Growth Through Cash Flow

Investor PresentationMay 2016

Disclosures

Forward Looking Statements: There are risks associated with an investment in the shares of Centamin. Recipients of this presentation should review the risk factors and otherdisclosures regarding Centamin contained in the preliminary prospectus and subsequent annual reports and Management Discussion and Analysis reports of Centamin that have beenfiled with Canadian securities regulators and are available at www.sedar.com.

It should be specifically noted that the potential quantity and grade from the Sukari underground mine is conceptual in nature, that there has been insufficient exploration todefine a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.

This presentation contains "forward‐looking information" (or "forward‐looking statements") which may include, but are not limited to, statements with respect to the future financialor operating performance of the Company, its subsidiaries and its projects (including the Sukari Project), the future price of gold, the estimation of mineral reserves and resources, therealization of mineral reserve estimates, the timing and amount of estimated future production, revenues, margins, costs of production, capital, operating and explorationexpenditures, costs and timing of the development of new deposits, costs and timing of construction, costs and timing of future exploration, the timing for delivery of plant andequipment, requirements for additional capital, foreign exchange risk, government regulation of mining and exploration operations, environmental risks, reclamation expenses, titledisputes or claims, insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Often, but not always, forward‐looking statements can beidentified by the use of words such as "plans", "hopes", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations(including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward‐looking information involves and is subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements ofthe Company and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward‐looking information. Suchfactors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities and feasibility studies;assumptions in economic evaluations which prove to be inaccurate; fluctuations in the value of the United States dollar and the Canadian dollar relative to each other, to theAustralian dollar and to other local currencies in the jurisdictions in which the Company operates; changes in project parameters as plans continue to be refined; future prices of goldand other metals; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes or slow downs andother risks of the mining industry; climatic conditions; political instability, insurrection or war; arbitrary decisions by governmental authorities; delays in obtaining governmentalapprovals or financing or in the completion of development or construction activities. Discovery of archaeological ruins of historical value could lead to uncertain delays in thedevelopment of the mine at the Sukari Project.

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‐lookinginformation, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward‐looking information contained herein ismade as of the date of this presentation and the Company disclaims any obligation to update any forward‐looking information, whether as a result of new information, future eventsor results or otherwise. There can be no assurance that forward‐looking information or statements will prove to be accurate, as actual results and future events could differ materiallyfrom those anticipated in such information or statements. Accordingly, readers should not place undue reliance on forward‐looking statements.

Competent Persons: Information in this presentation which relates to resource, reserve, exploration, geology, sampling and drilling is based on information prepared and approved bygeologist Mr Richard Osman who is a full time employee of the Company, and is a member of the Australasian Institute of Mining and Metallurgy with more than five years’experience in the fields of activity being reported on, and is a “Competent Person” for this purpose and is a “Qualified Person” as defined in “National Instrument 43‐101 of theCanadian Securities Administrators. Refer also to the technical report entitled “Mineral Resource and Reserve Estimate for the Sukari Gold Project, Egypt” dated 30 January 2014 andfiled 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.

2

Our Strategic Priorities

3

1. CASH FLOW GENERATION• 2016 guidance 470koz Au at US$680/oz cash cost of production & US$900/oz AISC• Production growth to c.500koz in 2017 at AISC <US$900/oz• Further production upside / lower cash costs at Sukari for no material capex

2. SHAREHOLDER RETURNS• US$276m in cash and liquid assets at 31 March 2016• No debt, no hedging and Sukari capex complete• Dividend a priority: competitive yield

3. LONG‐TERM GROWTH• Exploration / development to be funded from cash reserves after dividend• Significant Sukari reserve expansion potential, especially via high grades from underground• Advanced exploration in Burkina Faso; highly prospective tenements in Côte D’Ivoire

Our Assets

4

Sukari Gold Mine, Egypt 

Operating mine• Production since 2010• 14Moz resource• 8.8Moz reserve• 450‐500koz Au p.a. target production • Expected +20‐year mine life

Advanced exploration• Focus on high grade underground

Early‐stage exploration• Multiple prospects around Sukari Hill

Côte D’Ivoire

Early stage exploration• 1,520km2 licence holding • +1,800km2 licences under application • Highly prospective region across the border from Burkina Faso

