Q3 Results 2015

RNS Number : 2631F

Centamin PLC

11 November 2015

For immediate release

11 November 2015

Centamin plc ("Centamin" or "the Company")

(LSE:CEY, TSX:CEE)

Centamin plc Results for the Third Quarter and Nine Months Ended 30 September 2015

Centamin plc ("Centamin" or "the Company") and its subsidiaries (the "Group") (LSE: CEY, TSX: CEE) is pleased to announce its results for the third quarter ended 30 September 2015.

Operational Highlights^(1),(2)

· Gold production of 105,413 ounces was in line with the second quarter and a 13% increase on Q3 2014.

· Cash cost of production of US$767 per ounce and all-in sustaining costs (AISC) of US$918 per ounce, versus US$706 per ounce and US$853 per ounce respectively in the previous quarter.

· 2015 production guidance of between 430,000 and 440,000 ounces. With higher anticipated fourth quarter production and our continued focus on cost control, we expect to achieve below the previously guided cash cost of production of US$700 per ounce and AISC of US$950 per ounce.

· Process plant throughput of 2.67Mt was 7% above the 10Mtpa nameplate capacity.

· Open pit mining rates and grades in line with forecast. Underground mine delivered 312kt of ore, an 11% increase on Q2 2015, at an average grade of 6.45g/t in line with the mining plan.

· Exploration drilling in Burkina Faso and Côte d'Ivoire has outlined mineralisation over a number of prospects, and has identified structurally controlled higher-grade zones.

· Updated Sukari Resource and Reserve estimate announced in September 2015. Total combined open pit and underground Mineral Reserve estimate of 8.8 Moz, up 7% from 8.2 Moz at 30 September 2013.

Financial Highlights^(1),(2)

· EBITDA of US$31.3 million was down 16% on Q2 2015, with a 5% reduction in gold prices together with increased operating costs and an adverse movement in production inventory and ore stockpiles.

· Centamin remains debt-free and un-hedged with cash, bullion on hand, gold sales receivable and available-for-sale financial assets of US$216.1 million at 30 September 2015.

· Basic earnings per share of 0.55 cents; down 67% on Q2 2015 due to the factors affecting EBITDA and a 36% increase in depreciation and amortisation, following the reserve update at 30 June 2015 and a consequent increase in the amortisation charge for capitalised underground development.

Legal Developments in Egypt

· The Supreme Administrative Court appeal and Diesel Fuel Oil court case are both still on-going. Centamin is aware of the potential for the legal process in Egypt to be lengthy and it anticipates a number of hearings and adjournments before decisions are reached. Operations continue as normal and any enforcement of the Administrative Court decision has been suspended pending the appeal ruling.

		Q3 2015	Q2 2015	Q3 2014
Gold produced	ounces	105,413	107,781	93,624
Gold sold	ounces	104,803	104,168	91,575
Cash cost of production ^(1,2)	US$/ounce	767	706	771
AISC ^(1,2)	US$/ounce	918	853	NR
Average realised gold price	US$/ounce	1,131	1,188	1,267
Revenue	US$'000	118,529	124,192	116,116
EBITDA ^(1,2)	US$'000	31,304	37,308	37,810
Profit before tax ⁽²⁾	US$'000	6,253	18,841	15,821
EPS ⁽²⁾	US cents	0.55	1.65	1.39
Cash generated from operations ⁽²⁾	US$'000	31,261	49,729	31,236

⁽¹⁾Cash cost of production, AISC, EBITDA and cash, bullion on hand, gold sales receivables and available-for-sale financial assets are non-GAAP measures and are defined at the end of the Financial Statements. AISC is defined by the World Gold Council (www.gold.org).

⁽²⁾Basic EPS, EBITDA, AISC, cash cost of production includes an exceptional provision against prepayments, recorded since Q4 2012, to reflect the removal of fuel subsidies which occurred in January 2012 (see Note 4 of the Financial Statements)

NR - Not Reported.

Andrew Pardey, CEO of Centamin, commented: "Gold output from Sukari during the third quarter was comparable with both the first and second quarters and in line with our forecast for the period, with production continuing to build on the progressive ramp-up of the expanded operation. Plant productivity remained significantly above the 10Mtpa nameplate capacity and the ongoing process of optimisation is expected to deliver our base case rate of 11Mtpa during the fourth quarter. The underground mine has now delivered consecutive quarters at production rates significantly in excess of our annual forecast and at consistent grades of at least 6g/t, therefore demonstrating the potential for this part of the operation to sustain production in excess of our longer-term forecasts. Further development of the open pit has now set the stage to deliver the required tonnages at grades in the region of the reserve average from the fourth quarter onwards. Full year guidance is between 430,000 and 440,000 ounces at a cash cost of production of below US$700 per ounce and below the previously guided AISC of US$950 per ounce."

Centamin will host a conference call on Wednesday, 11th November at 9.00am (London, UK time) to update investors and analysts on its results. Participants may join the call by dialling one of the following three numbers, approximately 10 minutes before the start of the call.

UK Toll Free: 080 8237 0040

International Toll number: +44 20 3428 1542

Participant code: 42792283#

A recording of the call will be available four hours after the completion of the call on:

UK Toll Free: 0808 237 0026

International Toll number: +44 20 3426 2807

Playback Code: 663773#

Via audio link at http://www.centamin.com/centamin/investors

________________________________

CHIEF EXECUTIVE OFFICER'S REPORT

Third quarter gold production of 105,413 ounces was in line with our forecast and was comparable with both the first and second quarters. The average realised gold price fell by 5% on the previous quarter which, together with a 6% increase in mine production costs and a US$3.2 million increase of the movement in production inventory and ore stockpiles, resulted in EBITDA of US$31.3 million, down 16% on the second quarter and down 17% on Q3 2014.

Sukari has continued to deliver competitive returns, as reflected by all-in sustaining costs (AISC) of US$918 per ounce for the quarter, below our original full year guidance of US$950 per ounce mainly due to further re-scheduling of certain sustaining capital cost items. We expect full year production of between 430,000 and 440,000 ounces. With higher anticipated fourth quarter production and our continued focus on cost control, we expect to achieve below the previously guided cash cost of production of US$700 per ounce and AISC of US$950 per ounce.

Positive cash flow saw Centamin's balance sheet further strengthened, ending the period with US$216.1 million of cash, bullion on hand, gold sales receivable and available-for-sale financial assets. The cash and cash equivalents component of this total increased during the quarter by US$15.6 million. There was a US$12.2 million reduction in gold sales receivables during the quarter, offset by a US$11.1 million reduction in trade and other payables.

Safety remains a priority and therefore it is pleasing to note that during the period we reached our safety target of zero lost time injuries.

Processing rates were 7% above the 10Mtpa nameplate capacity, with continuing optimisation focussing on the secondary crusher liners and improvements to the screen configurations. Scheduled work around the CIL circuit impacted recoveries, which fell back to 88.2% from the 90.3% level achieved in the second quarter, with a return towards the higher levels expected during the fourth quarter as the work is completed.

The open pit delivered total material movement of 14,344kt, an increase of 5% on Q2 2015 due to improved fleet utilisation and productivity, with further improvements and therefore higher mining rates expected during the fourth quarter. Pit development has progressed over the year to date according to the mine plan and mined ore grades of 0.74g/t were in line with our forecast.

The underground mine delivered 312kt of ore, an 11% increase on Q2 2015, at an average grade of 6.45g/t in line with the mining plan. The focus for the operation remains to consistently deliver ore at an average grade of at least 6g/t.

Production rates are expected to increase to a rate of 450,000-500,000 ounces per annum from the fourth quarter onwards, driven by ongoing optimisation of the processing plant to deliver our base case expectation of 11Mtpa, and an increase in open pit ore grades towards the reserve average of 1.03g/t. Our longer-term production and cost forecasts remain unchanged and there remains scope for significant additional production increases as productivity in the various areas of the expanded Sukari operation is further optimised.

An updated resource and reserve estimate for Sukari in September provided further support to our production forecasts and our expectation of a long life and low cost operation that will continue to generate significant cash flow even under the current weak gold price environment. Open pit reserves of 8.3 million ounces increased over the previous estimate by approximately 0.5 million ounces, net of mining depletion. This increase was due to lower mining and processing costs associated with the recent reduction in international fuel prices and continued drilling from the underground. The estimate was based on assumptions conservatively above current operating costs. Reserves were based on a US$1,300 per ounce gold price, consistent with previous estimates and allowing for comparisons exclusive of short-term volatility in the gold market over the expected plus 19-year life of the operation. Continued growth of the underground resource and reserve demonstrates the ongoing potential for further material increases over the coming years as development and drilling continues to extend along strike and at depth.

Our exploration programmes in West Africa continue to build momentum. In Burkina Faso, at the Wadaradoo, Napalapera and Torkera prospects, drilling has indicated the presence of structurally controlled high-grade mineralised zones in addition to extensive lower-grade mineralisation. In Côte d'Ivoire, first-pass drilling over targets defined by geochemical and geophysical surveys has outlined mineralised zones over a number of prospects. We continue to test the potential for lateral and depth extensions at these more advanced prospects, whilst also progressing the numerous other prospects within our significant land packages.

Centamin remains committed to its policy of being 100% exposed to the gold price through its un-hedged position.

The two litigation actions, Supreme Administrative Court appeal (SAC Appeal) and Diesel Fuel Oil court case (DFO Case), progressed during the quarter and are described in further detail in Note 7 to the financial statements. In respect of the former, the Company continues to believe that it has a strong legal position and, in addition, that it will ultimately benefit from law 32/2014, which came into force in April 2014 and which restricts the capacity for third parties to challenge any contractual agreement between the Egyptian government and an investor. Law 32/2014 is currently under review by the Supreme Constitutional Court of Egypt. We are aware of the potential for the legal process in Egypt to be slow and for cases to be subject to delays and adjournments but we remain confident of the merits of the two cases.

