TIDMCEY
RNS Number : 2125X
Centamin PLC
19 December 2023
19 December 2023
Centamin plc
("Centamin" or "the Company" or "Group", including its
subsidiaries)
LSE: CEY / TSX: CEE
CENTAMIN GROUP RESOURCE & RESERVE UPDATE 2023
Reserves increased by 28% to 7.7Moz, including 10% growth at
Sukari versus new life of mine plan
Martin Horgan, CEO, commented : "Our improved geological
understanding at Sukari has enabled a 500 thousand ounce increase
in reserves over the 5.3 million ounce reserve estimated in the
recently published LOM plan. Since 2020 we have delivered 3.5
million ounces of Mineral Reserve growth, before mining depletion,
exceeding our 3 million ounce target. This has been driven by
reserve growth of almost 1.6 million ounces at Sukari and a maiden
1.9 million ounce reserve at Doropo.
The progress made in 2023 is testament to the geological
opportunity within our portfolio, the quality of Centamin's
geological leadership team and investment in our orebodies. During
the first half of 2024, we will release the results of the maiden
drilling campaign across our Egyptian exploration portfolio and
will also aim to publish the updated reserve numbers for Doropo as
part of the ongoing DFS."
Centamin is pleased to announce its annual update of Group
Mineral Resources and Reserves, comprising of the Sukari Gold Mine
("Sukari") in Egypt and the Doropo Gold Project ("Doropo") and ABC
Project ("ABC") in Côte d'Ivoire.
HIGHLIGHTS
-- Sukari Proven & Probable ("P&P") Mineral Reserves
increased by 10% to 5.8Moz compared to the 5.3Moz Mineral Reserve
estimate included in the new Life of Mine Plan (available here )
published on 12 October 2023
-- Group P&P Mineral Reserves increased by 3.5 million
ounces ("Moz") since 2020 , before depletion, exceeding the
Company's stated target of 3.0Moz
-- Group P&P Mineral Reserves increased 28% compared to 2022
, to a total of 194Mt at an average grade of 1.23g/t for 7.7Moz of
contained gold, driven by reserve growth at Sukari and the
inclusion of maiden Mineral Reserves at Doropo in Côte d'Ivoire
(available here )
-- Group Measured & Indicated ("M&I") Mineral Resources
of 392Mt at an average grade of 1.06 g/t for 13.4Moz of contained
gold (inclusive of Mineral Reserves). Reflecting resource growth at
Doropo and depletion at Sukari
-- Following the completion of the DFS drill programme the
Doropo M&I Mineral Resources increased by 23% to 77Mt at
1.26g/t for 3.1Moz of contained gold. The updated resource will
form the basis of the DFS reserve update in mid-2024.
OUTLOOK
The 2024 geological programme continues to target resource and
reserve growth across the portfolio and comprises of :
-- 285,000 metres of drilling budgeted at Sukari for 2024, with
a focus on grade control and infill drilling to support short and
medium term planning, and longer term extensional drilling
-- With the Doropo definitive feasibility study ("DFS") resource
drilling complete, 10,200 metres of sterilisation drilling is
budgeted in 2024 as part of the DFS to confirm infrastructure
locations. With publication expected in mid-2024
-- The full assay results from the Eastern Desert Exploration
("EDX") maiden 16,000 metre drill campaign are expected in Q1 2024
with a follow-up work programme to be based on an analysis of the
results.
SUMMARY GROUP MINERAL RESOURCE & RESERVE TABLE
Please refer to the back of the document for detailed tables by
asset including basis of preparation and notes.
