REG - Centamin PLC - QUARTERLY REPORT

CentaminAnnouncement

19/01/2023 07:00

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RNS Number : 1852N  Centamin PLC  19 January 2023

19 January 2023

Centamin plc

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

LSE: CEY / TSX: CEE

 

QUARTERLY Report

for the three months ended 31 December 2022

 

MARTIN HORGAN, CEO, commented: "The fourth quarter performance represented a
successful conclusion to the year. Our operating team delivered on our 2022
guidance for both ounces and  costs at Sukari, despite the impact of
industry-wide inflationary pressures. Even more importantly, we are proud to
report a new safety record of over 8 million hours worked without a lost time
injury reflecting our focus on safety across the Company.

It was a busy fourth quarter - we commissioned the 36Mw Sukari solar plant,
delivering immediate cost savings and reductions in carbon emissions; we
completed the Sukari underground expansion study confirming the ability to
increase mining rates by 30% from 2025; for the consecutive second year, we
materially grew the Sukari reserves; and we signed a US$150 million
sustainability linked revolving credit facility providing greater flexibility
to fund growth. Outside of Sukari, the Doropo pre-feasibility study is on
track for H1 2023, with work focused on assessing new potential capital and
cost saving opportunities, and on our earlier stage exploration blocks in
Egypt, we have identified drill targets to be tested later this year.

During 2023, we look forward to further increasing gold production from Sukari
year on year while continuing to manage cost pressures, and progressing the
multiple identified opportunities across our portfolio."

HIGHLIGHTS

2022 guidance delivered

·    New Group safety record achieved: the Company recorded no Lost Time
Injuries ("LTI") in the fourth quarter ("Q4") and Sukari has achieved a site
record of eight million hours LTI free. The lost time injury frequency rate
("LTIFR") for the twelve months ended 31 December 2022 ("FY") was 0.08 per one
million hours worked, representing an 83% improvement from the previous year

·     Annual gold production of 440,974 oz in line with guidance: Q4
production of 109,564 ounces ("oz"), totalling FY production of 440,974 oz

·     Annual revenue of US$787 million: Q4 revenue of US$188 million,
generated from gold sales of 108,441 oz at an average realised gold price of
US$1,735/oz sold; FY revenue of US$787 million, generated from gold sales of
438,638 oz at an average realised gold price of US$1,794/oz sold

·    Costs delivered in line with guidance: Q4 cash costs of US$997/oz
produced and AISC of US$1,445/oz sold; FY cash costs of US$913/oz produced and
AISC of US$1,399/oz

·     Capital expenditure of US$224.3 million in line with guidance: Q4
spend of US$64.8 million with excellent progress made on key capital projects
including the commissioning of the 36Mw Sukari solar plant; paste plant build
remains on track for commissioning in H1 2024. FY capital expenditure
("capex") of US$224.3 million including underground transition to
owner-operator, accelerated open pit waste stripping campaign and Sukari
mining concession exploration

·   Geological focus delivers a second year of reserve growth at Sukari:
total Measured and Indicated Mineral Resources of 320 million tonnes ("Mt") at
1.08 grams of gold per tonne ("g/t Au") for 11.11Moz of contained gold,
reflecting a 13% increase in ounces (1.3Moz) after depletion, including Proven
and Probable Reserves of 163Mt at 1.1g/t Au for 6.0Moz, reflecting additions
of 0.8Moz in the open pit and underground before depletion. Link to full
announcement here
(https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=4216842&lang=en-GB&companycode=au-cey&v=)

·    Confirmed Sukari underground expansion potential: increasing
underground ore mining rates to 1.5Mt , which is more than30% above current
life of mine averages, driving future production growth from Sukari.  Link to
full announcement here
(https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=4201979&lang=en-GB&companycode=au-cey&v=)

