REG - Centamin PLC - Positive Doropo Gold Project DFS
18/07/2024 07:00
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RNS Number : 8397W Centamin PLC 18 July 2024
18 July 2024
Centamin plc
("Centamin" or "the Company")
LSE: CEY / TSX: CEE
Positive definitive feasibility study at the Doropo Gold Project
Preparation for mining license application underway
Centamin is pleased to provide the outcome of the definitive feasibility study
("DFS") at its Doropo Gold Project ("Doropo") in north-eastern Côte d'Ivoire,
including detailed project parameters and economics and an updated Mineral
Reserves estimate.
Martin Horgan, CEO, commented: "The results of the DFS demonstrate a robust
project that meets Centamin's investment criteria. The project shows a strong
first five years with production in excess of 200kozpa at an AISC below
US$1,000/oz, delivering an accelerated payback on investment. The DFS has
resulted in a plan with significantly lower execution risk, relative to the
PFS, reflecting a reconfiguration of the project to reduce its social impact
on local communities. We were pleased to receive regulatory approval of the
Environmental and Social Impact Assessment and receipt of the environmental
permit in June, and will shortly proceed to file the application for a mining
license.
Financing options for the project are well advanced, supported by a clear
roadmap for early works that will mitigate completion risks. This study
underlines our confidence in Doropo's potential to become a commercially
viable project, bringing substantial investment and employment opportunities
to northeastern Côte d'Ivoire."
HIGHLIGHTS 1 (#_ftn1)
● Mineral Reserve Estimate of 1.88 million ounces ("Moz") of Probable Mineral
Reserves, at an average grade of 1.53 grams per tonne of gold ("g/t Au"),
supporting a 10-year life of mine ("LOM")
● Upside opportunities identified including potential resource and reserve
growth, to be explored utilising cashflow following first production
● Average annual gold production of 167koz over the LOM, with an average of
207koz in the first five years
● All-in sustaining costs ("AISC") of US$1,047 per ounce ("/oz") sold over the
LOM, with an average AISC of US$971/oz for the first five years at US$1900/oz
gold price
● Mining and processing operations remain consistent with the Pre-feasibility
Study ("PFS"), utilising open-pit mining and a carbon-in-leach ("CIL")
processing circuit
● Fulfils Centamin's hurdle rate of 15% internal rate of return ("IRR") at the
US$1450/oz gold price used for Mineral Reserve estimation
● Robust economics with a post-tax net present value of US$426 million, 34% IRR
and a 2.1 year payback using an 8% discount rate ("NPV8%") and US$1,900/oz
gold price (a sensitivity analysis is available on page two)
● Total construction capital expenditure ("capex") of US$373 million, inclusive
of contingency, representing an increase of less than 7% from the 2023 PFS
● A significant reduction in the need for community resettlement from estimates
in the PFS of 2000 to 3000 persons, to less than 500, meaning no resettlement
will be required during the construction period and the first 2 years of
commercial operation
● The Environmental permit was received in June, following the Q1 2024
submission of the ESIA, endorsing the Company's management plans. Alongside
the DFS this will support the mining license application
● An early works plan to be undertaken ahead of a financial investment decision
will reduce project delivery risk and potentially expedite construction
timelines
● The Company will host a webcast presentation of Doropo with the interim
financial results on Thursday, 25 July at 08.30 BST (UK time)
DEFINITIVE FEASIBILITY STUDY SUMMARY
Units Years 1-5 LOM
PHYSICALS
Mine life Years 5 10
Total ore processed kt 21,662 38,220
Strip ratio w:o 5.0 4.9
Feed grade processed g/t Au 1.65 1.53
Gold recovery % 90% 89%
Total gold production koz 1,033 1,667
PRODUCTION & COSTS
Annual gold production Koz 207 167
Cash costs US$/oz 817 892
AISC US$/oz 971 1047
PROJECT ECONOMICS (post-tax and at US$1,900/oz)
Construction capital expenditure US$m 373
Free Cash flow US$m 810
NPV(8%) US$m 426
IRR % 34
Payback period years 2.1
Post-Tax Net Present Value (US$m) sensitivity analysis
Gold price
Discount rate US$1,500/oz US$1,600/oz US$1,700/oz US$1,800/oz US$1,900/oz US$2,000/oz
5% 199 275 364 454 543 613
6% 175 247 332 416 501 568
7% 153 221 301 382 462 526
8% 132 197 273 350 426 487
9% 113 174 247 320 393 450
10% 95 154 223 293 362 417
For full life of mine schedules: (link here
(https://www.centamin.com/media/3086/cey-rns_doropo_dfs_tables.pdf) )
WEBCAST PRESENTATION
The Company will host a webcast presentation on Thursday, 25 July 2024 at
08.30 BST to discuss the interim results and Doropo, followed by an
opportunity to ask questions.