Group Mineral Resources
(inclusive of Mineral Reserves and calculated using varying
cut-off grades)
2023 2022
=========== ============================ ============================
Category Tonnage Grade Gold Tonnage Grade Gold
(Mt) (g/t) Content (Mt) (g/t) Content
(Moz) (Moz)
=========== ======== ======= ========= ======== ======= =========
Measured 199 1.07 6.8 267 1.04 8.9
Indicated 193 1.06 6.6 104 1.41 4.7
----------- -------- ------- ---------
M+I 392 1.06 13.4 371 1.14 13.6
----------- -------- ------- --------- -------- ------- ---------
Inferred 99 1.06 3.4 104 1.08 3.6
=========== ======== ======= ========= ======== ======= =========
Group Mineral Reserves
(calculated using varying cut-off grades)
2023 2022
=============== ========== ============================ ============================
Category Tonnage Grade Gold Tonnage Grade Gold
(Mt) (g/t) Content (Mt) (g/t) Content
(Moz) (Moz)
=============== ========== ======== ======= ========= ======== ======= ===========
Proven 115 1.10 4.1 130 0.95 4.0
Probable 79 1.41 3.6 33 1.95 2.1
-------- ------- ---------
P&P 194 1.23 7.7 163 1.15 6.0
========================== ======== ======= ========= ======== ======= ===========
About Centamin
Centamin is an established gold producer, with premium listings
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 over 5 million ounces of gold, and today has a
projected mine life to 2035.
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 over 3,000km(2) of highly prospective exploration ground in
Egypt's Arabian Nubian Shield.
Centamin practices responsible mining activities, recognising
its responsibility to deliver operational and financial performance
and create lasting mutual benefit for all stakeholders through good
corporate citizenship.
FOR MORE INFORMATION please visit the website www.centamin.com
or contact:
Centamin plc FTI Consulting
Alexandra Barter-Carse, Corporate Communications Ben Brewerton / Sara Powell
+44 (0) 7700 713 738 / Nick Hennis
investor@centaminplc.com +442037271000
centamin@fticonsulting.com
MINERAL RESOURCE & RESERVE STATEMENTS
The Mineral Resource and Reserve data presented in the tables
included in this document comprise of summary extracts of the
respective technical reports. For comparative purposes, data for
2022 has been included. The significant figures used in the table
are intended to reflect the level of accuracy of the different
resource classifications reported. Numbers have been rounded and
therefore there may be small differences in the totals.
SUKARI GOLD MINE, EGYPT
Mineral Resource Estimate
As at 30 June 2023, the Sukari Mineral Resources (inclusive of
Mineral Reserves) were 10.3Moz of contained gold, reflecting a 8%
decrease in M&I resource ounces, compared with 2022 ("YoY").
The change in ounces YoY is the result of mining depletion, a
significantly improved open pit design as per the new LOM Plan, and
transitioning of the resource modelling from external consultants
to in-house, managed by Centamin's Mineral Resource Management
department.
Our improved geological understanding has resulted in an
in-house model which better reflects the known distribution of
mineralisation consequently improving its application for mine
planning. Enhancements to the classification process have resulted
in a redistribution of the Mineral Resource estimate between the
Measured and Indicated categories, primarily within the open pit.
The goal remains to continue improving our understanding of the
orebody and increase the classification of Indicated to Measured.
This will be done largely through advanced grade control drilling
to further support near term mine planning.
Cut-off grades have been clearly stated, along with the gold
price assumption of US$2,000 /oz, both of which remain unchanged
for the Mineral Resource estimate . A total of 297,600 metres of
drilling was completed between June 2022 and June 2023, divided
between open pit (67%) and underground (33%) with the open pit
resource model externally audited by H&S Consultants Pty
Ltd.
In 2024, the primary focus will be on expanding resources in the
underground sector, concentrating on converting Inferred resources
to Measured and Indicated categories to offset mining depletion.
The strategy involves ongoing underground target generation,
leveraging geological interpretation and structural modelling.
Furthermore, drilling will be conducted on identified targets from
designated exploration drives, aiming to augment Inferred resources
to the south of Horus and Horus Deeps where mineralization remains
open. In the open pit, the drilling program will prioritize grade
control. Advanced grade control initiatives will specifically
target Sukari Hill, encompassing stage 7, and stage 8, which
currently represents the ultimate pit shell.