OPERATIONAL REVIEW

Sukari Gold Mine:

	Q3 2015	Q2 2015	Q3 2014	9 Months ended 30 September 2015	9 Months ended 30 September 2014
OPEN PIT MINING
Ore mined ⁽¹⁾ ('000t)	2,204	1,751	2,693	6,518	6,813
Ore grade mined (Au g/t)	0.74	0.76	0.74	0.76	0.68
Ore grade milled (Au g/t)	0.69	0.75	0.82	0.79	0.82
Total material mined ('000t)	14,344	13,671	11,406	44,012	31,015
Strip ratio (waste/ore)	5.51	6.81	3.20	5.75	3.60
UNDERGROUND MINING
Ore mined from development ('000t)	154	127	120	409	349
Ore mined from stopes ('000t)	158	155	128	449	335
Ore grade mined (Au g/t)	6.45	6.30	6.67	6.26	6.38
Ore processed ('000t)	2,673	2,667	2,388	7,817	5,831
Head grade (g/t)	1.35	1.32	1.40	1.38	1.46
Gold recovery (%)	88.2	90.3	88.0	88.9	88.2
Gold produced - dump leach (oz)	2,697	4,715	3,587	12,506	12,902
Gold produced - total ⁽²⁾ (oz)	105,413	107,781	93,624	321,427	249,145
Cash cost of production^{(3) (4)} (US$/oz)	767	706	771	730	767
Open pit mining	272	224	250	247	248
Underground mining	49	48	65	48	65
Processing	384	381	405	378	395
G&A	62	53	51	57	59
AISC^{(3) (4)} (US$/oz)	918	853	NR	876	NR
Gold sold (oz)	104,803	104,168	91,575	300,546	249,882
Average realised sales price (US$/oz)	1,131	1,188	1,267	1,256	1,284

(1) Ore mined includes 21kt @ 0.46g/t delivered to the dump leach pad in Q3 2015 (132kt @ 0.43 g/t in Q3 2014).

(2) Gold produced is gold poured and does not include gold-in-circuit at period end.

(3) Cash cost exclude royalties, exploration and corporate administration expenditure. Cash cost and AISC are non-GAAP financial performance measures with no standard meaning under GAAP. For further information and a detailed reconciliation, please see "Non-GAAP Financial Measures" section below.

(4) Cash cost of production and AISC reflect an exceptional provision against prepayments to reflect the removal of fuel subsidies which occurred in January 2012 (refer to Notes 4 and 5 respectively to the financial statements for further details).

NR - Not Reported.

Health and safety - Sukari

The lost time injury (LTI) frequency rate for Q3 2015 was zero per 200,000 man-hours (Q3 2014: 0.45 per 200,000 man-hours), with a total of 1,286,733 man-hours worked (Q3 2014: 1,345,096). This is in line with our target of zero injuries and having every employee go home safely every day. Centamin views its low LTI frequency rate as a solid achievement particularly as Sukari is the first modern gold mine in Egypt.

Open pit

The open pit delivered total material movement of 14,344kt, an increase of 5% on Q2 2015 due to improved fleet utilisation and productivity, and a 26% increase on the prior year period. Mining continued to focus on the Stage 3A and 3B areas and the northern and eastern walls of the open pit, in line with the mine plan.

Open pit ore production was 2,204kt (up 26% on the previous quarter) at 0.74g/t. The average head grade to the plant of 0.69g/t was marginally below our original forecast due to some rescheduling of lower grade material, with grades mined and milled increasing by the end of the quarter, as expected. The ROM ore stockpile balance decreased by 297kt to 1,030kt by the end of the quarter.

Further improvements in fleet utilisation and productivity are expected to deliver continued increases in ore mining rates during the fourth quarter. With pit development having progressed over the year to date in line with the mine plan, grades remain set to increase towards the reserve average of 1.03g/t during the fourth quarter.

Underground mine

Ore production from the underground mine was 312kt, an 11% increase on Q2 2015 and a 26% increase on the corresponding quarter from the prior year. The ratio of stoping-to-development ore mined decreased slightly, with 51% of ore from stoping (158kt; up 2% on Q2) and 49% from development (154kt; up 21% on Q2).

Grades were in line with forecast with an average mined grade of 6.45g/t, comprising ore from stoping at 7.3g/t and from development at 5.5g/t.

Development during the quarter, including the Amun and Ptah decline, advanced a total of 2,201 metres. Development within mineralised areas of Amun accounted for 1,499 metres and took place between the 815 and 695 levels (245 to 365 metres below the underground portal), including advance of the Amun decline through areas of low-grade ore. Ptah development in mineralised areas took place over 511 metres on the P810 and P790 levels (250 and 270 metres below the underground portal).

The Hannibal drive, aimed at providing access for future pit development through the second-highest point of Sukari Hill, was completed to breakthrough and subsequently blasted.

A total of 2,780 metres of grade control diamond drilling were completed, aimed at short-term stope definition, drive direction optimisation and underground resource development. A further 5,602 metres of drilling continued to test the depth extensions below the current Amun and Ptah zones, and included 137m drilled from the Hannibal drive to test for mineralisation around the top of Sukari Hill.

Processing

Quarterly throughput at the Sukari process plant was 2,673kt, a 12% increase on the prior year reflecting the ramp-up of ore treatment through the new Stage 4 plant circuit. Processed tonnages were in line with the second quarter and 7% above the nameplate capacity of 10Mtpa as optimisation of the secondary crushers liners continued along with improvements to the screen configurations. Plant productivity of 1,342 tonnes per hour (tph) represented a 7% increase on the prior year period and a 1% decrease on the second quarter.

Plant metallurgical recoveries were 88.2%, a 0.2% increase on the prior year period but 2.3% down on the second quarter due to the adverse impact of scheduled work around the CIL circuit. The majority of this work was completed within the quarter and recoveries are expected to improve again during the fourth quarter.

The dump leach operation produced 2,697oz, a 43% decrease on the second quarter and a 25% decrease on the prior year period due to the scheduled reduction in availability of suitable ore.

Exploration

Sukari

Drilling from underground remains a focus of the Sukari exploration programme as new development provides improved access to test potential high-grade extensions of the deposit. The ore body has not yet been closed off to the north, south or at depth and further underground drilling of the Sukari deposit will take place during 2015, predominantly from both the Amun and Ptah declines.

Selected results received during the third quarter from the underground drilling programme, which are in addition to results disclosed previously, include the following:

Amun and Ptah significant diamond drill intersections, downhole. (Note the underground portal is located at the 1060m RL elevation).

	Hole Number	From (m)	Interval (m)	Gold (g/t)	Target
	Hole Number	From (m)	Interval (m)	Gold (g/t)	Target
AMUN	UGRSD0411	275.8	2.3	39.1	Quartz vein 535m RL
	UGRSD0411	242.0	6.3	13.1	Quartz vein 570m RL
	UGRSD0411	268.0	13.2	48.2	Breccia 545m RL
	UGRSD0412B	121.4	10.6	16.4	Western contact 675mRL
	UGRSD0417	78.8	21.1	46.1	Quartz vein at Western contact 710mRL
	UGRSD0417	203.2	0.6	129.0	Western contact 640mRL
	UGRSD0533	47.0	9.0	9.9	Quartz vein near Western contact 815mRL
PTAH	UGRSD0534	164.1	0.9	85.2	Breccia at Western contact 710mRL
	UGRSD0540	107.0	1.0	55.3	Breccia near Western contact 770mRL
	UGRSD0545	86.0	5.0	50.8	Stockwork lode near Western contact 790mRL
	UGRSD0569_W1	265.1	21.9	12.5	Stockwork lode at Western contact 625mRL

Burkina Faso

Centamin's systematic exploration programme includes geological mapping, geophysical surveys, soil sampling, auger drilling, aircore (AC) drilling, reverse circulation (RC) and diamond (DD) drilling.

The strategy for 2015 is to continue to systematically explore the entire 160km strike length of the belt and drill-test the numerous prospects. It is expected this will lead into further resource development work in late 2015 progressing into 2016.

A signed ministerial decree approving the Tiopolo mining licence, which hosts the existing Indicated resource of 1.92 million ounces and Inferred resource of 1.33 million ounces, was issued on 5th March 2015. A subsequent application has been made to postpone development and continue exploration, as provisioned in the Burkina Faso Mining Code.

During the quarter RC/DD drilling has occurred at a number of prospects, including Wadaradoo and Napelapera. AC drilling has targeted areas in close proximity to known mineralisation at Torkera and Wadaradoo. Auger drilling has continued first pass evaluation at Danhal, and detailed ground coverage around Wadaradoo. The drilling fleet comprised 3 RC/DD rigs (31,504m RC and 1,272m DD drilled), 2 AC rigs (26,031m drilled) and 3 Auger rigs (13,439m drilled).

An IP geophysical survey commenced and was still ongoing at the end of the quarter. To date, five untested chargeability anomalies have been identified. The most significant of these is located 3km west of Aminbiri, near the contact of the Batie West Shear Zone with granodiorite. The targets are being ranked and prioritised for drill testing.

Exploration at Wadaradoo has focused on the Wadaradoo Main and Wadaradoo East areas. Drilling at Wadaradoo Main has continued to target a south-plunging shoot on the main 020° structure and two 320-330° trending structures. The shoot was intersected in 2 drill holes; with mineralised zones of 2m @ 7.8g/t and 19m @ 3.3 g/t Au in drill hole WDRD491; and 7m @ 2.2g/t and 13m @ 8.2g/t in drill hole WDRC492. A number of other structural targets have been identified in the immediate vicinity. Mapping, Auger and AC drilling are currently covering these areas as a precursor to RC drilling.

At Wadaradoo East, exploration has targeted the higher-grade lenses within a broad halo of low-grade mineralisation. Increasing data has helped to improve our understanding of the geological controls and therefore the predictability of mineralised zones. Zones of higher-grade mineralisation can now be traced for 200m along strike and remain open in all directions. Exploration will continue down dip and along strike.

Wadaradoo significant RC and DD drill intersections, downhole

HoleID	From (m)	Interval (m)	Gold (g/t)
WDRC118	140	10	1.99
WDRC394	194	10	3.30
WDRC432	61	17	1.32
WDRC440	191	5	5.30
WDRC450	39	2	34.60
WDRC472	42	4	6.46
WDRC485	66	2	27.20
WDRC492	225	13	8.18
WDRC493	224	3	8.78
WDRC495	124	7	3.00
WDRD117	164	11	3.39
WDRD351	329	14	2.46
WDRD395	217	14	5.26
WDRD395	238	17	2.99
WDRD423	262	8	4.31
WDRD423	275	5	4.81
WDRD424	248	10	3.03
WDRD491	270	19	3.30

Two permits covering a total area of 6.46km² along strike of Napelapera were granted in the third quarter. A programme consisting of 48 RC drill holes was completed to test extensions of the main Napelapera mineralised structure to the south, and also other nearby targets. Assays received to date (including those summarised in the table below) highlight a zone of higher-grade mineralisation. Further work will be determined once all results are received and analysed.