Burkina Faso

Advanced exploration• 2,200km2 licence holding• 3.2Moz resource at Konkera• Multiple further prospects along >100km regional structure

• Systematic drill program• Focus on high grades near surface

0

100

200

300

400

500

600

400

500

600

700

800

900

1000

2010 2011 2012 2013 2014 2015 2016F 2017F 2018F 2019F

Prod

uctio

n* ('000 ou

nces)

US$/oz*

Cash Cost of Production AISC

Production Growth and Cost Reduction

5

AISC expected to reduce below US$900/oz in 2017

20 year mine life

* Total gold production includes estimated production from the underground mine. Note that the potential quantity and grade of the forecast underground production is conceptual in nature. There has been insufficient exploration to fully define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Production and cost forecasts for 2016‐19 were first provided in the May 2015 Capital Markets Day presentation – see company website 

Sukari production upside (no capex)

CEY

PRU

TGZRSG

EDV

IMG

ACA

RRS

BTO

SMF

ASR

$550

$650

$750

$850

$950

$1,050

$1,150

$1,250

0 5 10 15 20 25

AISC

(US$/oz)*

Implied Reserve Life (reserves of producing assets/forecast annual production)*

6

Bubble size = Production*

Further upside to Sukari production  & lower costs(no additional capex)

Significant reserve growth potential 

through exploration

Source: Company reports* Production and costs are based on 2016 company guidance where available, otherwise 2015.  AISC for RRS based on Canaccord Genuity, GMP Europe, Investec, Nomura, Numis, RBC consensus

Long Reserve Life, Low Costs and Growth Potential

Sukari Gold Mine

7

• 8.8Moz reserve and 14Moz resource, with significant upside from exploration

• An expected +20‐year mine life 

• No further expansion capex required

• Expanded production rate of 450‐500,000 oz p.a. achieved

• Optimisation process continues to target production rates in excess of base case

Sukari: Production Upside Through Optimisation

8

• Plant throughput – target c.12Mtpa vs. current 11Mtpa forecast

• Plant recovery – target 90% vs. current 88% forecast

• Underground – infrastructure capacity of c.1.5Mt p.a. ore vs. current mining rate of 1.0 ‐ 1.2Mtpa

• Open pit – fleet capacity in excess of forecast 66Mtpa mining rate

Sukari Underground: Adding High‐Grade Reserves

9

N

5m @ 50.8g/t

38m @ 9.1g/t

18.4m @ 17.9g/t

31.2m @ 6.8g/t

2.5 km

Amun ‐ Looking North

20

UG grade (g/t Au)

7

5

Final open pitc.1,550Mt ore + waste

AmunInitial focus area for mining. 

PtahLife‐of‐mine access to depth extents. 

Stopes mined 2010 to date

21.9m @ 12.5g/t

1.7m @ 258g/t

1.6m @ 150g/t

13.2m @ 48.2g/t

1.8m @ 289g/t

21.1m @ 46.1g/t

5.2m @ 39.8g/t

Recent results from underground drilling (subsequent to June 2015 reserve estimate)

2.6m @ 108g/t

9.5m @ 78g/t

2.3m @ 111g/t

15m @ 6.7g/t6m @ 13.6g/t

Amun Zone (Looking North) – Focus of Current Mining

10

Ptah Zone (Looking North) – Focus of Reserve Growth

11

Cross‐sections 450 metres apart

99 109

91 82 77

2011 2012 2013 2014 2015

1.25

0.69

0.36 0.390.12

2011 2012 2013 2014 2015

Ensuring a Safe and Productive Workforce

12

Lost Time Injury Frequency Rate (LTIFR)*

‐90%

Injury rates are trending towards our ’zero harm’ target

*per 200,000 hours worked

Labour productivity has improved with Sukari expansion

Labour costs in US$ per ounce gold produced

‐29%

Growth Beyond Sukari: Focus on Exploration 

13

• Limited high‐quality acquisition targets within our focus regions (Africa & Arabian‐Nubian Shield)

• Centamin’s exploration strategy is focused on:

- Significant land holdings in prospective regions- Operating in stable jurisdictions with attractive fiscal regimes- Becoming a multi‐asset gold producer maintaining lowest quartile cost profile

