INVESTING FOR THE FUTURE - Home | Centamin › ~ › media › Files › C › Centamin...This presentation has been prepared by Centamin Plc (“ entamin”or “ ompany”)solely

BOFA 2020 GLOBAL MINING CONFERENCE

INVESTING FOR THE FUTURE

CLEAR STRATEGYMATERIAL UPSIDESTAKEHOLDER RETURNS

This presentation has been prepared by Centamin Plc (“Centamin” or “Company”) solely for information and does not purport to containall the information that may be necessary or desirable to fully and accurately evaluate Centamin or its business prospects. For the purposes ofthis notice, "presentation" includes this document, any oral presentation, any question and answer session and any written or oral materialdiscussed or distributed by Centamin during any such presentation. By attending this presentation and/or accepting, reading or accessing acopy of this document, you agree to be bound by the limitations, terms and conditions set out below and, in particular, will be taken to haverepresented, warranted and undertaken that you have read and agree to comply with the contents of this notice. No securities regulatoryauthority has reviewed or in any way passed upon the presentation.

As a consequence of legal restrictions, the release, publication or distribution of this presentation in certain jurisdictions or to certainpersons may be restricted or unlawful. All persons resident or located outside Jersey, Canada and the United Kingdom must first satisfythemselves that they are not subject to any local requirements that prohibit or restrict them from attending, reading or otherwise accessing thispresentation and should inform themselves of, and observe, any applicable legal or regulatory requirements applicable in their jurisdiction. Anyfailure to comply with applicable requirements may constitute a violation of the laws and/or regulations of any such jurisdiction.

The information set out in this presentation is not intended to form the basis of any contract. No shares are being offered to the publicby means of this presentation. This presentation is not intended to, and does not constitute, represent or form part of any offer, and should notbe construed as, any offer, invitation or recommendation to purchase, otherwise acquire, sell or subscribe for, sell or otherwise dispose of, anysecurities or the solicitation of any vote for approval in any jurisdiction and neither the issue of the information nor anything contained hereinshall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity, or the making of anyinvestment decision. This presentation does not purport to contain all of the information that may be required to evaluate any investment inCentamin. Any person considering making an investment decision in relation to Centamin is advised to obtain independent advice as to thelegal, tax, accounting, financial, credit and other related advice prior to making an investment.

We do not consider the information contained in this presentation to amount to inside information for the purposes of the EU Market AbuseRegulation. However, you should make your own assessment as to whether you possess inside information and you should not use any insideinformation to deal in financial instruments related to Centamin’s securities or any other securities and investments until after such informationis made publicly available. Any dealing or encouraging others to deal whilst in possession of inside information may amount to insider dealingunder the Criminal Justice Act 1993 and the EU Market Abuse Regulation and similar rules under Canadian securities laws with respect to thetrading of securities with the knowledge of material undisclosed information.

This presentation has not been independently verified and none of Centamin, its shareholders, subsidiaries, affiliates, associates, or theirrespective directors, officers, partners, employees, representatives and advisers makes any representation or warranty, express or implied,as to the accuracy or completeness of the information contained in this presentation, or otherwise made available, nor as to thereasonableness of any assumption contained herein or therein, and any liability therefore (including in respect of direct, indirect, consequentialloss or damage) is expressly disclaimed and no liability is assumed by any such persons for any information, opinions,errors or omissions in this presentation. Nothing contained herein or therein is, or shall be relied upon as, a promise or representation, whetheras to the past or the future and no reliance, in whole or in part, should be placed on the fairness, accuracy, completeness or correctness of theinformation contained herein or therein. Further, nothing in this presentation should be construed as constituting legal, business, tax orfinancial advice. Other than in accordance with their respective legal or regulatory obligations, Centamin are not under any obligation, and theyexpressly disclaim any intention or obligation, to amend, correct or update this presentation or to provide the recipient with access to anyadditional information that may arise in connection with it. All information presented or contained in this presentationis subject to verification, correction, completion and change without notice.

No statement in this presentation is intended as a profit forecast or estimate for any period and no statement in this presentation should beinterpreted to mean that earnings or earnings per share (or other metrics) for the current or future financial years would necessarily match orexceed the historical published earnings or earnings per share (or other metrics).