Napelapera significant RC and DD drill intersections, downhole

HoleID	From (m)	Interval (m)	Gold (g/t)
NPRC383	8	2	7.45
NPRC398	6	4	2.62
NPRC399	16	7	12.33
NPRC402	58	11	1.87
NPRC404	69	13	4.99
NPRC405	103	4	12.27
NPRC406	55	14	1.67
NPRC407	78	9	1.38
NPRC409	17	10	1.40
NPRC418	70	4	6.19

Drilling at Torkera has returned encouraging results, as highlighted below. The drill programme targeted mineralised shoots which plunge moderately to the north. Results indicate that the stacked shoots have good continuity and remain open down plunge. Gold mineralisation at this prospect is associated with quartz veining, with low sulphide abundance, and is concentrated along a sharp basalt/volcanoclastic contact. A follow up drill program is being designed.

Tokera significant RC and DD drill intersections, downhole

HoleID	From	Interval	Gold (g/t)
TKRC087	155	6	4.81
TKRC088	3	10	5.43
TKRC088	34	9	2.21
TKRD085	125	11	5.33
TKRD090	179	5	4.29

Côte d'Ivoire

Centamin now has four permits in Côte d'Ivoire covering a c.1,517km² area across the border from Batie West in Burkina Faso (see previous section). Field work continued in the third quarter and the completed airborne magnetic and radiometric survey continues to be used for geological interpretation and target generation. First pass RC drilling on priority targets is planned during the remainder of 2015, aimed at a path towards resource development in 2016.

The Danoa licence, west of the Kalamon licence, was granted by the Ministry of Mines in July. It is believed this licence contains the extension of the Napelapera mineralised structure southward into Cote d'Ivoire. AC drilling commenced in September, aimed at testing approximately 4km of strike length, including 2km with large artisanal workings centred over quartz veining.

Three permits remain under application and are expected to be granted in 2016, following which exploration will focus on regional surface geochemistry aimed at identifying anomalies for first-pass drilling.

Soil sampling progressed on the Doropo West, Varale and Kalamon permits. A 7,349m auger drilling program, utilising two rigs, in eastern Kalamon and Doropo West was completed in August. A trenching program commenced towards the end of the quarter on soil and magnetic anomalies defined over the 'Greenstones Extend' zone, west of the village of Varale.

AC drilling commenced during the quarter with 23,553 metres completed to date. Key intersections are highlighted below for the Kekeda, Souwa and Tchouahinin prospects. IP surveys and RC drilling programs are under preparation for the Kekeda and Souwa prospects.

Côte d'Ivoire significant AC drill intersections, downhole

Prospect	HoleID	From	Interval	Gold (g/t)
Kekeda	DPAC0145	20	18	0.97
Kekeda	DPAC0146	20	10	9.82
Kekeda	DPAC0147	18	4	5.51
Kekeda	DPAC0148	12	8	2.68
Kekeda	DPAC0149	2	16	1.79
Kekeda	DPAC0166	6	6	5.44

Souwa	DPAC0346	8	5	4.33
Souwa	DPAC0361	14	12	0.98
Souwa	DPAC0368	2	10	1.70
Souwa	DPAC0404	6	7	4.98
Souwa	DPAC0405	0	18	0.80

Tchouahinin	DPAC0517	4	4	2.50
Tchouahinin	DPAC0540	26	12	1.00

Ethiopia

Drilling at Una Deriem continued to test the eastern soil anomaly, which runs parallel to the main soil anomaly, on 400m spaced lines. Results from the eastern structure continued to show patchy low grade intercepts, as highlighted below. A review of the project is being undertaken.

Una Deriem significant diamond drill intersections, downhole

HoleID	From (metres)	Interval (metres)	Gold (g/t)
UDM0060	28	29	1.24
UDM0062	120	1	35.40
UDM0067	11	3	8.73
UDM0067	135	29	0.79

The BLEG results received for the Ondonok Dabus licence in western Ethiopia showed a number of anomalous samples, particularly in the northern portion of the licence area. A review of the data is being undertaken.

FINANCIAL REVIEW

Centamin has a strong and flexible financial position with no debt and no hedging. The Company held cash, bullion on hand, gold sales receivables and available-for-sale financial assets of US$216.1 million at 30 September 2015, up from US$212.6 million at 30 June 2015. The cash and cash equivalents component of this total increased during the quarter by US$15.6 million. For further information, please see the "Non-GAAP Financial Measures" section.

	At 30 September 2015	At 30 September 2014
Cash at Bank	US$190.6 million	US$109.9 million
Gold Sales Receivable	US$12.0 million	US$20.0 million
Available for sale financial assets	US$0.2 million	US$0.6 million
Bullion on hand	US$13.3 million	US$9.8 million
Total	US$216.1 million	US$140.3 million

The trade and other receivables balance reduced by US$10.6 million to US$15.0 million at the end of the period, mainly due to the US$12.2 million reduction in the gold sales receivables noted in the above table. The impact from this reduction on working capital was offset by a corresponding US$11.1 million reduction in the trade and other payables balance to US$26.3 million at the end of the period.

Centamin's unit cash cost of production was US$767 per ounce, an increase of US$61 over the second quarter due to a reduction in process plant recovery rates and increased open pit mining costs associated with higher maintenance charges and blast hole drilling rates.

During the remainder of the year the cash cost of production is expected to reduce, due to a reversal of the factors described above and as increasing plant throughput and improving grades drive higher quarterly production rates.

A breakdown of capital expenditure for the Group during the period is as follows:

	US$ million
Open pit development	-
Underground mine development ⁽¹⁾	7.7
Other sustaining capital expenditure	1.0
TOTAL SUSTAINING CAPEX - SUKARI	8.7

EXPLORATION	6.2

(1) Includes underground development drilling

AISC were US$918 per ounce, below the original full year guidance of US$950 per ounce mainly due to further re-scheduling of certain sustaining capital cost items.

EBITDA for the period was US$31.3 million, down 16% on the previous quarter. The key contributing factors were:

(a) a 5% or a US$5.7 million decrease in revenue, driven by a comparable reduction in the average realised gold price; partially offset by

(b) a 6% or a US$4.4 million increase in mine production costs, and

(c) a US$3.2 million increase of the movement in production inventory and ore stockpiles; resulting from a US$0.3 million positive movement in the third quarter against a US$3.0 million negative movement in the previous quarter.

Basic earnings per share for the period was 0.55 US cents, down 67% on the previous quarter. In addition to the factors listed above, the key contributing factor was a 36% increase in applicable depreciation and amortisation expense from $18.5 million in Q2 2015 to $25.1 million in this quarter. This is as a result of the reserve update at 30 June 2015 and a consequent increase in the amortisation charge for capitalised underground development.

As noted in Subsequent Events, further to the declaration of an interim dividend of 0.97 cent per share (US$0.0097) on Centamin plc ordinary shares (totaling approximately US$11 million), the interim dividend for the half year period ending 30 June 2015 was paid on 9 October 2015 to shareholders on the register on the Record Date of 4 September 2015.

CORPORATE UPDATE

BDO LLP have recently been engaged to provide internal audit services to the Group. The partner in charge of the engagement is working with the chairman of the Audit and Risk Committee to define the scope of work for 2015 and 2016. Further details of the work carried out by the internal auditor and scope of the engagement will be published in the 2015 Annual Report.

LEGAL ACTIONS

As detailed in Note 7 of the accompanying interim condensed consolidated financial statements, the Group's appeal against the 30 October 2012 ruling by the Egyptian Administrative Court remains on-going. Centamin does not currently see the need to take the matter to proceedings outside of Egypt as Centamin remains of the belief that the Egyptian Supreme Administrative Court (SAC) will rule in Centamin's favour, based on the legal merit of the case.

The Group continues to benefit from the full support of the Ministry of Petroleum and EMRA, both in the appeal and at the operational level.

It should be noted that law 32/2014, was passed in April 2014, restricting the capacity for third parties to challenge any contractual agreements between the Egyptian government and an investor. The Company's legal advisers have confirmed that Centamin is likely to benefit from this law in the SAC Appeal. The validity of law 32/2014 is currently being challenged in the Egyptian Constitutional Court but Centamin believes the challenge is unlikely to succeed and that the original claim in relation to the Sukari Concession Agreement, which was brought by a third party and is subject to an on-going court appeal, should, in due course, be dismissed under the provisions of law 32/2014.

In light of the on-going dispute with the Egyptian Government regarding the price at which diesel fuel oil (DFO) is supplied to the mine at Sukari, it has been necessary since January 2012 to advance funds to our fuel supplier, Chevron, based on the international price for diesel. The Company has fully provided against the prepayment of US$197.7 million as an exceptional item, of which US$11.1 million was provided for during Q3 2015. Refer to Notes 4 and 5 of the accompanying interim condensed consolidated financial statements for further details on the impact of this exceptional provision on the Group's results for Q3 2015.

In November 2012 the Group received a further demand from Chevron for the repayment of fuel subsidies received in the period from late 2009 through to January 2012, for EGP403 million (approximately US$52.0 million at current exchange rates). No provision has been made in respect of the historic subsidies prior to January 2012 as, based on legal advice that it has received to date, the Company believes that the prospects of a court finding in its favour in relation to this matter are strong.

As disclosed previously, the Company has commenced proceedings in the Administrative Court in Egypt in relation to these matters. The Company remains of the view that an instant move to international fuel prices is not a reasonable outcome and will look to recover any funds advanced to date at the higher rate should the court proceedings be successfully concluded. Please refer to Note 7 to the accompanying interim condensed consolidated financial statements and the most recently filed Annual Information Form (AIF) for further information.

With the exception of the relationships with EMRA and the Egyptian government referred to above, we do not believe there are any third party relationships which are critical to the Group's success or which would have a material impact upon the Group's position if the relationship broke down.

