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2017 Results31 January 2018
DELIVERING SUSTAINABLE RETURNS
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 Andrew Pardey andChristopher Boreham (General Manager) who, as members of the Australasian Institute ofMining and Metallurgy each have more than five years’ experience in the fields of activitybeing reported on, and are ‘Competent Persons’ for this purpose and are “Qualified Persons”as defined in “National Instrument 43-101 of the Canadian Securities Administrators”. Referto the latest technical report entitled “Mineral Resource and Reserve Estimate for the SukariGold Project, Egypt” effective 30 June 2015 and dated 23 October 2015 and filed on SEDAR atwww.sedar.com, for further discussion of the extent to which the estimate of mineralresources/reserves may be materially affected by any known environmental, permitting,legal, title, taxation, socio-political, or other relevant issues.
DISCLOSURES
3
PHILOSOPHY: GROWTH THROUGH CASH FLOWMaintaining a consistent corporate strategy
OPERATIONAL TRACK RECORD
Self-performing approach to operations
Sukari staged expansion delivered on budget
Strong production and cost track record
FREE CASH FLOW
Low cost producer (2018F AISC $770/oz)
Ongoing focus on cost discipline
ASSET QUALITY
Top 20 global mine (2018F production: 580koz)
+20 year mine life
Low-cost growth potential
PRIORITISING SHAREHOLDER RETURNS
Responsible custodians: excess cash will be returned (US$144m dividend for 2017)
100% of free cash flow
NEXT-STAGE GROWTH
Significant growth potential at Sukari from existing operations and Cleopatra
Near & long-term growth potential in West Africa
4
TRACK RECORDFirst mover advantage – Building Egypt’s gold industry
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
0
100
200
300
400
500
600
700
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
US$
/oz
Pro
du
ctio
n (k
oz)
Production
Cash Cost
Average realisedgold price
Mubarak Army Morsi Mansour Sisi
“Arab Spring”, Mubarak resigns
Morsi removed. Mansour interim president
Morsi elected Sisi elected
Op
erat
ion
alP
olit
ics
GROWING HIGH-MARGIN PRODUCTION
First gold pour
Administrative court case temporarily suspends licence
Commericalproduction
Fuel subsidy removed
500kozpa run-rate achieved
5
2017 HIGHLIGHTSRecord operational performance
Beat production guidance: 544,658oz > 540,000oz
Beat cash cost guidance: $554/oz < $580/oz
Met AISC guidance: $790/oz = $790/oz
• 2018 guidance 580,000/oz at $555/oz cash cost
and US$770/oz AISC
Record plant throughput: 12.0Mtpa > 11.75Mt base
• 2018 guidance 12.3Mt
Excellent underground performance: 1.14Mt ore
mined at 8.3g/t
• 2018 guidance for 1.3Mt underground ore
mined at 7.2g/t
Record open pit production 70.9Mt. Mined grade
0.66g/t (excluding dump leach material = 0.79g/t)
• 2018 guidance for 17.7Mt open pit ore mined at
0.7g/t. Mill feed 11Mt at 0.95g/t
Full year dividend: 12.5 cents (10.0 cents
proposed final dividend), 100% of free cash flow
ORE PROCESSED AND FEED GRADE
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
0.0
5.0
10.0
15.0
20.0
2014 2015 2016 2017
US
cen
ts p
er s
har
e
Full Year Dividend Interim Dividend Yield (as at 31 Dec)
SUSTAINABLE DIVIDEND STREAM
0.0
0.5
1.0
1.5
2.0
2.5
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2013 2014 2015 2016 2017 2018
Ton
nes
Pro
cess
ed (M
t)
Plant Throughput (Mt) Head Grade (g/t)
6
BOARD AND SENIOR MANAGEMENT STRUCTUREGovernance and leadership
Jonathan Stephens
CDO
Darren Le MasurierCompany Secretary
Josef El-RaghyExecutive Chairman
Norm BailieGroup
Exploration Manager
Andrew Pardey
CEO
Ross JerrardCFO
Youssef El-Raghy
GM Egyptian Operations
Mark Morcombe
COO
Independent Non -Executive
Chairmanby end Q2 2018
Ross JerrardCFO
Feb 5th
G. Edward Haslam
Sr Independent
NED
Mark BankesIndependent
NED
Mark ArnesenIndependent
NED
Trevor SchultzNED
Alison BakerIndependent
NEDFeb 5th
Alexandra Carse
Investor Relations
SENIOR MANAGEMENT
BOARD OF DIRECTORS