This presentation and any materials distributed in connection with this presentation may contain certain “forward-looking statements" and"forward-looking information" under applicable securities laws (collectively, "forward-looking statements"), including statements relating to theall-share merger proposal from Endeavour Mining Corporation. Generally, these forward-looking statements can be identified by the use offorward-looking terminology such as "believes", "expects", "expected", "budgeted", "forecasts" and "anticipates". Although Centamin believesthat the expectations reflected in such forward-looking statements are reasonable, Centamin can giveno assurance that such expectations will prove to be correct.

Forward-looking information involves and is subject to known and unknown risks, uncertainties and other factors which may cause the

actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from any future results,performance or achievements expressed or implied by the forward-looking information. The material factors and assumptions used todevelop the forward-looking statements include, among others, general business, economic, competitive, political and socialconsideration and assumptions concerning economic evaluations, exchange rates, project parameters and gold and other commodityprices.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materiallyfrom those described in forward-looking information, there may be other factors that cause actions, events or results to differ from thoseanticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this presentation, except asmay be required by applicable law, and the Company disclaims any obligation to update any forward-looking information, whether as aresult of new information, future events or results or otherwise. There can be no assurance that forward-looking information orstatements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such informationor statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Refer to the Company’s annual results 2018, for further discussion of the extent to which the estimate of mineral resources/reserves maybe materially affected by any known environmental, permitting, legal, title, taxation, socio-political, or other relevant issues.

Information of a scientific or technical nature in this presentation pertaining to the Sukari Gold Project mineral reserve and resourceestimates is based on information of a scientific and technical nature that was included in the Company’s annual financial statements forthe year ended December 31, 2018 which is available under Centamin’s profile on SEDAR at www.sedar.com. The underlying informationwas prepared by and under the supervision of Norman Bailie, Centamin’s Qualified Person(s) and independent Qualified Person(s) asbelow:

Open pit mineral reserve Quinton de Klerk of Cube Consulting Pty Ltd;

Underground mineral reserve Adrian Ralph of Cube Consulting Pty Ltd;

Mineral resource (underground) Mark Zammit of Cube Consulting Pty Ltd;

Mineral resource Arnold van der Heydyn of H&S Consultants Pty Ltd; and

Resource database and economic assumptions for open-pit resource Norman Bailie of Centamin plc.

Please refer to the technical report entitled “Mineral Resource and Reserve Estimate for the Sukari Gold Project, Egypt” effective on30 June 2015 and issued on 23 October 2015 and filed on SEDAR at www.sedar.com, for further discussion of the extent to which theestimate of mineral resources/reserves may be materially affected by any known environmental, permitting, legal, title, taxation,sociopolitical, or other relevant issues as well as details of the qualified persons and quality control.

A Qualified Person is as defined by the National Instrument 43-101 - Standards of Disclosure For Mineral Projects of the CanadianSecurities Administrators ("NI 43-101"). Named Qualified Persons have verified the data disclosed, including sampling, analytical,and test data underlying the information or opinions contained in this presentation in accordance with standards appropriate to theirqualifications.

All Mineral Reserves and Mineral Resources for the Company have been estimated in accordance with the standards of the CanadianInstitute of Mining, Metallurgy and Petroleum and NI 43-101. All Mineral Resources are reported exclusive of Mineral Reserves. MineralResources that are not Mineral Reserves do not have demonstrated economic viability.

THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL.

DISCLAIMERS

2BOFA 2020 GLOBAL MINING CONFERENCE

INVESTMENT PROPOSITION

3

ABC PROJECTDOROPO PROJECT

Côte D’Ivoire

SUKARI GOLD MINE

EgyptBATIE WEST PROJECT

Burkina Faso

World ClassSukari Asset

2020E production guidanceof 510-540 koz

>15 year remaining mine life

BalanceSheet Strength

US$379 million cash and liquidassets at 31-Mar-202

No debt, no hedging, no streaming

Track Record ofShareholder Returns

6 consecutive years of cash dividends

~US$570 million dividends paid and payable to date1

Clear and Consistent Strategy

Maximising the value of Sukari

Commitment to shareholder returns

Continued assessment of growth initiatives

Strong Board governance

Strong OperatingTrack Record

10 years operating in Egypt

Significant historical undergroundreserve replacement

Strengthened operational leadership

GrowthPotential

Potential to further extend Sukari’s mine life through further underground resource conversion and ongoing exploration of the 160km2 tenement area

