Centamin PLC Announces Unlocking Centamin’s Potential – Market Event

PERTH, December 2, 2020 - MARTIN HORGAN, CEO, COMMENTED: "Today we are setting out how we will unlock Centamin's potential. We have already strengthened the board and management as we embark on a programme to optimise Sukari and ensure it remains one of the world's leading, low-cost gold mines for the long-term. By generating strong and sustainable cash flows, we will be able to exploit our excellent growth opportunities while delivering returns for all our stakeholders."

Centamin is hosting a capital markets webcast today, Wednesday, 2 December 2020, for investors and analysts. The event will be hosted by Martin Horgan, CEO, and Ross Jerrard, CFO with the presentation starting at 09.00 GMT (UK time). The Company will present its strategic priorities, long-term vision including the three-year outlook and the Group's growth opportunities.

HIGHLIGHTS

• Reshaping the business through the right people undertaking the right processes
• Investing for operating stability and consistency
• Enhanced focus on cash flow generation; targeting US$100 million reduction in the gross annual cost base by 2024
• Positioning Sukari to reliably produce 450,000-500,000 ounces of gold per annum, at all-in sustaining costs ("AISC") below US$900/oz sold from 2024
• A commitment to shareholder returns with the intention to distribute at least US$100 million in total dividends for each of the financial years 2020 and 2021
• Progressing the active pipeline of existing growth opportunities within the business

LIFE OF ASSET REVIEW ("(LOA")

Centamin has completed Phase 1 of the two-phase LOA at Sukari. The Company's objective is to deliver a reliable and consistent operating performance, identify opportunities and potential challenges over the mine life and to move from a short-term planning cycle to a long term, life of mine plan.

Phase 1 of the LOA is the basis to align the asset to industry standards, resulting in a robust three-year mine plan. This new plan will deliver production growth in the medium term and underpin levels of production that will deliver strong, sustainable cash flows from Sukari over the longer term.

Phase 2 of the LOA is actively underway evaluating additional opportunities to further improve operating costs and productivity. This work will result in an updated life of mine plan to be disclosed in Q4 2021.

GROUP THREE YEAR OUTLOOK

COMMITMENT TO SHAREHOLDER RETURNS

It is the Board's intention to recommend, subject to final approvals:

• US$35 million as the 2020 final dividend, bringing the 2020 total dividend to US$104 million
• A minimum of US$105 million as the 2021 total dividend - distributed as an interim and final dividend

The Company maintains a strong balance sheet, has clear visibility on the near and medium capital expenditure requirements and expects to generate significant cash flow at market consensus gold prices.

WEBCAST

To join the webcast please follow this link, allowing a few minutes to register: https://webcasting.buchanan.uk.com/broadcast/5fb2877abe1fd642a3ef21b0

A recording of the event and presentation material will be available on the Company's website shortly after the webcast has concluded.

During the live event, there is a tab where investors can submit questions. Should any questions arise after the event or while watching the replay, please email investors@centamin.je.

FOR MORE INFORMATION please visit the website www.centamin.com or contact:

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SOURCE: Centamin Plc