CENTAMIN PLC ORD - CELTF STOCK NEWS

Centamin plc (LSE:CEY)(TSX:CEE) announces the establishment of a clear, competitive regulatory structure for the development of new mining concessions in Egypt. The model mining exploitation agreement (MMEA) has been agreed in principle with the Egyptian Ministry of Petroleum & Natural Resources and the Egyptian Mineral Resources Authority. The MMEA sets out the legal and fiscal framework that will apply to commercial discoveries made on the highly prospective c.3,000km2 of ground awarded to Centamin in 2021 for exploration in the Eastern Desert of Egypt (EDX blocks). Key terms include a 5% government net smelter royalty on revenue, 22.5% corporate tax rate, 15% government financial net profit interest, and life of mine commitments towards local employment, training, and procurement. The agreement is expected to be ratified as a Special Law by the Arab Republic of Egypt in late 2023, aiming to contribute 5% of the country's GDP by 2030.

Centamin plc reported strong Q1 2023 results, achieving gold production of 105,875 ounces, a 14% increase YoY. Revenue reached US$205 million, an 18% increase from Q1 2022. Cash costs per ounce decreased by 7% to US$937, while all-in sustaining costs fell 13% to US$1,348. Exploration activities included US$3.8 million spent in the Sukari Concession. The company maintains its production guidance for 2023, projecting 450,000 to 480,000 ounces annually. Notably, free cash flow turned positive at US$8.1 million, enhancing their cash position to US$155 million. Centamin's operational safety improved, with an LTIFR of 0.31 per million hours worked. Future prospects include updating the Sukari life of mine plan and advancing the Doropo Project in Côte d'Ivoire.