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Investor Site VisitSeptember 2018
SUKARI GOLD MINE
2
Forward Looking Statements: There are risks associated with an investment in the shares ofCentamin plc (“Centamin” or “the Company”). Recipients of this presentation should reviewthe risk factors and other disclosures regarding Centamin referred to in the section entitled“Principal risks affecting the Centamin Group” in (i) our most recent Annual InformationForm; and (ii) our Management Discussion & Analysis reports, in each case available atwww.sedar.com.
This presentation contains "forward-looking statements" (which include “forward-lookinginformation” within the meaning of Canadian securities legislation) which may include, butare not limited to, statements with respect to the future financial or operating performanceof the Company, its subsidiaries, affiliated companies, its projects (including the Sukarimine), the future price of gold, the estimation of mineral reserves and resources, therealisation of mineral reserve and resource estimates, the timing and amount of estimatedfuture production, revenues, margins, costs of production, estimates of initial capital,sustaining capital, operating and exploration expenditures, costs and timing of thedevelopment of new deposits, costs and timing of future exploration, requirements foradditional capital, foreign exchange risks, governmental regulation of mining and explorationoperations, timing and receipt of approvals, consents and permits under applicable minerallegislation, environmental risks, title disputes or claims, limitations of insurance coverageand regulatory matters.
These forward-looking statements are provided for the purposes of assisting the reader inunderstanding the Company’s financial position and results of operations as at and for theperiods ended on certain dates, and to present information about management’s currentexpectations and plans relating to the future. Readers are cautioned that forward-lookingstatements may not be appropriate for other purposes than outlined in this presentation.Often, but not always, forward-looking statements can be identified by the use of wordssuch as "plans", "hopes", “aims”, “assumes, “seeks”, “targets”, “projects”, "expects", "isexpected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or"believes" or variations (including negative variations) of such words and phrases, or may beidentified by statements to the effect that certain actions, events or results "may", "could","would", “should”, "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, uncertainties and a variety ofmaterial factors (many of which are beyond the Company’s control) which may cause theactual results, performance or achievements of the Company, its subsidiaries and affiliatedcompanies to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such factors include, among others,future price of gold; general business, economic, competitive, political and socialuncertainties; the actual results of current exploration and development activities;conclusions of economic evaluations and studies; fluctuations in the value of the US dollarrelative to the local currencies in the jurisdictions of the Company’s key projects; changes inproject parameters as plans continue to be refined; possible variations of ore grade orprojected recovery rates; accidents, labour disputes or slow-downs and other risks of themining industry; climatic conditions; political instability, insurrection or war; civil unrest orarmed assault; labour force availability and turnover; delays in obtaining financing orgovernmental approvals or in the completion of exploration and development activities. Thereader is also cautioned that the foregoing list of factors is not exhaustive.
Although the Company has attempted to identify important factors that could cause actualactions, events or results to differ materially from those described in forward-lookingstatements, there may be other factors that cause actions, events or results to differ fromthose anticipated, estimated or intended. Forward-looking statements contained herein aremade as of the date of this presentation and, except as required by applicable law, theCompany disclaims any obligation to update any forward-looking statements, whether as aresult of new information, future events or results or otherwise, after the date on which thestatements are made or to reflect the occurrence of unanticipated events. There can be noassurance that forward-looking statements will prove to be accurate, as actual results andfuture events could differ materially from those anticipated in such statements. Accordingly,readers should not place undue reliance on forward-looking statements.
Competent Persons: Information in this presentation which relates to exploration, geology,sampling and drilling is based on information compiled by geologist, Mr Norm Baillie, who,as an accredited Chartered Professional Geologist and Manager through the GeologicalSociety of the United Kingdom and the Australasian Institute of Mining and Metallurgy, is an“Competent Person” for this purpose and a “Qualified Person” as defined in “NationalInstrument 43-101 of the Canadian Securities Administrators”.
Refer to the Company’s annual report for 2017, for further discussion of the extent to whichthe estimate of mineral resources/reserves may be materially affected by any knownenvironmental, permitting, legal, title, taxation, socio-political, or other relevant issues.
DISCLOSURESForward Looking Statements
3
INTERIM RESULTS REVIEWSolid financial performance
1. As per full year revised guidance published on 25 May 2018
2. Non-GAAP measures and are defined in the Financial Review of our Interim Results, announced 2 August 2018
units2018
Guidance(1)
H1 2018
H1 2017
% change
Gold production koz 505-515 217 234 -7%
Cash costs of production(2)
US$/oz produced
625-640 637 668 -5%
All-in sustaining cost(2) US$/oz sold 875-890 930 857 9%
Operational performance
• Produced 217,099 ounces of gold at US$637/ozcash costs and US$930/oz AISC.
