Centamin Plc — Investor Presentation 2020

Dec 2, 2020

CAPITAL MARKETS EVENT

CENTAMIN₃

UNLOCKING
CENTAMIN'S
POTENTIAL

DECEMBER 2020

DISCLAIMERS

THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE. PUBLICATION OR DISTRIBUTION. IN WHOLE OR IN PART. DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL

This presentation has been prepared by Centamin Plc ("Centamin" or "Company") solely for information and does not purport to contain all the information that may be necessary or desirable to fully and accurately evaluate C of this notice, "presentation" includes this document, any oral presentation, any question and answer session and any written or oral material
discussed or distributed by Centamin during any such presentation. By attending copy of this document, you agree to be bound by the limitations, terms and conditions set out below and, in particular, will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this notice. No securities regulatory authority has reviewed or in any way passed upon the presentation.

As a consequence of legal restrictions, the release, publication or distribution of this presentation in certain jurisdictions or to certain persons may be restricted or unleavid. All persons resident or located outside Jersey, Canada and the United Kingdom must first satisfy themselves that they are not subject to any local requirements that prohibit or restrict them from attending, reading or otherwise accessing this presentation and should inform themselves of, and observe, any applicable legal or regulatory requirements applicable in their
jurisdiction. Any failure to comply with applicable requirements may constitute a violatio jurisdiction.

The information set out in this presentation is not intended to form the basis of any contract. No shares are being offered to the public by means of this presentation. This presentation is not intended to, and does not constitute, represent or form part of any offer, and should not be construed as, any offer, invitation or recommendation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any
securities or the solicitation of any vote for approval in any jurisdiction and shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity, or the making of any investment decision. This presentation does not purport to contain all of the information that may be required to evaluate any investment
in Centamin. Any person considering making an investment decision in relation to the legal, tax, accounting, financial, credit and other related advice prior to making an investment.

We do not consider the information contained in this presentation to amount to inside information for the purposes of the EU Market Abuse Regulation. However, you should make your own assessment as to whether you possess inside information and you should not use any inside information to deal in Centamin's securities or financial instruments related to Centamin's securities or any other securities and investments until after such information is made publicly available. Any dealing or encouraging others to deal whilst in possession of inside information may amount to inside information may amount to inside dealing under under Canadian securities laws with respect to the trading of securities with the knowledge of material undisclosed information.

This presentation has not been independently verified and none of Centamin, its shareholders, subsidiaries, affiliates, associates, or their respective directors, officers, partners, employées, representatives and advisers makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this presentation, or otherwise made available, nor as to the reasonableness of any assumption contained herein or therein, and any liability therefore (including in respect of direct, indirect, consequential loss or damage) is expressly disclaimed and no liability is assumed by any such persons for any information, opinions, errors or omissions in this presentation. Nothing contained herein or therein is, or shall be relied upon as, a future and no reliance, in whole or in part, should be placed on the fairness, accuracy, completeness or correctness of the information contained herein or therein. Further, nothing in this presentation should be constructed as constituting legal, business, tax or financial advice.
Other than in accordance with its legal or regulatory obligations, Centamin intention or obligation, to amend, correct or update this presentation or to provide the recipient with access to any additional information that may arise in connection with it. All information presented or contained in this presentation is subject to verification, correction, completion and change without notice.

No statement in this presentation is intended as a profit forecast or estimate for any period and no statement in this presentation should be interpreted to mean that earnings or earnings per share (or other metrics) for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share (or other metrics).

This presentation and any materials distributed in connection with this presentation may contain certain "forward-looking statements" and "forward-looking information" under applicable securities laws (collectively, "forward-looking statements"). Generally, these forward-looking
statements can be identified by the use of forward-looking terminology such as " "anticipates".