·    Upgrading the Doropo resource: total Indicated Resource of 51.2Mt at
1.52g/t Au for 2.52Moz of contained gold, including a 22% increase in grade
and significant exploration upside potential. Doropo pre-feasibility study
("PFS") well progressed. Additional work underway on the processing circuit
assessing potential capital and operating cost savings. PFS completion
expected H1 2023. Link to full announcement here
(https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=4210671&lang=en-GB&companycode=au-cey&v=)

·    Secured US$150 million sustainability-linked revolving credit
facility: the facility provides greater financial capacity and flexibility to
fund identified growth and enhancement opportunities across our portfolio. The
sustainability targets will track tangible progress in reducing the Company's
environmental footprint and strengthening its social license to operate. Link
to full announcement here
(https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=4221048&lang=en-GB&companycode=au-cey&v=)

·      Robust balance sheet: cash and liquid assets of US$156.6 million,
as at 31 December 2022

·      The Company will publish its audited full year 2022 financial
results on 16 March 2023.

RESULTS SUMMARY

                                   Q4       Q4       % Δ     Q3 2022  % Δ    FY       FY       % Δ

                                   2022     2021                             2022     2021
 SAFETY
 LTIFR (1m hours)                  0.00     0.31     (100%)  0.00     0%     0.08     0.46     (83%)
 OPEN PIT
 Total material mined (kt)         36,401   30,397   20%     35,647   2%     136,420  110,222  24%
 Ore mined (kt)                    3,146    2,683    17%     2,814    12%    11,696   12,391   (6%)
 Ore grade mined (g/t Au)          0.93     0.93     0%      1.04     (11%)  0.99     0.86     14%
 UNDERGROUND
 Ore mined (kt)                    233      145      61%     210      11%    829      739      12%
 Ore grade mined (g/t Au)          4.25     4.97     (14%)   6.20     (31%)  4.75     4.95     (4%)
 PROCESSING
 Ore processed (kt)                3,045    3,210    (5%)    3,230    (6%)   12,114   11,916   2%
 Feed grade (g/t Au)               1.23     1.11     11%     1.37     (10%)  1.26     1.18     6%
 Gold recovery (%)                 88.6     87.0     2%      87.9     1%     88.2     88.6     0%
 Gold production (oz)              109,564  107,549  2%      127,512  (14%)  440,974  415,370  6%
 COST & SALES
 Gold sold (oz)                    108,441  99,936   9%      126,610  (14%)  438,638  407,252  8%
 Cash costs (US$/oz produced)      997      1,000    0%      811      23%    913      866      5%
 AISC (US$/oz sold)                1,445    1,351    7%      1,289    12%    1,399    1,234    13%
 Realised gold price (US$/oz)      1,735    1,828    (5%)    1,720    1%     1,794    1,797    0%
 Revenue (US$m)                    188.5    183      3%      218.1    (14%)  788.4    733.3    8%
 Adj CAPEX (US$m)                  64.8     94.0     (31%)   50.2     29%    224.3    240.9    (7%)

OUTLOOK

2023 guidance in line

·     Gold production guidance range of 450,000 to 480,000 oz per annum
weighted towards H2 (45:55)

·   Cash cost guidance range of US$840-990/oz produced and AISC guidance
range of US$1,250-1,400/oz sold, reflecting higher fuel prices and global
inflationary pressures

·     Capex guidance is US$225 million, as the Company continues to
identify growth and optimisation projects at Sukari, including development of
a gravity circuit; expansion of the dump leach capacity; and to commence the
underground expansion. This also reflects inflationary pressures on the
contracted waste-stripping programme specifically from higher fuel prices

·     Exploration spend is budgeted at US$30 million, including US$23
million for the pre-development study work on the Doropo Project.

KEY MILESTONES

·      Capital Structure Review (Q1 2023)

·      Doropo Project, Cote d'Ivoire, completed PFS (H1 2023)

·      Sukari Gold Mine, Egypt, updated Life of Mine Plan (43-101),
including underground expansion (H2 2023)

WEBCAST AND CONFERENCE CALL

The Company will host a webcast and conference call today, Thursday, 19
January at 08.30 GMT to discuss the results, followed by an opportunity to ask
questions.

