CALGARY, AB / ACCESSWIRE / January 18, 2024 / Canadian Overseas Petroleum Limited ("COPL" or the "Company") (CSE:XOP)(LSE:COPL), an international oil and gas exploration, production and development focused in Converse and Natrona Counties, Wyoming, USA, announces the following executive and director changes:
Mr. Peter Kravitz has been appointed as interim Chief Executive Officer;
Mr. Mark Wall has joined its Board as a Non Executive Director to replace Mr. Atul Gupta who has stepped down.
Mr. Kravitz, a founding principal of Province, LLC, a leading restructuring advisory firm. Mr. Kravitz has an extensive resume of engagements, many of which involve notable brands like Sable Permian, PetSmart, BoardRiders, Samson Resources, Circuit City, RESCAP, Fleetwood, Radio Shack, Aegean Marine Petroleum, Core Media, Sable Permian, Nextpoint Financial, Philadelphia Energy Solutions, Intelsat, 5e Advanced Materials, Claire’s and Washington Prime Group, among others.
Mr. Wall has more than 27 years of experience in the mining industry in executive, commercial, operations and sustainability roles. He has operated at various senior levels of publicly listed mining companies, including as the CEO of a Canadian TSX listed mining company, the Senior Vice President & Operations Officer for one of the world’s largest gold mining companies listed on the TSX and NYSE, and the Chief Commercial Officer and lead Operations executive for a TSX listed copper project in the United States, which included the construction of a copper processing facility in Nevada. Mr. Wall holds various degrees and qualifications, including a Diploma in Minerals Processing, Master of Business Administration, Master of Management, Masters Certificate in Risk Management & Business Performance and Diploma of Project Management. Mr. Wall is a Fellow of the Australasian Institute of Mining and Metallurgy.
The Company thanks Mr. Gupta for his service as a Non Executive Director.
About the Company:
COPL is an international oil and gas exploration, development and production company actively pursuing opportunities in the United States with operations in Converse County Wyoming.
For further information, please contact:
Mr. Tom Richardson, Chairman Mr. Ryan Gaffney, CFO Canadian Overseas Petroleum Limited Tel: + 1 (403) 262 5441
Charles Goodwin Yellow Jersey PR Limited Tel: +44 (0) 77 4778 8221 Email: copl@yellowjerseypr.com
The Common Shares are listed under the symbol "XOP" on the CSE and under the symbol "COPL" on the London Stock Exchange.
Caution regarding forward looking statements
This news release contains forward-looking statements. The use of any of the words "initial, "scheduled", "can", "will", "prior to", "estimate", "anticipate", "believe", "should", "forecast", "future", "continue", "may", "expect", and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based on certain key expectations and assumptions made by the Company, including, but not limited to, the ability to raise the necessary funding for operations, delays or changes in plans with respect to exploration or development projects or capital expenditures. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements since the Company can give no assurance that they will prove to be correct since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties most of which are beyond the control of Canadian Overseas Petroleum Ltd. For example, the uncertainty of reserve estimates, the uncertainty of estimates and projections relating to production, cost overruns, health and safety issues, political and environmental risks, commodity price and exchange rate fluctuations, changes in legislation affecting the oil and gas industry could cause actual results to vary materially from those expressed or implied by the forward-looking information. Forward-looking statements contained in this news release are made as of the date hereof and Canadian Overseas Petroleum undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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LUND, SWEDEN / ACCESSWIRE / January 18, 2024 / Spago Nanomedical (STO:SPAGO.ST)(FRA:7UX.F) Spago Nanomedical AB (publ) announced today that the company will participate at Redeye’s Fight Cancer event on January 24, 2024. At the event, Spago Nanomedical’s CEO Mats Hansen will give an update on the company’s radiopharma program Tumorad® and participate in a panel discussion on precision medicine.