June 2023 June 2022
======================= =============== ===================================== =====================================
Category Tonnage Grade Gold Content (Moz) Tonnage Grade Gold Content (Moz)
(Mt) (g/t) (Mt) (g/t)
======== ====== ======== ======
Open pit 0.3g/t
cut-off
Underground 1.0g/t
cut-off
Stockpiles 0.4g/t
cut-off Measured (M) 197 1.06 6.8 267 1.04 8.9
Indicated (I) 118 0.93 3.5 53 1.30 2.2
--------------------------------------- -------- ------ ------------------- -------- ------ -------------------
M+I 315 1.01 10.3 320 1.08 11.1
--------------------------------------- -------- ------ ------------------- -------- ------ -------------------
Inferred 20 1.5 1.0 18 1.6 1.0
======================================= ======== ====== =================== ======== ====== ===================
Mineral Reserve Estimate
As at 30 June 2023, the Sukari Mineral Reserves were 5.8Moz of
contained gold, reflecting a 4% decrease YoY driven by 0.52Moz of
mining depletion partially offset by 0.24Moz of Mineral Reserve
growth. Reserve growth came from both the open pit and underground,
with the open pit increase resulting from the changes in modelling,
and underground growth from improved continuity in Bast and Amun
and an increase in reserves in deeper sections of the orebody in
Horus.
The gold price assumption used for estimating Mineral Reserves
is unchanged at US$1,450/oz. Based on the planned throughput and
mining rates, the remaining Sukari Mineral Reserve life is 13 years
for the open pit operation, including stockpiles, and 8 years for
the underground operation. As outlined in the Life of Mine Plan, we
will continue to investigate various optimisation and upside
opportunities within the open pit around waste deposition strategy,
slope angle optimisation and the potential for dump leaching sub
grade ore as well as processing recovery optimisation and expansion
of the existing solar plant.
June 2023 June 2022
============================ ========== ===================================== =====================================
Category Tonnage Grade Gold Content (Moz) Tonnage Grade Gold Content (Moz)
========== =================== ===================
(Mt) (g/t) (Mt) (g/t)
============================ ========== ======== ====== =================== ======== ====== ===================
OPEN PIT Proven 93.7 1.2 3.6 108.9 0.9 3.3
0.4g/t cut-off Probable 31.3 0.8 0.8 27.5 1.5 1.3
---------- -------- ------ ------------------- -------- ------ -------------------
P & P 125.0 1.1 4.4 136.4 1.0 4.6
--------------------------------------- -------- ------ ------------------- -------- ------ -------------------
UNDERGROUND Proven 1.4 3.4 0.2 4.0 3.6 0.5
2.2g/t cut-off Probable 7.2 4.0 0.9 5.3 4.2 0.7
---------- -------- ------ ------------------- -------- ------ -------------------
P & P 8.6 4.0 1.1 9.3 4.0 1.2
--------------------------------------- -------- ------ ------------------- -------- ------ -------------------
STOCKPILES Proven 19.7 0.5 0.3 17.4 0.5 0.3
0.4g/t cut off Probable - - - - - -
---------- -------- ------ ------------------- -------- ------ -------------------
P & P 19.7 0.5 0.3 17.4 0.5 0.3
--------------------------------------- -------- ------ ------------------- -------- ------ -------------------
TOTAL SUKARI MINERAL
RESERVE P & P 153.3 1.2 5.8 163.1 1.1 6.0
============================ ========== ======== ====== =================== ======== ====== ===================
DOROPO PROJECT, COTE D'IVOIRE
Mineral Resource Estimate
As at 31 October 2023, the Doropo Mineral Resource estimate
(inclusive of Mineral Reserves) of 3.1Moz of contained gold, was a
23% increase in M&I Resource ounces, compared to 2022 ("YoY").
All Mineral Resources are contained within open pits.
The DFS drilling phase has been mostly concluded, with only a
limited amount of sterilisation drilling left to complete. A total
of 49,831 metres of drilling was completed between October 2022 and
October 2023, and focused on converting Inferred [to M&I
Resources] within the resource pit shells, confirming reserve pit
depths and initial grade control drilling. The grade control
drilling was conducted for planning and optimisation purposes. This
programme resulted in a maiden Measured Resource classification at
largely consistent or higher grades than the deposits respective
Indicated Resources.
