CENTAMIN PLC ORD - CELTF STOCK NEWS

On December 20, 2021, Centamin PLC disclosed that BlackRock, Inc. surpassed a significant voting rights threshold on December 17, 2021. BlackRock now holds 5.64% of voting rights in Centamin, up from 5.76% previously reported. The acquisition includes 58,807,409 direct voting rights and 32,963,380 through financial instruments. This notification indicates a strategic move by BlackRock, reflecting its increased confidence in Centamin's potential.

Centamin announced a significant increase in its Sukari Gold Mine reserves, highlighting a net growth of 1.1 million ounces, marking a 23% rise in Proven & Probable Mineral Reserves. With a robust 12-year mine schedule, the company aims to achieve over 500,000 ounces of gold production annually. Notably, a 200% increase in underground reserves is reported. A cost-saving program has been boosted to $150 million by 2024. The 2022 production outlook estimates 430,000 to 460,000 ounces, with a $1,275 to $1,425 AISC per ounce.

Centamin plc reported strong operational performance for Q3 2021, producing 103,546 ounces of gold, slightly exceeding its production schedule. The company's total YTD gold production reached 307,821 ounces. Revenue from gold sales was US$182.9 million, aided by an average realized gold price of US$1,764/oz. Free cash flow for the quarter totaled US$6.9 million, with a stable balance sheet showing US$256.1 million in cash and liquid assets. The outlook remains strong, maintaining gold production guidance of 400,000 to 430,000 ounces for the year.

Centamin has revealed ambitious plans to enhance its geological management and drive growth in its mineral reserves. The company aims to incrementally add 3Moz to its reserves within 24 months, focusing on extending the underground life of the Sukari Gold Mine by 10 years. Key highlights include a successful geology campaign, an ongoing exploration program in Egypt, and a diligent investment strategy. The ABC Project in Côte d'Ivoire saw a doubling of its mineral resource to 2.16Moz. Centamin plans to invest between US$40-45 million in exploration for the upcoming year.

Centamin plc reported strong H1 2021 results, with revenue of US$367.4 million from gold sales of 203,802 ounces at an average price of US$1,799/oz. The company maintains full year production guidance of 400,000 to 430,000 oz. Despite a 20% drop in gold produced compared to H1 2020, operational efficiency remains strong with cash costs at US$807/oz and an EBITDA of US$190.4 million. A 4.0 US cents interim dividend was declared, reflecting confidence in future performance. Centamin's cash and liquid assets stand at US$312 million.

Centamin plc announced that its issued share capital comprises 1,156,450,695 ordinary shares, each providing one voting right. Currently, the company holds no treasury shares, so the total number of voting rights remains 1,156,450,695. Shareholders should utilize this figure for notifications regarding their interests under the FCA’s Disclosure Guidance and Transparency Rules. This announcement includes ongoing regulated information as per FCA requirements.

Centamin has announced positive developments in its West African exploration portfolio. The Board approved a pre-feasibility study (PFS) for the promising Doropo Project, which shows a post-tax NPV5% of US$234 million and an internal rate of return (IRR) of 21% at a US$1,450/oz gold price. Additionally, a further US$14 million investment will advance the project. The ABC Project is set for US$3 million in exploration funding, while the Batie West Project shows potential but does not currently meet Centamin's investment criteria.