West Africa projects provide further diversification and growth

BOFA 2020 GLOBAL MINING CONFERENCE 1. 2020 First Interim Dividend to be paid 15 May 2020

2. Cash & cash equivalents, bullion on hand, gold sales receivable and financial assets at fair value through profit or loss

CLEAR CORPORATE STRATEGY

4

Appointment of Martin Horgan as CEO, bringing strong operating and strategic expertise

Comprehensive Life of Asset review underway, including a series of optimisationstudies on each section of the mine

Significant cost-saving opportunitiesfrom ESG initiatives

Ongoing exploration to extend the 15 year life of mine resource base, maximising the full potential of the 160km2 tenement

Strong balance sheet

• Cash and liquid assets of ~US$379.2 million1

• No debt

Established track record of paying dividends

• 6 consecutive years of cash dividends

• US$570 million2 paid and payable to date

No hedging, gold loans or streams ensures investors upside exposure is not limited

Organic Growth Initiatives

Significant cash balance to supportself-funded growth initiatives

West Africa portfolio that holds ~30%of Group M&I provides further diversification and growth

Inorganic Growth Initiatives

Continued assessment and review of strategic opportunities that have the potential to create value

01.

Value Maximisationat Sukari

02.

Commitment to Stakeholder Returns

03.

Continued Assessmentof Growth Initiatives

1. Cash & cash equivalents, bullion on hand, gold sales receivable and financial assets at fair value through profit or loss2. Including Q1 2020 interim dividend declaredBOFA 2020 GLOBAL MINING CONFERENCE

CORONAVIRUS (COVID-19)

NO RECORDED CASES ONSITE

• Social distancing and strict hygiene protocols

• Ceased non-essential travel (employees, contractors and visitors)

• Optimal staffing plan: Extended roster cycles supported by fatigue management protocols

• Mandatory quarantine for site-access

• Established on-site rest camps

NO MATERIAL DISRUPTION

• Commercial international air travel suspended in Egypt; Ports and air freight borders remain open

• Daily supply chain assessment and continuous open dialogue with essential suppliers

• Domestic supply chain unaffected; logistics adapted in line with State imposed curfews

• International supply chain proactively managed

• Essential supplies are sufficiently stocked for Q2

• Active measures to continue stockpiling supplies

• Alternative suppliers identified or engaged where risk is perceived

NO MATERIAL DISRUPTION

• Ports and air freight borders remain open

• Asahi Refining Canada and Brinks International (security logistics company) unaffected; regular dialogues maintained

• Risk scenario analysis has identified multiple solutions in the event of an impact

5

PROACTIVE ACTION TAKEN TO SAFEGUARD OUR PEOPLE AND PROTECT THE BUSINESS; ESTABLISHED MULTI-FUNCTIONAL RESPONSE FRAMEWORK1

OUR PEOPLE SUPPLY CHAIN GOLD SHIPMENTS

STRONG CHAIN OF COMMAND AND GOVERNANCE, INCLUDING DAILY GROUP AND WEEKLY BOARD UPDATES

1. In compliance with the Group Severe Communicable Disease Outbreak Plan and local government and public health authorities adviceBOFA 2020 GLOBAL MINING CONFERENCE

TRANSFORMED LEADERSHIP TEAM

6

BOARD EVOLUTION: OPERATIONAL AND STRATEGIC CEO APPOINTMENT

• Continued organisational restructuring to establish more effective clear reporting lines

• Appointment of Group Projects Manager and Head of Risk Management

• Martin Horgan appointed as CEO, effective 6 April 2020

• Ross Jerrard, acting Interim CEO from 11 December 2019 to 6 April 2020, resumes role as CFO

• Further board and committee restructuring expected throughout 2020 in the Company’s ongoing commitment to achieve the highest standards of corporate governance in line with the corporate strategy