• Maintained full year revised guidance of505,000 – 515,000 ounces
• Continued progress overcoming short-termoperational challenges
Solid financial performance
• Successfully minimised cost inflation across theGroup, in spite of reduced production, increasedsustaining capex and fuel cost pressure.
• Generated positive cash flow of US$36.1m,throughout operationally challenging quarters
• Maintained strong and flexible balance sheet ofUS$303.3m cash and liquid assets, with no debt,no hedging, no streaming
• Committed to shareholder returns with 2.5 UScent declared interim dividend, equivalent ofreturning 80% of FCF, while self funding ourpipeline of potential development projects
units H1 2018 H1 2017%
change
Operating cash flow US$m 127 126 1%
Capex (inc Sukari expl) US$m 51 31 67%
Profit Share US$m 39 41 -5%
Free Cash Flow(1) US$m 36 51 -29%
Dividend US cents 2.5 2.5 -
Cash and liquid assets(1,2) US$m 303 334 -9%
4
INTERIM RESULTS REVIEWContinued operational progress
1. As per full year revised guidance published on 25 May 2018
2. Non-GAAP measures and are defined in the Financial Review of our Interim Results, announced 2 August 2018
Factors impacting performance Cause Response
Open pit grade• Transitional zone thicker than expected with
lower than expected grades✓ Enhanced grade control drilling✓ Personnel change
Underground stope tonnage
• Long hole drill rig ("LHDR") damaged, causing disruptions and temporary suspension of stoping
• Increased cascade stoping leading to increased dilution
✓ Repaired LHDR, restoring availability and utilisation in line with mine plan
✓ Stope tonnes improved✓ High-grade stope sequence deferred 3
months✓ A reserve LHDR ordered, expected in Q4
Underground development grade• Increased development tonnages due to lower
stoping production‐ Personnel change
Underground stope grade• Greater than expected dilution from high-volume
mining method (cascade stope mining)
‐ Reducing contribution from higher dilution mining methods
‐ Improved controls continue to be implemented
5
PRIORITISING SHAREHOLDER RETURNS9.4% dividend yield (as at 30 Aug 2018)
SUSTAINABLE DIVIDEND STREAM
Excess Cash returned to shareholders as dividend
▪ US¢ 2.5 interim dividend for 2018, represents 80% of Free Cash Flow
▪ c. US$420m returned to shareholders in 5 years
▪ First use of Sukari cash flow is minimum dividend payment
▪ Further dividends in light of potential growth capital
DIVIDEND HISTORY
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
2014 2015 2016 2017 2018
Final Dividend Interim Dividend
FREE CASH FLOWCash flow generation
PROFIT SHARE & ROYALTIESContribution to country
SUSTAINING CAPEX & EXPLORATIONInvestment in future growth
Operating Cash Flow
BALANCED CASH FLOW DISTRIBUTION
SHAREHOLDER RETURNSSustainable dividend stream
Min dividend 30% of Sukari cash flow
Maintain min $250-$300m cash balance
Growth capital investment
44%
32%
24%
Dividend Policy
6
LONG TERM SUSTAINABILITYGrowth opportunity through the drill-bit
0
5
10
15
20
25
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Reserve - Sukari Open Pit Reserve - Sukari Underground Resource - Sukari Resource - Batie West Resource - Doropo
Group reserve and resource growth potential
▪ Sukari underground is open at depth with extensive reserve and resource drilling underway
▪ Doropo Project (1.35Moz Indicated) drilling targeting further resource expansion and maiden reserve
▪ ABC Project targeting maiden resource
All Resource estimates are published Measured and Indicated, ex Inferred
Group Resource and Reserves, as at 31 December 2017
7
INVESTMENT CASESupported by strong fundamentals
*Referenced RBC Capital Markets
Asset QualityLarge, world class asset : top 20 producing gold mine by ounces
Low cost, bulk tonnage mine
>20yrs LOM (vs gold sector avg ~10yrs*) with reserve and resource growth upside
Near term, near-mine / capex lite production growth upside
Financial FlexibilityNo debt
No hedging
No streaming
Maintain min cash balance of US$250-300m
US$303m cash and liquid assets as at 30 Jun 2018
Stakeholder ReturnsMeaningful contributor to our host country/partners
Minimum dividend of 30% of Sukari cash flow