Cut-off grades were lowered from 0.5g/t to 0.3g/t to account for
the Mineral Reserves, as detailed below, in the oxide material
which are approximately 0.4g/t. The gold price assumption for
Mineral Resource estimates was unchanged at US$2,000 /oz.
Study work is ongoing with publication of the DFS expected in
mid-2024.
October 2023 October 2022
====================== =============== ===================================== =====================================
Category Tonnage Grade Gold Content (Moz) Tonnage Grade Gold Content (Moz)
(Mt) (g/t) (Mt) (g/t)
======== ====== ======== ======
2023 0.3g/t cut-off
2022 0.5g/t cut-off Measured (M) 1.5 1.60 0.1 - - -
======================
Indicated (I) 75.3 1.25 3.0 51.5 1.52 2.5
-------------------------------------- -------- ------ ------------------- -------- ------ -------------------
M+I 76.9 1.26 3.1 51.5 1.52 2.5
-------------------------------------- -------- ------ ------------------- -------- ------ -------------------
Inferred 7.4 1.23 0.3 13.7 1.14 0.5
====================================== ======== ====== =================== ======== ====== ===================
Mineral Reserve Estimate
The Mineral Reserve was published with the Pre-Feasibility Study
("PFS") (available here ) and is reported in accordance with the
CIM Definition Standards for Mineral Resources and Mineral Reserves
(CIM, 2014). The Mineral Resource was converted by applying
Modifying Factors. The Probable Mineral Reserve estimate is based
on the Mineral Resource classified as Indicated. The project has a
current Mineral Reserve life of 10 years.
June 2023 2022
======================================= ===================================== =====================================
Category Tonnage Grade Gold Content (Moz) Tonnage Grade Gold Content (Moz)
======================================= =================== ===================
(Mt) (g/t) (Mt) (g/t)
======================================= ======== ====== =================== ======== ====== ===================
OPEN PIT Proven - - - - - -
Varied cut-offs 0.39 to
0.71g/t Probable 40.6 1.44 1.9 - - -
---------- -------- ------ ------------------- -------- ------ -------------------
TOTAL MINERAL RESERVE P & P 40.6 1.44 1.9 - - -
============================ ========== ======== ====== =================== ======== ====== ===================
ABC PROJECT, COTE D'IVOIRE
Mineral Resource Estimate
As at 31 October 2023, the ABC Mineral Resource estimate of
2.15Moz of contained gold, was unchanged from 2022 ("YoY").
October 2023 October 2022
===================== =============== ===================================== =====================================
Category Tonnage Grade Gold Content (Moz) Tonnage Grade Gold Content (Moz)
(Mt) (g/t) (Mt) (g/t)
======== ====== ======== ======
2023 0.5g/t cut-off Measured (M) - - - - - -
=====================
Indicated (I) - - - - - -
===================== --------------- -------- ------ ------------------- -------- ------ -------------------
M+I - - - - - -
--------------- -------- ------ ------------------- -------- ------ -------------------
Inferred 72 0.9 2.15 72 0.9 2.15
===================================== ======== ====== =================== ======== ====== ===================
Qualified persons
A "Qualified Person" is as defined by the National Instrument
43-101 of the Canadian Securities Administrators. The below named
Qualified Person(s) have 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. Each Qualified
Person consents to the inclusion of the information in this
document in the form and context in which it appears.
Information of a scientific or technical nature in this
document, including but not limited to the Mineral Reserve and
Mineral Resource estimates, was prepared by and under the
supervision of Qualified Person Craig Barker, who is the [Group
Head of Geology/Group Mineral Resource Manager], and in addition to
the below internal and external Qualified Persons:
Sukari Gold Mine, Egypt
-- Mineral Reserve (open pit) Ozgur Zor of Centamin plc
-- Mineral Reserve (underground) Petre Florea of Centamin plc
-- Mineral Resource (open pit) Craig Barker of Centamin plc
-- Mineral Resource (underground) Craig Barker of Centamin plc
Doropo Gold Project, Cote d'Ivoire
-- Mineral Reserve Ross Cheyne of Orelogy Consulting
-- Mineral Resource Michael Millad and Flavie Isatelle
of Cube Consulting Pty Ltd
ABC Project, Cote d'Ivoire
-- Mineral Resource Patrick Adams of Cube Consulting
Pty Ltd
Investors should be aware that the figures stated are estimates
and no assurances can be given that the stated quantities of metal
will be produced.
