91
Slide 11: Liquidity and Revolving Credit Facility
Higher than normal due to timing of the final gold pour and strong gold prices Gold and silver sales debtor Bullion on hand Cash and cash equivalents US$150M SUSTAINABILITY-LINKED REVOLVING CREDIT FACILITY Facility undrawn with FY 2024 investment funded from cash flow Available to finance investment
Slide 12: Unit Rates Reflect Operational Improvement
UNIT RATES REFLECT OPERATIONAL IMPROVEMENT PRODUCTIVITY GAINS, CAPITAL INVESTMENT AND INPUT PRICES DRIVE LOWER OPERATING COSTS OPEN PIT MINING COSTS UNDERGROUND MINING COSTS 80.0 28 09 0.8 s | B 2.4 507 S 3 5 0.6 2 g Bos S 40.0 22 S = 2 3 0.4 s 8 £03 5 200 16 S02 On 0.0 12 0.0 H1-21 H2-21 H1-22 -H2-
Slide 13: Stringent Cost Management
STRINGENT COST MANAGEMENT FOCUS ON THE BOTTOM-LINE COUNTER INFLATIONARY ENVIRONMENT CASH COSTS AND ALL IN SUSTAINING COSTS (AISC) (US$M) 360 300 250 200 150 100 50 0 H2-20 H1-21 H2-21 H1-22 H2-22 H1-23 H2-23 H1-24 wm Cash Cost of Production mam All-in Sustaining Costs Gold Produced (Koz) AISC H1-24
Slide 14: Profit Share and Cost Recovery
Profit Share Sukari Dore Cost Recovery ONSHORE (EGYPT) OFFSHORE CEY Funded projects* Refiner Gold Sales (US$)
Slide 15: In Partnership With Our Stakeholders
IN PARTNERSHIP WITH OUR STAKEHOLDERS $1.96BN CUMULATIVE DISTRIBUTIONS TO STAKEHOLDERS 1,963 2023 LOCAL PROCUREMENT SPEND pods) EGYPT—(SUKARI & EDX) 1.663 USS631 ~ mM 1,331 1,028 805 647 371 = iz FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 ™ Shareholder dividends (US$m) = Profit share (EMR
Slide 16: Commitment to Shareholder Returns
COMMITMENT TO SHAREHOLDER RETURNS 11 CONSECUTIVE YEAR OF DIVIDEND DISTRIBUTION INTERIM DIVIDEND DECLARED 2.25 US cents Equal to US$26m 27 September 2024 payment date 30-Jun-24 US$m Interim Group free cash flow 42.1 Add back: Growth capex financed from treasury! 6.4 Cash flow available for dividends
Slide 17: 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 2024 DELIVERABLES 2024 OBJECTIVES US$350m in liquidity, including US$200m cash and liquid assets (30-Jun-2
Slide 18: Eastern Desert Exploration (EDX) Egypt
EASTERN DESERT EXPLORATION (“EDX”) EGYPT | LEGEND
Slide 19: 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 20: Drill Programme Expanded
DRILL PROGRAMME EXPANDED LITTLE SUKARI REMAINS OPEN ALONG STRIKE AND AT DEPTH 2024 Work completed at Little Sukari * Detailed geological mapping of the prospect » Induced Polarisation (“IP”) and ground magnetic survey ¥ Quided additional drilling » 12.7km of Reverse Circulation (“RC”) and Core Drill
Slide 21: Doropo Gold Project, Cote d'Ivoire
Slide 22: 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 23: Environmental & Social Assessment
ENVIRONMENTAL & SOCIAL ASSESSMENT INVESTMENT AND EMPLOYMENT OPPORTUNITY IN REMOTE REGION OF COTE D'IVOIRE ESIA SUBMITTED AND ENVIRONMENTAL PERMIT GRANTED * The Environmental permit was received in June, following the Q1 2024 submission of the ESIA, endorsing the Company's management plans. IMPROVEME
Slide 24: Doropo DFS Highlights
DOROPO DFS HIGHLIGHTS 3.1Moz of Measured & Indicated Resources, inc.1.9Moz of Probable Reserves @ 1.53g/t Au Annual gold production of 167koz over the LOM, with an average of 207koz in the first five years All-in sustaining costs of US$1,047/oz over the LOM, with an average AISC of US$971/oz for the
Slide 25: All-in-Sustaining Cost
• • 3,500 3,000 All-in-Sustaining Cost ($/oz) 2,500 2,000 1,500 1,000 500 0 Cumulative Paid Gold (1000 oz)
Slide 26: Next Steps to Final Investment Decision
NEXT STEPS TO FINAL INVESTMENT DECISION PROJECT TIMELINE T+6m | T+12m )T+18m |T+24m | T+36m MINING LICENSE APPLICATION (H2-24) Final investment decision | DFS + Environmental Permit will support the application Detailed design EARLY WORKS Procurement FEED, Camp upgrades, equipment downpayments and i