Current 9.4% dividend yield, as at 30 Aug 2018
Maintain social license to operate
Active Growth PipelineSukari UG – Amun/Ptah reserve replacement
Sukari UG – Cleopatra exploration & development
Doropo – infill and expansion drilling
Batie West – scoping study underway
ABC – greenfield target generation
LON:CEY / TSE:CEE
100% free float
FTSE 250
8
NEAR TERM DELIVERABLESCatalysts
❑ Deliver solid H2 operational performance and subsequently deliver on revised guidance of
505-515koz at AISC of US$875-$890/oz sold
❑ Return excess cash to shareholders
❑ Deliver Sukari solar project feasibility study
❑ Appointment of a non-executive Chairman
❑ Sukari underground updated reserve and resource statement
❑ Doropo Project PEA, update resource and maiden reserve
❑ ABC Project maiden resource
❑ Significant exploration target generation across the portfolio
❑ Continued downward trend in Group LTIFR
SUKARI GOLD MINE
Youssef El-Raghy
(Country General Manager)
Raitt Marshall
(Mine General Manager)
Esmat El-Raghy (Security Manager)
Steve Fuhri
(HSE Manager)
Chris Boreham (Underground
Manager)
Mohamed Farghally (Open
Pit Manager)
David Stribley (Process
Manager)
Ahmed Ali
(IT Manager)
Darren Swinson (Maintenance
Manager)
Amr Houssouna (Commercial
Manager)
Taha Lamada (Admin Manager)
Amr Aboelrazik (Supply Manager)
10
EGYPT OVERVIEWExcellent emerging market opportunities
Arab Republic of Egypt
▪ Stable government: President el Sisi re-elected for 2nd term; Undergoing economic reform as part of the $ 12bn IMF loan
▪ Strengthening economy: 2018 GDP grew 5.3%, inflation halved to <14% and budget deficit below 10%.
▪ Ancient historic gold belt; Underexplored Arabian-Nubian Shield (ANS) runs north to south, along the east coast of the country
▪ Excellent infrastructure; Well educated, skilled workforce
Sukari Gold Mine
▪ First mover advantage: Explored 3,000km2 along the ANS
▪ The concession agreement was ratified by Egyptian parliament as law 222 of 1994.
▪ First modern mechanized gold mine in Egypt
▪ Produced approximately 3.1Moz Au to date @ avg cash cost of $618/oz
▪ 11.8Moz JORC resource, 8.0Moz reserve; orebody remains open at depth
▪ +20 year open pit LOM, with +5 year underground LOM
▪ Located 750km from Cairo, in the South Eastern Desert, and 31km from the Red Sea resort town of Marsa Alam, host to an international airport
Operating Mine
Exploration Project
Sukari Gold Mine
ABC Project
Doropo Project
Batie West Project
11
Mubarak Army Morsi Mansour Sisi Sisi
MINE HISTORYStrong operational track record in a new frontier, against a changing political environment
Commenced underground
mining
Fuel subsidy removed
Commissioned Stage 1 4Mtpa
plant
Plant expansion to 10Mtpa
1H18A217koz
~US$1.2bn capital investment and full cost recovery Profit Share with local partners, EMRA1
(1) For further details on the mechanics of the Concession Agreement please refer to the 2017 Annual Report and Accounts and the License Overview found on the Company website: http://www.centamin.com/production/sukari/licence-overview
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
0
100
200
300
400
500
600
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Production
Cash Cost
Average realised gold price
All-in sustaining cash costs
2018F505-515koz
SUKARI GOLD MINES
CENTAMIN PLC(CEY LN;CEE CN)
100%
50%
PHARAOH GOLD MINES(Concession Agreement)
EGYPTIAN MINERAL
RESOURCES AUTHORITY (“EMRA”)
CONCESSION AGREEMENTCorporate Structure
50%
License 160km2
30 year license grated in 2005, with option for a further 30 years
Royalty 3% NSR
Profit Share with EMRA
Profit Share was triggered in 2016, after full $1.2bn cost recovery.
Profit Share schedule:
1. 40% first 2 years (to June 2018)
2. 45% for next 2 years (to June 2020)
3. 50% of revenue net of all qualifying costs thereafter.
Cost Recovery Growth capital expenditure is recovered over three years
Sustaining capital expenditure is recovered in the year it is incurred
Taxes No other direct or indirect taxes
Other Early payments were made to EMRA in 2013, 2014, 2015 in line with returns made to shareholders by way of dividends. These early payments were later offset against the first profit share payments made in 2016.
