MARTIN HORGAN, CEO, commented: The third quarter marked another solid performance, bringing 2020 year to date free cash flow generated to US$137 million, with a strong balance sheet of US$345 million in net cash and liquid assets.

Following our operational update on 2 October, today we have refined our 2020 guidance to 445,000 - 455,000 ounces of gold produced. Reflecting the continued work required to improve operational flexibility in the open pit, 2021 production is forecast at 400,000 - 430,000 ounces. We have already commenced an increased waste stripping programme to improve optionality in the open pit, the benefits of which are expected to start to flow through in 2022.

We will present the conclusions of the Phase 1 Life of Asset review on 2 December 2020. This will cover in more detail the three-year outlook for Sukari, as well as a series of initiatives targeted at improving costs and productivity.

Operational safety remains a primary focus for management, and this quarter's safety record is evidence of the continued progress in this area. We have strengthened the leadership team, notably in the areas of geology, projects and environmental & social. These appointments add further depth to our management capacity and operational capability.

During September, Centamin submitted applications for several new exploration licences in Egypt and we look forward to continuing to work with our partners at EMRA and the Ministry of Petroleum to further develop Egypt's gold industry.'

Contact:

Alexandra Carse

Tel: +44 (0) 7700 713 738

Email: investors@centamin.je

FORWARD-LOOKING STATEMENTS

This announcement (including information incorporated by reference) contains 'forward-looking statements' and 'forward-looking information' under applicable securities laws (collectively, 'forward-looking statements'), including statements with respect to future financial or operating performance. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'believes', 'expects', 'expected', 'budgeted', 'forecasts' and 'anticipates'. Although Centamin believes that the expectations reflected in such forward-looking statements are reasonable, Centamin can give no assurance that such expectations will prove to be correct. Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Centamin about future events and are therefore subject to known and unknown risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. In addition, there are a number of factors that could cause actual results, performance, achievements or developments to differ materially from those expressed or implied by such forward-looking statements; general business, economic, competitive, political and social uncertainties; the results of exploration activities and feasibility studies; assumptions in economic evaluations which prove to be inaccurate; currency fluctuations; changes in project parameters; future prices of gold and other metals; possible variations of ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; climatic conditions; political instability; decisions and regulatory changes enacted by governmental authorities; delays in obtaining approvals or financing or completing development or construction activities and discovery of archaeological ruins. 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 information or statements. Forward-looking statements contained herein are made as of the date of this announcement and the Company disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements.

(C) 2020 Electronic News Publishing, source ENP Newswire