REG - Centamin PLC - Positive Doropo Gold Project Pre-feasibility Study
27/06/2023 07:15
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RNS Number : 9530D Centamin PLC 27 June 2023
27 June 2023
Centamin plc
("Centamin" or "the Company")
LSE: CEY / TSX: CEE
Positive pre-feasibility study at the Doropo Gold Project
Definitive feasibility study ("DFS") work underway assessing upside
opportunities
Centamin is pleased to provide the outcomes of the pre-feasibility study
("PFS") at its Doropo Gold Project ("Doropo") located in north-eastern Côte
d'Ivoire, including maiden Mineral Reserves estimate, detailed project
parameters and economics, with identified upside opportunities for evaluation
during the definitive feasibility study ("DFS").
Martin Horgan, CEO, commented: "The results from the Doropo PFS demonstrate an
economically robust project that meets Centamin's hurdle rates to proceed
with a definitive feasibility study. A life of mine average production rate
of approximately 175kozpa at US$1,000/oz AISC over 10 years delivering an IRR
of 26% at a gold price of US$1,600/oz in a well-established mining
jurisdiction represents an excellent outcome. We have identified opportunities
to further optimise the project which will be assessed as part of the DFS
which is scheduled for completion in mid-2024. A substantial part of the DFS
fieldwork has already been completed in 2023 which derisks the timeline to
completion and further confirms our faith in the potential of Doropo to
support a commercially viable project which will bring significant investment
and job creation to northeastern Côte d'Ivoire."
HIGHLIGHTS 1 (#_ftn1)
· Maiden Mineral Reserve Estimate of 1.87 million ounces ("Moz") of
Probable Mineral Reserves, at an average grade of 1.44 grams per tonne of gold
("g/t Au"), supporting a 10-year life of mine ("LOM")
· Average annual gold production of 173koz over the LOM, with an
average of 210koz in the first five years
· All-in sustaining costs ("AISC") of US$1,017 per ounce ("/oz")
sold over the LOM, with an average AISC of US$963/oz for the first five years
· The mine plan assumes conventional open pit mining of a sequence
of shallow pits
· Mineral processing via a 4.0 to 5.5 million tonnes per annum
("Mtpa") semi-autogenous grinding ("SAG") mill, ball mill and crusher ("SABC")
circuit, and conventional carbon-in-leach ("CIL") circuit for an average LOM
gold metallurgical recovery rate of 92%
· Total construction capital expenditure ("capex") of US$349
million, inclusive of a 10% contingency, with a 2.3 year payback 2 (#_ftn2)
at a US$1,600/oz gold price
· Robust economics with a post-tax net present value of US$330
million and internal rate of return ("IRR") of 26%, using 5% discount rate
("NPV(5%)") and US$1,600/oz gold price (Discount rate and gold price
sensitivity table available below)
· Definitive feasibility study ("DFS") and environmental and social
impact assessment ("ESIA") completion expected in H1 2024 ahead of mining
license submission deadline
· Upside opportunities identified for potential resource and
reserve growth and improvements to capital and operating expenditure estimates
· The Company will host a webcast presentation of the Doropo
project with the interim financial results on Wednesday, 26 July at 08.30 BST
(UK time)
· Link to print-friendly version of the announcement including PFS
cash flow summary table
(https://gbr01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.centamin.com%2Fmedia%2F2975%2Fcey-rns_doropo_update_final_270623_website.pdf&data=05%7C01%7CAlexandra%40centaminplc.com%7C94e139294f1f4663809808db76585a2e%7Ca02403da39374fe8917b48e08012a5e7%7C0%7C0%7C638233894369941555%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=%2BOvbtcEsWUJuBmah5QyeszOPq6xAIDjjD%2BF7nAQZLtU%3D&reserved=0)
PRE-FEASIBILITY STUDY SUMMARY
Units Years 1-5 LOM
PHYSICALS
Mine life Years 5 10
Total ore processed kt 22,138 40,554
Strip ratio w:o 3.9 4.1
Feed grade processed g/t Au 1.59 1.44
Gold recovery % 92.6% 92.4%
Total gold production koz 1,048 1,729
PRODUCTION & COSTS
Annual gold production oz 210 173
Cash costs US$/oz 813 869
AISC US$/oz 963 1,017
PROJECT ECONOMICS (post-tax and at US$1,600/oz)
Construction capital expenditure US$m 349
Cash flow US$m 526
NPV(5%) US$m 330
IRR % 26%
Payback period years 2.3
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% 248 330 428 526 624 701
6% 222 300 393 486 579 652
7% 198 272 360 448 536 606
8% 176 247 330 414 497 563
9% 156 223 302 382 461 524
10% 137 201 276 352 428 487
PROJECT CASH FLOW Summary: link
(https://gbr01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.centamin.com%2Fmedia%2F2974%2Fdoropo_project-cash-flow-summary_1600_270623.pdf&data=05%7C01%7CAlexandra%40centaminplc.com%7C94e139294f1f4663809808db76585a2e%7Ca02403da39374fe8917b48e08012a5e7%7C0%7C0%7C638233894369941555%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=jO2pIU%2BjZvSvkgKooRpVWs3%2BYMAH3JlKqT6ybcuPgp0%3D&reserved=0)
WEBCAST PRESENTATION
The Company will host a webcast presentation with the interim results on
Wednesday, 26 July 2023 at 08.30 BST to discuss the results and Doropo Gold
Project, followed by an opportunity to ask questions.