Location: Redeye, Mäster Samuelsgatan 42, Stockholm Presentation time: Wednesday, January 24 at 16:28 Event hours: 09:00 AM – 05:00 PM
For further information, please contact Mats Hansen, CEO Spago Nanomedical AB, +46 46 811 88, mats.hansen@spagonanomedical.se
Spago Nanomedical AB is a Swedish company in clinical development phase. The company´s development projects are based on a platform of polymeric materials with unique properties for more precise treatment and diagnosis of cancer and other debilitating diseases. Spago Nanomedical´s share is listed on Nasdaq First North Growth Market (ticker: SPAGO). For further information, see www.spagonanomedical.se.
FNCA Sweden AB is the Certified Adviser of the company.
Israel Awards the World’s First Regulatory Approval for Cultivated Beef
DOUGLAS, ISLE OF MAN / ACCESSWIRE / January 18, 2024 /Agronomics Ltd ("Agronomics" or the "Company") (LON:ANIC), a leading listed company in cellular agriculture, is pleased to announce that the Israeli Ministry of Health (IMOH) has granted regulatory approval for the world’s first commercial sale of cultivated beef.
Agronomics would like to congratulate Aleph Farms on becoming the first company in the world to gain regulatory approval for its cultivated beef product after the IMOH issued a ‘no questions’ letter, which allows the company to commercialise its products in Israel. Aleph Farms has also filed for regulatory approval in Singapore, Switzerland, the UK and the US, and is advancing its applications in other markets.
Agronomics is aware of multiple companies, including those within its portfolio, that are expecting regulatory approvals for cultivated meat and seafood products across several markets. Meanwhile, Vow Food is in the middle of a consultation process after its cultured quail was cleared as safe to eat by Food Standards Australia and New Zealand in December 2023.
These announcements follow Upside Foods and Good Meat, which received regulatory approval for their cultivated chicken products in the US last year.
Jim Mellon, Executive Chairman of Agronomics commented:
"This approval is another significant step forward for our industry and shows the commitment among an increasing number of jurisdictions to find more sustainable production methods to meet the increasing global demand for protein. We look forward to seeing some of Agronomics’ portfolio companies achieving this significant milestone in the near future."
About Agronomics Agronomics is a leading listed alternative proteins company with a focus on cellular agriculture and cultivated meat. The Company has established a portfolio of 24 companies in this rapidly advancing sector. It seeks to secure minority stakes in companies owning technologies with defensible intellectual property that offer new ways of producing food and materials with a focus on products historically derived from animals. These technologies are driving a major disruption in agriculture, offering solutions to improve sustainability, as well as addressing human health, animal welfare and environmental damage. This disruption will decouple supply chains from the environment and animals, as well as being fundamental to feeding the world’s expanding population. A full list of Agronomics’ portfolio companies is available at https://agronomics.im/.
About Cellular Agriculture Cellular Agriculture is the production of agriculture products directly from cells, as opposed to raising an animal for slaughter, or growing crops. This encompasses cell culture to produce cultivated meat and materials, and fermentation processes that harness a combination of molecular biology, synthetic biology, tissue engineering and biotechnology to massively simplify production methods in a sustainable manner.
Over the coming decades, the source of the world’s food supply traditionally derived from conventional agriculture is going to change dramatically. We have already witnessed the first wave of this shift with the consumer adoption of plant-based alternative proteins but today, we are on the cusp of an even bigger wave of change. This is being facilitated by advances in cellular agriculture. This change is necessary, given scientists claims that if we maintain existing animal protein consumption patterns, then we will not meet the Paris Agreement’s goal of limiting warming to 1.5℃.
AT Kearney, a global consultancy firm, projects that cultivated meat’s market share will reach 35% by 2040. This combined with the Good Food Institute’s estimate that a US $1.8 trillion investment will be required in order to produce just 10% of the world’s protein using this technology, means that we are on the cusp of a multi-decade flow of capital to build out manufacturing facilities. Funding in the field of cellular agriculture is accelerating, however still less than US$ 5 billion has been invested worldwide since the industry’s inception in 2016.