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 information (including FoF1) involves and is subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. The material factors and assumptions used to develop the forward-looking statements (including FoF1) include, among o competitive, political and social consideration and assumptions concerning economic evaluations, exchange rates, project parameters and gold and other commodity prices.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially
from those described in forward-looking statements (including FoF1), there may be oth differ from those anticipated, estimated or intended. Forward-looking statements (including FoF1) contained herein is made as of the date of this presentation, except as may be required by applicable law, and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or that forward-looking information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Refer to the Company's annual results 2019, for further discussion of the extent to which the estimate of mineral resources/reserves may be materially affected by any known environmental, permitting, legal, title, taxation, socio-political, or other relevant issues.

Information of a scientific or technical nature in this presentation including but not limited to the mineral reserve and resource estimates, was prepared by and under the supervision of Group Qualified Person(s) and independent Qualified Person(s) as below.

Sukari Gold Mine, Egypt

• Mineral Reserve (open pit) Quinton de Klerk of Cube Consulting Pty Ltd
• Mineral Reserve (undergound) Adrian Ralph of Cube Consulting Pty Ltd
• $\cdot$ Mineral resource (underground) - Mark Zammit of Cube Consulting Pty Ltd
• Mineral resource (open pit) Arnold van der Heydyn of H&S Consultants Pty Ltd

Doropo Project, Cote d'Ivoire - Rupert Osborn of H&S Consultants Pty Ltd

ABC Project, Cote d'Ivoire - Rupert Osborn of H&S Consultants Pty Ltd

Batie West Project, Burkina Faso - Don Maclean of Ravensgate Consultants Pty Ltd

A Qualified Person is as defined by the National Instrument 43-101 of the Canadian Securities Administrators.

The named Qualified Person(s) have verified the data disclosed, including sampling, analytical, and test data underlying the information or opinions contained in this presentation in accordance with standards appropriate to their qualifications.

Each Qualified Person consents to the inclusion of the information in this documents in the form and context in which it appears.

All Mineral Reserves and Mineral Resources for the Company have been estimated in accordance with the standards of the
Canadian Institute of Mining, Metallurgy and Petroleum and NI 43-101. All Mineral Resources are reporte Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

CENTAMIN 32

01 THE NEW CENTAMIN

02 SUSTAINABILITY

03 SUKARI

04 DELIVERING GROWTH

05 FINANCIAL STRATEGY

CAPITAL MARKETS EVENT

REAL AND AND BE.

CLEAR AND CONSISTENT STRATEGY

CREATING OPPORTUNITY FOR PEOPLE THROUGH RESPONSIBLE MINING

BUILDING BLOCKS

DELIVERING THE FULL POTENTIAL OF A WORLD CLASS OREBODY

FOCUS ON SUSTAINABLE PURSUING ORGANIC COMMITMENT TO FREE CASH FLOW SHAREHOLDER RETURNS GROWTH	RIGHT PEOPLE, RIGHT PROCESSES	INVESTING FOR STABILITY AND CONSISTENCY	UNLOCKING SUKARI'S POTENTIAL

INEW CENTAMIN	SUSTAINABILITY	SUKARI	GROWTH	FINANCIAL STRATEGY
CENTAMIN 3

RIGHT PEOPLE, RIGHT PROCESSES

TO DELIVER THE LONG TERM STRATEGY

PEOPLE - SKILLS & EXPERIENCE

Strong governance framework

Strengthened management team

Empowered workforce

PROCESSES - RIGOUR & DISCIPLINE

GUIDANCE 12 MONTH BUDGET

3-5 YEAR PLAN

OPTIMISED LIFE OF MINE PLAN

TECHNICAL DATA

TAMIN 111111111111111111111111111111111111	ABILITY SUSTAINA.	Sukari	GROWTH	سي المستوفي ,,,, I IIVANGIAE ----

