REG - Centamin PLC - Dividend Declaration

CentaminAnnouncement

26/07/2023 07:15

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RNS Number : 1625H  Centamin PLC  26 July 2023

26 July 2023

Centamin plc

("Centamin" or "the Company" or "the Group")

(LSE:CEY, TSX:CEE)

 

interim dividend declaration

for the six months ended 30 June 2023 ("H1 2023")

 

Consistent with the Company's stated commitment to shareholder returns, the
Centamin Board of Directors are pleased to declare an interim dividend of 2.0
US cents per share (US$23 million), for the six months ended 30 June 2023.

As per the dividend policy, this distribution is in line with the commitment
to return a minimum of 30% of Group free cash flow before growth capital
expenditure(1) to shareholders in cash dividends. In consideration of the
below factors, and reflecting the Board's confidence, a total of 56% of H1
2023 Group free cash flow before growth capex will be distributed to
shareholders on 29 September 2023:

·      Centamin is in a financially robust position with US$161 million
in cash and liquid assets

·      The US$150 million sustainability linked revolving credit
facility remains undrawn as a result of H1 2023 growth capex being funded from
cash flow

·      The gold price protection programme limits the revenue downside
risk below US$1,900/oz gold price

·      The Company is operationally and financially well positioned for
a stronger H2 2023, in line with plan

The interim dividend is calculated by the following:

                                                                                       30 June 2023
                                                                                       US$'000
 Group free cash flow                                                                  19,362
 Add back:
 Growth capex financed from treasury 1                                                                21,818
 Cash flow available for dividends                                                                    41,180
 30% minimum distribution as per dividend policy                                       (12,354)
 Surplus cash flow for discretionary capital allocation 2                                          28,826
 Board interim dividend supplement                                                     (10,814)

 Total interim dividend declared                                                       23,168

Dividend Timetable(( 3 ))

Below is the final dividend timetable for the London Stock Exchange and
Toronto Stock Exchange:

·      Ex-Dividend Date:
                              31 August 2023

·      Record Date:
    1 September 2023

·      Last Date for Currency Elections:        4 September 2023

·      Payment Date:
                                    29
September 2023

Dividend Currency Elections

The dividend will be paid on 29 September 2023, in US Dollars ("USD") with an
option for shareholders to elect to receive the dividend in Pounds Sterling
("GBP"). Currency elections should be made no later than 4 September 2023 as
per the instructions detailed on the Company website (www.centamin.com
(http://www.centamin.com) ). Payments in GBP will be based on the USD/GBP
exchange rate on 5 September 2023 and the rate applied will be published on
the website thereafter.

As a Jersey incorporated company, there is no requirement for Centamin plc to
make any withholding or deduction on account of Jersey tax in respect of the
dividend.

About Centamin

Centamin is an established gold producer, with a premium listing on the London
Stock Exchange and a secondary listing on the Toronto Stock Exchange.
Following a period of 'reset' including a significant refresh of the Board and
management team, the Company is now entering a growth phase, balanced with
stakeholder returns. 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 million ounces of gold, and today has 6.0Moz in gold Mineral
Reserves. Through its large portfolio of exploration assets in Egypt and Côte
d'Ivoire, Centamin is advancing an active pipeline of future growth prospects,
including the Doropo project in Côte d'Ivoire, and has over 3,000km(2) of
highly prospective exploration ground in Egypt's 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, including but not limited to in 2022, achieving new safety
records (8 million hours LTI-free), commissioning of the largest hybrid solar
farm for a gold mine (Sukari 36MW(DC) solar plant), sustaining a 96% Egyptian
workforce and a 68% Egyptian supply chain at Sukari.

FOR MORE INFORMATION please visit the website www.centamin.com
(http://www.centamin.com) or contact:

 Centamin plc                                                       FTI Consulting

 Alexandra Barter-Carse, Head of Corporate Communications           Ben Brewerton / Sara Powell / Nick Hennis

 investor@centaminplc.com (mailto:investor@centaminplc.com)         +442037271000

                                                                    centamin@fticonsulting.com (mailto:centamin@fticonsulting.com)

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 direct or indirect
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, the
risks and uncertainties associated with the direct and indirect impacts 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

 

 1  Defined as Sukari growth capex funded from Treasury and available for
cost-recovery as per the Concession Agreement. The FY23 estimated growth capex
funded from treasury is US$53m

 2  Discretionary capital allocation options include future project
investment, portfolio optimisation, supplemental shareholder returns

 3  The dates set out above are based on the Directors' current expectations
and may be subject to change. If any of the dates should change, the revised
dates will be announced by a regulatory news announcement and will be
available at www.centamin.com (http://www.centamin.com) .

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