• 2016 exploration budget (outside Sukari) of US$25m

Metres drilled by CEY (post‐acquisition)Burkina Faso  Côte D'Ivoire 

Diamond 14,097  ‐RC 255,425  24,492 Air Core 121,431  40,446 Auger 97,590  72,911 

West Africa: District Scale Exploration

14

c.2,200km2 in Burkina Fasoc.1,520km2 in Côte D’Ivoire + c.1,800km2 under application

Existing 3.2Moz resource* at Konkera

Multiple high‐grade areas (focus on Wadaradoo and Napelapera)

*1.9Moz Indicated & 1.3Moz Inferred Resource at Konkera prospect

Burkina Faso: Wadaradoo – One of Several Emerging Prospects

15

Numerous high‐grade targets along a +5km trend

Mineralisation along main shear and secondary structures

Potential porphyry‐ and granitoid‐hosted areas

Positive preliminary metallurgical testwork

Burkina Faso: Napelapera

16

Broad and consistent mineralised zones over 4km – open along strike

Higher grade zones intersected in the south

Hosted in granodiorite

Positive preliminary metallurgical testwork

Côte D’Ivoire

17

Initial results support exploration model within granitoids

Similar geology and structural trends as the Napelaperaprospect in Burkina Faso

0%

1%

2%

3%

4%

Dividen

d Yield

Industry‐leading Dividend Yield

18

2014 dividend US2.86 cents/share (c.US$33m payout)

2015 dividend US2.94 cents/share (c.US$34m payout)

Source: SNL

>100 further gold producers that do not pay a dividend

0

100

200

300

400

500

600

700

800

2015 2016F 2017F 2018F 2019F

Forecast

Year‐end Cash

Balance

(US$

million)

Cash Held as Treasury Cash Build at US$1,200/oz Gold Incremental Cash Build at US$1,400/oz Gold

Self‐Funding the Next‐Stage of Growth

19

Forecast year end cash balance – following expected Profit Share*, dividend (at 2015 level) and exploration

Ability to fund next‐stage project development from forecast cash reserves

US$1,200/oz gold

US$1,400/oz gold

* Profit Share forecasts are estimated as per the terms of the Concession Agreement. Centamin elected to make advance payments against future profit share between 2013 and 2015 to the value 

of US$28.75 million, in order to demonstrate goodwill towards the Egyptian government. The recovery of these prepayments has not been included in these forecasts

Source: Bloomberg

BlackRock 12.9%Van Eck 11.9%Directors & Management 6.7%T Rowe Price 4.0%Dimensional Fund Advisers 3.7%Aberforth 3.3%Franklin Resources  2.8%Norges Bank 2.8%Legal & General 2.7%

20

Centamin Shares: Out‐Performing the Peer Group

Largest Shareholders

Shares Issued 1,152,107,984Share Price (28 Apr 2016): 112.5pMarket Capitalisation: £1,300m (US$1,900m)Markets: London Stock Exchange (CEY)

Toronto Stock Exchange (CEE)

2014 2015 2016

CEY.L FTSE Gold Mines Index Gold Price

Analyst CoverageBank of America Merrill LynchJames Bell

MacquariePatrick Morton

Canaccord GenuityNick Hatch

MirabaudNikolas Toleris

CenkosWill Dymott

NumisJonathan Guy

Goldman SachsEugene King

Panmure GordonKieran Hodgson

InvestecHunter Hillcoat

Royal Bank of CanadaRichard Hatch

Summary: Shareholder Returns and Value‐Driven Growth

21

TRACK RECORD OF PROJECT DELIVERYSukari staged construction delivered on budget

Staged expansion = no debt requirement2016 guidance 470koz rising to c.500koz in 2017

OPTIMISING PRODUCTIONFurther production/cost upside at SukariNo additional expansion capex requiredSignificant reserve expansion potential

FREE CASH FLOWNo further expansion capex at Sukari

Low cost: US$900/oz AISC  and trending lowerLong +20 year expected mine life

SHAREHOLDER RETURNSUS$276m cash and liquid assets

No debt and no hedgingCompetitive dividend policy

NEXT‐STAGE GROWTHFunded from excess cash flows

Advanced exploration in Burkina FasoLong‐term growth from Cote D’Ivoire

Centamin plc

22

CONTACT US

Andrew Pardey, Chief Executive Officer

Andy Davidson, Head of Investor Relations+44 (0)1534 828708

andy.davidson@centamin.je

Appendix

Sukari Total Mineral Resource

Sukari Underground Mineral Resource (included within the total resource above)