Webcast
link: https://www.lsegissuerservices.com/spark/Centamin/events/80411d15-3a8c-475a-8162-3bbcf0a2ac0e
(https://www.lsegissuerservices.com/spark/Centamin/events/80411d15-3a8c-475a-8162-3bbcf0a2ac0e)
PRINT-FRIENDLY VERSION of the announcement: www.centamin.com/
(http://www.centamin.com/media/companynews) media/companynews
(http://www.centamin.com/media/companynews) .
DOROPO GOLD PROJECT DEFINITIVE FEASIBILITY STUDY
Overview
Doropo is located in the northeast of Côte d'Ivoire, situated in the
north-eastern Bounkani region between the Comoè National Park and the
international border with Burkina Faso, 480km north of the capital Abidjan and
50km north of the city of Bouna.
The exploration license areas are c.1,847 km(2) covering thirteen gold
deposits, named Souwa, Nokpa, Chegue Main, Chegue South, Tchouahinin, Kekeda,
Han, Enioda, Hinda, Nare, Kilosegui, Attire and Vako. Approximately 85% of the
gold deposits are concentrated within a 7km radius ("Main Resource Cluster"),
with Vako and Kilosegui deposits located within an approximate 15km and 30km
radius, respectively.
Geologically, Doropo lies entirely within the
Tonalite-Trondhjemite-Granodiorite domain, bounded on the eastern side by the
Boromo-Batie greenstone belt, in Burkina Faso, and by the Tehini-Hounde
greenstone belt on the west.
MINERAL Resources and Reserves
The DFS is based on the 2023 Mineral Resource Estimate for Doropo published in
January 2024 (link to regulatory announcement here
(https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=4447916&lang=en-GB&companycode=au-cey&v=)
). The Mineral Reserve estimate has converted 60% of Mineral Resource ounces
to Mineral Reserves.
The change in reserve tonnage is primarily due to aligning the reserve gold
price applied to Doropo with the Company's long-term gold price of US$1,450/oz
from US$1,500/oz in the PFS, which reduced the pit shells and designs.
However, this impact was offset by an increase in grade, resulting in no
change in the total contained ounces.
The grade improvement resulted from an improved understanding of the controls
of mineralisation following infill drilling programme focused on converting
Inferred Mineral Resources to Measured and Indicated Mineral Resources within
the resource pit shells, confirming reserve pit depths and initial grade
control drilling.
There is potential for additional resource conversion and further resource
growth. Several exploration targets have been identified across the license
holding which have the potential to increase the resource and reserve base.
Detailed Mineral Resource and Reserve notes can be found within the Endnotes.