UNLOCKING SUKARI'S POTENTIAL

PHASE 1 LIFE OF ASSET REVIEW - KEY INITIATIVES

OPPORTUNITIES	MEASURES	OUTCOMES
GEOLOGY	Overhauled geological leadership team Restructured approach to geology and orebody stewardship $\bullet$	Maximise the orebody potential
GEOTECHNICAL ENGINEERING	Data collection programme completed Developing comprehensive mine engineering model	Confidence in mine planning
MINING FLEXIBILITY	120Mt open pit waste-mining contract (FY21-24) Annual +20% underground development (FY21-22)	Consistent delivery
COST SAVINGS	Multiple initiatives to improve operating efficiency and productivity Identified up to US\$100m 1 cost reduction opportunities	Improved cash flow

NEW CENTAMIN	SUKARI	GROWTH	FINANCIAL STRATEGY
	1. From FY20-FY23 including US\$60m budgeted for FY20-21 and US\$40m outside of the budget for FY21-23

INVESTING FOR STABILITY AND CONSISTENCY

THREE YEAR PROGRAMME DELIVERING OPERATING EFFICIENCIES

CENTAMIN³

• Midpoint of guidance range charted, please refer to appendix for full guidance details 1. Target estimates not included in the current mine plan 9

FOCUS ON SUSTAINABLE FREE CASH FLOW

IMPROVING PROCESSES, REDUCING COSTS

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	___	.	.	______
$E$ ENTAMIN $\exists \boldsymbol{\mathcal{Z}}$			1. US\$42m delivered as at 31 Oct 2020 with US\$2m scheduled to 2020 year end 2. Included in the FY21-23 budgets 3. Gross cost savings based on current assumptions

ORGANIC GROWTH OPPORTUNITIES

CREATING VALUE THROUGH THE DRILL BIT

EGYPT

• · Sukari Underground
• Sukari Concession
• EMRA Bid Round

WEST AFRICA

• Doropo, Cote d'Ivoire
• ABC, Cote d'Ivoire
• Batie West, Burkina Faso

COMMITMENT TO SHAREHOLDER RETURNS

POSITIVE FREE CASH FLOW GENERATION SUPPORTS DIVIDEND STREAM

CONSISTENT TRACK RECORD

• Us\$638 million total dividends paid since 2014 $\bullet$
• Equating to 79% of cumulative free cash flow

FY20 FINAL DIVIDEND INTENTION

• On track to deliver FY20 FCF of US\$135-145 million $\bullet$
• 3 US cents per ordinary share, equating to US\$35 million $\bullet$
• Bringing total FY20 dividend to 9 US cents $\bullet$
• Totaling US\$104 million for FY20 dividend distributions

CONFIDENCE TOWARDS FY21 DIVIDEND

• The Board intends to distribute a minimum of US\$105 million $\bullet$ as the total FY21 dividend, subject to final approvals
• FY21 dividend covered by cash flow² at consensus gold prices $\bullet$
• The intention is for the dividend to be distributed as an interim and final dividend

DIVIDEND DISTRIBUTIONS (US\$M)

GROWTH

NEW CENTAMIN

SUSTAINABILITY

SUKARI

FINANCIAL STRATEGY

CENTAMIN

* Estimate includes indicative FY20 final dividend, subject to shareholder approval ** Board intended total dividend distribution for FY21; final dividend subject to shareholder approval 1. Source: S&P Global

12

CAPITAL MARKETS EVENT

SUSTAINABILITY

CENTAMINE

ESTABLISHING A STRONG SUSTAINABILITY CULTURE

REINFORCED LEADERSHIP UNDERPINNING COMMITMENT TO SUSTAINABILITY

SUSTAINABILITY COMMITTEE

Sustainability Committee formed to support management and oversee sustainability practice and performance

POLICY FRAMEWORK

Integrate Centamin's values and policy framework into the assetlevel management systems

EMPLOYEE DEVELOPMENT

Leadership development for our national workforce, including succession planning

CLIMATE

Define targets and actions to reduce greenhouse gas emissions and safeguard water resources