Slide 27: Centamin
> CENTAMIN Az +
Slide 28: 2024 Guidance
2024 GUIDANCE PRODUCTION (ounces) CASH COSTS (US$/oz produced) AISC (US$/oz sold) 470-500 Koz 700-850 2023: 450koz 2023: 895 1,200-1,350 2023: 1,205 Reflects range of diesel prices and cost reallocation Reflecting range of diesel prices ADJUSTED CAPEX EXPLORATION SPEND (Expensed) 2024 DIVIDEND US$21
Slide 29: Group Production Profile
SUKARI AVERAGE PRODUCTION! 906... 2024 — 2032 GROUP PRODUCTION PROFILE (INCLUDING DOROPO DFS ESTIMATES) 800Koz 10K GROUP AVERAGE PRODUCTION! Targeting life 600Koz L | extension at Sukari through exploration 7 O O 500KOZ yuu be + Koz | 2027 — 2032 400Koz | | 300Koz 200K07 GROUP LONG-TERM AISC TARGET
Slide 30: Enquiries
5 ENQUIRIES | INVESTOR@CENTAMINPLC.COM ge’
Slide 31: Unlocking the Potential of Our Portfolio
UNLOCKING THE POTENTIAL OF OUR PORTFOLIO DELIVERING INTO OUR STRATEGY 2020 2021 2022 2023 2024 —— SS SS SS SUKARI GOLD MINE (“SUKARI”) Life of Asset Phase 1 Issued 3yr guidance Commenced accelerated waste-stripping contract SUKARI New Sukari Orebody Stewardship Model Life of Asset Phase 2 — Roadmap
Slide 32: Sukari Concession Agreement
SUKARI CONCESSION AGREEMENT EGYPTIAN LAW 222 OF 1994 BY WAY OF PRESIDENTIAL DECREE CENTAMIN PLC LICENSE Kesohag? (CEY LN; CEE CN) 30 year license granted in 2005, with option , for a further 30 years ROYALTY 3% NSR paid to the Egyptian Ministry of Finance 100% PROFITSHARE 50% of revenue net of all q
Slide 33: Egypt's Eastern Desert Exploration Blocks
EGYPT'S EASTERN DESERT EXPLORATION BLOCKS EDX MODEL MINING EXPLOITATION AGREEMENT (“MMEA"”) AGREED IN PRINCIPLE SUBJECT TO EGYPTIAN ROUTINE LEGALISATION MMEA KEY TERMS (TO BE RATIFIED AS A SPECIAL LAW) LICENSE 30 year license ROYALTY 5% NSR paid to the Egyptian government TAX 22.5% corporate tax rat
Slide 34: H1 2024 Financial Summary
Gold sold Cash cost Unit cash cost AISC. Unit AISC Avg realised gold price Revenue EBITDA Profit before tax Profit after tax attrib to shareholders Capital expenditure Operating cash flow Free cash flow Oz US$'000 US$/oz produced US$'000 US$/oz sold US$/oz US$'000 US$'000 US$'000 US$'000 US$'000 US$
Slide 35: Operational Summary H1 2024
Total material mined Ore mined Ore grade mined UNDERGROUND Ore mined Ore grade mined PROCESSING Ore processed Feed grade Gold recovery OUTPUT Gold production kt kt g/t Au kt g/t Au kt g/t Au % ler4 H1 2024 64,084 13,696 0.65 508 3.27 6,405 1.15 87.7% 224,738 63,884 9,902 0.70 546 4.44 5,938 13 88.8%
Slide 36: Quarterly Operating Data
Q1-24 Q2-24 OPEN PIT MINING Total material mined (kt) 35,647 36,401 32,998 32,303 31,655 32,229 31,772 32,312 Ore mined (kt) 2,814 3,146 3,273 3,609 4,501 5,401 6,231 7,465 Ore grade mined (g/t Au) 1.04 0.93 0.87 0.9 0.74 0.67 0.63 0.67 UNDERGROUND MINING Ore mined (kt) 210 233 236 222 245 301 230 2
Slide 37: Doropo Gold Project, Cote d'Ivoire
DOROPO GOLD PROJECT, COTE D'IVOIRE 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
Slide 38: Reserves and Resources
RESERVES AND RESOURCES RESERVE GRADE IMPROVED FROM PFS TO DFS RESOURCES October 2023 October 2022 Gold Gold Tonnage Grade Tonnage Grade Category Content Content (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) Measured (M) 15 1.60 0.1 - - - 2023 0.3g/t cut-off Indicated (1) 75.3 1.25 3.0 51.5 152 25 2022 0.5g/t cu
Slide 39: Doropo DFS Life of Mine Schedule
DOROPO DFS LIFE OF MINE SCHEDULE US$1900/o7 Aut Unit___LOM_Y-2 YA YL y2 y3 y4 Y5 Y6 Y7 y8 yo y10 yuy14 MININ -HEDULE Total material moved kt 225,788 : 23,312 27,775 27,519 28,000 28,000 26,287 «22,910 22,000 16,364 3,621 - Total waste moved kt 187,563 : 19,198 22,919 23,180 23,616 23,287 21,717 18,4
Slide 40: Thank You
~ THANK YOU ~