Jul-24 Jun-23
Tonnage Grade Gold Content Tonnage Grade Gold Content
(g/t)
(g/t)
(Mt) (Moz) (Mt) (Moz)
MINERAL RESERVES
Proven 1.26 1.73 0.07 - - -
Probable 36.97 1.52 1.81 40.55 1.44 1.87
P&P Reserves 38.22 1.53 1.88 40.55 1.44 1.87
MINERAL RESOURCES (including reserves)
Measured 1.51 1.60 0.08 - - -
Indicated 75.34 1.25 3.03 51.51 1.52 2.52
M+I Resources 76.85 1.26 3.11 51.51 1.52 2.52
Inferred 7.37 1.23 0.3 13.67 1.14 0.5
Mining
● 10 years of mining operations, including pre-commercial works
● LOM 4.9:1 strip ratio (waste to ore)
● 28 million tonnes per annum ("Mtpa") peak total material movement
The eight relatively shallow deposits will be mined using a conventional
drill, blast, load and haul open pit operation. The basis for the DFS is a
contract mining operation, mining a maximum of 28 Mtpa of material and
delivering up to 4.9 Mtpa of ore to the run of mine ("ROM") pad and stockpiles
annually, with variation based on the location and the combination of oxide,
transition and fresh ore mined. The project plans to mine 38Mt of ore to be
fed into the process plant and 188Mt of waste over the LOM. The strip ratio
has increased from the PFS due to the reduction of some of the upper pit wall
angles in the saprolite material near surface, a result of the increased
geotechnical study work undertaken.
Processing
● Free milling gold leads to a conventional closed SAG/ball mill/crushing
("SABC") and CIL flowsheet
● Mill capacity 5.4Mtpa (oxide/transition ore), 4.0Mtpa (fresh ore)
● Averaging 89% gold recovery over the LOM
Processing at Doropo will involve primary crushing and grinding of the mined
ore, using Semi-Autogenous Grinding ("SAG") mill and ball mill in closed
circuit to a target grind size (P80) of 75 microns (µm) for fresh ore and 106
µm for oxide and transition ore. A gravity circuit will recover any
native/free gold, before entering the CIL circuit. The gold in the loaded
carbon will be recovered by an elution circuit, using electrowinning and gold
smelting to produce doré. Flowsheet development was supported by extensive
DFS metallurgical test work, supplemented by the PFS results. The DFS
metallurgical test work demonstrated a high level of consistency resulting in
only minor process design updates from the PFS. The DFS metallurgical test
work allowed for extensive optimisation and further simplification of the
flowsheet by removing the shear reactor and tailings thickener, while keeping
the remaining flowsheet unchanged. The change in recovery was driven by a more
conservative calculation method, switching from a grade recovery curve to the
use of grade bins split by material type, alongside test work indicating lower
recoveries in fresh material.
Infrastructure
● 90kV national grid for the project power supply
● Tailings storage facility ("TSF") will be fully geomembrane lined and the
embankment will be built using the downstream construction method
Knight Piésold Consulting carried out a DFS of the site infrastructure for
Doropo including TSF, water storage/harvest dam, airstrip and haul access
road.
The TSF was designed in accordance with Global Industry Standard on Tailings
Management ("GISTM") and Australian National Committee on Large Dams
("ANCOLD") guidelines. The TSF will be fully lined with a geomembrane liner,
leachate collection and constructed by the downstream construction method with
annual raises to suit storage requirements. The TSF is designed and will be
operated as a no discharge facility. The TSF will have a final capacity of 29
million cubic meters (Mm³) or 41 Mt of dry tails. Due to an improved design,
it will cover a smaller total footprint area, including the basin area, of
approximately 287 hectares ("ha") for the final stage facility, compared to
346 ha in the Preliminary Feasibility Study (PFS).
Doropo will utilise the Côte d'Ivoire national grid for its power supply,
offering a cost and potential carbon saving relative to other options
including self-generation as the tariff benefits from a mix of renewable and
thermal generation with a significantportion of hydroelectric power supply.
The proposed grid power supply connection for the project is via the existing
Bouna substation which is approximately 55km southeast of Doropo. There will
also be standby power on-site using diesel generators, for back-up power of
critical process equipment and infrastructure if required. Solar power
supplementation is currently being investigated to lower grid reliability and
overall carbon emissions.
