MARTIN HORGAN, CEO, commented: 'The scheduled processing of lower-grade ore from the open pit, alongside the planned underground ventilation upgrades and mill maintenance during Q1 contributed to slightly lower production yearon-year ('YoY').
Our commitment to cost control meant our AISC on an absolute basis decreased 3% quarter-on-quarter ('QoQ') and 6% YoY; albeit the lower production coupled with the timing of gold sales resulted in a temporary increase in reported unit costs. With improved ventilation and the processing of lower grade open pit ore substantially completed during Q1, we expect production rates to now increase for the balance of the year and reaffirm our 2024 production and cost guidance ranges. We continue to advance organic growth opportunities within our portfolio. We are actively following up on the recent exploration successes from our Eastern Desert Exploration ('EDX') drilling programme and are progressing well towards completion of the DFS for the Doropo project in Cote d'Ivoire by mid-year.'
HIGHLIGHTS ? Group safety record of 12.5 million hours worked without a lost time injury ('LTI'). Regrettably, late in the quarter we recorded our first LTI in twelve months at the Sukari Gold Mine ('Sukari'). The lost time injury frequency rate ('LTIFR') for the three months to 31 March 2024 ('Q1') was 0.32 per one million hours worked. The Group's total recordable injury frequency rate ('TRIFR') for Q1 was 1.28 per one million hours worked. ? ISO 45001 Certification achieved, providing external validation for Sukari's occupational health and safety ('OHS') management system. ? Gold production of 104,821 ounces ('oz'), and gold sales 92,494 oz from the Sukari Gold Mine ('Sukari'), with 19,241 oz of gold bullion on hand, which was sold at the start of the second quarter. ? Cash costs of US$1,088/oz produced, and All-in sustaining costs ('AISC') of US$1,519/oz sold, based on 92,494 ounces sold, noting that on an absolute basis AISC was US$9 million lower QoQ. ? Doropo Environmental and Social Impact Assessment ('ESIA') submitted to the Cote d'Ivoire government, which alongside the DFS, will form the basis for the mining license application in mid-2024. ? Capital expenditure ('capex') of US$46 million, including raising TSF2, open pit and underground fleet purchases, equipment rebuilds, underground ventilation upgrades and waste mining. ? Robust balance sheet: cash and liquid assets of US$167 million, as at 31 March 2024 and total liquidity of US$317 million including the undrawn US$150 million sustainability-linked revolving credit facility.
WEBCAST The Company will host a webcast today, Thursday, 18 April at 08.30 BST where the senior executives will discuss the results, followed by an opportunity to ask questions. Webcast link: https://www.lsegissuerservices.com/spark/Centamin/events/cf209c2f-3aea-42b2-bc7c-a6d32d8775bd Please allow a few minutes to register Print friendly version of the quarterly results: https://www.centamin.com/investors/results-reports/
ABOUT CENTAMIN
Centamin is an established gold producer, with premium listings 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 over 5.7 million ounces of gold, and today has a projected mine life to 2035. Through its large portfolio of exploration assets in Egypt and Cote d'Ivoire, Centamin is advancing an active pipeline of future growth prospects, including the Doropo project in Cote d'Ivoire, and over 3,000km2 of highly prospective exploration ground in Egypt's Arabian Nubian Shield. Centamin practices responsible mining activities, recognising its responsibility to deliver operational and financial performance and create lasting mutual benefit for all stakeholders through good corporate citizenship.
Contact:
Nick Hennis
Tel: +442037271000
Email: centamin@fticonsulting.com
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 forwardlooking statements are reasonable, Centamin can give no assurance that such expectations will prove to be correct. Forward-looking 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 forward-looking 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 forwardlooking statements.
CENTAMIN PLC 
