Centamin PLC Announces Sukari Reserve Growth Supports Roadmap to 500Koz

Sukari reserve growth supports roadmap to 500,000 ounce per annum production

PERTH, December 8, 2021 - Martin Horgan, CEO, commented: "Today marks significant progress against our Sukari reset plans. The transformed approach to the management of Centamin has delivered excellent results including a net 1.1 million ounce Mineral Reserve growth at Sukari - representing the largest reserve increase in ten years. Within our Sukari 300,000 metre budgeted drill programe for 2022, we have an active pipeline of identified resource conversion and extensional drill targets which gives us significant confidence in continuing to grow this world class asset.

Our improved geological model underpins our new robust 12+ year mine schedule and from this we have identified a clear roadmap to consistently producing greater than 500,000 ounces per annum from the Sukari Gold Mine over the next decade."

Centamin is hosting a virtual investor presentation today, Wednesday 8 December 2021, for investors and analysts. The event will be hosted by Martin Horgan, CEO, and Ross Jerrard, CFO, with the presentation starting at 10.00 am GMT (UK time). Martin and Ross will present an updated life of mine plan for the Company's flagship asset, the Sukari Gold Mine, including further identified opportunities, framing the long-term vision for the asset.

HIGHLIGHTS

• Delivered Mineral Reserve growth in excess of one million ounces net of six months mining depletion, representing a 23% increase in Sukari Proven & Probable Mineral Reserves:
  • Including a 200% increase in Sukari Underground Proven & Probable Mineral Reserves
• Delivered 8% Mineral Resource growth net of six months mining depletion
• Roadmap to +500,000 ounces of gold per annum, underpinned by a robust interim 12 year life of mine schedule:
  • Underground expansion (tonnes and grade) study underway for completion in H2 2022
• Further upside drivers yet to be modelled, include the emergence of 'bonanza' high grade structures within the open pit and underground,
• US$100 million cost savings programme increased by 50% to US$150 million, to be delivered by 2024
• Multiple growth opportunities identified with a review of the capital structure underway to increase financial flexibility

MILESTONES & TARGETS

• Underground expansion study underway - completion H2 2022
• Doropo Project (Côte d'Ivoire) pre-feasibility study underway - completion H2 2022
• Delivering operational consistency at Sukari by improving the resource to mill ounce reconciliation to +/-10% by 2024
• Delivering an additional 2Moz Group Mineral Reserve growth by 2024
• Extending the Sukari underground reserve life to in excess of 10 years (currently 8 years up from 3 years) by 2024

GROUP THREE YEAR OUTLOOK

WEBCAST

The event will start at 10.00 am GMT and, including a Q&A session, is expected to end no later than 11.30 am GMT.

Event access: To join the webcast: https://webcasting.brrmedia.co.uk/broadcast/618e790238a15b548bb9077d. Please allow a few minutes to register.

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

Questions: 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 investor@centaminplc.com.

This announcement should be read in conjunction with the Investor Presentation - Sukari Gold Mine https://www.centamin.com/investors/presentations-webcasts/

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

sukari gold mine MINERAL RESOURCE & reserve statements

Mineral resource estimate

The Mineral Resource data presented in the tables included in this document comprises of a summary extract of the Mineral Resource report for the Group's operating mine, Sukari Gold Mine. For comparative purposes, data for 2020 has been included where possible. The significant figures used in the table are intended to reflect the level of accuracy of the different resource classifications reported. Numbers have been rounded and therefore there may be small differences in the totals. Varying cut-off grades have been clearly stated. The gold price assumption for the Mineral Resources estimate was unchanged at US$2,000/oz.

The Sukari Mineral Resource estimated at the end of June 2021 saw a 8% increase in Measured and Indicated resources, net of six months mining depletion.

For the purposes of the Sukari Mineral Resource update, the Company has retained the previously developed 2019 Mineral Resource model as developed by H&S Consultants Pty Ltd ("H&SC") and updated it to account for six months of mining depletion, between 31 December 2020 and 30 June 2021:

• H&SC depleted the 2019 open pit Multiple Indicator Kriging ("MIK") Mineral Resource estimate for Sukari as at 30 June 2021, within a whittle pit shell generated by Cube Consulting ("Cube") using a gold price of US$2,000/oz.
• The 2021 Mineral Resource estimate excludes the planned underground voids within the selected pit shell.
• A cut-off grade of 0.3 g/t gold is used for reporting the open pit Mineral Resource estimate.

In respect of the Sukari underground Mineral Resource, Centamin and audited by Cube completed the estimation for Sukari underground as at 30 June 2021:

• The model has been developed by Centamin and audited by Cube utilising geological information, a drop in domain cutoff from 2g/t to 0.5g/t and additional drilling (~70km) with an effective cut-off date of 30 June 2021.
• The estimation methodology employed in preparing the updated Mineral Resource is consistent with the 2020 estimate, using the reporting cut-off grade of 1.0g/t contained gold.
• The Sukari underground Mineral Resources are defined below the US$2,000/oz open pit shell and combined with the open pit Mineral Resources to provide a Sukari Gold Mine Mineral Resource estimate.