Environmental and Social
The environmental permit for Doropo was granted in June, following public
consultation and submission of the Environmental and Social Impact Assessment
("ESIA") in Q1 2024.
The ESIA was prepared by Earth Systems and H&B Consulting working in
conjunction with Centamin. Early development of information has allowed its
incorporation into the DFS design and decision-making process. The ESIA shows
less than 500 people would require physical resettlement, down from 2,000 to
3,000 in the PFS. Re-alignment of the TSF, water storage dam (WSD), waste rock
dumps (WRD) and plant site has reduced the total mine footprint by
approximately 25% and reduced impacts on adjacent villages. Overall, 2,000 ha
of agricultural land could be impacted by the project development. Mine
sequencing will result in a phased approach to land acquisition, compensation
and livelihood restoration. Alongside progressive rehabilitation, this will
minimise community and physical risks and impacts.
The project provides a valuable opportunity to boost local social and economic
development with a commitment to invest 0.5% of project revenues into a
community development fund.
The outer extent of Doropo is 7km from the Comoé National Park, which is a
UNESCO World Heritage site. Doropo is being designed to avoid adverse impacts
to the park and its biodiversity, including a self-imposed stand-off of 4km to
further safeguard the natural area.
COSTS
Operating Costs
Operating cost estimates for mining have been prepared by Orelogy with input
from Centamin. Contract mining has been selected as the basis for all the open
pit mining activities managed by Centamin's operation team, mining contractor
costs were prepared by Orelogy, through a competitive bid process. Cost
estimates for processing and general and administration ("G&A") costs were
prepared by GR Engineering Services with input from Centamin. The reduction in
mining and processing costs was driven by reduced freight and logistics
expenses, as well as more competitive bids from mining contractors, as we
approach the final investment decision. Key input costs used are a delivered
diesel price of $1.00 per litre, unchanged from the PFS, and power costs of
$0.125/kwh, slightly higher than the PFS cost of $0.113/kwh due to changes in
national tariffs.
LOM Average Costs
Area Unit DFS PFS
Mining US$/t mined 3.9 4.1
Processing US$/t processed 12.1 12.9
G&A US$/t processed 3.8 3.5
Capital Costs
● Total up-front construction capital costs of US$373 million, including US$29
million in contingency
● LOM sustaining capital costs of US$96 million, including closure costs
The table below presents an estimate of the initial construction CAPEX,
prepared by GR Engineering Services and Knight Piésold. Centamin provided the
Owner Project Cost. The DFS value represents an increase of less than 7% from
the PFS, primarily due to global cost inflation over the period and minor
adjustments in the bill of quantities ("BOQ"). This is an excellent result,
and it is reassuring that two separate consultants (Lycopodium were used in
the PFS) have independently generated similar construction capital costs,
which underpins our confidence in the estimates.
Construction Capital Estimate (US$m) DFS PFS
Construction distributable 33 26
Treatment plant costs 109 99
Reagents & plant services 6 18
Infrastructure 75 73
Mining 22 19
Management costs 32 27
Owner project costs 67 54
Total excl. Contingency 344 315
Contingency 29 34
TOTAL CONSTRUCTION CAPEX 373 349
The table below provides an estimate of ongoing capital commitments necessary
to sustain operations over the LOM, including closure and rehabilitation
costs, including bond payments. These estimates incorporate input from Knight
Piésold and a closure estimate developed by Earth Systems. Sustaining capital
expenditure has decreased compared to the PFS due primarily to two factors. A
reduction in physical resettlement requirements, which has lowered costs over
the life of the mine. Alongside increased upfront TSF construction costs,
which have resulted in a greater allocation of these costs to the initial
construction capital estimate.