30%Female

80%Independent

Non-ExecutiveChairman

Ross JerrardCFO

Dr Catharine FarrowNED

Dr Ibrahim FawzyNED

Jim RutherfordDeputy Non-Exec.Chairman

Gordon Edward Haslam1

Senior NED

Mark ArnesenNED

MarkBankes

NED

Marna CloeteNED

Dr Sally EyreNED

Josef El-RaghyNon-Exec. Chairman

Joined Board in 2019/20

Boardof Directors

ManagementTeam

I N D E P E N D E N T D I R E C T O R S

Martin HorganCEO

1. Not standing for re-election at the 2020 AGM, 19 June 2020


Workforce

2,556 total workforce

95% workforce are National to the country of operation

Established a reputation as a safe, ethical, local and international employer

Investment in employee development and workplace quality of life

Health & Safety

1Q201 Group Lost Time Injury Frequency Rate (LTIFR) of 0.31

LTIFR target is forzero-harm

No recorded cases of COVID-19 at Sukari and exploration sites

Environment

No major incidents recorded

1Q201 Total Reused Water to Task of 0.9bn litres

Solar plant construction temporarily postponed to minimise impacts of COVID-19

TSF2 construction on schedule

Stakeholders

Total direct financial investment of c.US$4.2bn

US$358m distributedto EMRA in profit share since 2014

US$158m in royalties since 2009

Partnered with GIZ, providing agricultural skills and resources across the local communities in Cote d’Ivoire

7

ESG INITIATIVES

FTSE4GOOD CONSTITUENT

1. “1Q20” refers to the three months ended 31 March 2020


FINANCIAL STRENGTH & COMMITMENT TO SHAREHOLDER RETURNS

8

2019 final dividend distributed as a 2020 first interim dividend of 6.0 US cents per share, bringing total dividends for the year to 10.0 US cents per share(US$115.6 million)

US$379.2 million Cash & Liquid Assets (as at 31-Mar-20)

No Debt

No Hedging

No Gold Loans

No Gold Streams

Track Record of Consistent Dividend Payments (~US$570 million1

dividends to date)

$33 $67

$245

$389$453

$568

2014 2015 2016 2017 2018 2019

CUMULATIVE DIVIDENDS RETURNED TO SHAREHOLDERS (US$ mm)(1)

CASH AND LIQUIDS (US$mm)

100 100 100 100 100 100

126

231

428 418

322349

2014 2015 2016 2017 2018 2019Cash reserve Cash and liquids

1. Inclusive of the 2020 first interim dividend to be paid 15 May 2020

DISCIPLINED CAPITAL ALLOCATORS 6TH YEAR RETURNING SURPLUS CASH TO SHAREHOLDERS


PURE GOLD EXPOSURE & SECTOR-LEADING SHAREHOLDER RETURNS

9

DIVIDEND PER OUNCE PRODUCED IN 2019 (US$/OZ)1

Disciplined capital allocators 6th year returning surplus cash to shareholders

Sustainable dividend policy underpinned by free cash flow generation

2019E DIVIDEND YIELD (%)1

* Source: SNL


TOTAL SHAREHOLDER RETURN 1 (5 YEARS) (%)

Source: Company data, FactSet and S&P Global Intelligence1. Inclusive of the 2020 first interim dividend to be paid 15 May 2020

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

CEY

PO

LY

FRES

NEM C

G

NC

M

AB

X

GFI

BTO

AN

G

ELD

EDV

IMG K

PR

U

PO

G

PV

G

RSG

SMF

TGZ

TXG

-

50

100

150

200

250

300

CEY

PO

LY

NEM

FRES

AB

X

NC

M GFI

BTO

AN

G

CG

ELD

EDV

IMG K

PR

U

PO

G

PV

G

RSG

SMF

TGZ

TXG

265%

230% 228%

177% 175%161% 151% 150%

127% 124% 123% 114% 105%90%

62% 62% 55% 52% 45% 45%

(10%) (14%) (25%) (33%)(61%)

10

Units Q1 2020 Q1 2019 %Q4

2019%

Gold produced oz 125,090 116,183 8% 148,387 (16%)