Measured Indicated Total Measured + Indicated Inferred

Cut‐off Tonnes Grade Tonnes Grade Tonnes Grade Gold Tonnes Grade Goldg/t Au (Mt) (g/t Au) (Mt) (g/t Au) (Mt) (g/t Au) (Moz) (Mt) (g/t Au) (Moz)0.3 198 1.05 188 1.02 386 1.03 12.9 33 1.0 1.10.4 160 1.22 152 1.18 312 1.20 12.0 26 1.2 1.00.5 133 1.38 124 1.34 257 1.36 11.2 21 1.3 0.90.7 95 1.69 87 1.66 182 1.68 9.8 15 1.7 0.81.0 62 2.14 56 2.12 118 2.13 8.1 9 2.1 0.6

•  Totals may not equal the sum of the components due to rounding adjustments.•  The Mineral Resource estimate is based on the open pit mined surface as at 30 June 2015 and adjusted for underground mine workings as at 30 June 2015.•  All available assays as at February 2015.•  Resource data set comprises 252,449 two metre down hole composites and surface rock chip samples.•  Mineral Resources are reported inclusive of those resources converted to Proven and Probable Mineral Reserves.•  The resources are estimates of recoverable tonnes and grades using Multiple Indicator Kriging with block support correction. •  Measured Resources lie in areas where drilling is available at a nominal 25 x 25 metre spacing, Indicated resources occur in areas drilled at approximately 25 x 50 metre spacing and Inferred resources exist in areas of broader spaced drilling.•  The resource model extends from 9700mN to 12200mN and to a maximum depth of 0mRL (a maximum depth of approximately 1,000 metres below wadi level).

Resource Tonnes(‘000 t)

Grade(g/t Au)

Gold(‘000 oz)

Measured 1,850 6.5  390Indicated 2,820 7.0 630Total M&I 4,670 6.8 1,020Inferred 6,970 5.6 1,240

• Totals may not equal the sum of the components due to rounding adjustments.• The Mineral Resource is reported above 2g/t within interpreted mineralised domains.• The Mineral Resource estimate is depleted by underground mine workings as at 30 June 2015. • All available information has been used including mapping from underground mining and assays as at June 2015. • Available resource data resulted in 21,369 one metre down hole composites used for grade estimation. • The Mineral Resources were estimated utilising a single Indicator weighted Kriging method (IK) to estimate gold for each 

of the mineralisation domains.• Measured Mineral Resources are defined by a drill spacing of at least 20m x 20m and confined to the interpreted 

mineralisation defined by underground mine development. Indicated Mineral Resources are defined as areas outside the Measured Mineral Resource and defined by approximately 20m x 20m drill spacing.  Inferred Mineral Resources include all remaining estimated mineralisation defined by a drill spacing of approximately 50m x 50m.

• Mineral Resources are reported inclusive of those resources converted to Proven and Probable Mineral Reserves. • The underground resource is located within the boundaries of the open pit resource, and is included within that total.

24

Sukari Resources

9.3

7.5 8.0

0.2

0.2

0.3

0.6

0.5

0.5

0.8

1.9

0.9

0.7

0.1

0.5

1.0

0.1

4

5

6

7

8

9

10

11

2011

Res

erve

Min

ing

depl

etio

n

Res

ourc

e ad

ditio

ns

and

othe

r*

Die

sel p

rice

incr

ease

(r

emov

al o

f sub

sidy

)

Cha

nge

in s

tock

pile

2013

Res

erve

Min

ing

depl

etio

n

Res

ourc

e ad

ditio

ns

and

othe

r*

Die

sel p

rice

redu

ctio

n

($0.

84 to

$0.

