- full year results for the twelve months ended 31 December 2020

MARTIN HORGAN, CEO, commented: "Centamin delivered another solid financial performance in 2020, driven primarily by improved commodity pricing, our comprehensive response to COVID-19 and an improvement in operating efficiencies and productivity. I would like to thank our workforce for how they responded to the operating environment in 2020, continuing to deliver results. Centamin generated record revenue of US$829 million, a 54% increase in EBITDA to US$439 million with an EBITDA margin of 53%. Ultimately, the Group generated significant free cash flow, of US$142 million, a 91% increase, making it possible to propose and pay dividends attributable to 2020 of US$104 million further demonstrating Centamin's commitment to delivering returns to our shareholders. We continue to maintain a strong and flexible balance sheet, finishing the year with US$310 million in cash and liquid assets at 31 December 2020."

financial HIGHLIGHTS

· Record revenue generated of US$829 million from gold sales of 468,681 ounces at an average realised gold price of US$1,766 per ounce sold

· EBITDA of US$439 million, at a 53% EBITDA margin

· Profit before tax of US$315 million

· Basic earnings per share ("EPS") of 13.5 US cents per share

· Group free cash flow of US$142 million, after a record of US$199 million was distributed in profit share and royalties to our partner, the Egyptian state

· US$44 million of gross costs removed, as part of the ongoing US$100 million cost-saving target by 2024

· Strong balance sheet with no debt or hedging, and cash and liquid assets of US$310 million, as at 31 December 2020

· The Board has proposed a final dividend of 3 US cents per share, equating to US$34.7 million to be distributed to shareholders, subject to shareholder approval at the annual general meeting on 11 May 2021

OUTLOOK UNCHANGED

· 2021 gold production of 400,000 to 430,000 oz, at cash costs of US$800-900/oz produced and AISC of US$1,150- 1,250/oz sold

· The Board reiterates its intention to recommend a minimum 2021 dividend of US$105 million (interim and final)

GROUP FINANCIAL SUMMARY
Units
FY20 FY19 % H2 20 H1 20
Gold produced
Oz 452,320 480,528 -6% 196,236 256,084
Gold sold
Oz 468,681 470,020 0% 198,152 270,529
Cash cost
US$'000 325,188 333,037 -2% 160,902 164,286
Unit cash cost
US$/oz produced 719 699 3% 820 642
AISC
US$'000 485,478 439,317 11% 242,255 243,225
Unit AISC
US$/oz sold 1,036 943 10% 1,223 899
Avg realised gold price
US$/oz 1,766 1,399 26% 1,918 1,657
Revenue
US$'000 828,737 652,344 27% 379,983 448,754
EBITDA
US$'000 438,515 283,968 54% 182,784 255,731
Profit before tax
US$'000 314,999 173,029 82% 123,851 191,148
Profit after tax attrib to the parent
US$'000 155,979 87,463 78% 81,163 74,816
Basic EPS
US cents 13.53 7.59 78% 7.04 6.49
Capital expenditure
US$'000 138,396 97,580 42% 86,665 51,731
Operating cash flow
US$'000 453,305 249,004 82% 198,630 254,675
Adjusted free cash flow
US$'000 141,768 74,341 91% 39,813 101,955

CONFERENCE CALL AND WEBCAST

The Company will host a conference call and webcast presentation on the same day, at 13.30 GMT / 09.30 EDT, to discuss the results with investors and analysts, followed by an opportunity to ask questions. Please find below the required participation details. A replay will be made available on the Company website.

WEBCAST PRESENTATION

To join the webcast: https://www.investis-live.com/centamin/6038c403dd22a11400517bf5/wown

Please allow a few minutes to register.

Centamin plc ("Centamin" or "the Company") (LSE:CEY, TSX:CEE)
2020 FINAL DIVIDEND
Centamin is pleased to announce the Board of Directors recommend the payment of a final dividend of 3.0 US cents per share, for the six months ended 31 December 2020.

2020 FINAL DIVIDEND

COMMITMENT TO SHAREHOLDER RETURNS

Consistent with the Company's commitment to shareholders in December, and in line with the longstanding dividend policy, the Board proposes a final dividend of 3.0 US cents per share (US$34.7 million). This will bring the total dividend attributed to full year 2020 to 9.0 US cents per share (US$104.0 million)[1]. The final dividend will be subject to shareholder approval at the 2021 Annual General Meeting on 11 May 2021.

Centamin continues to maintain a robust financial strategy, with cash and liquid assets of US$310 million as at 31 December 2020, with no debt, hedging or streaming in place. The Company's financial discipline provides the flexibility to allocate capital to shareholders' returns, business investment and growth, environmental and social opportunities in pursuance of our corporate purpose and strategy.

2021 Dividend Intention

For the current year, 2021, the Board reiterates its intention to recommend a minimum dividend of US$105 million, subject to final Board and shareholder approvals, which will be paid as an interim and final dividend. This reflects our confidence in the outlook for the Company during this year of investment and the strength of the Company's financial position. The long-term dividend policy of paying out a minimum of 30% of free cash flow remains unchanged.

Dividend Timetable[2]

Below is the final dividend timetable for the London Stock Exchange and Toronto Stock Exchange

2021 AGM Date 11 May 2021

Ex-Dividend Date: 20 May 2021

Record Date: 21 May 2021

Last Date for Currency Elections: 26 May 2021

Payment Date: 15 June 2021

Dividend Currency Elections

The dividend will be paid on 15 June 2021, in US Dollars ("USD") with an option for shareholders to elect to receive the dividend in Pounds Sterling ("GBP"). Currency elections should be made no later than 26 May 2021 as per the instructions detailed on the Company website (www.centamin.com). Payments in GBP will be based on the USD/GBP exchange rate on 27 May 2021 and the rate applied will be published on the website thereafter.

As a Jersey incorporated company, there is no requirement for Centamin plc to make any withholding or deduction on account of Jersey tax in respect of the dividend.