Gold sold oz 139,784 111,365 26% 137,065 2%

Cash cost US$m 82.4 71.9 15% 89.7 (8%)

Unit cash costUS$/oz

produced659 631 4% 605 9%

AISC US$m 126.1 98.0 29% 108.3 16%

Unit AISC US$/oz sold 902 898 0% 792 14%

Average realised gold price

US$/oz 1,587 1,303 22% 1,487 7%

Revenue, net US$m 222.2 142.5 56% 203.7 9%

Total CAPEX US$m 22.0 25.2 (13%) 26.2 (16%)

Operating cash flow US$m 110.5 58.9 88% 93.6 18%

Adjusted Free cash flow US$m 45.6 16.6 175% 34.7 32%

1Q20 RESULTS HIGHLIGHTS

STRONG OPERATIONAL AND FINANCIAL DELIVERY

Q1 ACTUALS

SOLID RESULTS, BEAT BUDGET

✓ 125koz gold produced

✓ Cash cost of US$659/oz produced

✓ AISC of US$902/oz sold

✓ CAPEX of US$22.0m

Q2 FORECAST

❑ 115koz gold produced, due to lower UG contribution


11

2020 GUIDANCE MAINTAINED

➢ THE COMPANY CLOSELY MONITOR THE GLOBAL COVID-19 PANDEMIC AND GUIDANCE MAY BE IMPACTED IF THE WORKFORCE, OPERATION OR PROJECTS ARE DISRUPTED DUE TO THE VIRUS OR EFFORTS TO SLOW THE SPREAD OF THE VIRUS.


GOLD PRODUCTION: 510,000-540,000 ounces

• H1 2020 vs H2 2020 split of 45:55 (previously 40:60)

• Production stronger in H2 due to open pit mining sequence and contribution of Stage 5 ore

CASH COSTS: US$630 – US$680/oz produced; AISC: US$870-US$920/oz sold

CAPITAL EXPENDITURE: US$150-170 million (previously US$190m)

• Sustaining capital stable

• Reduced non-sustaining capex to protect workforce during COVID-19:• Partial short-term deferral of non-essential capex, including solar plant

construction beyond earth clearing works • Project optimisation, including utilising onsite equipment and workforce for

the underground ventilation upgrades

EXPLORATION• Targeting underground reserve replacement and material resource updates

across our Cote d’Ivoire and Burkina Faso growth projects




ASSET QUALITY

SUKARI GOLD MINE

13

MULTIPLE ASSETS – ONE PORPHYRY

PTAH: 2020 ORE SOURCE STAGE 4: 2020 ORE SOURCE AMUN: 2020 DEVELOPMENT


OPEN PIT

14

Mining Owner-operator | Bulk tonnage operation

Pit design 7 stages; currently mining Stage 4: predominant source of ore for 2020; and stripping Stage 5 for mining from 2021

Final pit 2.7km long x 1.3km wide

Resource Sukari M&I resource: 11.0Moz

ReserveOpen pit P&P reserve: 6.2Moz @ 1.1g/t, 174Mt*

LOM > 15 years

St4W

St4N

St4E

* As at 31 December 2018

STAGE 4 DELIVERING >1.1 G/T


-

0.40

0.80

1.20

1.60

2.00

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Q12020

PERFORMANCE AHEAD OF BUDGET

OPEN PIT CONSISTENCY

15

OPERATIONAL RESULTS

1Q20 RESULTS

• Milled 2.9Mt @ 1.32g/t Au

• Stockpile build to 14.8Mt @ 0.48g/t Au

• High equipment availability

• Improved cost per tonne due to operational efficiencies

LT PERFORMANCE DRIVERS

• Reducing haulage payload variance

• Main production fleet productivity improvements

• Optimisation of waste dumps routes and haulage Locations

• Drill and Blast optimisation

LOOKING AHEAD

• Delivery of > 1.0g/t ore feed

• Mining Stage 4; stripping Stage 5 in 2020

• Stage 5 is the main source of ore in 2021

OPEN PIT COSTS PER TONNE (US$)

-

0.20

0.40

0.60

0.80

1.00

1.20

-

5,000

10,000

15,000

20,000

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Q12020

Open Pit Ore Mined ('000t) Open Pit Waste Mined ('000t)