Succession process underway. Intention to announce Non-Exec Chairman by end Q2 with Josef El-Raghy an orderly handover
until 2018 year end
OPERATIONAL RESULTS
8
HEALTH AND SAFETYOur number one priority
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
2010 2011 2012 2013 2014 2015 2016 2017
Suka
ri L
TIFR
per
200
,000
ho
urs
2,500 total workforce, including contractors and head office
<1% are expatriates
Health and safety training is mandatory and critical to how we operate, along with continued professional
development training promoting opportunity and ensuring operational excellence
Downward trend in LTIFR rate, as operations have scaled up
9
2017 PRODUCTION SUMMARYBuilding momentum
Quarter on Quarter Year on Year
Q4 2017 Q3 2017 2017 2016
Open Pit Total Mined ('000 tonnes) 17,647 18,602 70,870 62,238
Open Pit Ore Mined ('000 tonnes) 5,726 4,825 16,090 10,949
Open Pit Mined Grade (g/t) 0.62 0.76 0.66 0.93
Underground Ore Mined ('000 tonnes) 298 302 1,144 1,019
Underground Mined Grade (g/t) 8.80 7.98 8.28 9.04
Ore Processed ('000 tonnes) 3,072 2,996 12,032 11,559
Head Grade (g/t) 1.70 1.82 1.57 1.65
Gold Recovery (%) 88.5% 88.3% 88.1% 89.4%
Dump Leach Gold Production (ounces) 3,119 1,692 8,597 9,872
Total Gold Production (ounces) 154,298 156,533 544,658 551,036
Gold Sold (ounces) 153,490 150,273 539,726 546,630
Cash Cost of Production(1) (US$/oz) 453 483 554 513
All-in Sustaining Cost(2) (US$/oz) 744 732 790 694
(1) per ounce of production(2) per ounce sold
10
OPEN PIT OPERATIONS20 year life of mine
Record material movement of 70.9Mt, 14% above
62.2Mt in 2016
Strip ratio 3.4x including low-grade material, down
from 4.7x in 2016
Ore mined 16.1Mt at 0.66g/t (12.1Mt at 0.78g/t
excluding dump leach)
Open-pit feed grade = 0.89g/t
2018: Steady state 70Mt, consistent plant feed
OPEN PIT ORE VS WASTE MINED
OPEN PIT ORE MINED GRADE AND FEED GRADEOPEN PIT MINING COST US$ PER TONNE MINED
1.00
1.10
1.20
1.30
1.40
1.50
1.60
1.70
1.80
1.90
2013 2014 2015 2016 2017
0.0
1.0
2.0
3.0
4.0
5.0
6.0
0
10
20
30
40
50
60
70
80
2013 2014 2015 2016 2017 2018
Ton
nes
Min
ed (M
t)
Ore Mined Waste Mined Strip Ratio
0.50
0.60
0.70
0.80
0.90
1.00
1.10
1.20
1.30
2013 2014 2015 2016 2017 2018
Gra
de
(g/t
)
Mined Grade Feed Grade 2017 In-Pit Reserve Grade
11
UNDERGROUND OPERATIONS Delivering more tonnes at lower costs
UNDERGROUND ORE MINED AND AVERAGE GRADE 2017 ore mined 1.14Mt at 8.3g/t, 60:40 split:
Record production from stoping, 684kt at 8.9g/t
Ore from development 461kt at 7.4g/t
Ptah and Horus declines progressing at planned rates
Horus decline accessed new lower Amun levels and will
access the upper Horus zone and lateral Osiris zones
2018: Scheduling 1.3Mt of ore mined at 7.2g/t, 65:35 split
UNDERGROUND COST US$ PER TONNE MINED TOTAL DEVELOPMENT METRES (MINERALISED + WASTE)
2013 2014 2015 2016 2017
0
10
20
30
40
50
60
70
80
90
Underground stoping cost Overall underground cost
0.0
2.0
4.0
6.0
8.0
10.0
12.0
0
200
400
600
800
1,000
1,200
1,400
2013 2014 2015 2016 2017 2018
Min
ed G
rad
e (g
/t)
Min
ed T
on
nes
(kt
)
Stoped Ore Development Ore Mined Grade (RHS)
0
2,000
4,000
6,000
8,000
10,000
2013 2014 2015 2016 2017
Development Metres Advanced
12
PROCESSING PLANTMaximizing productivity
PLANT PERFORMANCE
ORE PROCESSED AND FEED GRADE
Record plant throughput of 12.0Mt, 4% above 11.6Mt in
2016
Overall 2017 head grade 1.57 g/t, in line with guidance
• Processing cost, US$12.4/t for 2017, up slightly on 2016
(US$12.2/t) on higher fuel and reagent costs
• 2017 recovery 88.1%
2018: Increased throughput to 12.3Mt with the installation of
fourth secondary crusher; focus on improving recoveries with
increased throughput
PROCESSING COST US$ PER TONNE MILLED
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
2013 2014 2015 2016 2017
0.0
0.5
1.0
1.5
2.0
2.5
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2013 2014 2015 2016 2017 2018
Ton
nes
Pro
cess
ed (M
t)
Plant Throughput (Mt) Head Grade (g/t)
80%
82%
84%
86%
88%
90%
0
200
400