12
13
95% workforce is
Egyptian
CONTRIBUTION TO OUR OPERATING COUNTRYCorporate social responsibility
Supporting our operating host country and local community
$198.3m paid to EMRA in profit share to date $125m paid to ARE in royalties to date
44% suppliers are
Egyptian
H1: $39.3m paid to EMRA in profit share H1: $9.0m in royalties to ARE*
In addition to the above, we engage in various local community projects and initiatives to ensure we maintain our social license to operate, lead by strong relations with local stakeholders, as set out in the CSR report found on our website
*Arab Republic of Egypt (“ARE)
>270 Egyptian company suppliers
Total US$323m DIRECT financial contribution to
ARE
>1,350 Egyptian employees
14
SUKARI OVERVIEWQuick facts
License area 160km2
Operations Open pit (owner-operator) & underground (contractor)
Geology Two parallel structures trending NNE and dipping E• Porphyry intrusive, hosting the low grade, bulk
tonnage open pit• High grade underground zones, located along the
contact zones of the structures
Resources 11.8Moz M&I
Reserves 8.0Moz P&P
LOM Open pit: >20 yearsUnderground: >5 years
Plant 12.5Mt pa CIL
Production 2017A: 544.7koz Au2018F: 505-515koz (1H18A: 217.1koz)
AISC (US$m) 2017A: US$426m 2018F: US$442m – US$458m (H118A: US$202m)
Unit AISC (US$/oz sold)
2017A: US$790/oz2018F: US$875-US$890/oz (H118A: US$930/oz)
Safety 2017A: LTIFR 0.24 (1H18: LTIFR 0.07)
OP miningUS$55m
UG miningUS$11m
ProcessingUS$81m
G&AUS$9m
Refinery & transportUS$1m
SUKARI MINE PRODUCTION COSTS (US$m)
H1 2018: US$157m (H1 2017: US$152m)
15
SUKARI OVERVIEWSite layout
Access 8km gravel road off the Edfu/Marsa Alam paved highway
100km to Marsa Alam International Airport
Water 25km salt water pipeline Desalination plant
40-45% of processing water is recycled off the TSF
Power HFO, 70MW capacity Solar feasibility underway
Tailings 1 tailings storage facility (TSF), with another under construction
15
16
HEALTH AND SAFETYInvested in our people
Annual LTIFR (per 200,000 hours worked) • People and workplace safety is our number one priority
• Industry leading health and safety record, targeting zero-
harm
• Group H1 LTIFR is 0.06 per 200,000 man hours worked
• Health and safety training forms a critical part of delivering
sustainable operations, along with continued professional
development training that ensures operational excellence
and career advancement
• Cote d’Ivoire maintains a zero harm safety record since
exploration began, with Q2 LTIFR 0.00:
• Ten consecutive quarters without an LTI, over a total
of 1,161,200 man hours worked
• Burkina Faso maintains a zero-harm record, Q2 LTIFR 0.00:
• Sixth consecutive quarter without an LTI, over a total
of 391,789 man hours worked
0.22
0.06
-
0.10
0.20
0.30
0.40
0.50
2013 2014 2015 2016 2017 2018
H1 2018
Total man hrs worked
LTILTIFR
per 200,000 hours
GROUP 1,623,252 1 0.06
Sukari 1,433,316 1 0.07
Burkina Faso 40,682 0 0.00
Cote d’Ivoire 149,254 0 0.00
H1 2018
OPEN PIT
18
OPEN PIT MINELong life, low cost, bulk tonnage operation
Mining Owner-operator
Bulk tonnage operation▪ 2018F: 75Mt total
material moved
▪ 2018F: 20Mt total ore moved
▪ 2018F: 0.58g/t mined grade, inc DL, stockpile
Pit design 7 stages; currently mining Stage 4: source of ore for the next 4 years
Final Pit 2.7km long x 1.3km wide
Resource Sukari M&I resource: 11.8 Moz
Reserve Open pit P&P reserve: 7.2Moz @ 0.93g/t, 239Mt
LOM > 20 years
ST4ST5ST6ST7
1 Jan 2018
1160 RL
1060 RL
1200 RL
30 June 2018
1080 RL
1060 RL
1200 RL
▪ Excellent mining productivity with total material moved
of 36.9Mt, a record six-month figure for the mine
▪ Transitional zone has delivered more tonnes and lower