Webcast link:
https://www.investis-live.com/centamin/63b6ddfbaba36a0c00072b18/eabie
(https://www.investis-live.com/centamin/63b6ddfbaba36a0c00072b18/eabie)

Conference call dial-in telephone numbers:
 

United Kingdom (and all other locations)       +44 (0) 203 936 2999

United States
      +1 646 664 1960

Participation access code:                             349884
 

PRINT-FRIENDLY VERSION of the quarterly results:
www.centamin.com/investors/results-reports/
(http://www.centamin.com/investors/results-reports/)

HEALTH AND SAFETY

Operational safety continues to be a key focus across the Group with no LTIs
being reported in the quarter (FY: 1) and Sukari continues its site record of
over eight million hours worked LTI free.

The Q4 LTIFR was zero per 1,000,000 site-based hours worked (FY: 0.08)
comparable to the corresponding 0.31 LTIFR for the fourth quarter of 2021. The
total recordable injury frequency rate ("TRIFR") for Q4 was 2.95 per 1,000,000
site-based hours worked, down 50% year on year ("YoY"). TRIFR for 2022 was
2.61, which was better than our 2022 target.

Sukari Gold mine, egypt

(Q4 2022 vs Q4 2021)

Production

Sukari Gold Mine ("Sukari") produced 109,564 oz (FY: 440,974 oz) in Q4, a 2%
increase YoY driven largely by the transition to owner mining in the
underground and improved flexibility in the open pit. The reduction in
production compared to Q3 2022 was as per the mine plan and reflected the
mining in higher grade areas of the underground in Q3.

Production guidance range for 2023 is 450,000 to 480,000 ounces representing
an increase in annual production from 2022, driven predominantly by higher
mining rates from the underground following the transition to owner-operator
mining.

Open Pit Mining

Total material moved (waste and ore) in Q4 increased by 20% YoY to 36.4Mt (FY:
136.4Mt) a new quarterly record, resulting from improved productivity, as well
as increased waste moved as part of the accelerated waste stripping programme.

Total open pit waste material mined (owner and contractor) for the quarter was
33.3Mt (FY: 124.7Mt), a 20% increase YoY, driven largely by the ongoing
contractor waste-stripping programme (11.5Mt), further improving mining
flexibility within the open pit. The strip ratio for the quarter was 10.6:1
(waste:ore) (FY: 10.7:1).

During Q4, open pit ore was mined from multiple working areas and continued to
focus primarily on Stage 5 North, with further ore contributions from Stage 4
and Stage 7. Total open pit ore mined for the quarter was 3.1Mt (FY: 11.7Mt),
a 17% increase YoY, at an average mined grade of 0.93 g/t Au (FY: 0.99g/t Au),
no change YoY.

During 2022 the accelerated waste-stripping programme has delivered increased
mining flexibility and access to higher grade areas in the open pit, resulting
in a 9% increase in ounces mined year on year.

Underground Mining

In Q4, underground performance improved from Q3 as the new underground
equipment was delivered and commissioned.

Total material mined (waste and ore) was 300kt (FY: 1,077kt), a 47% increase
YoY. Total ore mined was 233kt (FY 2022: 829kt) at an average combined
(stoping and development) grade of 4.25g/t Au (FY: 4.75g/t Au). This
represented a 61% increase in ore tonnes YoY and a 14% decrease in grade YoY.

The underground ore mined consisted of 138kt of ore mined from stopes at an
average grade of 5.79g/t Au, and 95kt of ore mined from development, at an
average grade of 2.01g/t Au. Mined grades were in line with H1 2022 with  ore
mined primarily from Ptah with additions from Amun, Horus and Bast zones.

FY 2022 total material mined was in line with budget and consistent with FY
2021, evidence to the capability of our team and prudent planning to
successfully manage the transition to owner mining.