COST RECOVERY AND PROFIT SHARE

Based on the Company's calculation there was no 'Net Profit Share' due to EMRA as at 30 September 2015, nor is any likely to be due as at 30 June 2016. It is expected that there will be profit share due to EMRA for the Sukari Gold Mine ("SGM") financial year ending 30 June 2017, based on budgeted production, operating expense forecasts and gold price. Centamin has elected to make advance payments against future profit share since 2013 to the value of US$28.75 million, in order to demonstrate goodwill towards the Egyptian government. No additional payments were made during the period.

OUTLOOK

We remain focussed at Sukari on realising the potential for further production growth whilst maintaining a strong control on costs, with the objective of generating substantial free cash flow even under the current challenging gold prices. As highlighted by our interim dividend, paid in October, we intend to continue returning 15-30% of this free cash flow to our shareholders, in line with our dividend policy, and to allocate the remainder towards our medium and long-term objective of organic growth aimed at realising incremental shareholder value and returns.

Safety remains a priority and we continue to target a lost time injury frequency rate of zero.

Guidance for 2015 is between 430,000 and 440,000 ounces at below US$700/oz cash cost of production and below US$950/oz AISC. Production is expected to achieve the 450,000-500,000 ounce per annum target rate during the fourth quarter of this year.

Development of the open pit has progressed well during the course of the year to date and higher-grade ore is expected to be mined during the fourth quarter. Delivery of the required tonnages is expected to be sustained thereafter on an annual basis at around the reserve average grade of 1.03g/t.

Exploration at Sukari will continue to prioritise extensions of the high-grade underground resource and reserve and we continue to expect this to support a long-term life of the operation.

Outside of Sukari, we continue to expect a total exploration expenditure of approximately US$25 million in 2015, with the largest proportion on the advanced exploration programme in Burkina Faso. Our exploration tenements in Côte d'Ivoire and Ethiopia are green field exploration sites and therefore require lower exploration spend. In line with our overall exploration strategy, the actual expenditure on these projects is results-driven and the current estimated expenditures are therefore subject to on-going revisions.

We will continue to evaluate potential opportunities to grow the business through the acquisition of projects offering the potential for the Company to deliver on its strategic objectives.

Andrew Pardey

Chief Executive Officer

Set out below are the unaudited consolidated Financial Statements for the Group, including notes thereto, for the quarter and nine months ended 30 September 2015.

RESPONSIBILITY STATEMENT

We confirm that to the best of our knowledge:

(a) the condensed set of interim consolidated financial statements for the quarter and half year ended 30 September 2015 has been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' as adopted by the European Union and as issued by the International Accounting Standards Board ("IASB");

(b) the condensed set of interim consolidated financial statements, which has been prepared in accordance with the applicable set of accounting standards, gives a true and fair view of the assets, liabilities, financial position and profit or loss of the issuer, or the undertakings included in the consolidation as a whole as required by DTR 4.2.4";

(c) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first nine months and description of principal risks and uncertainties for the remaining three months of the year); and

(d) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

By order of the Board,

Chief Executive Officer Chief Financial Officer

Andrew Pardey Pierre Louw

11 November 2015 11 November 2015

UNAUDITED INTERIM CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

FOR THE QUARTER AND NINE MONTHS ENDED

30 SEPTEMBER 2015

CONTENTS

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 16-17

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 18

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 19

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 20

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 21

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2015

	Note	30 September 2015			30 September 2014
		Before exceptional items US$'000	Exceptional items ⁽¹⁾ US$'000	Total US$'000	Before exceptional items US$'000	Exceptional items ⁽¹⁾ US$'000	Total US$'000

Revenue	3	118,529	-	118,529	116,116	-	116,116
Cost of sales	4	(95,199)	(10,584)	(105,783)	(77,549)	(16,420)	(93,969)
Gross profit		23,330	(10,584)	12,746	38,567	(16,420)	22,147
Other operating costs	4	(6,734)	-	(6,734)	(6,579)	-	(6,579)
Impairment of available-for-sale financial assets	13	203	-	203	183	-	183
Finance income	4	38	-	38	70	-	70
Profit before tax		16,837	(10,584)	6,253	32,241	(16,420)	15,821
Tax		-	-	-	-	-	-
Profit for the period		16,837	(10,584)	6,253	32,241	(16,420)	15,821

EMRA Profit share		-	-	-	-	-	-
Profit for the period after EMRA Profit share		16,837	(10,584)	6,253	32,241	(16,420)	15,821
Profit for the period attributable to: - the owners of the parent		16,837	(10,584)	6,253	32,241	(16,420)	15,821
- Non-controlling interests					-	-	-


Other comprehensive income Items that may be reclassified subsequently to profit or loss:
Gains/(losses) on available for sale financial assets (net of tax)		(75)	-	(75)	(5)	-	(5)
Other comprehensive income for the period	13	(75)	-	(75)	(5)	-	(5)

Total comprehensive income for the period net of tax		16,762	(10,584)	6,178	32,236	(16,420)	15,816
Total comprehensive income for the period attributable to: - the owners of the parent		16,762	(10,584)	6,178	32,236	(16,420)	15,816
- Non-controlling interests		-	-	-	-	-	-

Earnings per share:
Basic (cents per share)	10	0.740	(0.194)	0.546	2.823	(1.438)	1.385
Diluted (cents per share)	10	0.734	(0.197)	0.537	2.798	(1.425)	1.373

⁽¹⁾Refer to Note 4 for further details.

The above Unaudited Interim Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2015

	Note	30 September 2015			30 September 2014
		Before exceptional items US$'000	Exceptional items ⁽¹⁾ US$'000	Total US$'000	Before exceptional items US$'000	Exceptional items ⁽¹⁾ US$'000	Total US$'000

Revenue	3	378,200	-	378,200	321,464	-	321,464
Cost of sales	4	(268,753)	(35,424)	(304,177)	(209,396)	(45,175)	(254,571)
Gross profit		109,447	(35,424)	74,023	112,068	(45,175)	66,893
Other operating costs	4	(20,974)	-	(20,974)	(18,930)	-	(18,930)
Impairment of available-for-sale financial assets	13	474	-	474	(546)	-	(546)
Finance income	4	136	-	136	326	-	326
Profit before tax		89,083	(35,424)	53,659	92,918	(45,175)	47,743
Tax		(8)	-	(8)	-	-	-
Profit for the period		89,075	(35,424)	53,651	92,918	(45,175)	47,743

EMRA Profit share		-	-	-	-	-	-
Profit for the period attributable to: - the owners of the parent		89,075	(35,424)	53,651	92,918	(45,175)	47,743
- Non-controlling interests		-	-	-	-	-	-

Other comprehensive income Items that may be reclassified subsequently to profit or loss:
Losses on available for sale financial assets (net of tax)		(175)	-	(175)	(5)	-	(5)
Other comprehensive income for the period	13	(175)	-	(175)	(5)	-	(5)

Total comprehensive income for the period net of tax		88,900	(35,424)	53,476	92,913	(45,175)	47,738
Total comprehensive income for the period attributable to: - the owners of the parent		88,900	(35,424)	53,476	92,913	(45,175)	47,738
- Non-controlling interests					-	-	-

Earnings per share:
Basic (cents per share)	10	7.787	(3.097)	4.690	8.237	(4.005)	4.232
Diluted (cents per share)	10	7.679	(3.054)	4.625	8.136	(3.956)	4.180

⁽¹⁾Refer to Note 4 for further details.

The above Unaudited Interim Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2015

	Note	30 September 2015 (Unaudited) US$'000	31 December 2014 (Audited) US$'000
NON-CURRENT ASSETS
Property, plant and equipment	11	885,960	928,964
Exploration and evaluation asset	12	144,265	123,999
Prepayments	5	28,750	23,750
Other receivables		53	645
Total non-current assets		1,059,028	1,077,358

CURRENT ASSETS

Inventories		131,148	140,628
Available-for-sale financial assets	13	189	409
Trade and other receivables		14,953	24,973
Prepayments	5	1,277	1,710
Cash and cash equivalents	16a	190,574	125,659
Total current assets		338,141	293,379

Total assets		1,397,169	1,370,737
NON-CURRENT LIABILITIES
Provisions		3,286	3,015
Total non-current liabilities		3,286	3,015

CURRENT LIABILITIES
Trade and other payables		26,294	34,042
Provisions		1,553	307
Total current liabilities		27,847	34,349

Total liabilities		31,133	37,364

Net assets		1,366,036	1,333,373

EQUITY
Issued capital	8	665,010	661,573
Share option reserve		2,575	4,098
Accumulated profits		698,451	667,702
Total Equity		1,366,036	1,333,373

TOTAL EQUITY ATTRIBUTABLE TO:
- owners of the parent		1,366,036	1,333,373
- non-controlling interest		-	-
Total Equity		1,366,036	1,333,373

The above Unaudited Interim Condensed Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2015

	Issued Capital US$'000	Share options reserve US$'000	Accumulated profits US$'000	Total Equity US$'000
Balance as at 1 January 2015	661,573	4,098	667,702	1,333,373
Profit for the period	-	-	53,651	53,651
Other comprehensive income for the period	-	-	(175)	(175)
Total comprehensive income for the period	-	-	721,178	1,386,849

Dividend paid	-	-	(22,727)	(22,727)
Transfer of share based payments	3,437	(3,437)	-	-
Recognition of share based payments	-	1,914	-	1,914
Balance as at 30 September 2015	665,010	2,575	698,451	1,366,036

	Issued Capital US$'000	Share options reserve US$'000	Accumulated profits US$'000	Total Equity US$'000
Balance as at 1 January 2014	612,463	5,761	594,624	1,212,848
Profit for the period	-	-	47,743	47,743
Other comprehensive income for the period	-	-	(5)	(5)
Total comprehensive income for the period	-	-	47,738	47,738
Issue of shares	48,218	-	-	48,218
Own shares acquired in the period	(1,743)	-	-	(1,743)
Transfer of share based payments	1,521	(1,521)	-	-
Recognition of share based payments	-	1,805	-	1,805
Available for sale financial asset reserve	-	-	(5)	(5)

Balance as at 30 September 2014	660,459	6,045	642,357	1,308,861

The above Unaudited Interim Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2015