Sustaining Capital Estimate (US$m) DFS PFS
Sustaining capital expenditure 60 80
Closure and rehabilitation 36 30
TOTAL SUSTAINING CAPEX 96 110
Ownership, Permitting, Taxes and Royalties
● Financial modelling based on current Ivorian mining code and tax regime
● Sliding scale royalties between 3%-6% depending on the gold price
● Community development fund royalty of 0.5%
Doropo is contained within the current exploration permits that were granted
to Centamin's 100% owned subsidiaries, Ampella Mining Côte d'Ivoire and
Ampella Mining Exploration Côte d'Ivoire.
Under the current Ivorian mining code, mining permits are subject to a 10%
government free-carry ownership interest. However, for the purpose of the DFS
project evaluation and disclosures included within this document, the cash
flow model is reflected on a 100% project basis.
The financial model has assumed the corporate tax ("CIT") rate of 25% for the
LOM. The project is expected to benefit from VAT and import duties exemption
during the construction phase and until first production.
Royalties are applied to gross sales revenue, after deductions for transport
and refining costs and penalties on a sliding scale depending on gold price.
Please refer to the table below:
Spot Gold Price (US$/oz) Applicable Royalty Rate
<1,000 3.00%
1,000 - 1,300 3.50%
1,300 - 1,600 4.00%
1,600 - 2,000 5.00%
>2,000 6.00%
The project will support local community development through the payment of a
social fund royalty of 0.5% of gross sales revenue.
Project Timeline
● Submit mining license application during H2-2024
● First gold 27 months from final investment decision (T=0)
Next steps
The Company completed extensive work during the DFS stage. The DFS, together
with the environmental permit will form key documents in support of our
submission for a mining license to the Côte d'Ivoire Government. This
application is scheduled to be submitted in Q3 2024. Following the award of
the mining license and conclusion of the mining convention, we will be well
positioned to make a final investment decision, with project financing options
already well advanced.
There is up to US$6 million identified for early works including, starting
front-end engineering design ("FEED"), grade control drilling and some limited
earthworks. These activities will reduce project delivery risk and potentially
expedite construction timelines. The costs will be removed from the current
project operating and capital costs, with early works expenditure deducted
from the total construction cost, and the grade control drilling costs
deducted from the mining operating budget for the first two years, ensuring no
additional costs are added to the current project values.
PROJECT upside opportunities
There are a number of identified geological and financial opportunities with
the potential to enhance to the current LOM.
● Resource upgrade: there are Inferred Mineral Resources situated both outside
and within the current pit shells. With additional drilling and metallurgical
test work, these resources could support conversion of some of the material
into Indicated Mineral Resources which can then be converted into reserves for
evaluation and inclusion in the DFS.
○ Potential extensions to mineralisation at the Han, Kekeda and Atirre
deposits within the Main Resource Cluster
○Potential at depth where the Souwa mineralised structure (which dips
north-west) intersects the Nokpa mineralised structure, as well as
○Potential to convert current Inferred and Indicated mineral resources at
Hinda, Nare, Sanboyoro, Solo, Tchouahinin and Vako.
● Additional mineralisation from target areas, systematic surface exploration
work has identified multiple exploration targets (gold-in-soil/auger
anomalies) across the project footprint. Some targets have been drill tested
and warrant further development work, whilst others remain untested. These
include south and along strike of Kilosegui, Tehini 3 and the Vako and
Sanboyoro region inside the proposed mining license.
○ At Kilosegui, mineralisation remains open along strike in both directions
from the mineral resource area, indicated by gold-in-soil and sample auger
geochemical anomalies. In addition, there is a second short parallel structure
evident from soil and auger sampling on the south side of the Kilosegui
resource area.
○ Untested soil anomalies in the Vako-Sanboyoro area 10-15km west of the
Main Resource Cluster
○ Untested soil anomalies to the South of the Main Resource Cluster
● Capital cost saving opportunities
○ Review of the usage of contractors during construction and throughout the
mine life across the operation.
