Centamin PLC Announces Dividend Declaration

PERTH, AUSTRALIA / ACCESSWIRE / July 26, 2023 / ("Centamin" or "the Company" or "the Group") (LSE:CEY, TSX:CEE)

Consistent with the Company's stated commitment to shareholder returns, the Centamin Board of Directors are pleased to declare an interim dividend of 2.0 US cents per share (US$23 million), for the six months ended 30 June 2023.

As per the dividend policy, this distribution is in line with the commitment to return a minimum of 30% of Group free cash flow before growth capital expenditure¹ to shareholders in cash dividends. In consideration of the below factors, and reflecting the Board's confidence, a total of 56% of H1 2023 Group free cash flow before growth capex will be distributed to shareholders on 29 September 2023:

· Centamin is in a financially robust position with US$161 million in cash and liquid assets

· The US$150 million sustainability linked revolving credit facility remains undrawn as a result of H1 2023 growth capex being funded from cash flow

· The gold price protection programme limits the revenue downside risk below US$1,900/oz gold price

· The Company is operationally and financially well positioned for a stronger H2 2023, in line with plan

The interim dividend is calculated by the following:

		30 June 2023
		US$'000
Group free cash flow		19,362
Add back:
Growth capex financed from treasury[1]		21,818
Cash flow available for dividends		41,180
30% minimum distribution as per dividend policy		(12,354)
Surplus cash flow for discretionary capital allocation[2]		28,826
Board interim dividend supplement		(10,814)