grades than planned
▪ 11.6Mt total ore mined at a grade of 0.51g/t,
comprising:
▪ 5.6Mt @ 0.64g/t delivered to the mill
▪ 1.8Mt @ 0.37g/t delivered to the dump leach
▪ 4.2Mt @ 0.39g/t delivered to low grade stockpile
▪ Exiting transitional zone in Q3, into primary ore in Q4
▪ Expected FY2018 overall open pit mill feed of ~0.71g/t
▪ Overall mined grade ~0.58 g/t
H1 2018 OPEN PIT
ST4ST5ST6ST7
OPEN PITMining Stage 4
Mining Jan-Jun 2018
Mining Jun-Dec 2018 19
2018 OUTLOOK
ST4
ST5
ST6
ST7
31 Dec 2018
1010 RL
1040 RL
1200 RL
OPEN PITMining Stage 4
Open Pit Plan View: Sukari porphyry
Open Pit Plan View : 2018F Stage 4 at year end
20
UNDERGROUND
22
Mining Contractor: BarmincoMethod: Long-hole stoping, room and pillar, cascade stoping
Design Amun/Ptah production decline: engineered to 1.5Mtpa, optimal is 1.3Mtpa, to depth of c.600m vertical metres
Cleopatra exploration/development decline under construction: engineered to 1Mt pa
Resource 1.6Moz M&I @ 6.8g/t, 7.4Mt
Reserve 0.8Moz P&P @ 5.1g/t, 4.7Mt
LOM Current reserve supports > 5yr LOM
Upside 2017 increased UG reserves in excess of mine depletion over two years; Orebody open at depth
UNDERGROUND MINEShallow, high grade ounces
Amun / Ptah Underground Long Section (looking east): 2018 stoping
23
UNDERGROUND ORE MINED AND AVERAGE GRADE
TOTAL DEVELOPMENT METRES (MINERALISED + WASTE)
UNDERGROUNDInterim Results
0.0
2.0
4.0
6.0
8.0
10.0
12.0
0
50
100
150
200
250
300
350
Development Ore Stoping Ore Amun/Ptah Grade
0
500
1,000
1,500
2,000
2,500
Development Metres
▪ Total production 601kt at 5.69g/t
▪ Production from stoping, 340kt at 5.86g/t
▪ Ore from development 261kt at 5.48g/t
▪ Stoping tonnages impacted by equipment availability
▪ 55:45 stoping : development split
▪ H1 grades lower than plan due to:
▪ Development / stoping mix
▪ Dilution within large cascading stopes
H1 2018 UNDERGROUND
▪ Better balance of stoping and development tonnes
▪ ~60:40 stoping development split for FY2018
▪ High grade deferred stopes expected to be accessed
from Q3
▪ Significantly lower stope dilution from cascading
mining scheduled over balance of the year
▪ Tighter control on development headings
2018 OUTLOOK
PROCESSING
25
PROCESSINGExceeding 12.5Mt pa throughput
Capacity Plant throughput : 12.5Mt pa
Design Sulphide flotation, fine grind, carbon-in-leach plant (CIL)
Conventional SAG and ball mills
First Pour 26 June 2009
Feed grade 2017A: 1.57g/t2018F: 1.35g/t (H118A: 1.15 g/t)
Recovery 2017A : 88.1%2018F : 89% (H118A: 88.6%)
Construction 4 stage build from 4.5Mtpa (2009) – 10Mtpa (2014)Fully funded from equity, on time and on budget
26
PLANT PERFORMANCE
ORE PROCESSED AND FEED GRADE
▪ Strong performance across the process plant
▪ Plant throughput in H1 of 6.2Mt, running at an
annualised rate >12.4Mtpa due to record productivity
levels
▪ H1 head grade of 1.15g/t due to lower mined grades
▪ Improved metallurgical recovery rates to 88.6% (vs.
87.5% H1 2017) despite lower grade
PROCESSING PLANT THROUGHPUT (Mtpa)
PROCESSINGInterim Results
70%
75%
80%
85%
90%
95%
100%
1,1501,2001,2501,3001,3501,4001,4501,5001,550
Plant Productivity Recovery
0.00
0.40
0.80
1.20
1.60
2.00
1,000
2,000
3,000
4,000
Total Ore Processed Plant Feed Grade0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
2018 PERFORMANCE AND OUTLOOK
27
PROCESSING PLANTFlow sheet
DUMP LEACHLow cost ounces : Monetising marginal tonnes
2x dump leach pads
▪ South Dump Leach, located on the west of Sukari hill overapprox. 25ha and currently has 16.4Mt of ore stacked
▪ North Dump Leach, located at the north of Sukari overapprox. 15ha. North DL was constructed in Q2 2018 and has0.93Mt of ore stacked to date. Irrigation began in Q3 2018.
