Centamin plc,GEOLOGICAL FOCUS DELIVERS FURTHER RESOURCE AND RESERVE GROWTH

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Overig advies 14/12/2022 10:55
Second year of reserve growth at Sukari, driven by a 33% increase in underground reserves
MARTIN HORGAN, CEO, COMMENTED: “Today’s announcement marks the second consecutive year of resource
and reserve growth at Sukari, further underpinning its status as a Tier 1 gold mine. Our improved geological understanding
has resulted in meaningful growth of both resources and reserves at unchanged cut-off grades. The open pit Mineral
Reserve gain replaced annual depletion for the first time since 2015, while the underground Mineral Reserves of 1.2Moz
represents a threefold increase since 2020, net of mining depletion, which further supports the planned underground
expansion project.
Aligned with our growth strategy, we have an aggressive drilling campaign across known targets within the underground
and elsewhere in the Concession area. We have added nearly 2Moz of gross Mineral Reserves over the last two years and
we remain confident in delivering more growth both at Sukari and across the wider portfolio.”
HIGHLIGHTS
• Delivered 1.3 million ounce (“Moz”) increase in Sukari Gold Mine (“Sukari”) Measured and Indicated Mineral
Resources to 11.11Moz at 1.08 grams per tonne of gold (“g/t Au”), representing a 13% increase in ounces after twelve
months of mining depletion and inclusive of Mineral Reserves.
• Delivered a 5% increase in Sukari Proven and Probable Mineral Reserves to 6.0Moz at 1.1g/t Au after twelve
months of mining depletion. This included adding 0.8Moz of Mineral Reserves before mining depletion:
o 0.4Moz added within the open pit at an average grade of 1.0g/t Au, successfully replacing reserve
depletion and extending the open pit life of mine to 14 years; and
o 0.4Moz added within the underground at an average grade of 3.9g/t Au, an 11% improvement in ounces,
and further supports the plan to increase the underground mining rate to 1.5Mtpa.
• Identified multiple Sukari Mineral Resource and Reserve growth opportunities:
o 280,000 metres of drilling budgeted for 2023 focussing on open pit resource-to-reserve conversion at depth,
underground exploration and delineation of known targets, and testing surface targets across the Sukari
Concession.
• Updated Sukari life of mine plan to be announced in H1 2023 incorporating the fully engineered Sukari underground
expansion plan.
• Group Measured and Indicated Mineral Resource base has increased by 13% to 13.6Moz in 2022, after Sukari
mining depletion, upgrade to Doropo Mineral Resources and removal of the non-core asset Batie West in Burkina Faso.
SUKARI GOLD MINE MINERAL RESOURCE & RESERVE STATEMENTS
Mineral Resource Estimate
The Mineral Resource data presented in the tables included in this document comprises of a summary extract of the Mineral
Resource report for the Group’s operating mine, Sukari. For comparative purposes, data for 2021 has been included where
possible. 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. Varying
cut-off grades have been clearly stated. The gold price assumption for the open pit Mineral Resource estimates was
unchanged at US$2,000/oz.
The Sukari Mineral Resource estimated at the end of June 2022 saw an 13% increase in Measured and Indicated Resource
ounces, net of twelve months mining depletion.
An update to the open pit Multiple Indicator Kriging (“MIK”) Sukari Mineral Resource was performed by H&S Consultants
Pty Ltd (“H&SC”):
• H&SC depleted the 2022 open pit MIK Mineral Resource estimate for Sukari as at 30 June 2022, within a whittle pit
shell generated by Centamin at a gold price of US$2,000/oz.
• The open pit Mineral Resource estimate includes the planned underground voids within the selected pit shell.
.A cut-off grade of 0.3 g/t Au is used for reporting the open pit Mineral Resource estimate.
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 (79,364 metres) and geological information at a consistent
domain cut-off grade of 0.5g/t Au with a cut-off date of 30 June 2022.
• The estimation methodology of Ordinary Kriging (“OK”) employed in preparing the updated underground Mineral
Resource is consistent with the 2021 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.
Table 1. Sukari Gold Mine Mineral Resource
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