SUSTAINABILITY

LOCAL ECONOMIC PARTICIPATION

Identify opportunities for greater local economic participation

SUKARI

GENDER EQUALITY

GROWTH

Identify initiatives that increase diversity and inclusion across the workforce, supply chain and our areas of influence

FINANCIAL STRATEGY

$C$ ENTAMIN $\overline{\triangle}$

NEW CENTAMIN

HEALTH, SAFETY AND WELLBEING

PEOPLE ARE OUR MOST VALUABLE ASSET

HEALTH AND SAFETY CULTURE THAT AIMS FOR ZERO HARM

• Establish critical risk and control standards for the operation $\bullet$
• Visible safety leadership to reinforce a positive safety culture $\bullet$
• Focus on the physical and mental health and wellbeing or $\bullet$ our workforce

ON TRACK TO ACHIEVE A 25% IMPROVEMENT IN 2020

• Reinforcement of leading indicators for safety $\bullet$
• Rollout of twelve critical risk and control standards $\bullet$
• Appointment of an on-site Chief Medical Officer $\bullet$

COVID-19

• Proactive COVID-19 management plan implemented $\bullet$
• Comprehensive test & trace process in place $\bullet$
• No material disruption to operations $\bullet$

TOTAL RECORDABLE INJURY FREQUENCY RATED

LOST TIME INJURY FREQUENCY RATE®

NEW CENTAMIN SUSTAINABILITY SUKARI GROWTH FINANCIAL STRATEGY

$C$ ENTAMIN $\leq$

STAKEHOLDER ENGAGEMENT

20 YEAR PARTNERSHIP WITH THE EGYPTIAN GOVERNMENT AND LOCAL COMMUNITIES

• Shared vision to develop the mining industry in Egypt $\bullet$
• Cumulative investment in Egypt of >US\$5.2bn¹ $\bullet$
• Foundation for continued success at Sukari and across further exploration across Egypt
• Significant direct and indirect local employer $\bullet$
• Dedicated in-country relationship managers $\bullet$
• Regular engagement with key government officials at all levels $\bullet$ and in local communities

Martin Horgan, CEO and Tarek El-Molla, Egyptian Minister of Petroleum & Mineral Resources (Cairo, Egypt October 2020)

$\sim$ $\frac{1}{2}$ TANIHA.	)	SUKARI	GROWTH	The Country of Country TINANGIAL "不可能是那么?"
. . .

CAPITAL MARKETS EVENT

CENTAMINE

785C

SUKARI
GOLD MINE

SUKARI GOLD MINE

A WORLD CLASS GOLD OREBODY IN THE ARABIAN NUBIAN SHIELD

STABLE OPERATING ENVIRONMENT

• Excellent infrastructure $\bullet$
• Well educated, skilled workforce $\bullet$
• Fair fiscal terms: the Concession Agreement was ratified by
  Egyptian parliament as law 222 of 1994 $\bullet$
• 12th year of gold production, producing 4.5Moz of gold to date $\bullet$ .

TWO MINES: ONE ASSET

• Bulk tonnage, low grade open pit operation $\bullet$
• 1.5Mt pa higher grade underground operation $\bullet$
• 12.5Mt pa CIL processing plant $\bullet$

NEW CENTAMIN

SUSTAINABILITY

SUKARI

GROWTH

APPROACH TO GEOLOGY

STRENGTHENED AND RESTRUCTURED GEOLOGICAL LEADERSHIP

UNDERSTANDING THE OREBODY

MINERAL RESOURCE MANAGEMENT

OREBODY STEWARDSHIP TO MAXIMISE RETURNS FOR STAKEHOLDERS

• Reinterpret existing data
• Upgrade resource management processes
• Build more robust resource models
• Integrate mine-to-mill planning
• Target reserve replacement

FY21-FY23: US\$20m pa expected spend on drilling and development

EXPLORATION

GREENFIELD EXPLORATION TARGETING NEW OREBODIES

• Maximise resource growth
• Systematic and disciplined exploration
• Evaluate known satellite resource deposit
• Generate new priority targets