▪ H1 production: 5,183 ounces, a 37% increase on H1 2017.
▪ Increased oxide material and transitional ore delivered to thedump leach pads as a result of the thicker than expectedStage 4 transitional zone.
▪ Operational all year
▪ Head grade of ore: 0.3-0.4g/t
▪ Average recovery rate: ~60%
28
EXPLORATION
30
Sukari Open Pit Mineral Reserve
Sukari Underground Mineral Reserve
2017 2015
Tonnes(Mt)
Grade(g/t Au)
Gold(Moz)
Tonnes(Mt)
Grade(g/t Au)
Gold(Moz)
Proven 159 1.02 5.2 130 1.11 4.6
Probable 70 0.80 1.8 99 1.07 3.4
Stockpile 10 0.52 0.2 21 0.42 0.3
Total 239 0.93 7.2 250 1.03 8.3
• The effective date of the reserve and resource statement is 30 June 2017 or 30 June 2015 as relevant• Totals may not equal the sum of the components due to rounding adjustments• Based on mined surface as at 30 June 2017 and a gold price of US$1,300 per ounce
• The effective date of the reserve and resource statement is 30 June 2017 or 30 June 2015 as relevant• Totals may not equal the sum of the components due to rounding adjustments• Based on underground mine workings as at 30 June 2017• Long Hole Stopes for reserves estimation are designed using a 3.0g/t elevated cut-off and mining dilution applied at 15% @ 0.4g/t as all stopes are located in mineralised porphyry and 10% mining loss is then assumed to allow for stope bridges and material left in stopes after mining.
For shallow-dipping long hole stopes a 50% mining loss has been assumed• Room and Pillar Stopes for reserves estimation are designed using a 3.0g/t elevated cut-off and mining dilution applied at 10% @ 0.8g/t as all stopes are located in mineralised porphyry and 40% mining loss is then assumed to allow for non-recovered pillars and material left in stopes
after mining• Mineral Resources are reported inclusive of those resources converted to Proven and Probable Mineral Reserves
2017 2015
Tonnes(‘000 t)
Grade(g/t Au)
Gold(‘000 oz)
Tonnes(‘000 t)
Grade(g/t Au)
Gold(‘000 oz)
Proven 0.7 8.5 200 1.0 6.1 200
Probable 4.0 4.4 569 1.7 5.9 320
Sub-total 4.7 5.1 769 2.7 6.0 520
Development (Probable) 0.6 0.9 18
TOTAL 5.4 4.5 787 2.7 6.0 520
SUKARI RESERVES
• Cut-off grades (gold): CIL oxide 0.35g/t, CIL transitional 0.35g/t, CIL sulphide 0.35g/t, Dump Leach oxide 0.2g/t• Designed underground reserves detailed below do not form part of the open pit reserve
31
Sukari Total Mineral Resource
Sukari Underground Mineral Resource (included within the total resource above)
Measured Indicated Total Measured + Indicated Inferred
Cut-off Tonnes Grade Tonnes Grade Tonnes Grade Gold Tonnes Grade Gold
g/t Au (Mt) (g/t Au) (Mt) (g/t Au) (Mt) (g/t Au) (Moz) (Mt) (g/t Au) (Moz)
0.3 240 1.02 145 0.84 385 0.95 11.75 25 0.80 0.64
0.4 199 1.15 114 0.97 313 1.09 10.95 19 0.90 0.58
0.5 167 1.29 92 1.10 259 1.22 10.17 15 1.1 0.52
0.7 121 1.55 62 1.34 183 1.48 8.72 10 1.3 0.43
1.0 80 1.92 36 1.70 116 1.85 6.90 6 1.7 0.31
• The effective date of the reserve and resource statement is 30 June 2017• Totals may not equal the sum of the components due to rounding adjustments• The Mineral Resource estimate is based on the open pit mined surface as at 30 June 2017 and adjusted for underground mine workings as at 30 June 2017• All available assays as at 30 June 2017• Resource data set comprises 311,419 two metre down hole composites and surface rock chip samples• Mineral Resources are reported inclusive of those resources converted to Proven and Probable Mineral Reserves• The resources are estimates of recoverable tonnes and grades using Multiple Indicator Kriging with block support correction• 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 resource model extends from 9700mN to 12200mN and to a maximum depth of 0mRL (a maximum depth of approximately 1,000 metres below wadi level)
2017 2015
Tonnes(‘000 t)
Grade(g/t Au)
Gold(‘000 oz)
Tonnes(‘000 t)
Grade(g/t Au)
Gold(‘000 oz)
Measured 1,947 8.9 554 1,850 6.5 390Indicated 5,492 6.0 1,065 2,820 7.0 630Total M&I 7,439 6.8 1,619 4,670 6.8 1,020Inferred 6,711 4.5 976 6,970 5.6 1,240