Mineral Resource and Mineral Reserve estimates contained in this
document are based on available data as at 30 June 2023 for Sukari
and 31 October 2023 Doropo.
Varying cut-off grades have been used, and clearly marked, for
estimating the Mineral Resource and Mineral Reserve estimates.
mineral resource and reserve notes
All figures are rounded to reflect appropriate levels of
confidence. Apparent differences may occur due to rounding.
Sukari Gold Mine, Egypt
Mineral Resource Notes
Open Pit
In respect of the Sukari open pit Mineral Resource, the estimate
was performed by Centamin and audited by H&S Consultants Pty
Ltd ("H&SC") :
-- Centamin depleted the 2023 open pit Multiple Indicator
Kriging ("MIK") Mineral Resource estimate for Sukari as at 30 June
2023, within a whittle pit shell generated by Centamin at a gold
price of US$2,000/oz
-- The estimation methodology of MIK employed in preparing the
Mineral Resource is consistent with the 2022 estimate, using the
reporting cut-off grade of 0.3g/t Au
-- All open pit Mineral Resources are estimates of recoverable
tonnes and grades using MIK with block support correction produced
in the Vulcan software
-- Measured Resources lie in areas where drilling is available
at a nominal 25 x 25 metre spacing, Indicated Resources occur in
areas drilled at approximately 25 x 50 metre spacing and Inferred
resources exist in areas of broader spaced drilling
-- The open pit Mineral Resource estimate at a 0.3g/t Au cut-off
grade extends over a strike length of approximately 2.5 kilometres,
a width of 500 metres and from current surface to a depth of 900
metres
-- The open pit Mineral Resource estimate used diamond, reverse
circulation, open pit and underground grade control and advanced
grade control drilling, while underground face samples were
excluded with the dataset being closed off as at 30 June 2023. The
open-pit resource dataset comprised 1,325,028 two and a half metre
drill hole composites
-- The Mineral Resource estimates were adjusted to the mining
surface and underground mining voids as at 30 June 2023, and
includes some material that could be mined by underground
methods.
Underground
In respect of the Sukari underground Mineral Resource, the
estimate was performed by Centamin and audited by Cube Consulting
Pty Ltd:
-- The model has been developed utilising additional drilling
(90,201 metres) and geological information at a consistent domain
cut-off grade of 0.5g/t Au with a cut-off date of 30 June 2023
-- The estimation methodology of Ordinary Kriging ("OK")
employed in preparing the updated underground Mineral Resource is
consistent with the 2022 estimate, using the reporting cut-off
grade of 1.0g/t Au
-- The Sukari underground Mineral Resources are defined below
the US$2,000/oz open pit shell and combined with the open pit
Mineral Resources to provide an overall Sukari Mineral Resource
estimate
-- All underground Mineral Resources are estimated using OK and Vulcan software
-- Measured Resources lie in areas where drilling is available
on at least 20 x 20 metre spacing and the interpreted
mineralisation defined by underground mine development. Indicated
Resources occur in areas drilled at 50 x 25 metre spacing and
Inferred Resources exist in areas of broader spaced drilling of 100
x 50 metre spacing
-- The underground Mineral Resource estimate at a 1.0g/t Au
cut-off grade is unconstrained and extends over a strike length of
approximately2.5 kilometres, a width of approximately500 metres and
from current surface to a depth of approximately1,200 metres
-- All available surface drilling, channel and underground
samples were used as at 30 June 2023. The resource dataset used in
the Mineral Resource estimate comprised of a total of:
o 1,289,193 one metre down hole drilling composites
o 320,007 one metre down hole channel sample composites, and
o 3,061,620 two and a half metre down hole drilling
composites.
-- The Mineral Resource estimates were adjusted for the mining
of surface and underground voids as at 30 June 2023
-- Open Pit, underground and course ore stockpile material have
been reported at a cut-off of 0.4g/t Au.