FY21: US\$5-6m scheduled capital spend on Concession exploration

NEW CENTAMIN

SUSTAINABILITY

SUKARI

GROWTH

Sukari hole UGRSD2099

OPEN PIT MINING

ACCELERATED STRIPPING PROGRAMME TO IMPROVE OPERATIONAL FLEXIBILITY AND DELIVERY

• Dedicated contract-mining solution for four-year waste stripping
  programme for 120Mt on the East of the open pit $\bullet$
• Owner-operator fleet utilised for ore and waste mining on the $\bullet$ North and West of the open pit

OPEN PIT FY21-23 MINE PLAN (PLAN VIEW)

NEW CENTAMIN

SUKARI

CENTAMIN₃

OPEN PIT

INCREASED GEOTECHNICAL ENGINEERING PROGRAMME TO IMPROVE OPERATING CONFIDENCE

OPEN PIT / UNDERGROUND INTERACTION

• $\cdot$ Ground penetrating radar
• Paste fill plant
• Proactive planning

OPEN PIT SLOPE DESIGN

• Stabilisation Stage 4 West wall
• Analysis on optimal slope angle for long term planning
• Mining of high grade buttresses'

DATA & CLASSIFICATION

• Drilling and logging
• Structural mapping
• Rock mass classification
• Hydrogeology

MODELLING & MONITORING

• Geotechnical and structural model
• Radar and underground

NEW CENTAMIN	SUSTAINABILITY	SUKARI	GROWTH	FINANCIAL STRATEGY
CENTAMIN $E$

OPEN PIT

NAVIGATING THE OPEN PIT / UNDERGROUND INTERACTION

OPERATIONAL PLANNING

• Open pit mining operations will increasingly interact with the original underground infrastructure $\bullet$
• This is incorporated into the open pit planning cycle $\bullet$
• Operational procedures in place: $\bullet$
• Probe drilling ahead of production $\bullet$
• Ground penetrating radar $\bullet$
• Use of paste fill $\bullet$
• Technical information exchange with other mining operations
  experiencing open pit / underground interaction $\bullet$

CONCEPTUAL FINAL PIT SHELL

AMIN SUKARI CRNW $-111$ 7 I V stir u ,,,, i www MANA ميتون المورد. مواليد المورد المورد المورد المورد المورد المورد المورد المورد المورد المورد المورد المورد المورد المورد المور ,,,,, ---

CENTAMIN 32

OPEN PIT

CLEOPATRA ZONE

MINING FROM SURFACE

• Optimal extraction through open pit mining $\bullet$
• Second pit provides greater operational flexibility $\bullet$
• Waste stripping programme commences in 2021 $\bullet$
• Low grade ore mining from 2022 $\bullet$
• Potential for deeper zones to be exploited from $\bullet$ underground mining

SUKARI DEPOSIT LONG SECTION

NEW CENTAMIN

SUSTAINABILITY

SUKARI

UNDERGROUND

IMPROVED MINE PLANNING AND OPERATIONS DELIVERING RESULTS

LONG-TERM MINING PLAN

• Focus on infrastructure development $\bullet$
• Greater mining flexibility operating multiple stopes $\bullet$

COMPLETED STAGE 1 INFRASTRUCTURE UPGRADES

• Ventilation substantially improved $\bullet$
• Facilitates full 1.5Mt pa underground mining capacity $\bullet$

IMPROVED MINING PRACTICES

• Reduced mining dilution $\bullet$
• Closer management of the contractors
• Increased grade control drilling $\bullet$
• Use of backfill $\bullet$

LOA PHASE 2 OPPORTUNITIES

• Underground fleet optimisation to mining areas $\bullet$
• Contract renegotiation $\bullet$
• Shorten haulage into the open pit $\bullet$
• Increase mining capacity $\bullet$
• Productivity initiatives $\bullet$