Webcast link:
https://www.investis-live.com/centamin/64632d444170900d004d0607/lubo
(https://www.investis-live.com/centamin/64632d444170900d004d0607/lubo)
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 PRE-FEASIBILITY STUDY
Overview
The Doropo Gold Project is 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 license holding is currently 1,847 km(2) and covers 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 PFS is based on the 2022 Mineral Resource Estimate for Doropo published in
November 2022 (link to regulatory announcement here
(https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=4210671&lang=en-GB&companycode=au-cey&v=)
). The maiden Mineral Reserve estimate has converted 74% of Mineral Resource
ounces to Mineral Reserves.
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.
Jun-23
Tonnage Grade Gold Content
(g/t)
(Mt) (Moz)
MINERAL RESERVES
Proven - - -
Probable 40.55 1.44 1.87
P&P Reserves 40.55 1.44 1.87
MINERAL RESOURCES (including reserves)
Measured - - -
Indicated 51.51 1.52 2.52
M+I Resources 51.51 1.52 2.52
Inferred 13.67 1.14 0.5
Mining
· 11 years of mining operations, including pre-commercial works
· LOM 4.1x strip ratio (waste to ore)
· 24 million tonnes per annum ("Mtpa") peak total material movement
The relatively shallow deposits will be mined using a conventional drill,
blast, load and haul open pit operation. The basis for the PFS is a contract
mining operation, delivering up to 5.4 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 41Mt of ore to be fed into the process plant and 166Mt of waste over the
life of mine.
Processing
· Free milling gold leads to conventional closed SAG/ball mill and
CIL flowsheet
· Mill capacity 5.5Mtpa (oxide/transition ore), 4.0Mtpa (fresh ore)
· Averaging 92% gold recovery over the LOM
Flowsheet development has been supported by extensive metallurgical test work
at the PFS stage. The results showed high gold extractions and low reagent
consumption results in most fresh rock master composites tested and excellent
gold extraction in oxide and transitional master composite samples. As a
result the flowsheet has been simplified by removing the pyrite flotation,
ultrafine grind circuit and subsequent flotation concentrate leaching circuits
which were assumed in the 2021 preliminary economic assessment ("PEA")
flowsheet.
Processing at Doropo will involve primary crushing and grinding of the mined
ore, using SAG and ball mills in closed circuits to a target grind size
(P(80)) 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
carbon-in-leach ("CIL") circuit. After which the gold will be recovered by an
elution circuit, using electrowinning and gold smelting to recover gold from
the loaded carbon to produce doré.
Infrastructure
· Access to 90kV national grid for the Doropo project power
provision
· Tailings storage facility ("TSF") will be fully geomembrane lined
and the embankment will be built using the downstream construction method
Knight Piésold Consulting, the global mining services specialists, carried
out a PFS 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
and constructed by the downstream construction method with annual raises to
suit storage requirements. The TSF is designed to have a final capacity of
29Mm³ or 41Mt of dry tails and will cover a total footprint area (including
the basin area) of approximately 346 hectares for the final stage facility.
The power supply for the project will use the Côte d'Ivoire national grid,
this offers a cost and potential carbon saving relative to other options
including self-generation as the tariff is based on a mix of hydro and thermal
generation with a large portion of hydroelectric. The proposed power supply
solution for the project is via the existing Bouna Substation which is
approximately 55km southeast of Doropo.
Environmental and Social
The Company has established engagement forums with local communities and
authorities at Doropo through the PFS phase and consulted with project
affected communities on impact management and mitigation measures.