70/li

tre)

Cha

nge

in s

tock

pile

2015

Res

erve

In s

itu G

old

(Moz

)

Open Pit Reserve Stockpile UG Reserve

Sukari Open Pit Mineral Reserve

Sukari Underground Mineral Reserve

Tonnes(Mt)

Grade(g/t Au)

Gold(Moz)

Proven 130 1.11 4.6Probable 99 1.07 3.4Stockpile 21 0.42 0.3Total 250 1.03 8.3

• Totals may not equal the sum of the components due to rounding adjustments.• Based on mined surface as at 30 June 2015 and a gold price of US$1,300 per ounce.• International diesel price reductions allowed a lower diesel price assumption, resulting in a lowering of the 

mining cost and the CIL processing costs. • Diesel price used was US$0.70/litre and the previous diesel price was US$0.84/litre, current fuel price for 

Sukari is US$0.52/litre• Cut‐off grades: CIL oxide 0.40g/t, CIL transitional 0.42g/t, CIL sulphide 0.42g/t, Dump Leach oxide 0.08g/t.• Designed underground reserves detailed below do not form part of the open pit reserve.

• Totals may not equal the sum of the components due to rounding adjustments.• Based on underground mine workings as at 30 June 2015.• Stopes for reserves estimation are designed using a 3g/t cut‐off and mining dilution applied at 15% @ 

0.8g/t as all stopes are located in mineralised porphyry and 10% mining loss is then assumed to allow for stope bridges and material left in stopes after mining.

• Mineral Resources are reported inclusive of resources converted to Proven and Probable Mineral Reserves

Tonnes(‘000 t)

Grade(g/t Au)

Gold(‘000 oz)

Proven 1,020 6.1 200

Probable 1,700 5.9 320

Total 2,720 6.0 520

* includes resource growth, changes to reserve parameters (e.g. gold price, cost inputs ex‐fuel, pit design) and adjustments for underground mined stopes/development

25

Sukari Reserves

Key Factors on Reserve Estimate Changes

Sukari Production Forecasts

26

* the potential quantity and grade of the forecast underground production is conceptual in nature. There has been insufficient exploration to fully define a mineral resource and 

it is uncertain if further exploration will result in the target being delineated as a mineral resource. 

- Open pit total material movement of 66Mtpa

- Plant throughput at 11Mtpa and 88% metallurgical recovery

- Underground mining assumed at 1Mtpa and 6g/t*

FY13 FY14 FY15 YTD 16 FY16 FY17 FY18 FY19

OPEN PIT ‐ Total Tonnes Mined kt 41,718 44,820 57,766 15,157 66,552 66,740 66,569 66,569 Waste kt 30,054 33,884 49,020 12,752 57,163 54,461 54,567 53,759 Ore kt 11,664 10,936 8,746 2,405 9,390 12,279 12,002 12,810 Strip Ratio x 2.6 3.1 5.6 5.3 6.1 4.4 4.5 4.2 Mined Grade g/t 0.82 0.80 0.75 0.87 1.05 1.03 1.07 1.07

PROCESSING ‐ Total Tonnes Milled kt 5,684 8,428 10,575 2,876 11,004 10,979 11,034 10,996 Open Pit kt 5,102 7,481 9,391 2,596 10,004 9,979 10,034 9,996 Underground* kt 582 946 1,185 279 1,000 1,000 1,000 1,000

Average Head Grade g/t 2.12 1.54 1.40 1.49 1.48 1.57 1.53 1.61 Open Pit g/t 1.25 0.97 0.78 0.83 1.03 1.13 1.08 1.17 Underground* g/t 9.70 5.91 6.34 7.64 6.00 6.00 6.00 6.00

Recovery % 88.5% 87.8% 88.8% 88.6% 88.0% 88.0% 88.0% 88.0%Production ‐ Open Pit koz 183 203 209 61 291 318 308 332Production ‐ Underground koz 161 159 214 61 170 170 170 170Production ‐ Dump Leach koz 12 15 16 3 10 10 10 6Gold Production koz 357 377 439 125 470 497 488 507

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Million

Tonnes

Plant 1 Ore Processed Plant 2 Ore Processed

Stage 4(10Mtpa)

Stage 3 (5Mtpa)

Sukari Processing: Improving Productivity Beyond Nameplate

27

• Pre‐expansion (Plant 1) operated consistently above 5Mtpa nameplate from Q1 2013

