Centamin
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Centamin (CEY) investor relations material

Centamin has been acquired

Centamin Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Centamin plc
Q3 2024 earnings summary17 Oct, 2024

Executive summary

  • Q3 2024 saw strong operational and financial performance, with gold production up 30% YoY and cost discipline driving a 730% YoY increase in free cash flow to $103 million.

  • The quarter included the completion of the Capital earthmoving project at Sukari and continued progress at EDX and Doropo.

  • The AngloGold Ashanti acquisition offer was announced, impacting disclosure and marking a potential final quarterly report.

  • The company reaffirmed its 2024 production and cost guidance, expecting Q3 production rates to be sustained for the rest of the year.

Financial highlights

  • Produced 131,726 ounces of gold in Q3, with sales of 149,659 ounces, up 44% YoY.

  • Achieved cash costs of $766/oz produced and all-in sustaining costs of $1,256/oz sold.

  • Generated $368.6 million in revenue and $103 million in free cash flow, up 730% YoY.

  • Ended the quarter with $242 million in cash and liquid assets, plus an undrawn revolving credit facility.

  • Capital expenditure for Q3 was $67 million, with YTD capex at $156 million.

Outlook and guidance

  • Tracking toward the midpoint of full-year production guidance (470,000–500,000 ounces) and cost guidance ($1,200–$1,350/oz all-in sustaining costs).

  • Cash cost guidance is $700–850/oz produced, expected toward the upper end.

  • CapEx guidance maintained at $215 million, including $112 million sustaining and $103 million non-sustaining.

  • Q4 expected to continue Q3 momentum.

Future cost implications of Capital Limited exit?
What proactive measures address recent LTIs?
Timeline for Little Sukari integration into Sukari mill?
Explain the waste to ore reclassification impact.
Assess EDX drilling program's potential impact.
Elaborate on Doropo project timeline.
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Frequently asked questions

Centamin plc engages in the exploration, mining, and development of precious metals. It explores for gold deposits. Its principal asset is the Sukari Gold Mine project, which covers an area of approximately 160 square kilometers located in the Eastern Desert of Egypt. The company was incorporated in 2011 and is headquartered in Saint Helier, Jersey."

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