Processing

During Q4, the plant processed 3.0Mt of ore (FY: 12.1Mt), a 5% decrease YoY,
at an average feed grade of 1.23 g/t Au (FY: 1.26g/t Au), a 11% increase YoY
reflecting the higher open pit and underground grades mined over the period.

The metallurgical gold recovery rate was 88.6% for the quarter (FY: 88.2%), in
line with budget.

During the quarter, the low-grade stockpiles remained broadly unchanged at
18.9Mt at a grade of 0.46g/t Au.

For FY 2022 we saw an increase in throughput and grade with the site team
focussed on continued optimisation across areas such as power consumption plus
consumable and reagent usage. The addition of a gravity circuit (under
evaluation and development in 2023) will target the recovery of higher-grade
ore especially as we aim to increase the contribution of underground ore.

EXPLORATION PROJECTS

The total greenfield exploration spend for the quarter was US$8.0 million (FY:
US$29.7 million).

Doropo Project, Cote d'Ivoire

The update provided in November 2022 highlighted the opportunity to simplify
the processing flowsheet, which had included a full flotation and regrind
circuit as part of the 2021 preliminary economic assessment. Work over Q4
focussed  on multi pit mining optimisation and scheduling using the newly
published resource model in parallel with comminution and metallurgical test
work comparing whole ore leach versus flotation.

The PFS is expected to be completed in H1 2023.

Eastern Desert Exploration ("EDX") (Egypt)

Systematic fieldwork continued during Q4 aimed at identifying potential
commercial scale targets for drill testing. Fieldwork consisted of
regional-scale screening using bulk leach extractable gold ("BLEG") sampling
and identification of mineralised corridors with soil sampling and chip
channel sampling.

BLEG sampling was completed for the Nugrus and Um Rus blocks. Closer spaced
geological soil sampling and mapping on the Nugrus block is well progressed,
identifying potential targets for drill testing starting in 2023.

Sukari Concession Exploration

Brownfield exploration across the 160km(2) Sukari Concession amounted to
US$3.6 million (FY: US$12.2 million) in the quarter and is capitalised and
included within the 2022 capex guidance.

Work is focused on the development of additional Mineral Resources within the
Sukari mining concession that can be converted to Mineral Reserves and
incorporated into the mine plan in the shortest timeframe.  The focus is on
re-evaluation of old prospects (Kurdeman and Quartz Ridge) and new targets
which have been developed over the last two years through systematic soil
sampling and geological mapping programmes. Highlights during the quarter
include:

·     3,324 metres of resource drilling at the Kurdeman prospect

·     5,815 metres of second phase exploration drilling at the new V-Shear
East prospect

·    Re-logging, geological review and modelling with further drilling
planned on the update of a pit optimisation study at Quartz Ridge prospect,
and

·    Geological mapping of three newly defined drill targets (ARC, SE
Corner and Sami South), based on 2022 soil sampling programmes. Drill testing
scheduled for H1 2023.

SALES AND COSTS

Gold sales for the quarter were 108,441 oz (FY: 438,638oz), a 9% increase YoY.
The average realised gold price for the quarter was US$1,735/oz (FY:
US$1,794/oz), down 5% YoY. Revenues generated were US$188.5 million (FY:
US$788.4m), an increase of 3% YoY, driven by higher gold sales countering a
slightly lower gold price.

Cash costs of production were US$109.2 million for the quarter (FY:
US$402.5m), a 2% increase YoY, predominantly driven by increased material
moved and processed in the period. Inflationary cost pressures around fuel and
consumables have largely been offset by cost-savings initiatives including the
transition to underground owner mining and the initial impact of the solar
power plant. Open pit costs increased during the quarter due to the increase
in the total open pit material mined. However, certain waste mining costs have
been capitalised to the balance sheet. Unit cash costs of production were
US$997/oz produced (FY: US$913/oz), no significant change YoY.