SUKARI UNDERGROUND FY21-23 MINE PLAN

PROCESSING

OPPORTUNITIES BEING ASSESSED AS PART OF LOA PHASE 2

COST REDUCTION INITIATIVES

• Grind size vs. Recovery / Throughput vs. recovery
• Cyanide consumption
• Power costs & usage

EFFICIENCY IMPROVEMENTS

• Process control through
  mill automation
• Detox plant test work
• Trialing new liners on the ball mills

LEACHING LOW GRADE ("LLG") STOCKPILES

• Test pad for LLG material
• +20Mt of LLG material
• Average grade of 0.4g/t

CENTAMIN₃

IMPROVING OPERATING METRICS

CONTINUE TO DELIVER PRODUCTIVITY AND EFFICIENCY GAINS

OPEN PIT TRUCK PRODUCTIVITY

OPEN PIT TRUCK EFFICIENCY

UNDERGROUND PRODUCTIVITY

30%

FY20e

$\mathbf{X}$

UNDERGROUND MINING DILUTION

$-75%$

Target

FINANCIAL STRATEGY

IMPROVING OPERATING METRICS

DRIVING CASH FLOW GENERATION

UNDERGROUND COSTS PER TONNE (US\$)

PROCESSING COSTS PER TONNE (US\$)

20.00

LOA PHASE 2 WORKSTREAMS UNDERWAY

UNLOCKING FURTHER OPPORTUNITIES

ENTAMIN NEV	MEL	SUKARI	GROWTH	$\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ . ,,,,,
	. PATINIANSITE -----			707F. START START INANGIA

CENTAMIN₃

CAPITAL MARKETS EVENT

CENTAMIN₃

Jihou

GROWTH
OPPORTUNITIES

PURSUING GROWTH

DRIVING VALUE THROUGH THE DRILL BIT

PROJECT	RESOURCE		STATUS		DELIVERY
SUKARI GOLD MINE (brownfield) EGYPT	11MOZ M&I		PROGRAMME	5 YEAR EXPLORATION	2021 onward
SUKARI TENEMENT (greenfield) EGYPT	PRIORITY TARGETS FOR SATELITE MILL FEED		PROGRAMME	5 YEAR EXPLORATION	FY21 onward
EMRA BID ROUND (greenfield) EGYPT	PRIORITY TARGETS FOR SATELITE MILL FEED		FISCAL TERMS	SUBJECT TO AGREEING	FY21 onward
DOROPO COTE D'IVOIRE	2.4MOZ M&I		PRE-FEASIBILITY MRE UPDATE		Q1 2021
ABC COTE D'IVOIRE	0.7MOZ M&I		EXPLORATION MRE UPDATE		Q1 2021
BATIE WEST BURKINA FASO	1.9MOZ M&I		FEASIBILITY NEGOTIATIONS	SUBJECT TO LICENSE	H1 2021
NEW CENTAMIN	SUSTAINABILITY	SUKARI		GROWTH	FINANCIAL STRATEGY

SUKARI UNDERGROUND POTENTIAL

5 YEAR DRILLING PROGRAMME AT DEPTH

SUKARI GOLD MINE TENEMENT

COMPREHENSIVE SURFACE EXPLORATION OF 160KM2 CONCESSION

OVERALL OBJECTIVE: Define additional resources & reserves across the concession

2021 SURFACE EXPLORATION BUDGET: US\$6-7 MILLION

• Geological reviews and resource estimates for priority targets $\bullet$
• Reconnaissance geochemical exploration $\bullet$

CENTAMIN 32

• Airborne geophysics using magnetic, radiometric and electromagnetic $\bullet$ (VTEM/ZTEM) techniques (under application)
• Systematic drill testing of targets up to 20,000m of RC drilling and 2,500m of core drilling