600
800
1,000
1,200
1,400
1,600
2013 2014 2015 2016 2017
Pla
nt
Pro
du
ctiv
ity
(tp
h)
Productivity Recovery (RHS)
FINANCIAL RESULTS
14
2017 FINANCIAL OVERVIEWFocus on cash flow generation
† Free cash flow in a non-GAAP measure defined as net cash generated by operating activities, less net cash used in investing activities, less EMRA profit share paid (cash)* Cash and liquid assets is a non-GAAP measure defined as cash and equivalents, bullion on hand, gold sales receivables and available-for-sale financial assets
US$554/oz cash cost of production (below guidance
$580/oz)
Overall mine production costs very well controlled
throughout the year and in line with plan
Increase on 2016 (US$513/oz) reflects higher material
movements and fuel and reagent costs
US$790/oz AISC (in line with guidance)
Increase on 2016 reflects increase in cash cost plus
scheduled increase in sustaining capital for fleet
renewal programme
Free cash flow† of US$142 million
Decrease on 2016 (US$242 million) almost entirely due
to first full year of profit share payments
Cash and liquid assets* of US$418 million at year end
Dividend of US$184 million paid during the year
Final dividend of 10 US cents
2017 payout ~100% of free cash flow
OP mining$210/oz
UG mining$40/oz
Processing$269/oz
G&A$35/oz
SUKARI CASH COST OF PRODUCTION US$554/OZ
Mine Production Costs US$M US$/t
Open Pit Mining 117.2 1.65
Underground Mining 21.5 31.4
Processing 149.5 12.4
G&A 19.3
15
2017 ACTUAL vs GUIDANCEDelivered on our promises
2017 Actual 2017 Guidance Variance
Gold Sales koz 539.7 540 0%
Realised gold price US$/oz 1,261 1,250
Revenue US$m 675.5 675 0%
Cash Cost of Production US$/oz (1) 554 580 (4%)
Cash Cost of Production US$m 301.7 312 (3%)
Royalty US$m 20.4 20 0%
Sustaining capex - underground US$m 38.6 37 4%
Sustaining capex - other US$m 43.9 44 (0%)
Corporate G&A US$m 12.7 13 (2%)
AISC US$/oz (2) 790 790 0%
AISC US$m 426.4 426 0%
(1) Cash cost per ounce of production(2) AISC per ounce sold
16
2017 FINANCIAL HIGHLIGHTSTransitioned into profit share
(1) Comprised of underground development and other sustaining capital including exploration at Sukari other than Cleopatra (non-sustaining capital expenditure)(2) A non-GAAP financial measure, defined as net cash generated from operating activities, less net cash used in investing activities, less EMRA profit share payments(3) A non-GAAP financial measure, defined as: cash and cash equivalents, bullion on hand, gold sales receivables and available-for-sale financial assets
Quarter on Quarter Year on Year
Q4 2017 Q3 2017 2017 2016
Revenue US$m 190.4 193.1 675.5 687.4
EBITDA US$m 103.3 103.6 325.9 372.9
Profit before tax US$m 81.4 75.4 224.1 266.8
Net profit US$m 43.8 39.5 109.4 214.8
Basic EPS (after profit share) US cents 3.81 3.41 9.51 18.71
Net cash from operations US$m 113.8 109.5 358.8 366.3
Sustaining capital expenditure(1) US$m 28.1 23.7 82.5 63.6
Non-sustaining capital expenditure US$m 0.3 0.6 4.6 3.0
Non-Sukari Exploration US$m 5.1 5.2 20.3 40.1
Profit share to EMRA US$m 35.1 35.4 111.6 18.5
Free Cash Flow(2) US$m 46.4 45.2 142.4 242.0
Cash and equivalents US$m 359.7 313.0 359.7 399.9
Cash and liquid assets(3) US$m 417.9 345.8 417.9 428.0
BREAKDOWN OF 2017 ALL-IN SUSTAINING COSTSDisciplined capital allocation
17
2017 2016 % change
Mine production costs US$m 308.9 288.3 8%
Movement in inventory US$m 2.5 (5.9)
Royalties US$m 20.4 20.6 0%
Corporate and administration US$m 12.7 13.5 (6%)
Rehabilitation costs US$m 0.6 0.6 0%
Sustaining capex - underground development
US$m 38.6 39.9 (3%)
Sustaining capex - other US$m 43.9 23.8 15%
By-product credit US$m (1.2) (1.1) 1%
All-in-sustaining costs US$m 426.5 379.6 13%
Gold sold oz 539,726 546,630 (1%)
AISC per ounce sold US$/oz 790 694 14%
2018 All-in sustaining cost guidance of $770/oz
18
FOCUS ON COST CONTROL
Consumables 39%
Contractors26%
Fuel, 16%
Labour, 9%
Other 10%
• Principal exposure to Egyptian pound (EGP) – inflation pressures(mitigated by any currency depreciation vs USD)