	Three Months Ended 30 September			Nine Months Ended 30 September
	Note	2015	2014	2015	2014
		US$'000	US$'000	US$'000	US$'000
Cash flows from operating activities
Cash generated in operating activities	16(b)	31,299	31,306	132,401	79,137
Finance income		(38)	(70)	(136)	(326)
Net cash generated by operating activities		31,261	31,236	132,265	78,811

Cash flows from investing activities
Acquisition of property, plant and equipment		(9,562)	(18,586)	(25,073)	(61,349)
Exploration and evaluation expenditure		(6,251)	(8,083)	(20,266)	(21,161)
Proceeds from sale / (Acquisition) of financial assets		-	-	-	91
Cash acquired through Ampella Mining Limited asset acquisition		-	-	-	9,254
Finance income		38	70	136	326
Net cash used in investing activities		(15,775)	(26,599)	(45,203)	(72,839)

Cash flows from financing activities
Dividend paid		-	-	(22,727)	-
Own shares acquired during the period		-	-	-	(1,743)
Net cash provided by financing activities		-	-	(22,727)	(1,743)

Net decrease in cash and cash equivalents		15,486	4,637	64,335	4,229

Cash and cash equivalents at the beginning of the period		174,978	106,398	125,659	105,979
Effect of foreign exchange rate changes		110	(1,174)	580	(347)
Cash and cash equivalents at the end of the period	16(a)	190,574	109,861	190,574	109,861

The above Unaudited Condensed Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2015

NOTE 1: ACCOUNTING POLICIES

Basis of preparation

These unaudited interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" (IAS 34) as adopted by the European Union and as issued by the International Accounting Standards Board ("IASB") and the requirements of the Disclosure and Transparency Rules (DTR) of the Financial Conduct Authority (FCA) in the United Kingdom as applicable to interim financial reporting.

The unaudited interim condensed consolidated financial statements represent a 'condensed set of financial statements' as referred to in the DTR issued by the FCA. Accordingly, they do not include all of the information required for a full annual financial report and are to be read in conjunction with the Group's financial statements for the year ended 31 December 2014, which were prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and adopted for use by the European Union and IFRS as issued by the IASB. The financial statements for the year ended 31 December 2014 have been filed with the Jersey Financial Services Commission. The financial information contained in this report does not constitute statutory accounts under the Companies (Jersey) Law 1991, as amended. The financial information for the year ended 31 December 2014 is based on the statutory accounts for the year ended 31 December 2014. Readers are referred to the auditor's report to the Group financial statements as at 31 December 2014 (available at www.centamin.com).

The accounting policies applied in these interim financial statements are consistent with those used in the annual consolidated financial statements for the year ended 31 December 2014 except for the adoption of a number of amendments issued by the IASB and endorsed by the EU which apply for the first time in 2015. The new pronouncements do not have a significant impact on the accounting policies, methods of computation or presentation applied by the Group and therefore the prior period consolidated financial statements have not been restated. The Group has not early adopted any amendments, standards or interpretations that have been issued but are not yet effective.

The preparation of these interim condensed consolidated financial statements requires the use of certain significant accounting estimates and judgment by management in applying the Group's accounting policies. There have been no changes to the areas involving significant judgment and estimates that have been set out in Note 4 of the Group's annual audited consolidated financial statements for the year ended 31 December 2014.

Going concern

These financial statements for the period ended 30 September 2015 have been prepared on a going concern basis, which contemplate the realisation of assets and liquidation of liabilities during the normal course of operations.

As discussed in Note 7, during the prior year the operation of the mine was affected by two legal actions. The first of these followed from a decision taken by Egyptian General Petroleum Corporation ("EGPC") to charge international, not local (subsidised) prices for the supply of DFO, and the second arose as a result of a judgment of the Administrative Court of first instance in relation to, amongst other matters, the Company's 160km² exploitation lease. In relation to the first decision, the Company remains confident that in the event that it is required to continue to pay international prices, the mine at Sukari will remain commercially viable. Similarly, the Company remains confident that the appeal it has lodged in relation to the decision of the Administrative Court will ultimately be successful, although final resolution of it may take some time. On 20 March 2013 the Supreme Administrative Court upheld the Company's application to suspend the decision until the merits of the Company's appeal are considered and ruled on, thus providing assurance that normal operations will be able to continue during this process.

In the unlikely event that the Group is unsuccessful in either or both of its legal actions, and that the operating activities are restricted to a reduced area, it is the director's belief that the Group will be able to continue as going concern.

The directors have a reasonable expectation that the Group will have adequate resources to continue in operational existence for the foreseeable future. Therefore they continue to adopt the going concern basis of accounting in preparing these interim condensed consolidated financial statements.

NOTE 2: SEGMENT REPORTING

The Group is engaged in the business of exploration for and mining of metals only, which represents a single operating segment. The Board is the Group's chief operating decision maker within the meaning of IFRS 8.

Non-current assets other than financial instruments by country:

	30 September 2015 (Unaudited) US$'000	31 December 2014 (Audited) US$'000

Egypt	982,769	1,017,003
Ethiopia	12,378	10,327
Burkina Faso	61,381	48,893
Cote d'Ivoire	2,372	977
Australia	1	2
United Kingdom	127	156
	1,059,028	1,077,358

NOTE 3: REVENUE

An analysis of the Group's revenue for the period, from continuing operations, is as follows:

	Three Months Ended 30 September (Unaudited)		Nine Months Ended 30 September (Unaudited)
	2015 US$'000	2014 US$'000	2015 US$'000	2014 US$'000

Gold sales	118,339	115,987	377,514	320,911
Silver sales	190	129	686	553
	118,529	116,116	378,200	321,464

NOTE 4: PROFIT BEFORE TAX

Profit for the period has been arrived at after crediting / (charging) the following gains / (losses) and expenses:

	Three months ended 30 September 2015			Three months ended 30 September 2014
	Before exceptional items	Exceptional items	Total	Before exceptional items	Exceptional items	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Finance income
Interest received	38	-	38	70	-	70

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2015 (CONTINUED)

NOTE 4: PROFIT BEFORE TAX (CONTINUED)

	Three months ended 30 September 2015			Three months ended 30 September 2014
	Before exceptional items	Exceptional items	Total	Before exceptional items	Exceptional items	Total
Expenses	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Cost of sales
Mine production costs	(69,789)	(11,179)	(80,968)	(55,384)	(16,639)	(72,023)
Movement in production inventory and ore stockpiles	(334)	595	261	(106)	219	113
Depreciation and Amortisation	(25,076)	-	(25,076)	(22,059)	-	(22,059)
	(95,199)	(10,584)	(105,783)	(77,549)	(16,420)	(93,969)

	Three months ended 30 September 2015			Three months ended 30 September 2014
	Before exceptional items	Exceptional items	Total	Before exceptional items	Exceptional items	Total
Other operating costs	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Fixed royalty - attributable to the Egyptian government	(3,547)	-	(3,547)	(3,475)	-	(3,475)
Corporate costs	(3,620)	-	(3,620)	(3,131)	-	(3,131)
Other expenses	(35)	-	(35)	(45)		(45)
Other income	-	-	-	379	-	379
Foreign exchange gain, net	572	-	572	(184)	-	(184)
Provision for restoration and rehabilitation - unwinding of discount	(90)	-	(90)	(134)	-	(134)
Depreciation	(14)	-	(14)	11	-	11
	(6,734)	-	(6,734)	(6,579)	-	(6,579)

Impairment of available for sale financial assets	203	-	203	183	-	183

	Nine months ended 30 September 2015			Nine months ended 30 September 2014
	Before exceptional items	Exceptional items	Total	Before exceptional items	Exceptional items	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Finance income
Interest received	136	-	136	326	-	326

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2015 (CONTINUED)

NOTE 4: PROFIT BEFORE TAX (CONTINUED)

	Nine months ended 30 September 2015			Nine months ended 30 September 2014
	Before exceptional items	Exceptional items	Total	Before exceptional items	Exceptional items	Total
Expenses	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Cost of sales
Mine production costs	(202,119)	(33,314)	(235,433)	(147,617)	(44,172)	(191,789)
Movement in production inventory and ore stockpiles	1,399	(2,110)	(711)	(4,561)	(1,003)	(5,564)
Depreciation and Amortisation	(68,033)	-	(68,033)	(57,218)	-	(57,218)
	(268,753)	(35,424)	(304,177)	(209,396)	(45,175)	(254,571)

	Nine months ended 30 September 2015			Nine months ended 30 September 2014
	Before exceptional items	Exceptional items	Total	Before exceptional items	Exceptional items	Total
Other operating costs	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Fixed royalty - Attributable to the Egyptian government	(11,318)	-	(11,318)	(9,619)	-	(9,619)
Corporate costs	(10,797)	-	(10,797)	(10,803)	-	(10,803)
Other income	-	-	-	379	-	379
Other expenses	(98)	-	(98)	(104)	-	(104)
Foreign exchange gain, net	1,553	-	1,553	1,664	-	1,664
Provision for restoration and rehabilitation - unwinding of discount	(271)	-	(271)	(403)	-	(403)
Depreciation	(44)	-	(44)	(44)	-	(44)
	(20,973)	-	(20,973)	(18,930)	-	(18,930)

Impairment of available for sale financial assets	474	-	474	(546)	-	(546)

Exceptional items

The directors consider that items of income or expense which are material by virtue of their unusual, irregular or non-recurring nature should be disclosed separately if the consolidated financial statements are to fairly present the financial position and underlying business performance. In order to allow a better understanding of the financial information presented within the consolidated financial statements, and specifically the Group's underlying business performance, the effect of exceptional items are shown below.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2015 (CONTINUED)

NOTE 4: PROFIT BEFORE TAX (CONTINUED)

Exceptional items (continued)

	Three Months Ended 30 September (Unaudited)		Nine Months Ended 30 September (Unaudited)
	2015 US$'000	2014 US$'000	2015 US$'000	2014 US$'000
Included in Cost of sales
Mine production costs	(11,179)	(16,639)	(33,314)	(44,172)
Movement in production inventory and ore stockpiles	595	219	(2,110)	(1,003)
	(10,584)	(16,420)	(35,424)	(45,175)

In January 2012 the Company received a letter from Chevron to the effect that Chevron would not be able to continue supplying DFO to the mine at Sukari at local subsidised prices. It is understood that the reason that this letter was issued was that Chevron had received a letter instructing it to do so from the Egyptian General Petroleum Corporation ("EGPC"). It is further understood that EGPC itself took the decision to issue this instruction because it had received legal advice from the Legal Advice Department of the Council of State (an internal government advisory department) that companies operating in the gold mining sector in Egypt were not entitled to such subsidies. In addition, the Company received a demand from Chevron in 2012 for the repayment of fuel subsidies received in the period from late 2009 through to January 2012, for EGP403 million (approximately US$52.0 million at current exchange rates).

