CENTAMIN PLC ORD - CELTF STOCK NEWS

Centamin PLC (CELTF) has announced a notification of major holdings. BlackRock, Inc. has crossed the 5% threshold in its shareholding of Centamin on September 17, 2024. The resulting situation shows BlackRock holding 5.14% of total voting rights in Centamin, consisting of:

- 4.21% voting rights attached to shares
- 0.48% voting rights through financial instruments (securities lending)
- 0.45% voting rights through financial instruments with similar economic effect (CFDs)

The total number of voting rights held by BlackRock in Centamin is 59,880,299. This notification was made due to an acquisition or disposal of financial instruments.

Centamin PLC has announced director/PDMR shareholding changes under its Remuneration Policy and Incentive Plan. Performance-based awards of ordinary shares were granted to key executives:

- CEO Martin Horgan: 751,200 shares
- CFO Ross Jerrard: 599,700 shares
- Country Manager (Egypt) Amr Hassouna: 384,500 shares

These awards are subject to performance conditions and will partially or fully vest after three years on September 11, 2027, followed by a two-year holding period. The plan aims to align executive remuneration with shareholder interests and long-term company performance. Recipients must typically be employed by Centamin at the time of vesting.

AngloGold Ashanti and Centamin have agreed to a recommended acquisition of Centamin by AngloGold Ashanti. The deal values Centamin at £1.9 billion or $2.5 billion. Centamin shareholders will receive 0.06983 New AngloGold Ashanti Shares and $0.125 in cash for each Centamin share, valuing each at 163 pence. This represents a 36.7% premium to Centamin's closing price on September 9, 2024. Eligible Centamin shareholders will also receive the interim dividend of $0.0225 per share. Post-completion, AngloGold Ashanti shareholders will own 83.6% of the enlarged company, while Centamin shareholders will own 16.4%. The acquisition combines Centamin's flagship Sukari gold mine in Egypt with AngloGold Ashanti's portfolio, creating a larger, more diversified gold producer.

Centamin PLC has issued a trading update for the first two months of Q3 2024, highlighting strong performance at the Sukari Gold Mine. Key points include:

Gold production of 93,278 ounces and sales of 102,563 ounces. Cash costs of US$715/oz produced and AISC of US$1,290/oz sold. Capital expenditure of US$36.1 million. Group adjusted free cash flow of US$75.5 million, a 77% increase from H1 2024. Cash and liquid assets of US$244 million as of August 31, 2024.

The company maintains its full-year 2024 guidance, with production expected to be 470,000-500,000 oz. Key deliverables include the completion of the Doropo Project DFS and accelerated waste-stripping programme, with upcoming milestones in exploration, solar expansion, and grid connection projects.

Centamin PLC has filed the NI 43-101 technical report for its Doropo Gold Project in north-eastern Côte d'Ivoire on SEDAR, following the announcement of positive definitive feasibility study (DFS) results in July 2024. The full technical report is now available on the company's website, providing detailed information about the project's viability and potential. This development marks a significant milestone for Centamin, potentially impacting its future gold production and financial prospects.

Centamin PLC has declared an interim dividend of 2.25 US cents per share for the six months ended 30 June 2024. This represents 53% of the cash available for dividend payments, exceeding the company's policy to pay out a minimum of 30% of Group free cash flow before growth capital expenditure. The total dividend declared amounts to US$26 million.

Centamin maintains a robust financial position with cash and liquid assets of US$200 million as of 30 June 2024. The company has a track record of returning cash to shareholders, totaling US$907 million over eleven years. The dividend will be paid on 27 September 2024, with options for shareholders to receive it in US Dollars or Pounds Sterling.

Centamin PLC has released its interim results for H1 2024, highlighting improved financial performance and operational progress. Key highlights include:

- Gold production of 224,738 oz, a 2% YoY increase
- Cash costs of US$977/oz produced and AISC of US$1,382/oz sold
- Group free cash flow of US$42.7 million, a 121% YoY improvement
- Positive DFS for the Doropo Gold Project with NPV8% of US$426 million
- Robust balance sheet with US$200 million in cash and liquid assets
- Interim dividend of 2.25 US cents per share

The company maintains its full-year 2024 guidance for gold production (470,000-500,000 oz) and adjusted capex (US$215m). Centamin is advancing organic growth opportunities, including the Doropo project and Eastern Desert Exploration.

Centamin plc (LSE:CEY, TSX:CEE) has announced the early completion of its 120 million tonne (Mt) waste stripping programme at the Sukari mine. The company plans to retain Capital to mine up to 10 Mt of additional waste until September 2024, with 2-3 Mt being incremental to the planned annual volume. This represents a 1-2% increase in total open pit material mined for 2024.

The additional capacity will be used to accelerate the construction of a new dump leach facility, expected by mid-2025, which will initially add approximately 5,000 ounces of gold per annum for four years. The remaining volumes will supplement waste mining capacity ahead of new equipment delivery and fully utilize the Capital fleet.

Despite these developments, Centamin's guidance remains unchanged, with any updates to be provided during the upcoming interim results.

Centamin announced the results of a Definitive Feasibility Study (DFS) for the Doropo Gold Project in Côte d'Ivoire.

The DFS indicates:

• A 10-year mine life with Probable Mineral Reserves of 1.88 million ounces of gold at an average grade of 1.53 g/t.
• Average annual gold production of 167,000 ounces over the LOM, with 207,000 ounces in the first five years.
• All-in sustaining costs (AISC) of $1,047/oz over the LOM, dropping to $971/oz for the first five years.
• Post-tax NPV8% of $426 million and 34% IRR at a gold price of $1,900/oz.
• Total construction capex of $373 million.

Significant advantages include a decrease in community resettlement needs and early receipt of the environmental permit, facilitating the mining license application.

CEO Martin Horgan highlighted the project's strong first five years and plans for early works to mitigate completion risks and expedite timelines.