The project baseline ESIA was prepared by Earth Systems and H&B Consulting
working in conjunction with Centamin. Early development of the baseline ESIA
information has allowed its incorporation into the PFS design and
decision-making process. The baseline studies indicate 2,000 to 3,000 people
may require physical resettlement and up to 5,000 hectares of agricultural
land could be impacted by the project development. The PFS plans for a staged
approach to project development, mining sequencing and therefore Resettlement
Action Plan ("RAP"), with progressive rehabilitation to help minimise
community and physical impacts as resettlement and livelihood restoration
outcomes are a key factor for project success.
The project provides a valuable opportunity to boost local social development
and regional infrastructure with a commitment to invest 0.5% of project
revenues into a social development fund, and through local job creation.
The outer extent of the Doropo project is 7.5km 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 assessing the
opportunity to create a 'buffer-zone' to further safeguard the natural area.
The full ESIA work programme is now underway to support formal mining licence
application in 2024 and the inform the DFS work programmes.
COSTS
Operating Costs
Operating cost estimates for mining have been prepared by the consultant
Orelogy, through a competitive bid process. Contract mining has been selected
as the basis for all the open pit mining activities managed by Centamin's
operation team. Cost estimates for processing and general and administration
("G&A") costs were prepared by Lycopodium with input from Centamin. Key
input costs used are a delivered diesel price of $1.00 per litre, and power
costs of $0.113/kwh, down from the PEA cost of $0.159/kwh due to the ability
to utilise grid power versus on-site power generation.
LOM Average Costs
Area Unit Cost
Mining US$/t mined 4.1
Processing US$/t processed 12.9
G&A US$/t processed 3.5
Capital Costs
· Total up-front construction capital costs of US$349 million,
including US$34 million in contingency
· LOM sustaining capital costs of US$110 million, including closure
costs
The below table is an estimate of the initial construction capex prepared by
Lycopodium and Knight Piésold. Centamin provided the Owner Project Cost.
Construction Capital Estimate US$m
Construction distributable 26
Treatment plant costs 99
Reagents & plant services 18
Infrastructure 73
Mining 19
Management costs 27
Owner project costs 54
Total excl. Contingency 315
Contingency 34
TOTAL CONSTRUCTION CAPEX 349
The below table is an estimate of ongoing capital commitments to sustain
operations over the LOM, as well as closure and rehabilitation costs. It uses
input from Knight Piésold as well as closure estimates based on similar
operations.
Sustaining Capital Estimate US$m
Sustaining capital expenditure 80
Closure and rehabilitation 30
TOTAL SUSTAINING CAPEX 110
Ownership, Permitting, Taxes and Royalties
· Financial modelling based on current Ivorian mining code and tax
regime
· Sliding scale royalties between 3%-6% depending on the gold price
· Social development fund royalty of 0.5%
The Doropo project is contained within the current exploration permits that
were granted to Centamin's 100% owned subsidiaries, Ampella Mining Côte
d'Ivoire and Ampella Mining Exploration Côte d'Ivoire.
Under the current Ivorian mining code, mining permits are subject to a 10%
government free-carry ownership interest. However, for the purpose of the PFS
project evaluation and disclosures included within this document, the cash
flow model is reflected on a 100% project basis.
The financial model has assumed the corporate tax ("CIT") rate of 25% for the
LOM, adjusted for a 75% rebate on CIT for the first commercial year of
production and 50% rebate on CIT for the second year of commercial production,
as per the mining code. The full 25% CIT rate is applied thereafter. The
project benefits from a VAT and import duties exemption during the
construction phase and until first production.
Royalties are applied to gross sales revenue, after deductions for transport
and refining costs and penalties on a sliding scale depending on gold price.
Please refer to the table below:
Spot Gold Price (US$/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 development through the payment of a social
fund royalty of 0.5% of gross sales revenue.
Project Timeline
· Submit mining license application by the middle of 2024
· Final commissioning two years from final investment decision
(T=0)
Next steps
The Company completed a high-level of detailed work during the PFS stage, to
de-risk and expedite the delivery of the DFS and meet the mining licence
application deadline.
The 2023 Doropo budget remains unchanged and on track at US$23 million, of
which US$13.2 million has been spent year to 31 May 2023 primarily on drilling
and ESIA baseline study work.
DFS work programmes are underway:
· Drilling: To take advantage of the favourable drilling conditions
during the dry season, the DFS drilling programme was prioritised and is 94%
complete. To date 64,922 metres have been drilled, costing US$6.1 million:
o 39,649 metres of reverse circulation ("RC") resource infill drilling
o 4,096 metres of diamond drill ("DD") resource infill drilling
o 14,708 metres of RC grade control drilling
o 5,650 metres of DD metallurgical drilling
o 818 metres of DD geotechnical drilling
o The remaining 4,000 to 4,500 metres of drilling to do will be split
between some geotechnical drilling, and infill and twin hole drilling at the
Vako and Sanboyoro deposits.