The Group has taken detailed legal advice on this matter (and, in particular, on the opinion given by Legal Advice Department of the Council of State) and in consequence in June 2012 lodged an appeal against EGPC's decision in the Administrative Courts. Again, the Group believes that its grounds for appeal are strong and that there is every prospect of success. However, as a practical matter, and in order to ensure the continuation of supply, the Group has since January 2012 advanced funds to its fuel supplier, Chevron, based on the international price for diesel. As at the date of the financial statements, no final decision had been taken by the courts regarding this matter. Furthermore, the Group remains of the view that an instant move to international fuel prices is not a reasonable outcome and will look to recover funds advanced thus far should the court proceeding be concluded in its favour. However, management recognises the practical difficulties associated with re-claiming funds from the government and for this reason has fully provided against the prepayment of US$11.1 million and US$32.0 million made during Q3 2015 and the nine months to 30 September 2015 respectively, as an exceptional item, as follows:

(a) a US$11.2 million increase and a US$33.3 million increase in direct mine production costs, and

(b) a US$0.1 million decrease and a US$1.3 million increase in stores inventories.

In addition, there was a US$0.6 million decrease and a US$2.1 million increase in mining stockpiles and ore in circuit. This has resulted in a net decrease of US$10.6 million and US$35.4 million in the profit and loss in Q3 2015 and the nine months to 30 September 2015 respectively.

NOTE 5: PREPAYMENTS

30 September 2015

(Unaudited)

US$'000

31 December

2014

(Audited)

US$'000

Non-current Prepayments

Advance payment to EMRA ⁽¹⁾

28,750

23,750

⁽¹⁾ With a view to demonstrating goodwill toward the Egyptian government, PGM has made advance payments to EMRA which will be netted off against future Profit Share that becomes payable to EMRA.

	Nine Months Ended 30 September 2015 (Unaudited) US$'000	Year Ended 31 December 2014 (Audited) US$'000
Current Prepayments
Prepayments	1,277	1,710
Fuel prepayments	-	-
Prepayments	1,277	1,710

Movement in fuel prepayments ⁽¹⁾
Balance at the beginning of the period	-	-
Fuel prepayment recognised	31,969	68,737
Less: Provision charged to ⁽²⁾:
Mine production costs (see Note 4)	(33,314)	(61,564)
Property, plant and equipment	-	(6,953)
Inventories	1,345	(220)
Balance at the end of the period	-	-

⁽¹⁾The cumulative fuel prepayment recognised and provision charged as at 30 September 2015 is as follows:

Fuel prepayment recognised (US$'000) 197,701

Provision charged to:

Mine production costs (US$'000) 184,663

Property, plant and equipment (US$'000) 11,852

Inventories (US$'000) 1,186

⁽²⁾Refer to Note 4, Exceptional Items, for further details.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2015 (CONTINUED)

NOTE 6: COMMITMENTS

The following is a summary of the Company's outstanding commitments as at 30 September 2015:

Payments due

Total

US$'000

< 1 year

US$'000

1 to 5 years

US$'000

>5 years

US$'000

Operating Lease Commitments⁽¹⁾

168

112

Total commitments

168

112

⁽¹⁾Operating lease commitments are limited to office premises in Jersey. As a result of the completion of Stage 4 in the prior year, the Group had no commitments for capital expenditure as at 30 September 2015.

NOTE 7: CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Contingent Liabilities

Fuel Supply

In January 2012, the Group received a letter from Chevron to the effect that Chevron would only be able to supply DFO to the mine at Sukari at international prices rather than at local subsidised prices. It is understood that the reason that this letter was issued was that Chevron had received a letter instructing it to do so from the EGPC. It is further understood that EGPC itself issued this instruction because it had received legal advice from the Legal Advice Department of the Council of State (an internal government advisory department) that companies operating in the gold mining sector in Egypt were not entitled to such subsidies. In November 2012, the Group received a further demand from Chevron for the repayment of fuel subsidies received during the period from late 2009 through to January 2012, for EGP403 million (approximately US$52.0 million at current exchange rates).

The Group has taken detailed legal advice on this matter (and, in particular, on the opinion given by the Legal Advice Department of the Council of State) and in June 2012 lodged an appeal against EGPC's decision in the Administrative Courts. Again, the Group believes that its grounds for appeal are strong and that there is a good prospect of success. However, as a practical matter, and in order to ensure the continuation of supply whilst the matter is resolved, the Group has since January 2012 advanced funds to its fuel supplier, Chevron, based on the international price for fuel.

As at the date of this document, no decision had been taken by the courts regarding this matter. The Group remains of the view that an instant move to international fuel prices is not a reasonable outcome and will look to recover funds advanced to date should the court action be successfully concluded. However, management recognises the practical difficulties associated with reclaiming funds from the government and for this reason has fully provided against the prepayment of US$197.7 million, as an exceptional item. Refer to Notes 4 and 5 of the accompanying financial statements for further details on the impact of this exceptional provision on the Group's results for Q3 2015.

No provision has been made in respect of the historic subsidies prior to January 2012 as, based on legal advice, the Company believes that the prospects of a court finding in its favour in relation to this matter remain very strong.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2015 (CONTINUED)

NOTE 7: CONTINGENT LIABILITIES AND CONTINGENT ASSETS (CONTINUED)

Supreme Administrative Court Appeal

On 30 October 2012, the Administrative Court in Egypt handed down a judgment in relation to a claim brought by, amongst others, an independent member of a previous parliament, in which he argued for the nullification of the agreement that confers on the Group rights to operate in Egypt. This agreement, the Concession Agreement, was entered into between the Arab Republic of Egypt, the Egyptian Mineral Resources Authority ("EMRA") and Centamin's wholly‑owned subsidiary Pharaoh Gold Mines ("PGM"), and was approved by the People's Assembly as Law 222 of 1994.

In summary that judgment states that, although the Concession Agreement itself remains valid and in force, insufficient evidence had been submitted to Court in order to demonstrate that the 160km² exploitation lease between PGM and EMRA had received approval from the relevant Minister as required by the terms of the Concession Agreement. Accordingly, the Court found that the exploitation lease in respect of the area of 160km² was not valid although it stated that there was in existence such a lease in respect of an area of 3km². Centamin, however, is in possession of the executed original lease documentation which clearly shows that the 160km² exploitation lease was approved by the Minister of Petroleum and Mineral Resources. It appears that an executed original document was not supplied to the Court at first instance.

Upon notification of the judgment the Group took various steps to protect its ability to continue to operate the mine at Sukari. These included lodging a formal appeal before the Supreme Administrative Court on 26 November 2012. In addition, in conjunction with the formal appeal the Group applied to the Supreme Administrative Court to suspend the initial decision until such time as the court was able to consider and rule on the merits of the appeal. On 20 March 2013 the Court upheld this application thus suspending the initial decision and providing assurance that normal operations would be able to continue whilst the appeal process was under way.

EMRA lodged its own appeal in relation to this matter on 27 November 2012, the day after the Company's appeal was lodged, supporting the Group's view in this matter. Furthermore, in late December 2012, the Minister of Petroleum lodged a supporting appeal and shortly thereafter publicly indicated that, in his view, the terms of the Concession Agreement were fair and that the exploitation lease was valid. The Minister of Petroleum also expressed support for the investment and expertise that Centamin brings to the country. The Company believes this demonstrates the government's commitment to the Group's investment at Sukari and the government's desire to stimulate further investment in the Egyptian mining industry.

The Company does not yet know when the appeal will conclude, although it is aware of the potential for the process in Egypt to be lengthy. The Company has taken extensive legal advice on the merits of its appeal from a number of leading Egyptian law firms who have confirmed that the proper steps were followed with regard to the grant of the 160km² lease. It therefore remains of the view that the appeal is based on strong legal grounds and will ultimately be successful. In the event that the appellate court fails to be persuaded of the merits of the case put forward by the Group, the operations at Sukari may be adversely effected to the extent that the Group's operation exceeds the exploitation lease area of 3km² referred to in the original court decision.

The Company remains confident that normal operations at Sukari will be maintained whilst the appeal case is heard.

Contingent Assets

There were no contingent assets at period-end (31 December 2014: nil).

NOTE 8: ISSUED CAPITAL

Fully Paid Ordinary Shares	Three Months Ended		Year Ended
	30 September 2015 (Unaudited)		31 December 2014 (Audited)
	Number	US$'000	Number	US$'000

Balance at beginning of the period	1,152,107,984	661,573	1,101,397,381	612,463
Issue of shares ¹	-	-	50,710,603	48,218
Own shares acquired during the period	-	-	-	(1,743)
Transfer from share options reserve	-	3,437	-	2,635
Balance at end of the period	1,152,107,984	665,010	1,152,107,984	661,573

¹Relates to the ordinary shares that were admitted to trading as consideration for the acquisition of Ampella Mining Limited.

Fully paid ordinary shares carry one vote per share and carry the right to dividends.

The authorised share capital is an unlimited number of no par value shares.

As at the date of this report the Company held 5,993,041 ordinary shares in treasury. ²

²Refers to shares held by the trustee pursuant to the Deferred Bonus Share Plan

NOTE 9: RELATED PARTY TRANSACTIONS

The related party transactions for the three months ended 30 September 2015 are summarised below:

- Salaries, superannuation contributions, bonuses, share based payments, consulting and Directors' fees paid to Directors during the three months ended 30 September 2015 amounted to US$559,115 (30 September 2014: US$633,507).

- Mr J El-Raghy is a Director and shareholder of El-Raghy Kriewaldt Pty Ltd ("ELK"), which provides office premises to the Company in Australia. All dealings with ELK are in the ordinary course of business and on normal terms and conditions. Rent paid to ELK during the three months ended 30 September 2015 amounted to US$10,629 (30 September 2014: US$13,225).