Open Pit Mineral Resource Notes

• All open-pit Mineral Resources are estimates of recoverable tonnes and grades using MIK with block support correction produced in the GS3 software.
• Measured resources lie in areas where drilling is available at a nominal 25 x 25 metre spacing, Indicated resources occur in areas drilled at approximately 25 x 50 metre spacing and Inferred resources exist in areas of broader spaced drilling.
• The Open-pit Mineral Resource estimate at a 0.3 g/t gold cut-off grade extends over a strike length of ~2.5 kilometres, a width of ~500 m and from current surface to a depth of ~900 m.
• The Open-pit Mineral Resource estimate used all available surface drilling, channel and chip samples as at 18 July 2019, and longer underground production holes were also included. The open-pit resource data set comprised 389,856 two-metre drill hole composites and surface rock chip samples.
• H&SC has checked the drilling completed between December 2020 and June 2021 and considers that these data are unlikely to have a significant impact globally, although some local differences are expected.
• The Mineral Resource Estimates were adjusted to the mining surface and underground mining voids as at 30 June 2021.

Underground Mineral Resource Notes

• All underground Mineral Resources are estimated using Ordinary Kriging using Vulcan software.
• Measured Resources lie in areas where drilling is available at least 20 x 20 metre spacing and the interpreted mineralisation defined by underground mine development. Indicated Resources occur in areas drilled at approximately 50 x 25 metre spacing and Inferred Resources exist in areas of broader spaced drilling of approximately 100 x 50 metre spacing.
• The underground Mineral Resource estimate at a 1.0 g/t gold cut-off grade extends over a strike length of ~2.5 kilometres, a width of ~500 m and from current surface to a depth of ~1,200 m.
• All available surface drilling, channel and underground samples were used as at 30 June 2021. The resource data set used directly in the Mineral Resource Estimate comprised a total of 124,946 one metre down hole drilling composites and 114,647 one metre down hole channel sample composites.
• The Mineral Resource Estimates were adjusted to the mining surface and underground mining voids as at 30 June 2021.

SUKARI MINERAL RESERVE ESTIMATE

The Mineral Reserve data presented in the tables included in this document, comprise a summary extract for the Sukari Gold Mine Mineral Reserve report. Currently all the Mineral Reserves are contained within the Sukari tenement. For comparative purposes, data for 2020 has been included. Numbers have been rounded and therefore there may be small differences in the totals.

Included in the Mineral Resources, the Mineral Reserves at 30 June 2021 were 5.8 million ounces of gold. The increase, net of six months depletion, from 2020 is attributable to significant Mineral Resource to Mineral Reserve conversion within the underground, and changes in the open pit design. The gold price assumption used for estimating Mineral Reserves is unchanged at US$1,450 per ounce. Based on the expected throughput rates, the remaining Mineral Reserve life of Sukari open pit operation and stockpiles is approximately 12 years, including approximately 8 years for the underground, as of 30 June 2021.

Mineral Reserve Notes

• Open pit and stockpiles cut-off grade for reporting of 0.4g/t
• Open pit Mineral Reserve estimate includes 4.9Mt at 0.4g/t for 0.1Moz gold, using a 0.2g/t cut-off, for the dump leach
• Underground cut-off grade for reporting of 0.4g/t gold for development with stopes defined within a 2.2g/t gold cut-off

Qualified persons

Information of a scientific or technical nature in this document, including but not limited to the Mineral Reserve and Mineral Resource estimates, was prepared by and under the supervision of Craig Barker, the Group's Qualified Person(s), and independent Qualified Person(s) as below:

A "Qualified Person" is as defined by the National Instrument 43-101 of the Canadian Securities Administrators. The named Qualified Person(s) have verified the data disclosed, including sampling, analytical, and test data underlying the information or opinions contained in this announcement in accordance with standards appropriate to their qualifications. Each Qualified Person consents to the inclusion of the information in this document in the form and context in which it appears.

Information of a scientific or technical nature in this document, including but not limited to the Mineral Resource estimates, was prepared by and under the supervision of the Group Qualified Persons, Craig Barker, Group Mineral Resource Manager, . A geoscientist whofulfils the requirements of being a "Qualified Person(s)" under the CIM Definition Standards.

Sukari Gold Mine, Egypt

• Mineral Reserve (open pit) Quinton de Klerk of Cube Consulting Pty Ltd
• Mineral Reserve (underground) Quinton de Klerk of Cube Consulting Pty Ltd
• Mineral Resource (open pit) Arnold van der Heyden of H&S Consultants Pty Ltd
• Mineral Resource (underground) Craig Barker of Centamin Plc

Investors should be aware that the figures stated are estimates and no assurances can be given that the stated quantities of metal will be produced.

Mineral Resource Estimates contained in this document are based on available data as at 30 June 2021.

Varying cut-off grades have been used, and clearly marked, for estimating the Mineral Resource estimates at different Group properties, depending on the stage of project, maturity and ore type.

ENDNOTES

Guidance

The Company actively monitors the developments of the COVID-19 pandemic and guidance may be impacted if the workforce or operation are disrupted.

Forward-looking Statements

This announcement (including information incorporated by reference) contains "forward-looking statements" and "forward-looking 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-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 resultsThere 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.

LEI: 213800PDI9G7OUKLPV84

Company No: 109180

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SOURCE: Centamin Plc