MINERAL Reserve Notes
-- Mineral Reserve estimates were calculated using a US$1,450/oz gold price
-- A new LOM production schedule and cash flow was produced
using only the P&P Mineral Reserves to demonstrate economic
viability.
Open pit
-- Open pit cut-off grade for reporting of 0.4g/t Au for mill
processing with dump leach defined above 0.2g/t Au cut-off
-- Open pit design is based on a cut-off of 0.4g/t Au for M&I Mineral Resources only
-- M&I Mineral Resources inside the designed open pit was converted to P&P Mineral Reserves
-- Open pit Mineral Reserve estimate includes 8.3Mt at 0.4g/t Au
for 0.1Moz gold, using a 0.2g/t Au cut-off grade, for dump leach
material.
Underground
-- Underground cut-off grade for reporting of 1.0g/t Au for
development with stopes defined within a 2.2g/t Au cut-off.
Doropo Project, Cote d'Ivoire
Mineral Resource Notes
-- Mineral Resource estimate is based on available data as at 31(st) October 2023
-- The gold grade estimation method is OK with Localised Uniform Conditioning
-- The rounding of tonnage and grade figures has resulted in
some columns showing relatively minor discrepancies in sum
totals
-- All Mineral Resource estimates have been determined and
reported in accordance with NI 43-101 and the classification
adopted by the CIM Definition Standards for Mineral Resources and
Mineral Reserves (CIM, 2014)
-- A cut-off grade of 0.3 g/t gold is used to account for
reserves in the oxide material which are around 0.4g/t
-- The Mineral Resource cut-off grade of 0.5g/t was established
prior to the PFS study, confirming the economic viability of a
smaller portion of lower-grade oxide resources. As Centamin
proceeds with the DFS, a review and revision of the Mineral
Resource cut-off grades for oxide resources will be conducted
-- Pit optimisations based on a US$2,000/oz gold price were used
to constrain the 2022 Mineral Resource and were generated by
Orelogy Mine Consultants
-- This Updated Mineral Resource estimate was prepared by
Michael Millad and Flavie Isatelle of Cube Consulting Pty Ltd who
are the Qualified Persons for the estimate
-- This Updated Mineral Resources estimate is not expected to be
materially affected by environmental, permitting, legal title,
taxation, socio-political, marketing or other relevant issues.
Mineral Reserve Notes
-- The Mineral Reserve is reported according to CIM Definition
Standards for Mineral Resources and Mineral Reserves (CIM, 2014).
The NI 43-101 report is (available here )
-- The mine design and associated Mineral Reserve estimate for
the Doropo Gold Project is based on Mineral Resource classified as
Measured and Indicated from the Cube Mineral Resource Estimate
(MRE) with an effective date of 25 October 2022
-- Ore block grade and tonnage dilution was incorporated into the model
-- The Mineral Reserve was evaluated using variable cut-off
grades of 0.39 to 0.71g/t Au depending on mining area and
weathering profile.
ABC Project, Cote d'Ivoire
Mineral Resource Notes
-- Mineral Resource estimate was last updated 23 September 2021
-- The ABC resource estimate comprises of two deposits - Kona South & Kona Central
-- Drill spacing is a nominal 50 x 50 x 1 metre spacing
-- Reverse circulation and diamond drilling only has been used for the estimation
-- An OK and LUC estimation using Indicator Kriging at Kona
Central to define ore and waste boundaries
-- The grade estimate has been classified as Inferred in
accordance with the CIM Definition Standards for Mineral Resources
and Mineral Reserves (CIM, 2014)
-- The Mineral Resource has been reported at an economic cut-off
grade of 0.5g/t, 250 metres below surface and within 100 metres of
the nearest sample
-- The Mineral Resources Estimate was prepared by Mr. Patrick
Adams of Cube Consulting who represents the Qualified Person for
the estimate
-- The Mineral Resources Estimate is not expected to be
materially affected by environmental, permitting, legal title,
taxation, socio-political, marketing or other relevant issues.
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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December 19, 2023 02:00 ET (07:00 GMT)
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