The related party transactions for the nine months ended 30 September 2015 are summarised below:

- Salaries, superannuation contributions, bonuses, share based payments, consulting and Directors' fees paid to Directors during the nine months ended 30 September 2015 amounted to US$1,635,959 (30 September 2014: US$2,144,146).

- Mr J El-Raghy is a Director and shareholder of El-Raghy Kriewaldt Pty Ltd ("ELK"), which provides office premises to the Company in Australia. All dealings with ELK are in the ordinary course of business and on normal terms and conditions. Rent paid to ELK during the nine months ended 30 September 2015 amounted to US$33,822 (30 September 2014: US$39,398).

NOTE 10: EARNINGS PER SHARE

Basic earnings per share are calculated using the weighted average number of shares outstanding. Diluted earnings per share are calculated using the treasury stock method. In order to determine diluted earnings per share, the treasury stock method assumes that any proceeds from the exercise of dilutive stock options and warrants would be used to repurchase common shares at the average market price during the period, with the incremental number of shares being included in the denominator of the diluted earnings per share calculation. The diluted earnings per share calculation excludes any potential conversion of options and warrants that would increase earnings per share.

	Three Months Ended 30 September (Unaudited)		Nine Months Ended 30 September (Unaudited)
	2015	2014	2015	2014
	Cents Per Share	Cents Per Share	Cents Per Share	Cents Per Share
Basic earnings per share	0.546	1.385	4.690	4.232
Diluted earnings per share	0.537	1.373	4.625	4.180

Basic earnings per share

The earnings and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:

	Three Months Ended 30 September (Unaudited)		Nine Months Ended 30 September (Unaudited)
	2015	2014	2015	2014
	US$'000	US$'000	US$'000	US$'000
Earnings used in the calculation of basic EPS	6,253	15,821	53,651	47,743

	Three Months Ended 30 September (Unaudited)		Nine Months Ended 30 September (Unaudited)
	2015	2014	2015	2014
	No.	No.	No.	No.
Weighted average number of ordinary shares for the purpose of basic EPS	1,146,114,943	1,141,953,267	1,143,955,365	1,128,044,065

Diluted earnings per share

The earnings and weighted average number of ordinary shares used in the calculation of diluted earnings per share are as follows:	Three Months Ended 30 September (Unaudited)		Nine Months Ended 30 September (Unaudited)
	2015	2014	2015	2014
	US$'000	US$'000	US$'000	US$'000
Earnings used in the calculation of diluted EPS	6,253	15,821	53,651	47,743

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2015 (CONTINUED)

NOTE 10: EARNINGS PER SHARE (CONTINUED)

	Three Months Ended 30 September (Unaudited)		Nine Months Ended 30 September (Unaudited)
	2015	2014	2015	2014
	No.	No.	No.	No.
Weighted average number of ordinary shares for the purpose of diluted EPS	1,165,023,281	1,152,099,098	1,159,942,550	1,142,059,235

Weighted average number of ordinary shares for the purpose of basic EPS	1,146,114,943	1,141,953,267	1,143,955,365	1,128,044,065
Shares deemed to be issued for no consideration in respect of employee options	18,908,338	10,145,831	15,987,185	14,015,170
Weighted average number of ordinary shares used in the calculation of diluted EPS	1,165,023,281	1,152,099,098	1,159,942,550	1,142,059,235

NOTE 11: PROPERTY, PLANT AND EQUIPMENT ⁽¹⁾

Three Months Ended 30 September 2015 (Unaudited)	Office equipment	Land and buildings	Plant and equipment	Mining equipment	Mine Development properties	Stripping Asset	Capital WIP	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Cost
Balance at 31 December 2014	5,383	1,142	565,811	220,654	228,192	-	121,252	1,142,434
Additions	553	44	18,333	19,334	73,056	-	(84,977)	26,343
Transfers	-	-	-	-	-	-
Balance at 30 September 2015	5,936	1,186	584,144	239,988	301,248	-	36,275	1,168,777

Accumulated depreciation
Balance at 31 December 2014	(4,254)	(177)	(67,744)	(71,798)	(69,497)	-	-	(213,470)
Depreciation and amortisation	(856)	(104)	(23,048)	(21,866)	(23,473)	-	-	(69,347)
Balance at 30 September 2015	(5,110)	(281)	(90,792)	(93,664)	(92,970)	-	-	(282,817)

Year Ended 31 December 2014 (Audited) Cost
Balance at 31 December 2013	4,625	171	284,902	178,374	182,974	-	426,461	1,077,507
Additions	17	-	8	-	6,979	-	61,252	68,256
Decrease in rehabilitation asset	-	-	-	-	(5,161)	-	-	(5,161)
Acquisition of subsidiary	1,080	1,131	814	1,224	-	-	3	4,252
Disposals	(571)	(160)	(724)	(391)	-	-	(574)	(2,420)
Transfers	232	-	280,811	41,447	43,400	-	(365,890)	-
Balance at 31 December 2014	5,383	1,142	565,811	220,654	228,192	-	121,252	1,142,434

Accumulated depreciation
Balance at 31 December 2013	(3,051)	(23)	(42,747)	(46,326)	(34,774)	-	-	(126,921)
Acquisition of subsidiary	(765)	(146)	(649)	(1,224)	-	-	-	(2,784)
Depreciation and amortisation	(730)	(8)	(24,456)	(24,373)	(34,723)	-	-	(84,290)
Disposals	292	-	108	125	-	-	-	525
Balance at 31 December 2014	(4,254)	(177)	(67,744)	(71,798)	(69,497)	-	-	(213,470)
Net book value
As at 31 December 2014	1,129	965	498,067	148,856	158,695	-	121,252	928,964
As at 30 September 2015	826	905	493,352	146,324	208,278	-	36,275	885,960

⁽¹⁾ Legal title of all operating assets of PGM pass to EMRA when cost recovery of those assets is complete. The right of use of all fixed and movable assets remains with PGM and SGM for no charge over the life of mine.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2015 (CONTINUED)

NOTE 12: EXPLORATION AND EVALUATION ASSETS

	Nine Months Ended 30 September 2015 (Unaudited) US$'000	Year Ended 31 December 2014 (Audited) US$'000
Balance at the beginning of the period	123,999	59,849
Expenditure for the period	20,266	28,841
Acquisition of Ampella Mining Limited	-	37,637
Impairment of exploration and evaluation asset	-	(2,328)
Balance at the end of the period	144,265	123,999

The exploration and evaluation asset relates to the drilling, geological exploration and sampling of potential ore reserves.

NOTE 13: AVAILABLE-FOR-SALE FINANCIAL ASSETS

The unrealised losses on available-for-sale investments recognised in other comprehensive income were as follows:

Three Months Ended

30 September (Unaudited)

Nine Months Ended

30 September (Unaudited)

2015

US$'000

2014

US$'000

2015

US$'000

2014

US$'000

Loss on fair value of investment - other comprehensive income

(75)

(5)

(175)

(5)

The available for sale financial asset at period-end relates to a 6.66% (2014: 11.40%) equity interest in Nyota Minerals Limited ("NYO"), a listed public company, as well as a 0.96% (2014: 1.6%) equity interest in KEFI Minerals plc ("KEFI").

As a result of the prolonged decline in the fair value in the prior year of the investment in Nyota, the prior period devaluation had been recognised as an impairment loss in the Statement of Comprehensive Income as follows.

Three Months Ended

30 September (Unaudited)

Nine Months Ended

30 September (Unaudited)

2015

US$'000

2014

US$'000

2015

US$'000

2014

US$'000

Impairment loss

203

183

474

(546)

NOTE 14: SHARE BASED PAYMENTS

No share based payments were awarded or granted to Employees during the third quarter.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2015 (CONTINUED)

NOTE 15: FINANCIAL INSTRUMENTS' FAIR VALUE DISCLOSURES

The Group has no financial instruments with fair values that are determined by reference to significant unobservable inputs, i.e. those that would be classified as level 3 in the fair value hierarchy, nor have there been any transfers of assets or liabilities between levels of the fair value hierarchy.

The Group's interest in Nyota Minerals Limited and KEFI Minerals plc is classified as an available for sale financial asset (see note 13). The Group carries its interest in Nyota Minerals Limited and KEFI Minerals plc at fair value, and measures its interest using Level 1 unadjusted quoted prices.

The director's consider that the carrying amounts of financial assets and financial liabilities carried at amortised cost approximate their amortised cost.

NOTE 16: NOTES TO THE STATEMENTS OF CASH FLOWS

(a) Reconciliation of cash and cash equivalents

For the purpose of the statements of cash flows, cash and cash equivalents includes cash on hand and at bank and deposits.

Three Months Ended

30 September

(Unaudited)

Nine Months Ended

30 September

(Unaudited)

2015

US$'000

2014

US$'000

2015

US$'000

2014

US$'000

Cash and cash equivalents

190,574

109,861

190,574

109,861

(b) Reconciliation of profit for the period to cash flows from operating activities

	Three Months Ended 30 September (Unaudited)		Nine Months Ended 30 September (Unaudited)
	2015 US$'000	2014 US$'000	2015 US$'000	2014 US$'000
Profit for the period	6,253	15,821	53,651	47,743
Add/(less) non-cash items:
Depreciation / amortisation of property, plant and equipment	25,089	22,047	68,078	57,262
Inventory write off	-	11	-	-
Shares received in KEFI	-	(379)	-	(379)
Increase / (Decrease) in provisions	(64)	554	1,516	1,133
Foreign exchange rate (gain) / loss, net	(682)	323	(2,133)	(420)
Impairment of available-for-sale financial assets	(203)	183	(474)	546
Share based payment expense	556	832	1,915	1,805

Changes in working capital during the period :
(Increase) / Decrease in trade and other receivables	10,758	(1,956)	10,020	2,950
Decrease / (Increase) in inventories	(491)	1,249	9,479	6,169
(Increase) / Decrease in prepayments	(572)	(5,987)	(4,567)	(5,390)
Decrease / (Increase) in trade and other payables	(9,345)	(1,391)	(5,084)	(32,281)

Cash flows generated from operating activities	31,299	31,306	132,401	79,137

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2015 (CONTINUED)

NOTE 16: NOTES TO THE STATEMENTS OF CASH FLOWS (CONTINUED)

There have been no non-cash financing and investing activities during the current or comparative period quarter other than the Ampella asset acquisition as disclosed in Note 12.