• Expanded 10Mtpa nameplate achieved from Q4 2014

• 11Mtpa rate (basis of current production forecasts) achieved from Q4 2015

• Potential to exceed 11 Mtpa with further optimisation

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

0

2

4

6

8

10

12

14

16

grade (g/t)

Million Tonnes

OP ore mined OP Plant Feed Grade

Sukari Open Pit: The backbone of the operation

• c.190Mt total material mined to date; c.1,550Mt remaining*

• Base case target of 66‐67Mt p.a. total material movement (~5.9x life‐of‐mine strip ratio)

• Fleet supports ~100Mt p.a. mining rate

28

*basis June 2015 reserve statement (see appendix)

OP head grades reverting towards reserve average in 2016

Final open pit shell

(20‐yr mine life)

LOM ore remaining in reserve*:

229Mt @ 1.09g/t = 8.0Moz

0.0

2.0

4.0

6.0

8.0

10.0

12.0

0

200

400

600

800

1,000

1,200

Grade (g/t)

Ore

Mined

('000 tonnes)

Development Ore Stoping Ore Mined Grade

Sukari Underground: Consistently adding value

29

• Mechanised mining: a combination of open and sub‐level stoping over widths 3.5 to 10m

• Average stope grades 5‐18g/t, depending on structural setting (2 sub‐parallel controlling structures)

• Current resource/reserve limited to southern ‘Amun’ region and c.400m below surface

• Development of ‘Ptah’ decline for long‐term access to lateral and depth extents beyond final pit shell

• Resource expansion drilling indicates continuity of high grades

Focus on Cost Control

30

*total cost of development + stoping divided by the total ore tonnes mined. Note that development is treated as a sustaining capital cost

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2011 2012 2013 2014 2015F 2016F onward

Open Pit Cost per Tonne Mined

0

5

10

15

20

2011 2012 2013 2014 2015F 2016F onward

Processing Cost per Tonne Milled

Year‐on‐year decrease in operating costs per tonne mined/milled

Unit cost reductions in 2015 were principally driven by the lower fuel price

Focus from 2016 is to realise further material cost reductions• Potential to drive costs below current forecast levels as productivity from the expanded operation is optimised

0

20

40

60

80

100

120

140

2011 2012 2013 2014 2015F 2016F onward

Underground Cost per Tonne Mined*

Cost Per Ounce Falling as Production Rises

31

* See footnote on earlier slide regarding Sukari production forecasts

US$ operating and sustaining costs are forecast to remain stable…

…with a falling cost per ounce as production growth continues

0

100

200

300

400

500

600

400

500

600

700

800

900

1000

Prod

uctio

n* ('000 ou

nces)

US$/oz*

Cash Cost of Production AISC

200

300

400

500

2015 2016F 2017F 2018F 2019F

US$

million

CorporateRoyalty @ US$1200/ozTSF, rebuilds & other sustainingUG developmentCash Operating Cost

2011 2012 2013 2014 2015 YTD 16 2016F 2017F 2018F 2019FGold Production koz 203 263 357 377 439 125 470 497 488 507Realised Gold Price US$/oz 1,570 1,667 1,384 1,258 1,159 1,196 1200 1200 1200 1200Revenue US$m 340 426 504 473 508 148 564 597 585 609Cash Cost of Production US$m (113) (176) (237) (275) (313) (76) (320) (317) (319) (316)

US$/oz 556 669 663 729 713 603 680 637 655 622Cash Operating Margin US$m 228 250 267 198 195 73 244 280 266 293Royalty US$m (13) (13) (15) (14) (15) (4) (17) (18) (18) (18)Other cost of sales US$m 3 9 10 1 (8) 1 0 0 0 0Capex ‐ Sustaining US$m (54) (48) (90) (40) (37) (13) (75) (91) (79) (79)Corporate G&A US$m (5) (10) (11) (13) (15) (2) (13) (13) (13) (13)AISC US$m (182) (238) (343) (340) (388) (94) (424) (438) (429) (426)