For further information please contact:
Agronomics Limited
Beaumont Cornish Limited
Canaccord Genuity Limited
Cavendish Securities Plc
Peterhouse Capital Limited
SEC Newgate
The Company
Nomad
Joint Broker
Joint Broker
Joint Broker
Public Relations
Jim Mellon Denham Eke
Roland Cornish James Biddle
Andrew Potts Harry Pardoe Alex Aylen (Head of Equities)
This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
MANCHESTER, UK / ACCESSWIRE / January 18, 2024 / The Board of The Pebble Group, a leading provider of technology, services and products to the global promotional products industry, announces that the Group’s results for the year ending 31 December 2023 ("FY 23"), which will be published on Tuesday 19 March 2024, are expected to be in line with current market expectations following the Trading Update made on 22 November 2023.
Group revenue will be circa £124m (FY 22: £134.0m), which is expected to generate Adjusted EBITDA at circa £16m (FY 22: £18.0m).
Cash generation was slightly ahead of expectations, with Group net cash (excluding IFRS 16 liabilities) at 31 December 2023 of £15.9m (31 December 2022: £15.1m).
Facilisgroup has continued to deliver highly attractive profit margins with EBITDA margins expected to be at circa 50% for FY 23 and revenue expected to be over USD22m (FY 22: USD20.4m).
Brand Addition revenue is expected to be circa £106m (FY 22: £117.4m) delivered on increased gross margins compared to 2022. This decrease in revenue has been driven principally by the spend of our Technology and Consumer clients, whilst revenue from our Engineering and Transport sector clients has been more robust. Client retention continues to be high.
Both of our businesses remain strong financially, are differentiated within their respective markets and have a clear strategic plan. Our balance sheet is robust and we will update stakeholders on the start of 2024 trading alongside the announcement of our FY 23 Final Results.
Enquiries:
The Pebble Group Chris Lee, Chief Executive Officer Claire Thomson, Chief Financial Officer +44 (0) 750 012 4121
Temple Bar Advisory (Financial PR) Alex Child-Villiers Sam Livingstone +44 (0) 207 183 1190 pebble@templebaradvisory.com
Grant Thornton UK LLP (Nominated Adviser) Samantha Harrison / Harrison Clarke / Ciara Donnelly +44 (0) 207 184 4384
Berenberg (Corporate Broker) Ben Wright / Marie Moy / Mollie D’Arcy Rice +44 (0) 203 207 7800
About The Pebble Group The Pebble Group is a provider of digital commerce, products and related services to the global promotional products industry, comprising two differentiated businesses, Facilisgroup and Brand Addition, focused on specific areas of the promotional products market. For further information, please visit www.thepebblegroup.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
QUARTERLY REPORT for the three months ended 31 December 2023 (unaudited)
PERTH, AUSTRALIA / ACCESSWIRE / January 18, 2024 / MARTIN HORGAN, CEO, commented: "In 2023, Centamin delivered another excellent performance, underpinned by our improved safety results. We have extended our track record of meeting production guidance to a third year and importantly through our culture of continuous improvement we have beaten our AISC guidance for 2023.
We look forward to 2024, guiding for another increase in annual gold production. Combined with our disciplined approach to managing operating costs, Centamin is extremely well-positioned to benefit from the current strong gold price environment, as we complete our capex reinvestment programme and connect Sukari to the Egyptian national grid.
Our strategic focus remains on growth as we continue to define and convert resources to reserves at Sukari, build on our recent exploration success at EDX and progress towards a financial investment decision at Doropo in Cote d’Ivoire.
I would like to thank the whole team for their ongoing hard work and dedication to deliver this outcome, and to our broader stakeholders for their support as we position Centamin for 2024 and beyond."