Open Pit Ore Mined Grade (g/t)


UNDERGROUND COSTS PER TONNE (US$)

2020 FOCUS ON DEVELOPMENT AND UPGRADES

UPGRADING THE UNDERGROUND

16

OPERATIONAL RESULTS

1Q20 RESULTS

• 154kt mined at 4.98g/t Au

• Improved grade reconciliation

• Reduced tonnes due to restricted stope access

• Higher costs reflecting use of CRF backfilling


• Infrastructure upgrades, including installation of a raise bore , fresh air and return air raise

• Dilution reduction with Cemented Rock Fill (CRF) backfill in selected areas

• Increased grade control drilling

LOOKING AHEAD

• Ptah is the primary source of ore in 2020

• Focus on development, resulting in a lower blended grade

• Rehabilitation project commenced in Q4 2019

-

20.00

40.00

60.00

80.00

100.00

120.00

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Q12020

-

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

-

50

100

150

200

250

300

350

400

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Q12020

UG Stoping Ore ('000t) UG Development Ore ('000t)

Total UG Grade Mined (g/t)


PROCESSING COSTS PER TONNE (US$/T)

IMPROVED RESIDENCE TIME

OPTIMISING THE PROCESSING PLANT

17

PROCESSING RESULTS

Q1 RESULTS

• 3.1Mt processed @ 1.5g/t Au

• 87.5% recovery rate

• 96% plant utilisation

• Costs below budget, reflecting reduced reagent consumption


• Crushing/Milling circuit opex and maintenance review

• Optimal blend-to-mine plan schedule

• Reagents mixing optimisation

LOOKING AHEAD

• Processing above 12Mt pa nameplate in 2020

• 88% recovery rate

-

4.00

8.00

12.00

16.00

20.00

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Q12020

-

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2.00

2,600

2,700

2,800

2,900

3,000

3,100

3,200

3,300

3,400

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Q12020

Total Ore Processed ('000t) Plant Feed Grade (g/t)


COST MANAGEMENT

Open Pit Mining (US$'000)

Underground Mining(US$'000)

Processing (US$'000)

Finance & Administration(US$'000)

Maintenance (US$'000)

Refinery & Transport(US$'000)

-

20,000

40,000

60,000

80,000

100,000

120,000

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Q12020

18

DISCIPLINED FOCUS ON THE BOTTOM LINE

MINE PRODUCTION COSTS (1Q20) MINE PRODUCTION COSTS (US$'000)

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Q12020

Absolute Cash Costs (US$'000) Absolute AISC (US$'000)

-

200

400

600

800

1,000

-

50,000

100,000

150,000

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Q12020

Gold Production (oz) (Excl. Cleo) Gold Sold (oz) (Excl. Cleo)

Cash costs (US$/oz) AISC (US$/oz)

QUARTERLY PRODUCTION / UNIT COSTS (US$/OZ) ABSOLUTE COSTS (US$’000)


ACTIVE GROWTH PIPELINE



UNLOCKING SUKARI’S RESOURCE POTENTIAL

20

Q1 2020 DRILL HIGHLIGHTS: OREBODY OPEN AT DEPTH AND ALONG STRIKE

TARGETING RESOURCE GROWTH AND RESOURCE CATEGORY UPGRADES

Q1 2020completed

12,417metresdiamond drilling

2020

budget

70,000 metres

diamond drilling

540 metresvertical

development


UNLOCKING SUKARI AT DEPTH

21

EXPANSION FRAMEWORK: UNDERSTANDING THE HORUS PORPHYRY GOLD SYSTEM

2020: 10,000m targeted step-out (250m) surface drilling (2 rigs)

Osiris Thrust believed fundamental to the regional control

Continuity of gold mineralisation at depth: 2019 drilling up to 915m, 200m below existing underground mine

1Q20 two deep in-progress, testing the structural controls north and south plunge


WEST AFRICA ADVANCING PROJECT PIPELINE

22

HIGHLY PROSPECTIVE UNDEREXPLORED REGION

▪ 4,000 km2 of exploration licenses and one exploitation license

▪ 5.0Moz M&I resource

▪ Experienced in-country team

▪ Assembling a projects team

▪ US$20 million budgeted for exploration in 2020

▪ 1Q20 second multi-purpose drill rig arrived at Doropo

▪ Geotechnical work programmes at ABC and Doropo temporarily postposed to reduce the impact of COVID-19 spread