US$/oz 859 926 944 907 885 758 900 880 879 839Change in Working Capital US$m (15) 12 (41) (55) 22 4 0 0 0 0Profit Share US$m 0 0 0 0 0 0 0 (48) (57) (71)Operational Free Cash Flow US$m 143 201 119 77 143 58 140 111 99 112Capex ‐ Growth US$m (62) (176) (177) (23) 0 0 0 ? ? ?Exploration ‐ Growth US$m (23) (15) (15) (26) (34) (13) (25) (25) (25) (25)Dividend Paid US$m 0 0 0 (10) (34) 0 (34) (34) (34) (34)Other Investing & Financing Cash Flow US$m (4) (2) (1) 3 (5) 1 0 0 0 0Free Cash Flow US$m 54 8 (73) 22 70 46 81 52 41 53Effect of FX on cash balance US$m 1 3 (3) (2) (2) (1) 0 0 0 0Cash & Liquid Assets US$m 208 219 142 163 231 276 312 364 405 458

Free Cash Flow: Financing Dividend and Growth

32

The staged expansion of Sukari was funded from Free Cash Flow

Projected cash build (after dividend & exploration) provides finance for 

next‐stage growth

0

100

200

300

400

500

600

Opening

Cash

Cash

From

Operations

Profit Share

Dividend

Exploration

Cash

From

Operations

Profit Share

Dividend

Exploration

Cash

From

Operations

Profit Share

Dividend

Exploration

Cash

From

Operations

Profit Share

Dividend

Exploration

Cash

From

Operations

Profit Share

Dividend

Exploration

Closing Cash

2015 2016 2017 2018 2019

Cash

Flow

(US$m)*

Projected Cash Build

33

* Profit Share forecasts are estimated as per the terms of the Concession Agreement. Centamin elected to make advance payments against future profit share between 2013 and 2015 to the value 

of US$28.75 million, in order to demonstrate goodwill towards the Egyptian government. The recovery of these prepayments has not been included in these forecasts

Forecast cash flows* assuming a flat US$1,200 per ounce gold price

34

Cash Generation

US$186m cash from operations in 2015

Cash Balance

US$276m in cash and liquid assets 

at end‐March 2016

Debt and Hedge Free

Fully funded by cash flow and equity

UG development capex:US$30‐35m p.a.

Sustaining capex:US$30‐40m p.a.

Exploration: c.US$25m p.a.

DIVIDEND RETURN TO SHAREHOLDERS.

*unaudited company estimate

Long‐Term Growth: Funded From Cash Flows After Dividend

Corporate G&A:c.US$13m p.a.

• Open pit and underground mine in the Eastern Desert of Egypt

- 700km from Cairo 

- 25km from Red Sea

• Large scale, low cost producing asset

• 160km2 exploitation licence

• 30 year licence granted 2005 + option for a further 30 years

• 20 year life of mine at target 450‐500,000oz p.a. target rate

Resources and Reserves 14.0Moz / 8.8Moz*

Gold Production 2010: 150,289oz2011: 202,968oz2012: 262,958oz2013: 356,943oz2014: 377,261oz2015: 439,072ooz2016 (forecast): 470,000oz

Life of Mine ~20 years

Cash Cost of Production 2011: US$556/oz**2012: US$669/oz2013: US$663/oz2014: US$729/oz2015: US$713/oz2016 (forecast): US$680/oz

All‐in‐Sustaining Costs 2015: US$885/oz2016 (forecast): US$900/oz

*see previous slides for full disclosure**with fuel subsidy (cash costs quoted on the basis of the full international fuel price from 2012 onwards)

35

The Sukari Gold Mine

Sukari Concession Agreement: Law No. 222/94

CONCESSION AGREEMENT WITH THE EGYPTIAN GOVERNMENT

- No taxes and duties for 15 years and option to extend for further 15 years

- PGM solely funds Sukari

- Full cost recovery prior to 50% profit sharing

- Annual capital and exploration costs recovered 33% per annum over 3 years

- 3% NSR royalty rate 

- The net operating revenue surplus, after royalty and cost recovery (“Profit Share”) is split 50:50 between PGM and EMRA

- *an additional 10% of proceeds is paid to PGM in the first 2 years of Profit Share, reducing to 5% in the following 2 years

Title, exploitation and development rights to the Sukari Gold Mine are grantedunder the terms of the Concession Agreement promulgated as Law No. 222 of1994, signed on 29 January 1995. The Concession Agreement was issued byway of Presidential Decree after the approval of the People’s Assembly inaccordance with the Egyptian Constitution and Law No. 61 of 1958. TheConcession Agreement was issued in accordance with the Egyptian Mines andQuarries Law No. 86 of 1956 which allows for the Ministry to grant the right toparties to explore and mine for minerals in Egypt.