● Operating cost saving opportunities
○Further pit optimisation and evaluation of owner-mining, instead of
contract-mining, given the Company's extensive operating experience at the
Sukari Gold Mine in Egypt, this could be at the start of the project or during
the mine life.
○ Further processing optimisation, including finalisation of reagent
consumption and recovery parameters.
ENDNOTES
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 AND MINERAL RESERVE NOTES
Mineral Resource Notes
● Mineral Resource estimate is based on available data as at 31(st) October
2023.
● The gold grade estimation method is OK with Localised Uniform Conditioning.
● The rounding of tonnage and grade figures has resulted in some columns showing
relatively minor discrepancies in sum totals.
● All Mineral Resource estimates have been determined and reported in accordance
with NI 43-101 and the classification adopted by the CIM Definition Standards
for Mineral Resources and Mineral Reserves (CIM, 2014).
● A cut-off grade of 0.3 g/t gold is used to account for reserves in the oxide
material which are around 0.4g/t.
● Pit optimisations based on a US$2,000/oz gold price were used to constrain the
2023 Mineral Resource and were generated by Orelogy Mine Consultants.
● This Updated Mineral Resource estimate was prepared by Michael Millad and
Flavie Isatelle of Cube Consulting Pty Ltd who are the Qualified Persons for
the estimate.
● This Updated Mineral Resources estimate is not expected to be materially
affected by environmental, permitting, legal title, taxation, socio-political,
marketing or other relevant issues.
Mineral Reserve Notes
● The Mineral Reserve is reported according to CIM Definition Standards for
Mineral Resources and Mineral Reserves (CIM, 2014).
● The mine design and associated Mineral Reserve estimate for Doropo is based on
Mineral Resource classified as Measured and Indicated from the Cube Mineral
Resource Estimate (MRE) with an effective date of 31(st) October 2023.
● Ore block grade and tonnage dilution was incorporated into the model.
● The Mineral Reserve was evaluated using a cut-off grade of 0.41 to 0.71 g/t Au
depending on mining area and weathering profile.
Qualified persons
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 Centamin Qualified Persons, Howard Bills, Centamin
Group Exploration Manager, and Craig Barker, Centamin Group Mineral Resource
Manager, in addition to the below independent Qualified Persons.
The following table includes the respective independent Qualified Persons, who
have the sign-off responsibilities of the final NI 43-101 Technical Report.
All are experts in their relevant disciplines who fulfil the requirements of
being a "Qualified Person(s)" under the CIM Definition Standards.
Author(s) Company Discipline
Michael Millad Cube Consulting Mineral Resource estimate and geology
Flavie Isatelle Cube Consulting Mineral resource estimate and geology
Grant Harding Independent Metallurgical Operations Metallurgy
Ross Cheyne Orelogy Consulting Mineral Reserve estimate and mining methods
David Morgan Knight Piesold Consulting Project infrastructure design
Deepak Malhotra GR Engineering Services Recovery Methods, CAPEX and Process OPEX
Independent Technical Consultants
The following table includes the consultant companies that contributed to the
Centamin DFS report:
Company Discipline
Cube Consulting Mineral Resource estimate and geology
Earth Systems Environment and social studies/Closure costs
ECG Consulting High Voltage power supply and distribution
Knight Piesold Consulting Project infrastructure design
Independent Metallurgical Operations Metallurgy
GR Engineering Services Process design, capital and operating estimate
Orelogy Consulting Mineral Reserve estimate and mining methods
SRK Consulting Open pit geotechnical design
TetraTech (Piteau Associates) Hydrology, hydrogeology, geochemical studies
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 records; 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
Michael Stoner, Head of Corporate 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 (#_ftnref1) 100% project basis, NPV calculated as of the commencement of
construction and excludes all pre-construction costs
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. END UPDFLFFTDFIDLISRecent news on Centamin
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