NEW CENTAMIN SUSTAINABILITY SUKARI GROWTH

FINANCIAL STRATEGY

ARABIAN NUBIAN SHIELD

UNDEREXPLORED GOLD BELT

• The Arabian Nubian Shield is one of the world's great gold $\bullet$ provinces
• EMRA exploration bid round launched in March 2020 $\bullet$ covering the Eastern Desert
• Centamin submitted a number of applications seeking both $\bullet$ satellite feed and standalone resource opportunities
• Minister of Petroleum announced provisional bid winners in
  November 2020 Centamin included $\bullet$

SUSTAINABILITY

Centamin remain ready to conclude negotiations and $\bullet$ commence work in short time frame

CENTAMIN₃

NEW CENTAMIN

WEST AFRICA

EXPLORATION REVIEW UNDERWAY

• Dedicated project team with significant West African $\bullet$ gold experience
• Targeting a pathway to reserves $\bullet$
• Reduced budget (FY21: US\$5m) allocated until $\bullet$ completion of review
• Update on active growth pipeline in Q1 2021 $\bullet$
• Batie West Project subject to license terms $\bullet$ renegotiation

SUSTAINABILITY

NEW CENTAMIN

CAPITAL MARKETS EVENT

CATERPILLAR

RELIE

CENTAMINSE

FINANCIAI
STRATEGY

CLEAR, CONSISTENT

STRONG BALANCE SHEET & FOCUS ON COSTS

UNDERPINS FINANCIAL RESILIENCE AND FLEXIBILITY

BALANCE SHEET & LIQUIDITY

• Solid treasury foundation during asset reset $\bullet$
• Supports shareholder returns through the reinvestment period $\bullet$
• Cash and liquid assets of US\$345m (30-Sept-20) $\bullet$
• Debt-free balance sheet $\bullet$
• No gold loans, no gold streams $\bullet$

CASH AND LIQUID ASSETS

Non-optimised costs - prior to the full impact of FY21-23 cost saving initiatives

Improving efficiencies and productivities:

• Benefits of solar reducing processing costs (from FY22) $\bullet$
• Underground costs reflect increased use of backfill (from FY21) $\bullet$

$C$ ENTAMIN $\leq$

CAPITAL EXPENDITURE

INVESTING FOR THE FUTURE

GROUP CAPITAL EXPENDITURE (US\$M)

CAPITAL EXPENDITURE

INVESTING FOR THE FUTURE

NON-SUSTAINING CAPEX BREAKDOWN (US\$M)

DISCIPLINED CAPITAL ALLOCATION

CLEAR FRAMEWORK AND BALANCED DISTRIBUTION

SUSTAINING CAPEX

Essential investment to maintain the business

GROWTH CAPEX

• IRR > 15% at US\$1,350/oz

EMRA PROFIT SHARE

• 50% of Sukari FCF (after cost recovery, per the Concession Agreement)

SHAREHOLDER DIVIDENDS

• Dividend policy states a minimum distribution of 30% of
  Centamin FCF¹
• Board intends to distribute a FY21 minimum total dividend of US\$105 million²

NEW CENTAMIN	SUSTAINABILITY	SUKARI	IGROWTH	FINANCIAL STRATEGY
CENTAMIN 3 2			. Group free cash flow, after Sukari profit share split and Group investing activities, before dividend distribution 2. Final dividend subject to shareholder approval $^{\rm b}$	39

COMMITMENT TO STAKEHOLDER RETURNS

BUILDING ON A SEVEN YEAR TRACK RECORD OF SECTOR LEADING DIVIDEND RETURNS

DIVIDEND POLICY

CUMULATIVE CASH RETURNS (US\$M)

