Centamin plc ('Centamin', 'Group' or 'the Company') (LSE: CEY) (TSX: CEE) MARTIN HORGAN, CEO, commented: 'These results reflect a good start to the year, with the Sukari team delivering another consistent performance in line with our operational plan, as well as making great progress on our key capital projects.
Our mining operations continue to benefit from both increased flexibility in the open pit, as a result of the accelerated waste-mining strategy and operational productivity gains, as well as improved productivity and performance from the underground mine, following the transition to owner mining in 2022.
We reiterate our 2023 guidance and look forward to reporting later in the year on several additional projects which will deliver growth and underpin returns. These include connecting Sukari to the grid which will reduce carbon emissions and save costs, publishing an optimised Sukari life of mine plan, commencing drill testing on our Egyptian Eastern Desert blocks and completing the PFS at our advanced Doropo Project in Cote d'Ivoire.'
HIGHLIGHTS
Operational performance delivered in line with the mine plan
The lost time injury frequency rate ('LTIFR') for the three months to 31 March 2023 ('Q1') was 0.31 per one million hours worked, reflecting one lost time injury. The total recordable injury frequency rate ('TRIFR') was 2.77 per one million hours worked
Q1 gold production from the Sukari Gold Mine ('Sukari') was 105,875 ounces ('oz')
Q1 revenue of US$205 million, an 18% increase from Q1 2022, generated from gold sales of 107,661 oz at an average realised gold price of US$1,902/oz sold
Q1 cash costs of US$937/oz produced and all-in sustaining costs ('AISC') of US$1,348/oz sold
Q1 capital expenditure of US$54 million including the final stages of the underground paste-fill plant construction ahead of commissioning in Q2, and Robust balance sheet with cash and liquid assets of US$155 million, as at 31 March 2023 and US$150 million undrawn revolving credit facility.
2023 OUTLOOK
Guidance unchanged and on track
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
Adjusted capex guidance is US$225 million, weighted towards H1 (55:45), which excludes US$48 million of sustaining deferred stripping reclassified from operating costs, and Exploration spend is budgeted at US$30 million, including US$23 million for the pre-development study work on the Doropo Project.
KEY MILESTONES
25 April 2023: Publication of the 2022 Sustainability Report
June 2023: Doropo Project (Cote d'Ivoire) complete pre-feasibility study
H2 2023: Sukari Gold Mine (Egypt) update Life of Mine Plan (NI 43-101), including underground expansion
WEBCAST AND CONFERENCE CALL
The Company will host a webcast and conference call today, Thursday, 20 April 2023 at 08.30 BST to discuss the results, followed by an opportunity to ask questions.
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CENTAMIN PLC 