Total all-in sustaining costs ("AISC") were US$156.8 million for the quarter
(FY: US$613.9m), a 16% increase YoY, resulting from a 72% increase in capex
spend YoY, partly offset by inventory movements. The AISC of US$1,445/oz Au
sold (FY: US$1,399/oz) increased 7% YoY, reflecting lower gold sales during
the quarter.

Despite the continuing inflationary pressures, we remain firmly focussed on
stringent cost control and improving productivity at Sukari. We continue to
make good progress with our US$150 million stretch cost savings programme and
continue to identify new potential cost savings opportunities. Certain key
projects delivered during the year have started to have an impact on costs and
productivity. The commissioning of the solar plant in Q4, will result in a
potential cost saving of up to US$20 million per annum at current fuel prices,
and the final installation of the high production truck trays will result in
further productivity gains.

Cost guidance for 2023 reflects prudent assumptions on input costs and our
focus remains on the ongoing cost-savings programme. Cash cost guidance range
of US$840-990/oz produced and AISC guidance range of US$1,250-1,400/oz sold
reflecting higher sustaining capex, fuel prices and additional inflationary
pressures across our cost base.

Capital Expenditure

As part of the reinvestment programme at Sukari, key capital projects
progressed as scheduled during Q4, including the underground paste-fill plant,
underground infrastructure and equipment upgrades, plant optimisation and the
accelerated waste-stripping programme.

From 2021, the Company implemented a more granular methodology to the
accounting and classification of waste-stripping costs, in line with IFRS
accounting standards. As such, there is an accounting reclassification of open
pit waste mining costs, resulting in a reduction in total cash costs with a
corresponding equal increase in the sustaining expenditure and therefore AISC,
with no impact on net cash flow.

The table below illustrates the impact of the waste stripping which is
capitalised as sustaining and non-sustaining capital and therefore
reclassified out of operating expenditure ("opex"). The gross capex in Q4 was
US$70.0 million (FY: US$283.5m) and after removing the impact of this waste
mining accounting treatment, adjusted capex was US$64.8 million (FY: US$224.3
m), which reconciles with 2022 guidance.

Sukari capex guidance for 2023 is US$225 million, including:

·      US$110 million of sustaining capex

·   US$37 million of non-sustaining capex on projects such as gravity
circuit, expansion of the north dump leach, completion of the paste plant and
ongoing development of the second tailings storage facility. (Note. Under the
Sukari Concession Agreement, these projects are cost recovered over three
years)

·      US$78 million of non-sustaining capex on contractor waste
stripping, and

This excludes US$48 million of sustaining deferred stripping reclassified from
operating costs.

                                                                              Q4 2022  FY 2022  FY 2023E

                                                                              (US$m)   (US$m)   (US$m)
 Underground exploration                                                      2.8      8.6      8
 Underground mine development                                                 8.0      32.0     31
 Rebuilds, underground transition and other sustaining capex                  22.8     72.8     71
 Sustaining element of waste stripping capitalised*                           5.2      51.5     48
 Sustaining expenditure capitalised                                           38.8     164.9    158
 Solar plant, tailings storage facility 2 & underground paste fill plant      4.1      23.6     27
 Contract waste stripping capitalised                                         25.4     89.8     78
 Other non-sustaining capex                                                   1.7      5.2      10
 Non-sustaining expenditure capitalised                                       31.2     118.6    115.0
 Total expenditure capitalised                                                70.0     283.5    273.0
  Less:
  Sustaining element of waste stripping capitalised*                          (5.2)    (51.5)   (48)
  Capitalised Right of Use Assets                                             -        (7.7)    -
  ADJUSTED CAPEX (after reclassification)                                     64.8     224.3    225.0

* Reclassified from Opex

FINANCIAL POSITION

Free Cash Flow

Under the terms of the Sukari Concession Agreement, the Egyptian government
earned US$5.6 million in royalty payments (FY: US$23.8m) and received US$7.0
million in profit share payments during the quarter (FY: US$35.5m). After
Sukari profit share distribution, Group exploration expenditure and corporate
investing activities, Group free cash flow for the quarter was negative US$2.9
million (FY: negative US$17.6m), which was better than budgeted driven by
higher gold price, as the Company successfully completes the second year of
the three year reinvestment programme.