NEW CENTAMIN	SUSTAINABILITY	SUKARI	GROWTH	FINANCIAL STRATEGY

CENTAMIN₃

FINANCIAL STRATEGY

MANAGING THE BOTTOM LINE TO MAXIMISE FREE CASH FLOW

	DELIVERY IN 2020	FORECAST 2021 - 2023
STRONG BALANCE SHEET	US\$345M net cash and liquid assets (30-Sept-20)	Maintain a strong balance sheet $\bullet$
STRINGENT COST MANAGEMENT	Extracted c.US\$42 million in gross costs 1	Targeting gross cost reductions of US\$46-56 million
DISCIPLINED CAPITAL ALLOCATION	Tailings Storage Facility 2 delivered under budget		Reinvestment phase: elevated capital spend positioning Centamin for the long-term
STRONG FREE CASH FLOW	Generated US\$137 million in free cash flow (30-Sept-20)	• Positive cash flow generation at consensus gold prices
RELIABLE SHAREHOLDER RETURNS	Increased interim dividend by 50% $\bullet$	Sustainable dividend stream
NEW CENTAMIN	SUSTAINABILITY SUKARI	GROWTH	FINANCIAL STRATEGY

CENTAMIN₃

CAPITAL MARKETS EVENT

CENTAMINSE

SUMMARY

DECEMBER 2020

ENTAMIN VEW W Gar V L V	SUSTAINABILITY	SUKARI	GROWTH	FINANCIAL STRATEGY

CLEAR AND CONSISTENT STRATEGY

CREATING OPPORTUNITY FOR PEOPLE THROUGH RESPONSIBLE MINING

CAPITAL MARKETS DAY

$\sum_{s_{\text{skart}}} SGM$

$\frac{1}{P G M}$

poAmin

SGM

$\bullet$

PGM

CENTAMIN³

APPENDIX

PRODUCTION & COST GUIDANCE

VALUE OVER VOLUME

				GUIDANCE		TARGET
	UNITS	FY20	FY21	FY22	FY23	FY24
PRODUCTION	koz	445-455	400-430	440-460	450-475	450-500
TOTAL CASH COST	US\$/oz produced	740-790	800-900	775-850	750-825
AISC	US\$/oz sold	950-1050	1150-1250	950-1125	$\overline{900-1075}$	800-900

CENTAMIN 32

MINE SCHEDULE

INVESTING FOR STABILITY AND CONSISTENCY

OPEN PIT

• Accelerated stripping programme using contract mining

UNDERGROUND

• Ptah primary ore source from FY21

PROCESSING

• Value over volume

5

FY18

FY19

FY20e

Ore Processed (Mt)

FY21e

FY22e

$\leftarrow$ Feed Grade (g/t)

$\Omega$

FY23e

ENVIRONMENTAL

POWERING SUKARI INTO THE FUTURE

36MW HYBRID SOLAR POWER PLANT

• Construction scheduled for FY211 ahead of FY22 commissioning
• Use of bifacial panels, maximising total energy generation
• Prime geographic location to maximise photovoltaic power potential
• Lowers exposure to fuel price volatility and reduced traffic and fuel transport to site

FY20 PROGRESS

• US\$7 million capital spent
• Earth-clearing works progressed throughout FY20
• Installation commenced on high-voltage switch gear

FURTHER INITIATIVES UNDER REVIEW TO REDUCE GREENHOUSE GAS EMISSIONS AND SAVE COSTS

• Full displacement of diesel with liquified natural gas ("LNG")
• Partial displacement of diesel with LNG using dual gas blend ("DGB") technology

TOTAL PROJECT CAPEX US\$37M

SOLAR POWER GENERATION 88MWH/YEAR

LITRES OF DIESEL SAVED 18-20 MILLION

STRENGTHENED LEADERSHIP TEAM SETS OUT VISION

WELCOMED SIX NEW BOARD DIRECTORS OVER A TWO YEAR BOARD SUCCESSION PROGRAMME

JAMES (JIM) RUTHERFORD NON-EXECUTIVE CHAIRMAN Nomination Committee Chair

DR. SALLY EYRE SN INDEPENDENT DIRECTOR Remuneration Committee Chair

MARTIN HORGAN CEO, EXECUTIVE DIRECTOR

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DR. CATHARINE FARROW NON-EXECUTIVE DIRECTOR Sustainability Committee Chair

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