• Diesel paid in EGP but linked to USD international market rates
• Principal contracts: underground mining; grade control drilling and exploration drilling
• Long-term relationships mitigate inflation pressures
• Disciplined approach to contractrenewals to ensure best prices
• Majority of consumables locally sourced
FY2017 COST BREAKDOWN
Initiatives resulted in meaningful improvements in cost
management and ~$20m reduction in working capital
• Strict financial discipline: removing duplication and
redundant practices and implementing technical
improvements
• Overhaul of financial systems and processes to improve
quality of data and decision making
• New cost measurement and tracking systems introduced
across expense analysis, fuel consumption, capex
reconciliation, contracts and tender management and cash
flow / working capital analysis
• Upgrade of procurement and inventory software
• Introduction of an inventory management and reduction
plan to reduce stores levels including the roll out of ABC
analysis within inventory management
• Ongoing and consistent promotion of cost-control culture
within the business and across all levels
• Contracts scorecard updated with reconciliation of all open,
closed and targeted for completion contracts against
adjusted cost base targets
2017 INITIATIVES
CASH GENERATIONA simple model
19
400 360
67619
330
1 7731
112
184
Cash at bankFY2016
Revenue Mine productionand recurring
operating costs
Decrease inworking capital
Tax, finance andother changes
Capitalexpenditure
Exploration andevaluation
Profit sharepayments
Dividendpayment
Cash at bankFY2017
CASH BRIDGE 2016 TO 2017
FREE CASH FLOW BRIDGE 2016 TO 2017
242
142
13 4 1912
10 19
93
Free Cash FlowFY2016
Decrease inrevenue
Increase in groupoperating costs
Relative workingcapital
movements
Decrease in tax,finance and other
changes
Increase in capitalexpenditure
Decrease inexploration spend
Increase in profitshare payments
Free Cash FlowFY2017
Free cash flow in a non-GAAP measure defined as Net cash generated by operating activities, less net cash used in investing activities, less EMRA profit share paid (cash)
20
DELIVERING STAKEHOLDER RETURNS
2017 PRE-ROYALTY OPERATING CASH FLOW ($379M) CONTRIBUTION TO EGYPT
Royalty payments, $20m, 5%
Profit share payments,
$112m, 29%
Capital investment, $105m, 28%
Free cash flow, $142m, 38%
Dividend to Centamin shareholders $144m
Direct payments to State$132m
Direct financial contribution to ARE/EMRA to date
$275m($116m royalty, $159m profit share)
Royalty terms 3% NSR
Profit Share
• Full recovery of qualifying costs incurred
• 50% of revenue net of all costs
• 40% first 2 years (to June 2018)
• 45% for next 2 years (to June 2020)
Other direct / indirect taxes
None
Egyptian Employees
>1,350
Egyptian Suppliers>270 Egyptian company suppliers
21
PRIORITISING SHAREHOLDER RETURNSMaintaining a sustainable dividend stream
DIVIDEND HISTORY
2017 includes final dividend of 10 US cents as declared, subject to shareholder approval
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
2014 2015 2016 2017
US
cen
ts p
er
shar
e
Full Year Dividend Interim Dividend Yield (as at 31 Dec)
• Two strands to dividend policy:
Minimum of 30% of sustaining free cash flow before growth capital
Cash in excess of $250-300m not needed for growth will be returned
• Proposed full-year dividend represents 100% of free cash flow
Total 2017 pay-out $144m
• Returned $246m to shareholders over 3 years
Subject to AGM approval, proposed $390m paid out over 4 years
• 5.8% proposed div yield, share price 31 Dec 17
• Competitive vs Market, Sector and Sub-Sector Peeraverage dividend yield: FTSE 250 2.7% FTSE 350 Mining 2.8% GDX - Gold Miners 1.0%
SUSTAINABLE DIVIDEND STREAM
22
150138
160
100112
120
45
21
8
48
25
20
2220
5
15
60
144
75
All-
in s
ust
ain
ing
cash
-flo
w
Pri
ori
tise
d d
ivid
end
Gro
wth
cap
ital
"Exc
ess"
cas
h f
low
All-
in s
ust
ain
ing
cash
-flo
w
Wo
rkin
g ca
pit
alre
leas
e
No
n-c
ash
adj.