NOTE 17: SUBSEQUENT EVENTS

Further to the declaration of an interim dividend of 0.97 cent per share (US$0.0097) on Centamin plc ordinary shares (totalling approximately US$11 million), the interim dividend for the half year period ending 30 June 2015 was paid on 9 October 2015 to shareholders on the register on the Record Date of 4 September 2015.

Other than the above, there has not arisen in the interval between the end of the financial period and the date of this report any item, transaction or event of a material and unusual nature likely in the opinion of the Directors of the Company to affect significantly the operations of the Company, the results of those operations, or the state of affairs of the Company in subsequent financial periods.

The accompanying Form 52 109FS Certification of interim filings are published, inter alia, for the purposes, of discharging the Company's obligations arising in connection with the listing of its shares on the Toronto Stock Exchange.

NON-GAAP FINANCIAL MEASURES

Three non-GAAP financial measures are used in this report:

1) EBITDA: "EBITDA" is a non-GAAP financial measure, which excludes the following from profit before tax:

· Finance costs;

· Finance income; and

· Depreciation and amortisation.

Management believes that EBITDA is a valuable indicator of the Group's ability to generate liquidity by producing operating cash flow to fund working capital needs and fund capital expenditures. EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or "EBITDA multiple" that is based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company. EBITDA is intended to provide additional information to investors and analysts and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. EBITDA excludes the impact of cash costs and income of financing activities and taxes, and therefore is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate EBITDA differently. The following table provides a reconciliation of EBITDA to profit for the year attributable to the Company.

Reconciliation of profit before tax to EBITDA:

	Quarter ended 30 Sep 2015 Before Exceptional items	Quarter ended 30 Sep 2015 Including Exceptional items⁽¹⁾	Quarter ended 30 Sep 2014 Before Exceptional items	Quarter ended 30 Sep 2014 Including Exceptional items⁽¹⁾
	US$'000	US$'000	US$'000	US$'000
Profit before tax	16,837	6,253	32,241	15,821
Finance income	(38)	(38)	(70)	(70)
Depreciation and amortisation	25,089	25,089	22,059	22,059
EBITDA	41,888	31,304	54,230	37,810

	Nine months ended 30 Sep 2015 Before Exceptional Items	Nine months ended 30 Sep 2015 Including Exceptional Items⁽¹⁾	Nine months ended 30 Sep 2014 Before Exceptional Items	Nine months ended 30 Sep 2014 Including Exceptional Items⁽¹⁾
	US$'000	US$'000	US$'000	US$'000
Profit before tax	89,083	53,659	92,918	47,743
Finance income	(136)	(136)	(326)	(326)
Depreciation and amortisation	68,077	68,077	57,218	57,218
EBITDA	157,024	121,600	149,810	104,635

⁽¹⁾Profit before tax, Depreciation and amortisation and EBITDA includes an exceptional provision to reflect the removal of fuel subsidies (refer to Note 4 of the Financial Statements for further details).

2) Cash cost and all-in sustaining costs (AISC) per ounce calculation: Cash cost and AISC per ounce are non-GAAP financial measures. Cash cost of production per ounce is a measure of the average cost of producing an ounce of gold, calculated by dividing the operating costs in a period by the total gold production over the same period. Operating costs represent total operating costs less administrative expenses, royalties, depreciation and amortisation. Management uses this measure internally to better assess performance trends for the Company as a whole. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use such non-GAAP information to evaluate the Company's performance and ability to generate cash flow. The Company believes that these measures provide an alternative reflection of the Group's performance for the current period and are an alternative indication of its expected performance in future periods. Cash cost is intended to provide additional information, does not have any standardised meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. This measure is not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently.

During June 2013 the World Gold Council (WGC), an industry body, published a Guidance Note on the AISC metric, which gold mining companies can use to supplement their overall non-GAAP disclosure. AISC is an extension of the existing 'cash cost' metric and incorporates all costs related to sustaining production and in particular recognising the sustaining capital expenditure associated with developing and maintaining gold mines. In addition, this metric includes the costs associated with developing and maintaining gold mines. In addition, this metric includes the costs associated with corporate office structures that support these operations, the community and rehabilitation costs attendant with responsible mining and any exploration and evaluation costs associated with sustaining current operations. AISC per ounce is arrived at by dividing the dollar value of the sum of these cost metrics, by the ounces of gold produced.

Reconciliation of Cash Cost per Ounce:

		Quarter ended 30 Sep 2015 Before Exceptional Items	Quarter ended 30 Sep 2015 Including Exceptional Items⁽¹⁾	Quarter ended 30 Sep2014 Before Exceptional Items	Quarter ended 30 Sep 2014 Including Exceptional Items⁽¹⁾
Mine production costs (Note 4)	(US$'000)	69,789	80,968	55,384	72,023
Less: Refinery and transport	(US$'000)	(131)	(131)	(20)	(20)
Cash cost of production	(US$'000)	69,658	80,837	55,364	72,003
Gold Produced - Total	(oz)	105,413	105,413	93,624	93,624
Cash cost per ounce	(US$/oz)	661	767	592	771

Reconciliation of AISC per ounce:

		Quarter ended 30 Sep 2015 Before Exceptional Items	Quarter ended 30 Sep 2015 Including Exceptional Items⁽¹⁾	Quarter ended 30 Sep 2015 Before Exceptional Items	Quarter ended 30 Sep 2015 Including Exceptional Items
Mine production costs⁽²⁾ (Note 4)	(US$'000)	69,789	80,968	NR	NR
Royalties	(US$'000)	3,547	3,547
Corporate and administration costs	(US$'000)	3,620	3,620
Rehabilitation costs	(US$'000)	90	90
Underground development	(US$'000)	7,717	7,717
Other sustaining capital expenditure	(US$'000)	1,016	1,016
By-product credit	(US$'000)	(190)	(190)
All-in sustaining costs	(US$'000)	85,588	96,768
Gold Produced - Total	(oz)	105,413	105,413
All in-sustaining costs per ounce	(US$/oz)	812	918

⁽¹⁾Mine production costs, Cash costs, AISC, AISC per ounce and Cash cost per ounce, includes an exceptional provision against prepayments recorded since Q4 2012 to reflect the removal of fuel subsidies (refer to Note 4 of the Financial Statements for further details).

⁽²⁾ Includes Refinery and transport.

⁽³⁾ NR : Not Reported.

3) Cash and cash equivalents, Bullion on hand, Gold Sales Receivables and Available-for-sale Financial Assets: This is a non-GAAP financial measure any other companies may calculate these measures differently.

Reconciliation to cash and cash equivalents, bullion on hand, gold sales receivables and available-for-sale financial assets:

	Quarter ended 30 Sep 2015	Quarter ended 30 Sep 2014
	US$'000	US$'000
Cash and Cash Equivalents (Note 16a)	190,574	109,860
Bullion on Hand (valued at the year-end spot price)	13,251	9,829
Gold Sales Receivable	12,042	19,976
Available-for-Sale Financial Assets (Note 13)	189	623
Cash, Bullion, Gold Sales Receivables and Available-for-Sale Financial Assets	216,055	140,288

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This document contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of Centamin plc ('Centamin' or 'the Company'), its subsidiaries (together 'the Group'), affiliated companies, its projects, the future price of gold, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and resource estimates, the timing and amount of estimated future production, revenues, margins, costs of production, estimates of initial capital, sustaining capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, foreign exchange risks, governmental regulation of mining operations and exploration operations, timing and receipt of approvals, consents and permits under applicable mineral legislation, environmental risks, title disputes or claims, limitations of insurance coverage and regulatory matters. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or may be identified 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 of material factors, many of which are beyond the Company's control which may cause the actual results, performance or achievements of Centamin, its subsidiaries and affiliated companies to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Readers are cautioned that forward-looking statements may not be appropriate for other purposes than outlined in this document. Such factors include, among others, future price of gold; general business, economic, competitive, political and social uncertainties; the actual results of current exploration and development activities; conclusions of economic evaluations and studies; fluctuations in the value of the US dollar relative to the local currencies in the jurisdictions of the Company's key projects; changes in project parameters as plans continue to be refined; possible variations of ore grade or projected recovery rates; accidents, labour disputes or slow-downs and other risks of the mining industry; climatic conditions; political instability, insurrection or war, civil unrest or armed assault; labour force availability and turnover; delays in obtaining financing or governmental approvals or in the completion of exploration and development activities; as well as those factors referred to in the section entitled "Risks and Uncertainties" section of the Management Discussion & Analysis filed on SEDAR at www.sedar.com and on the National Storage Mechanism. The reader is also cautioned that the foregoing list of factors is not exhausted of the factors that may affect the Company's forward-looking statements.

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, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this document and, except as required by applicable law, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

QUALIFIED PERSON AND QUALITY CONTROL

Information in this report which relates to exploration, geology, sampling and drilling is based on information compiled by geologist Mr Richard Osman and Christopher Boreham (Underground Manager) who are full time employees of the Company, and are members of the Australasian Institute of Mining and Metallurgy each with more than five years' experience in the fields of activity being 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".

Refer to the latest technical report entitled "Mineral Resource and Reserve Estimate for the Sukari Gold Project, Egypt" dated 23 October 2015 and filed on SEDAR at www.sedar.com, 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.

-------------------------------------------End of Announcement------------------------------------------

This information is provided by RNS

The company news service from the London Stock Exchange

END

QRTMMMMMRGDGKZM

Companies

Centamin (DI) (CEY)

Monday, 13th May 2024

COMPANIES COVERED:

VCT DPLM ZOO

Diploma shares jump as full year guidance is upgraded in the wake of successful acquisitions but Victrex slides as forecast headwinds hit home. Zoo Digital also finds support as last year’s woes for the wider entertainment industry fade.

Full Archive

UK 100

Latest directors dealings

24 minutes ago Hostelworld Group
24 minutes ago Hostelworld Group
25 minutes ago Hostelworld Group
25 minutes ago Savills
1 hour ago Merit Group

All directors dealings today