Balance Sheet

Centamin is in a strong financial position, with net cash and liquid assets to
US$156.6 million as at 31 December 2022, and after the distribution of US$28.5
million in interim dividends. The Company remains unhedged.

On 22 December 2022, Centamin announced the signing of a US$150 million
sustainability-linked revolving credit facility, subject to satisfying
standard conditions precedent. The introduction of debt onto the balance sheet
provides greater financial capacity and flexibility to fund the identified
opportunities across our portfolio. The sustainability targets will track
tangible progress in reducing our environmental footprint and strengthening
our social license to operate. Link to full announcement here
(https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=4221048&lang=en-GB&companycode=au-cey&v=)
.

CORPORATE

Batie West Project Disposal

In Q4 2022, Centamin fully completed the required procedure under Article 110
of the 2015 Mining Code for the relinquishment of the Konkera Batie West
licence. All Centamin employees and representatives were withdrawn from the
Batie West site and the Company has handed the licence area back to the
government.

EDX Exploitation Terms

Centamin continues its ongoing constructive engagement with the Egyptian
government to finalise the details of the exploitation terms applicable on the
exploration blocks awarded in 2021. It should be noted that any terms agreed
do not impact the Sukari Concession Agreement, which was awarded under
Egyptian law 222 of 1994.

About Centamin

Centamin is an established gold producer, with a premium listing 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 circa 5 million ounces of gold, and today has a
projected mine life of 12 years.

Through its large portfolio of exploration assets in Egypt and West Africa,
Centamin is advancing an active pipeline of future growth prospects, including
the Doropo Project in Côte d'Ivoire, and approximately 3,000km(2) of highly
prospective exploration ground in Egypt's Arabian Nubian Shield.

Centamin practices responsible mining activities, recognising its
responsibility to not only deliver operational and financial performance but
to create lasting mutual benefit for all stakeholders through good corporate
citizenship.

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

 Centamin plc                                                 Buchanan

 Alexandra Barter-Carse, Head of Corporate Communications     Bobby Morse /George Cleary

 investor@centaminplc.com (mailto:investor@centaminplc.com)   + 44 (0) 20 7466 5000

                                                              centamin@buchanan.uk.com (mailto:centamin@buchanan.uk.com)

ENDNOTES

Financials

Financial data points included within this report are unaudited.

Non-GAAP measures

This statement includes certain financial performance measures which are
non-GAAP measures. These include Cash costs of production, AISC, Cash and
liquid assets, and Free cash flow. Management believes these measures provide
valuable additional information for users of the financial statements to
understand the underlying trading performance. Definitions and explanation of
the measures used along with reconciliation to the nearest IFRS measures are
detailed in the Company's 2021 Annual Report
www.centamin.com/investors/results-reports/
(http://www.centamin.com/investors/results-reports/) .

Adjusted capital expenditure

Excludes the sustaining capital element of the waste-stripping.

Exploration expenditure

Exploration expensed covers all exploration activities excluding the Sukari
Concession Agreement and are expensed in the period they are incurred.

Royalties

Royalties are accrued and paid six months in arrears.

Cash and liquid assets

Cash and liquid assets include cash, bullion on hand and gold sales
receivables.

Qualified Person

Information of a scientific or technical nature in this document was prepared
under the supervision of Craig Barker, an employee of the Company and a
Qualified Person, as such term is defined by National Instrument 43-101
Standards of Disclosure for Mineral Projects of the Canadian Securities
Administrators.

The Qualified Person has 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.

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 the ongoing 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,
uncertainty and disruption caused by the outbreak 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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