SUKARI GOLD MINES

CENTAMIN PLC

PHARAOH GOLD MINES

3% royalty  to ARE

50% net operating surplus* (“Profit Share”)

EMRA

50%50% net 

operating surplus (“Profit Share”)

50%

100%

36

Egypt: Reality vs. Risk Perception

Government‐ Parliament elected in 2015

‐ Economy stabilising with continued government policy roll‐out expected in 2016

Concession Agreement Supported

‐ Centamin’s concession agreement enshrined by National Assembly as Law 222, effective 1994

‐ Ministry of Petroleum and EMRA have publicly stated their full support for Concession Agreement

Appeal in Process

‐ Centamin, EMRA and Minister of Petroleum have all filed appeals against 30 October 2012 ruling

‐ Supreme Administrative Court suspended the ruling on 20 March 2013

Fuel Subsidy

‐ Full international diesel price paid since Jan 2012

‐ Additional cost treated as a prepayment until cabinet decision on subsidies for wider economy

‐ Fuel subsidy removal and payment claim in court

37

“on the basis of the copy of the exploitation lease executed by the Minister of Petroleum presented to the Supreme Administrative Court, the annulment of such lease by the Administrative Court was likely to be cancelled upon the issuance of a judgment on the merits of the case.”

SAC statement following the unanimous 

decision on 20 March 2013 to suspend the 

original AC ruling

Egypt: A Committed Investor in Challenging Times

0

50

100

150

200

250

300

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2009 2010 2011 2012 2013 2014

Centam

in In

vestmen

t (US$

million)

Egypt F

DI (US$

million)

Centamin Investment in Egypt Net FDI in Egypt*

*Source: Central Bank of Egypt

Centamin continued to invest in Sukari expansion, as Egypt FDI fell significantly

Total pre‐produ

ction 

investmen

t = US$47

0m

38

c.US$2.3bn expenditure to date at Sukari (capital plus operating)…

…of which approximately US$1.2 billion has been in Egypt

270 Egyptian companies supply goods/services to Sukari

US$101 million in payments to government to date*

• $72m royalty• $29m prepayment against future Profit Share

Profit Share is expected to commence in 2017

• will build to over US$100 million per annum

*as at 31 Dec 2015

Sukari: Regional Exploration

39

Sukari 160km2 licence contains multiple prospects identified by geochemical anomalies

Potential for both high grade (structurally‐controlled) and lower‐grade (intrusive‐related) satellite deposits

Limited drilling beyond Sukari Hill

3.1m @ 26g/t Au

2m @ 55g/t Au

5m @ 13.5g/t Au

5m @ 2.2g/t Au

13m @ 20.8g/t Au

7m @ 4.1g/t Au

2m @ 29.2g/t Au

6m @ 5g/t Au

• Favourable government policies

― French‐based legal system: Mining Act based on WA legislation― Government pro‐active for mining― 10% Government Free Carry― 5% Gold Royalty― 17.5% Corporate Tax

• Economy strengthening, with the gold industry a key driver

― GDP growth 7% in 20141― Gold accounted for 75% of all exports in 20122― 7 new gold mines since 20073― Africa’s 4th largest gold producer3― Over 50 million ounces gold resources discovered3

40

Burkina Faso: Country Overview

1 CIA World Fact Book;  2 International Trade Centre – Trade Map;  3 2012 Mining Journal – Burkina Supplement

• Favourable government policies

― French‐based legal system― Exploration permits valid for 12 years― Tax and customs stability agreements for mining permits― 10% Government Free Carry― Participating Interest limited to 15%― Royalties indexed to gold’s market price*

• Government stabilising, with a focus on economic development

― Well‐developed infrastructure― Cheap hydroelectric grid power― A deep‐water shipping port in Abidjan― Relatively unexplored― c.35% of the region’s Birimian Greenstone, but only c.5% of its

gold resources― GDP growth 9% in 20141

41

Côte D’Ivoire: Country Overview

* the new mining code is yet to specify how royalty rates are determined and exact tax rates1 CIA World Fact Book