Centamin plc - QUARTERLY REPORT

MARTIN HORGAN, CEO, commented: 'The fourth quarter performance represented a successful conclusion to the year. Our operating team delivered on our 2022 guidance for both ounces and costs at Sukari, despite the impact of industrywide inflationary pressures. Even more importantly, we are proud to report a new safety record of over 8 million hours worked without a lost time injury reflecting our focus on safety across the Company.

It was a busy fourth quarter - we commissioned the 36Mw Sukari solar plant, delivering immediate cost savings and reductions in carbon emissions; we completed the Sukari underground expansion study confirming the ability to increase mining rates by 30% from 2025; for the consecutive second year, we materially grew the Sukari reserves; and we signed a US$150 million sustainability linked revolving credit facility providing greater flexibility to fund growth. Outside of Sukari, the Doropo pre-feasibility study is on track for H1 2023, with work focused on assessing new potential capital and cost saving opportunities, and on our earlier stage exploration blocks in Egypt, we have identified drill targets to be tested later this year. During 2023, we look forward to further increasing gold production from Sukari year on year while continuing to manage cost pressures, and progressing the multiple identified opportunities across our portfolio.'

HIGHLIGHTS

2022 guidance delivered

New Group safety record achieved: the Company recorded no Lost Time Injuries ('LTI') in the fourth quarter

('Q4') and Sukari has achieved a site record of eight million hours LTI free. The lost time injury frequency rate

('LTIFR') for the twelve months ended 31 December 2022 ('FY') was 0.08 per one million hours worked, representing an 83% improvement from the previous year

Annual gold production of 440,974 oz in line with guidance: Q4 production of 109,564 ounces ('oz'), totaling FY production of 440,974 oz

Annual revenue of US$787 million: Q4 revenue of US$188 million, generated from gold sales of 108,441 oz at an average realised gold price of US$1,735/oz sold; FY revenue of US$787 million, generated from gold sales of 438,638 oz at an average realised gold price of US$1,794/oz sold

Costs delivered in line with guidance: Q4 cash costs of US$997/oz produced and AISC of US$1,445/oz sold; FY cash costs of US$913/oz produced and AISC of US$1,399/oz

Capital expenditure of US$224.3 million in line with guidance: Q4 spend of US$64.8 million with excellent progress made on key capital projects including the commissioning of the 36Mw Sukari solar plant; paste plant build remains on track for commissioning in H1 2024. FY capital expenditure ('capex') of US$224.3 million including underground transition to owner-operator, accelerated open pit waste stripping campaign and Sukari mining concession exploration

Geological focus delivers a second year of reserve growth at Sukari: total Measured and Indicated Mineral

Resources of 320 million tonnes ('Mt') at 1.08 grams of gold per tonne ('g/t Au') for 11.11Moz of contained gold, reflecting a 13% increase in ounces (1.3Moz) after depletion, including Proven and Probable Reserves of 163Mt at 1.1g/t Au for 6.0Moz, reflecting additions of 0.8Moz in the open pit and underground before depletion.

Confirmed Sukari underground expansion potential: increasing underground ore mining rates to 1.5Mt , which is more than30% above current life of mine averages, driving future production growth from Sukari.

Upgrading the Doropo resource: total Indicated Resource of 51.2Mt at 1.52g/t Au for 2.52Moz of contained gold, including a 22% increase in grade and significant exploration upside potential. Doropo pre-feasibility study ('PFS') well progressed. Additional work underway on the processing circuit assessing potential capital and operating cost savings. PFS completion expected H1 2023.

Secured US$150 million sustainability-linked revolving credit facility: the facility provides greater financial capacity and flexibility to fund identified growth and enhancement opportunities across our portfolio. The sustainability targets will track tangible progress in reducing the Company's environmental footprint and strengthening its social license to operate.

Robust balance sheet: cash and liquid assets of US$156.6 million, as at 31 December 2022

OUTLOOK

2023 guidance in line

Gold production guidance range of 450,000 to 480,000 oz per annum weighted towards H2 (45:55)

Cash cost guidance range of US$840-990/oz produced and AISC guidance range of US$1,250-1,400/oz sold, reflecting higher fuel prices and global inflationary pressures

Capex guidance is US$225 million, as the Company continues to identify growth and optimisation projects at Sukari, including development of a gravity circuit; expansion of the dump leach capacity; and to commence the underground expansion. This also reflects inflationary pressures on the contracted waste-stripping programme specifically from higher fuel prices

Exploration spend is budgeted at US$30 million, including US$23 million for the pre-development study work on the Doropo Project.

KEY MILESTONES

Capital Structure Review (Q1 2023)

Doropo Project, Cote d'Ivoire, completed PFS (H1 2023)

Sukari Gold Mine, Egypt, updated Life of Mine Plan (43-101), including underground expansion (H2 2023)

WEBCAST AND CONFERENCE CALL

The Company will host a webcast and conference call today, Thursday, 19 January at 08.30 GMT to discuss the results, followed by an opportunity to ask questions.

Webcast link: https://www.investis-live.com/centamin/63b6ddfbaba36a0c00072b18/eabie

Conference call dial-in telephone numbers:

United Kingdom (and all other locations) [phone]

United States [phone]

Participation access code: 349884

PRINT-FRIENDLY VERSION of the quarterly results: www.centamin.com/investors/results-reports/

ABOUT CENTAMIN

Centamin is an established gold producer, with a premium listing on the London Stock Exchange and 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 circa 5 million ounces of gold, and today has a projected mine life of 12 years. Through its large portfolio of exploration assets in Egypt and West Africa, Centamin is advancing an active pipeline of future growth prospects, including the Doropo Project in Cote d'Ivoire, and approximately 3,000km2 of highly prospective exploration ground in Egypt's Arabian Nubian Shield. Centamin practices responsible mining activities, recognising its responsibility to not only deliver operational and financial performance but to create lasting mutual benefit for all stakeholders through good corporate citizenship.

Contact:

Centamin plc

Alexandra Barter-Carse

Head of Corporate Communications

E: [e-mail]

Buchanan Bobby Morse

George Cleary

T: + 44 (0) 20 7466 5000

E: [e-mail]

FORWARD-LOOKING STATEMENTS

This announcement (including information incorporated by reference) contains 'forward-looking statements' and 'forwardlooking 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 ooking 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 forwardlooking 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 the ongoing 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, uncertainty and disruption caused by the outbreak 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

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