• The effective date of the reserve and resource statement is 30 June 2017 or 30 June 2015 as relevant• Totals may not equal the sum of the components due to rounding adjustments• The Mineral Resource is reported above 2g/t within interpreted mineralised domains• The Mineral Resource estimate is depleted by underground mine workings as at 30 June 2017• All available information has been used including mapping from underground mining and assays as at 30 June 2017• Available resource data resulted in 41,277 one metre down hole composites used for grade estimation
• The Mineral Resources were estimated utilising a single Indicator weighted Kriging method (IK) to estimate gold for each of the mineralisation domains
SUKARI RESOURCES
• Measured Mineral Resources are defined by a drill spacing of at least 20m x 20m and confined to the interpreted mineralisation defined by underground mine development. Indicated Mineral Resources are defined as areas outside the Measured Mineral Resource and defined by approximately 20m x 20m drill spacing. Inferred Mineral Resources include all remaining estimated mineralisation defined by a drill spacing of approximately 50m x 50m
• Mineral Resources are reported inclusive of those resources converted to Proven and Probable Mineral Reserves.
• The underground resource is located within the boundaries of the total resource, and is included within that total
32
SUKARI LONG TERM SUSTAINABILITYOrebody remains open at depth
▪ Underground exploration and development strategy remains:
‐ Reserve replacement
‐ Resource growth and improved classification
‐ Maintain development at >3yrs ahead of mining
‐ Reduce sensitivity to equipment downtime
▪ H1 drilled 20,254m from Amun/Ptah and 14,209 from Cleopatra, as scheduled and under budget
▪ H2 forecast drill programme:
‐ 4 rigs targeting reserve and resource expansion:
1. Cleopatra2. Ptah deeps: Northern extensions;
Extensions along the Eastern Contact3. Ptah Keel: Infill drilling; Eastern and
Western resource extension 4. Top of Horus
AMUN CROSS SECTION LOOKING NORTH
33
UNLOCKING SUKARI’S FULL POTENTIALQ2 2018 drill intercepts highlights
33
34
SUSTAINABILITYSignificant reserve-resource growth potential
PTAH CROSS-SECTION : 2018 EXPLORATION DRILLING BAST CROSS-SECTION : 2018 EXPLORATION DRILLING
35
NEAR TERM GROWTH Cleopatra, unlocking the North; Top of Horus, orebody remains open at depth
TOP OF HORUS CROSS-SECTION : SIGNIFICANT INTERCEPTSCLEOPATRA CROSS-SECTION : 2018 EXPLORATION DRILLING
V Shear
QuartzRidge
Kurdeman
SamiSouth
SukariMine
Sukari North Prospects
Shu
▪ Sukari is a world-class gold district (+15Moz)hosted on a major ANS terrane boundary, aNW verging, obducted, ophiolite thrust belt.
▪ Sukari Resources are currently drill definedaround the 2.5km long by 0.6km deep Sukariporphyry which sits axially within a muchwider 17km long by 3.7km ophiolite shearzone.
▪ There are 7 main surface prospects hostedalong 5 primary domain gold trends, withinthe license. All surface prospects are withintrucking distance to the existing processingplant and infrastructure.
▪ Q2 2018 successfully completed the firststage petrophysics for the application of 3Dseismics across the license area.
▪ Conduct further DTH geophysics in H2 2018;Start 2D Seismic sections in Q1 2019, withwhich to construct a robust district 3D geo-seismic architecture of the license area todepths >1.5km, targeting potential newSukari-style porphyries.
Tenement area: 160km2
N
REGIONAL EXPLORATION Sukari License Area
RED SEA
36
Sukari
Mine
Kurdeman
Sami South
Shu
Quartz Ridge
V Shear
Sukari
North
Sukari Mine SukariNorth
V Shear
Quartz Ridge
Shu
Kurdeman
Sami South
SUKARI REGIONAL PROSPECTIVITY – Q2 2018
REGIONAL EXPLORATION Sukari License Area
37
ARABIAN NUBIAN SHIELDStrategically positioned
▪ Sukari first modern mechanised gold mine
▪ Historic gold belt: 65 historic gold mines known across theANS.