REINVESTING US$150-US$170 MILLION OF CAPITAL IN OUR PEOPLE, THE ENVIRONMENT AND SUSTAINABILITY


23

Sustaining CAPEX stable(FY20 forecast: US$90m)

Non-sustaining CAPEX includes exceptional items such as TSF2

construction1, underground and camp upgrades, and solar plant site clearing

works

(FY20 forecast: US$70m)

Results-driven exploration(FY20 forecast: US$19m)

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Q12020

Sukari Sustaining CapEx ('000) Non-Egypt Exploration ('000) Sukari Non-sustaining CapEx - Self Funded ('000)

CAPITAL EXPENDITURE (US$'000)

1. Expected TSF2 construction costs of US$10-US$15m in 2021BOFA 2020 GLOBAL MINING CONFERENCE

AS A PRECAUTIONARY MOVE TO PROTECT THE HEALTH AND WELLBEING OF THE WORKFORCE, NON-SUSTAINING CAPEX REDUCED DURING COVID-19:

▪ Partial short-term deferral of non-essential capex, including solar plant construction beyond earth clearing works

▪ Project optimisation, including utilising onsite equipment and workforce for the underground ventilation upgrades

ONGOING GROWTH OPPORTUNITIES

24

GROWTH INITIATIVES AT WORLD CLASS SUKARI MINE ADDITIONAL GROWTH OPPORTUNITIES

Constructing 36MW DC / 30MW AC peak power solar hybrid plant

Reduces reliance on fossil fuels, thereby decreasing operating costs

Resource growth potential with systematic underground and surface drill programmes underway

Drilling results confirmed high-grade consistencyin the Horus Zone below the existing mine

Comprehensive independent operational reviews underway, including open pit, underground and processing optimisation studies

Identifying opportunities to optimise mining operations and implement process cost control initiatives

Significant 160km2 licence area

Identified priority surface prospects within trucking distance of existing processing plant

2D seismic complete, interpretation due in Q1

Rapidly developed 2.44Moz Au M&I resource

Targeting additional resource update in H2 2020 from the significant Kilosegui discovery

Kona PermitTargeting resource growth and new discovery along

the 23km Lolosso Gold Corridor

FarakoNafana PermitEarly stage exploration, including geological mapping,

interpretation and target generation

Konkera ProjectInternal review conducted by new management

Emerging options under consideration

Indicated Resources of 1.92Moz Au

Centamin will continue to assess attractive strategic opportunities that have the potential to create value, including those arising from the recent

Egyptian gold bid round

Life of Asset Review

LOMExtensions

Solar Power Plant

Regional Exploration

Doropo

Project

ABCProject

Batie West

Project

Inorganic Opportunities

CENTAMIN’S MISSION IS TO BE A MULTI-ASSET GOLD PRODUCER OF QUALITY, LONG LIFE ASSETS




APPENDIX

GROUP COST CENTRES

26

LIMITED VARIABILITY

10% 9% 9% 8% 9% 9% 9% 8% 7% 8% 8% 9% 9%

14% 18% 16% 16%18% 19% 20% 20%

19% 20% 20% 18% 20%

29% 24% 25%24%

26% 24% 25% 24%24%

27% 24%23%

25%

36% 39% 39%40%

37% 38% 37% 38%37%

34% 36%

35%

34%

4% 4% 5% 5% 4% 3% 3% 5%4%

4% 4%

5%6%

6% 6% 5% 7% 6% 6% 6% 6%9% 7% 7%

11%7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020

Labour Fuel Contractors Consumables Royalties Other


GROUP FX EXPOSURE

27

EGP LARGELY USD FUEL EXPOSURE

9% 8% 8% 7%

12%9% 9%

7% 7% 8%6% 6%

8%

17%15% 14% 14%

15%15% 15%

14% 15%16%

15% 14%14%

19% 22%21% 21%

24%24% 26%

26% 25%

27%28%

25%

30%

56% 56% 57% 58% 50% 52% 50% 53% 54% 49% 52% 55% 48%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020