/o
ther
inco
me
Gro
wth
cap
ital
Full
year
div
iden
d
All-
in s
ust
ain
ing
cash
-flo
w
Pri
ori
tise
d d
ivid
end
Gro
wth
cap
ital
"Exc
ess"
cas
h f
low
Net growth capital
Exploration
Dividend
Profit Share Payment
Post Sustaining Cash Flow
TRACK RECORD…. And into 2018
(1) Illustration presented during 2017 based on 2017 guidance as per 2017 Capital Markets Day, 1 February 2017 and a gold price o f US$1,250/oz(2) Prioritised dividend represents minimum 30% of free cash flow after Profit Share, as set out in the dividend policy (3) Assuming 2018 guidance and gold price US$1,250/oz. All-in sustaining cash flow of $280 million is net of corporate costs and royalties. Profit share rate increases from 40% to 45% on 1 July 2018, effective 42.5% shown for illustrative purposes(4) Actual all-in sustaining cash flow represents revenue less reported all-in sustaining costs
2017 GUIDANCE (1) 2017 ACTUAL (2)
$280m
$250m
2018 GUIDANCE (3)
$250m
ORGANIC GROWTH
24
NEAR TERM PRODUCTION GROWTH
PLAY – Sukari Overview – Open Pit and Undergroundhttp://media.investis.com/c/centamin/1_Sukari_Overview.wmv
25
MEDIUM TERM PRODUCTION GROWTH
PLAY – Sukari Underground – Cleopatrahttp://media.investis.com/c/centamin/6_Cleopatra.wmv
26
LONG TERM SUSTAINABILITY
PLAY – Sukari R&R progressionhttp://media.investis.com/c/centamin/4_Sukari_Resource.wmv
• 3.55m @ 8.2g/t• 16.6m @ 4.4g/t• 3.35m @ 6.9g/t• 3.35m @ 13g/t• 2m @ 11.8g/t• 3m @ 14.1g/t• 4.5m @ 5.9g/t• 0.5m @ 20.1g/t• 2.65m @ 8.5g/t• 1m @ 40.1g/t• 0.8m @ 569.5g/t• 1m @ 10.2g/t• 1.6m @ 7.7g/t
• 5m @ 8.4g/t• 15m @ 5.3g/t• 2m @ 20.2g/t• 1m @ 21.1g/t• 2.6m @ 24.3g/t• 5m @ 6.9g/t• 23m @ 4.5g/t• 11m @ 8g/t• 8.9m @ 9.1g/t• 1m @ 39.6g/t• 0.4m @ 72.6g/t• 1.3m @ 20.8g/t
• 1m @ 41.4g/t• 1m @ 23.2g/t• 4m @ 31.9g/t• 2.5m @ 7.2g/t• 1m @ 55.3g/t• 5.8m @ 59.9g/t• 6.9m @ 8.8g/t
• 1.5m @ 13.2g/t• 0.5m @ 134g/t• 1m @ 337.2g/t• 2.55m @151.6g/t• 3.2m @ 79.5g/t• 2.2m @ 49.2g/t
• 9m @ 6.1g/t• 1m @ 45.8g/t• 5m @ 11.8g/t• 1.8m @ 86.8g/t
• 11m @ 8.8g/t• 0.4m @ 141g/t• 1.9m @ 419g/t• 3.3m @ 71.5g/t
• 2m @ 163.2g/t• 2m @ 163.7g/t• 0.4m @ 180.4g/t
Final open pitc.1,550Mt ore + waste
AMUN & HORUSInitial focus area for mining
PTAH
CLEOPATRAExploration decline
2.5 km
20
UG grade (g/t Au)
7
5
N
Amun – Looking North
BAST/ “The Gap”
Key target for reserve and resource expansion
SUKARI UNDERGROUNDReserve and Resource upside
28*
WEST AFRICAExploration Led Growth
District scale exploration
>4,500km2 total licence holding + c.2,500km2 under application
January 2018 Doropo Project resource:
1.35Moz at 1.3g/t Indicated0.9Moz at 1.2g/t Inferred
Positive initial metallurgical tests
Main prospects are within a 5km radius
Structurally-controlled mineralisationwithin granitoids
New discovery at ABC Project/“Archaean-Birimian Contact”
Outcropping 12km gold mineralised structure.
