Centamin plc - CELTF STOCK NEWS

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.

Centamin held its Annual General Meeting on May 21, 2024. All resolutions were passed by a requisite majority. Notable approvals included a final dividend of 2 US cents per share and the re-election of key directors. Approximately 71% of the 1.16 billion eligible shares were voted. PricewaterhouseCoopers LLP was appointed as the auditor. The disapplication of pre-emption rights and market purchase of ordinary shares were also approved. Dr Ibrahim Fawzy retired from the Board after the AGM.

Centamin PLC announced that 31.29% of the 2021 share awards under the Company's Remuneration Policy and Performance Share Plan have vested. The awards are for ordinary shares of nil par value and carry the right to dividend equivalents. Directors will hold vested shares for two years. Disposals are to cover tax liabilities. The company's long term incentive plans and performance conditions can be found in the 2023 Annual Report and Accounts.

Centamin PLC announced its total voting rights, with a total issued share capital of 1,161,082,695 ordinary shares, each carrying one voting right. Shareholders can use this information to determine their interest in the company under FCA rules.

Centamin PLC announces notification of major holding(s) by Van Eck Associates , detailing the acquisition or disposal of voting rights. The notification includes the total positions held, percentage of voting rights, and the shareholder's details. The shareholder, Van Eck Associates , holds a total of 9.99% of voting rights in Centamin PLC through various financial instruments and direct voting rights.

Centamin PLC reported a decrease in production year-on-year due to lower-grade ore processing and maintenance activities in Q1 2024. Despite lower production, the company achieved a 3% decrease in AISC quarter-on-quarter and a 6% decrease year-on-year. Centamin remains focused on cost control and expects production rates to increase for the rest of the year. The company highlighted safety achievements, exploration successes, and progress on growth opportunities within its portfolio. Financially, Centamin reported gold production of 104,821 ounces with cash costs of US$1,088/oz produced and AISC of US$1,519/oz sold. The company maintains a robust balance sheet with cash and liquid assets of US$167 million and total liquidity of US$317 million. Centamin reaffirmed its 2024 production and cost guidance ranges, including a gold production guidance range of 470,000 to 500,000 oz per annum.

Centamin releases its 2023 Annual Report and Notice of AGM, inviting shareholders to attend the meeting on May 21, 2024. The AGM will cover various resolutions, and shareholders can vote online or by proxy. The meeting will be held in St Helier, Jersey, and all valid proxy votes will count towards the poll votes.