REG - Centamin PLC - Favourable Final Egyptian Court Ruling

CentaminAnnouncement

29/11/2023 10:30

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RNS Number : 0754V  Centamin PLC  29 November 2023

29 November 2023

Centamin plc

("Centamin" or "the Company")

LSE: CEY / TSX: CEE

 

favourable FINAL egyptian Court Ruling

 

Martin Horgan, CEO, commented: "Further to the announcement made by the
Company on 16 January 2023, we are pleased to confirm that the Egyptian
Supreme Administrative Court issued a final judgment today, Wednesday 29
November in Centamin's favour, setting aside the 2011 third party challenge to
the validity of the Sukari Gold Mine exploitation licence issued under the
Sukari Concession Agreement. This final court judgment marks an end to this
long-running litigation and is warmly welcomed."

Summary

·     On 14 January 2023 Egyptian Law No. 32 of 2014 ("Law 32") was upheld
as constitutional by the Egyptian Supreme Constitutional Court ("SCC
Judgment")

·     Law 32 provides that only parties to contractual agreements between
the Egyptian government and an investor(s), such as the Sukari Gold Mine
Concession Agreement ("Concession Agreement"), have the legal capacity to
raise challenges against these agreements. Third parties are accordingly
prevented from lawfully instigating such challenges.

·     Following the SCC Judgment Centamin applied to the Supreme
Administrative Court ("SAC") to rule that the 2011 challenge to the Concession
Agreement is now legally inadmissible on the basis that the original
complainant had no capacity to bring the claim as he was not a party to the
Concession Agreement

·     The SAC has today ruled in Centamin's favour, rejecting the original
case in its entirety. The claimant has no right to appeal and today's judgment
is final and therefore brings this long-running litigation to a close

·      Operations at Sukari Gold Mine have remained unaffected
throughout.

For more detailed background information on the original proceedings and the
Law 32 constitutional case please refer to the announcement issued by Centamin
on 16 January 2023 (link to full announcement
(https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=4229191&lang=en-GB&companycode=au-cey&v=)
).

 

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 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 recognises 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, commissioning of the largest hybrid solar farm for a gold mine,
sustaining a +95% Egyptian workforce and a +60% 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

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