Q3 2018 Results

PERTH, AUSTRALIA / ACCESSWIRE / November 1, 2018 / Financial Highlights(1,2,3,4)

Q3 2018 compared with Q2 2018

• Sukari Gold Mine ("Sukari") produced 117,720 ounces, a 27% improvement on the second quarter ("Q2") QoQ, resulting from month on month operational improvements in the open pit and underground;
• Gold sales of 106,798 ounces, a 9% increase QoQ. The increased difference between gold produced and gold sold is due to the timing of final month end gold pour and the gold shipment schedule; The 20,163 unsold ounces were sold at the next shipment, contributing to fourth quarter ("Q4") revenue;
• Average realisedgold price of US$1,206 per ounce, a decrease of approximately 7% QoQ;
• Revenue of US$125.1 million, a 1% increase QoQ, due to the 9% increase in ounces sold offset by 7% decrease in gold price; Revenue of US$421.5 million generated YTD from gold sales of 328,433 ounces (Excl. Cleopatra ounces) at an average realised gold price of US$1,281 per ounce;
• EBITDA (1,2,4) of US$48.7 million, a 6% increase QoQ, resulting in EBITDA of US$178.5 million YTD;
• Profit before tax(4) of US$21.8 million, a 1% decrease QoQ, and US$102.2 million YTD;
• Basic earnings per share after profit share(2,4) ("EPS") of 0.93 US cents, a 29% decrease QoQ, largely reflecting the Sukari profit share mechanism as per the Concession Agreement with Egyptian Minerals Resources Authority ("EMRA"), Centamin's state partners, which from July 2018 moved from a ratio of 60:40 to 55:45 (Centamin:EMRA); YTD EPS of 4.80 US cents;
• Operational cash flow of US$27.3 million, a 27% decrease QoQ, due to the factors mentioned above and an 8% increase in operating costs driven by increased volumes of material moved; Operational cash flow YTD of US$150.0 million;

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SOURCE: Centamin PLC