Other AUD EGP USD


SUKARI REGIONAL EXPLORATION

28BMO CONFERENCE 2020

NEAR MINE PROSPECTIVITY

MAJOR THRUST ARCHITECTURE

▪ 8 main known prospects hosted within the 160km2 license area

▪ Sukari resources are currently drill defined along the 2.7km long Sukari porphyry, sitting within a 17km x 4km shear zone

▪ Prospectivity is built out from the mine geology using geophysics to expand the target architecture

▪ 2D seismic programme completed

▪ Tenement-wide aeromagnetic survey budgeted for 2020

2019 RESOURCE INCREASE

▪ M&I resource of 2.44Moz, including maiden resource at new discovery Kilosegui

2020 TARGETING RESOURCE GROWTH

Main Resource Cluster (“MRC”)

▪ All shallow dipping, open pitable resource structures located within a 7km radius

Kilosegui Discovery

▪ Located approximately 30km from the existing resource cluster

▪ Gold mineralisation extends 10km

▪ Maiden resource declared in Q3 with substantial resource upside potential

▪ Key drill target for 2020

PROJECT STUDIES PROGRESSING IN LINE WITH CONTINUED RESOURCE UPDATES

29

ADVANCED EXPLORATION

DOROPO PROJECT, COTE D’IVOIRE

10km

35km

Regional map with updated geochemistry Au signatures


30BMO CONFERENCE 2020

EGYPT: UNDEREXPLORED ARABIAN NUBIAN SHIELD

NEW EXPLORATION LICENSE BID ROUND UNDERWAY1

10km

1. Scheduled to close on 15 July 2020, subject to impacts from COVID-19Map Source: The Arab Republic of Egypt, Ministry of Petroleum and Mineral Resources Egyptian Mineral Resources Authority

SIGNIFICANT GOLD BELT

▪ 65 historic gold mines across the ANS

▪ Host to the world class Sukari Gold Mine

EGYPTIAN OPERATING FRAMEWORK EVOLVING

▪ Mining code transitioning from profit share model to tax, rent and royalty model

▪ The Sukari Gold Mine Concession Agreement unchanged

CENTAMIN IS STRATEGICALLY POSITIONED

▪ Centamin operates Egypt’s first modern mechanised gold mine

• Operating for 10 years, producing >4Moz gold

• Significant local employer

• Established social license to operate

SUKARI CONCESSION AGREEMENT

EGYPTIAN LAW 222 OF 1994 BY WAY OF PRESIDENTIAL DECREE

31

3% royalty to ARE

50% operating surplus* (“Profit Share”)

50%

50% operating surplus (“Profit Share”)

50%

100%

CENTAMIN PLC(CEY LN; CEE CN)

EMRAPHARAOH GOLD

MINES

SUKARI GOLD MINES

* An additional 10% of proceeds is paid to PGM in the first 2 years of Profit Share, reducing to 5% in the following 2 years

LICENSE 160km2

30 year license grated in 2005, with option for a further 30 years

ROYALTY 3% NSR

PROFIT SHARE (with EMRA)

Profit Share was triggered in 2016, after full $1.2bn cost recovery

EMRA Profit Share schedule:

1. 45% profit share to June 2020

2. 50% of revenue net of all qualifying costs from 1 July 2020 and thereafter

COST RECOVERY

Growth capital expenditure, including sustaining capital, is recovered over three years

Sustaining capital expenditure is recovered in the year it is incurred

TAXES No other direct or indirect taxes

OTHER Early payments were made to EMRA in 2013, 2014, 2015 in line with returns made to shareholders by way of dividends. These early payments were later offset against the first profit share payments made in 2016.

1 JULY 2020 PROFIT SHARE MECHANISM CHANGES TO 50:50


THANK YOU


CONTACT:

Alexandra CarseInvestor Relations

[email protected]


mailto:[email protected]

Documents

INVESTING FOR THE FUTURE - Home | Centamin › ~ › media › Files › C › Centamin...This presentation has been prepared by Centamin Plc (“ entamin”or “ ompany”)solely