▪ Competitive advantage: Centamin’s operational trackrecord, country presence, skilled work force, local andgeologic understanding gives the Company a competitiveadvantage to look at further growth opportunities withinthe ANS.
38
39
NEAR TERM
Sukari Underground
Cleopatra Exploration Decline
Successful early stage results identifying good grades on the contact zone
Self-funding project due to pre-production revenue generation
SUSTAINABILITY
Sukari Underground
Amun/Ptah Decline
Resource extension drilling continued to return excellent results
21m @ 37.2g/t; 9m @ 226g/t; 57m 6.8g/t
Underpinning the long term sustainability of the underground
MEDIUM TERM
Doropo Project
Near resource, near surface extension drilling returned positive results
Updated resource and reserve/PEA expected H1 2019
LONG TERM
ABC Project
Wide spaced drilling and geochem results indicate extensive gold mineralised system
Target maiden resource H1 2019
GROUP EXPLORATION PIPELINE Positive Group exploration results delivered across the portfolio
APPENDIX
41
BOARD AND SENIOR MANAGEMENT STRUCTURECommitment to highest standard of corporate governance and leadership
Darren LeMasurierCompany Secretary
Josef El-RaghyExecutive Chairman
Norm BailieGroup
Exploration Manager
Andrew Pardey
Chief Executive Officer
Youssef El-Raghy
GM Egyptian Operations
Mark MorcombeChief Operating
Officer
Independent Non -Executive
Chairman
Ross JerrardChief Financial
Officer
G. Edward Haslam
Senior Non-Executive Director
Mark Bankes Non-Executive
Director
Mark ArnesenNon-Executive
Director
Alison BakerNon-Executive
Director
Alexandra CarseInvestor Relations
SENIOR MANAGEMENT
BOARD OF DIRECTORS
Succession process underway. Intention to announce Non-Exec Chairman by Q3 with an orderly handover until 2018 year end
Dr Ibrahim Fawzy
Non-Executive Director
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FOCUS ON COST CONTROL
OPEN PIT MINING COST PER TONNE
Note: Overall Underground Cost per Tonne calculated as expensed and capitalised mining costs divided by total tonnes moved from undergroundStoping Cost per Tonne calculated as expensed mining cost divided by stoped ore produced
UNDERGROUND MINING COST PER TONNE
PROCESSING COST PER TONNE ALL-IN SUSTAINING COSTS
0.00
0.50
1.00
1.50
2.00
2.50
Open Pit Mining Cost per Tonne (US$/t)
0.0
5.0
10.0
15.0
20.0
Processing Cost per Tonne (US$/t)
0
10
20
30
40
50
60
Overall Underground Cost per Tonne (US$/t) Stoping Cost per Tonne (US$/t)
0
25
50
75
100
125
150
All-In Sustaining Costs (US$m) Gold Sold (koz)
43
Consumables 38%
38%
Contractors25%
27%
Fuel 18% 16%
Labour 9% 9%
Other 10% 10%
H1 2018 H1 2017
COST BREAKDOWN
USD 51%55%
EGP* 24%21%
AUD 15%16%
Other 10% 8%
H1 2018 H1 2017
GROUP Cost Centres
• EGP includes fuel costs which are linked to USD prices• Group cost centre and FX breakdown incorporates all group expenditure including capex
GROUP FX Exposure
DISCIPLINED CAPITAL ALLOCATION
44
▪ FY2018 Capex Budget (including US$22m greenfield
exploration) of US$135m
▪ H1 2018 US$64m (47%) spent
▪ $51m sustaining capex
‐ Fleet rebuild programme spend peaked
‐ Working capital systems upgrade complete
‐ Stores inventory reached target warehouse level
▪ H2 2018 and beyond…
‐ Optimisation of maintenance programme
‐ Deferral of non-critical sustaining capex items
‐ Procurement Committee established to
review/negotiate supply contracts and tender
processes
‐ Results driven exploration model
Sust
ain
ing
cap
exEx
plo
rati
on
FY 2018 CAPEX
US$135m
Burkina Faso
Côte d'Ivoire
Egypt: Cleopatra (excl.revenue)
Sukari UG exploration
Sukari UG development
Other sustaining capex