· ESIA: Data collection for the ESIA and RAP is underway, including
and not limited to extensive public consultation with our local stakeholders.
Completion of the draft report is targeted by the end of 2023 for submission
to the Ivorian authorities for approval and permitting.
· Desktop and laboratory work programmes, including but not limited
to, metallurgical test work to establish grade recovery curves and optimise
reagent consumption. Continued geological and hydrological work such as
structural interpretation and domaining, refining lithology models,
groundwater modelling and geotechnical testing of the main lithologies.
PROJECT upside opportunities
· 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.
o Potential extensions to mineralisation at the Han, Kekeda and Atirre
deposits within the Main Resource Cluster
o Potential at depth where the Souwa mineralised structure (which dips
north-west) intersects the trending Nokpa mineralised zone
· 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 have the potential to provide resource growth which could be
supported by a Mineral Resource Estimation and provide upside potential to the
current mine life. Some of the drilling results could be incorporated in the
DFS resource update, otherwise, further brownfields exploration will be
undertaken during the life of mine.
o 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.
o Untested soil anomalies in the Vako-Sanboyoro area 10-15km west of the
Main Resource Cluster
o Untested soil anomalies to the North and to the South of the Main Resource
Cluster
· Operational cost-saving opportunities
o 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.
o Further processing optimisation, including evaluation of the comminution
parameters and reagent consumption
· Construction cost-saving opportunities by increasing in-house
project execution versus the use of engineering, procurement and construction
management contractors.
· Environmental and social opportunities to minimise the
requirement for physical community resettlement through the DFS and ESIA
workstreams.
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 Estimates contained in this document are based
on available data as at 25 October 2022.
· The gold grade estimation method is 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.
· A cut-off grade of 0.5 g/t gold is used for reporting as it is
believed that the majority of the reported resources can be mined at that
grade.
· The Mineral Resource cut-off grade of 0.5g/t was established
prior to the PFS study, confirming the economic viability of a smaller portion
of lower-grade oxide resources. As Centamin proceeds with the DFS, a review
and revision of the Mineral Resource cut-off grades for oxide resources will
be conducted.
· Pit optimisations based on a US$2,000/oz gold price were used to
constrain the 2022 Mineral Resource and were generated by Orelogy Mine
Consultants.
· This Updated Mineral Resource Estimate was prepared by Michael
Millad of Cube Consulting Pty Ltd who is the Qualified Person 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 Reserves were estimated for the Doropo Gold Project
as part of this PFS by Orelogy Mine Consulting.
· The total Probable Mineral Reserve is estimated at 40.6 Mt at
1.44 g/t Au with a contained gold content of 1.87Moz.
· 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 the
Doropo Gold Project is based on Mineral Resource classified as Indicated from
the Cube Mineral Resource Estimate (MRE) with an effective date of 25 October
2022.
· Open pit optimizations were run in Whittle 4X using a US$1,500/oz
gold price to define the geometry of the economic open pit shapes.
· Mining costs were derived from submissions from mining
contractors to a Request for Budget Pricing. Other modifying factors such as
processing operating costs and performance, general and administrative
overheads, project capital and royalties were provided by Centamin.
· Ore block grade and tonnage dilution was incorporated into the
model.
· All figures are rounded to reflect appropriate levels of
confidence.
· Apparent differences may occur due to rounding.
· The Mineral Reserve was evaluated using variable cut-off grades
of 0.39 to 0.71g/t Au depending on mining area and weathering as detailed in
the table below:
Mining Area Unit Weathered Fresh
Souwa / Nokpa / Chegue Main & South g/t Au 0.39 0.6
Enioda g/t Au 0.44 0.66
Han g/t Au 0.43 0.64
Kekeda g/t Au 0.42 0.63
Kilosegui g/t Au 0.5 0.71
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
Stephan Buys Lycopodium Minerals Metallurgy, process design and operating estimate
Ross Cheyne Orelogy Consulting Reserve estimate and mining methods
David Morgan Knight Piesold Consulting Project infrastructure design
Independent Technical Consultants
The following table includes the consultant companies that contributed to the
Centamin PFS report:
Company Discipline
Cube Consulting Mineral Resource estimate and geology
Earth Systems Environment and social studies
ECG Consulting Power supply and distribution
Knight Piesold Consulting Project infrastructure design
Lycopodium Minerals Metallurgy, process design, capital and operating estimate
Orelogy Consulting 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
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 (#_ftnref1) 100% project basis, NPV calculated as of the commencement of
construction and excludes all pre-construction costs
2 (#_ftnref2) Payback calculated from the commencement of commercial
production
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