Greenfield exploration work commenced in 2017
Reconnaissance mapping of the permit area and geochemical sampling identified Lolosso
The licence holding includes 80km strike on the Archaean margins
Multiple high-grade and near surface 2018 prospects along highly prospective belts
Burkina Faso
Near term reserve growth potential at Konkera following targeted drill programme throughout 2017
OUTLOOK FOR 2018
30
2018 OPERATING PLANBuilding on our solid foundation
• Target mining rate = 1.3Mt
• 14% increase on 2017, driven by
increase in stoped tonnes
65% of ore from stoping
Improvement driven by
development: more than 2 years
in advance of stoping
• Guidance grade = 7.2g/t
2017 Guidance = 7.3g/t
2017 Actual = 8.3g/t
UNDERGROUND
• 2018 guidance 12.3Mt, 8th
successive year of growth
• Installation of fourth secondary
crusher Q1 2018
• Capacity enhancement expected
over course of year
• Continued focus on recovery
improvement
Target = 89.5% (vs. 2017 88.1%,
2016 high = 89.4%)
PROCESS PLANT
• Target mining rate = 70.5Mt (vs.
2017 70.7Mt)
• Mining plan designed to deliver
consistent open pit mill feed
(11Mt)
Stage 4A principal ore source
• Mill feed grade ~0.95g/t (in line
with in-pit reserve grade)
• Mined grade 0.70g/t
Includes low-grade dump leach
and stockpile material
• Strip ratio 3.0x; 5.3x for mill-feed
only
OPEN PIT
31
CONSISTENT STRATEGIC OBJECTIVES
• Large-scale, long-life, low-cost asset
• Strong margins and return on capital throughout cycle
• Debt-free, cash and liquid assets of $418 million (31 December 2017)
Long-term sustainability
• Focus on cash flow generation
• Profit share with our partners, EMRA
• Dividends take first priority on uses of free cash flow
Prioritising stakeholder
returns
• Scope to increase: high-grade underground production; plant throughput and open-pit mining rate
• Minimal non-sustaining growth capex requirementsOptimise Sukari
• Leading land-position in West African greenstone belt
• Updated resource declared in Cote d’Ivoire
• Significant gold deposits identified in Burkina Faso
Greenfieldsgrowth
APPENDIX
33
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 materi al 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
34
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
35
INDUSTRY LEADING DIVIDEND
Source: Factset as at 24 January 2018 (CEY 160p, USDGBP 1.41), consensus full year dividend expectation for 2017 other than Centamin
2017 ESTIMATED DIVIDEND YIELD FOR GOLD MAJORS AND PEERS
5.5%
6.5%
4.7%
3.9%3.7%
2.3%
1.9%
1.7% 1.7% 1.7%
1.2%1.1% 1.1%
0.9% 0.8%0.7% 0.7%
0.6% 0.6% 0.6% 0.5%
0.3%0.2%
0% 0% 0% 0%
36
FOCUS ON CASH GENERATION
• Free Cash Flow is a non-GAAP measure, defined as: net cash generated from operating activities, less net cash used in investing activities, less EMRA profit share payments• Return on Capital Employed is a non-GAAP measure, defined as: Profit before tax and finance income divided by period end total assets less current liabilities
(50)
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US$
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EBITDA Free Cash Flow
FREE CASH FLOW GENERATED EVEN IN LOW GRADE QUARTERS
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Go
ld P
rice
(U
S$/o
z)
EBITDA Margin Realised Gold Price (RHS)
PROFITABLE THROUGHOUT GOLD PRICE CYCLE
Plant Expansion
Andrew Pardey,
Chief Executive Officer
Alexandra Carse,
Investor Relations
+44 7700 713 738
