QUARTERLY Report
for the three months ended 30 September 2021
19 October 2021
https://www.centamin.com/investors/regulatory-news/
HIGHLIGHTS
Solid operational performance
· Gold production for the third quarter ("Q3") was slightly ahead of schedule at 103,546 ounces ("oz"), bringing production for the nine months of the year ("YTD") to 307,821 oz, and the Company remains on track to achieve 2021 production guidance
· Revenue generated of US$182.9 million from gold sales of 103,514 oz at an average realised gold price of US$1,764/oz sold
· Cash costs of US$846/oz produced (YTD: US$ 820/oz) and all-in sustaining costs ("AISC") of US$1,266/oz sold (YTD: US$1,197/oz), and the Company remains on track to achieve 2021 cost guidance
· Adjusted Group free cash flow of US$6.9 million (YTD: US$23.8m) was ahead of budget reflecting stronger gold price partially offset by increased mining costs driven by more open pit material mined
· Growth capital projects progressed on schedule with US$67.6 million of capital expenditure ("capex") (YTD: US$146.9m)
· Egyptian exploration bid round terms signed and finalised, securing c.3,000km2 of highly prospective greenfield landholding within the Eastern Desert of the Egyptian Arabian Nubian Shield
· Strong balance sheet with no debt, no hedging and cash and liquid assets of US$256.1 million, as at 30 September 2021, after US$46.1 million interim dividend distribution on 30 September 2021
· Full COVID-19 protocols remain in place and operations, supply chains and gold shipments have not been materially impacted.
OUTLOOK
On track to meet full year 2021 guidance
· Gold production guidance maintained: 400,000 to 430,000 oz, targeting the midpoint of 415,000 ounces
· Cost guidance maintained: cash costs of US$800-900/oz produced and AISC of US$1,150-1,250/oz sold, targeting the lower half of both the guidance ranges
· Capex guidance maintained: US$225 million, with a 65% spend in H2 (previously 55%) due to timing adjustments to the payment schedule
· Exploration expenditure guidance maintained at US$17 million
· The Company will publish updated Sukari Mineral Reserve and Resource statements and the results of the Sukari Life of Asset (Phase 2) optimisation work programme on Wednesday 1 December 2021.