HIGHLIGHTS 2023 production guidance delivered
Achieved 9.5 million hours worked at the Sukari Gold Mine ("Sukari") with zero lost time injuries ("LTI"). The Group recorded zero LTIs in the fourth quarter ("Q4") across all assets and one LTI for the twelve months ended 31 December 2023 ("FY"). The Group’s total recordable injury rate ("TRIFR") for Q4 was 0.97 per one million hours worked, representing 67% improvement compared to Q4 2022 ("YoY")
Annual gold production delivered in line with 2023 guidance (450-480koz): Q4 production of 128,127 ounces ("oz"), totalling 450,058 oz produced for 2023
Annual revenue of US$892 million: Q4 revenue of US$265 million, generated from gold sales of 133,465 oz at an average realised gold price of US$1,983/oz sold; FY23 revenue of US$892 million, generated from gold sales of 456,625 oz at an average realised gold price of US$1,948/oz sold
Annual cash costsdelivered at the lower half of the 2023 guidance range (US$840-990/oz): Q4 cash costs of US$984/oz produced, resulting in an average annual cash cost of US$895/oz produced for 2023
Annual all-in sustaining costs ("AISC") beat 2023 guidance (US$1,250-1,400/oz sold): Q4 AISC of US$1,172/oz sold, resulting in an average annual AISC of US$1,220/oz for 2023, beating the bottom end of guidance by US$30/oz
Annual capitalexpenditure ("capex") of US$204 million below guidance of US$272 million: Q4 spend of US$36 million, impacted by savings from lower diesel prices, lower than expected capitalisation of operating costs, deferral of the grid power project deposit payment to Q1 2024 and changes to the equipment rebuild schedule
NewSukari Life of Mine Plan completed: the plan delivers increased gold production, lower operational costs, reduced operational risk and significantly reduced carbon emissions. Link to full announcement here
Group Proven & Probable ("P&P") Mineral Reserves increased by 3.5 million ounces ("Moz") since 2020, before depletion, and exceeding the Company’s stated multi-year target of 3.0Moz. This growth has been driven by an increase in Sukari reserves by approximately 1.6Moz and declaration of maiden reserves at Doropo of 1.9Moz. Link to full announcement here
Robust balance sheet: cash and liquid assets of US$153 million, as at 31 December 2023 and total liquidity of US$303 million including the undrawn US$150 million sustainability-linked revolving credit facility
The Company will publish its audited full year 2023 financial results on 21 March 2024.
OUTLOOK 2024 guides to a year of higher production at lower costs
Gold production guidance range of 470,000 to 500,000 oz per annum weighted evenly between H1:H2 (50:50)
Cost guidance:
Cash cost guidance range of US$700-850/oz produced, and
AISC guidance range of US$1,200-1,350/oz sold
Guidance reflects a range of diesel prices from 75-90 US cents per litre
RESULTS SUMMARY All financial data points included within this report are unaudited
WEBCAST The Company will host a webcast today, Thursday, 18 January at 08.30 GMT where the senior executive will discuss the results, followed by an opportunity to ask questions.
ABOUT CENTAMIN Centamin is an established gold producer, with premium listings on the London Stock Exchange and Toronto Stock Exchange. The Company’s flagship asset is the Sukari Gold Mine ("Sukari"), Egypt’s largest and first modern gold mine, as well as one of the world’s largest producing mines. Since production began in 2009 Sukari has produced over 5 million ounces of gold, and today has a projected mine life to 2035.
Through its large portfolio of exploration assets in Egypt and West Africa, Centamin is advancing an active pipeline of future growth prospects, including the Doropo project in Côte d’Ivoire, and over 3,000km2 of highly prospective exploration ground in Egypt’s Arabian Nubian Shield.
Centamin practices responsible mining activities, recognising its responsibility to deliver operational and financial performance and create lasting mutual benefit for all stakeholders through good corporate citizenship.
FOR MORE INFORMATION please visit the website www.centamin.com or contact:
HEALTH AND SAFETY Operational safety continues to be a key focus across the Group with no LTIs being reported in the quarter (FY: 1 LTI).
The Q4 LTIFR was zero per 1,000,000 site-based hours worked (FY: 0.08). The total recordable injury frequency rate ("TRIFR") for Q4 was 0.97 per 1,000,000 site-based hours worked (FY: 2.83), down 67% year on year ("YoY"). TRIFR for 2023 was 2.83, which was marginally above our 2023 target of 2.78. At Sukari, we continue to advance our preparations for certification of our OHS management system against ISO 45001 with our first certification audit scheduled in Q1 2024.
SUKARI GOLD MINE, EGYPT (Q4 2022vs Q4 2021)
Production Sukari Gold Mine ("Sukari") produced 128,127oz (FY: 450,058 oz) in Q4, a 17% increase YoY driven largely by an increased contribution from underground ore mined during the quarter and high-grade ore stockpiled from the previous quarter.
Production guidance range for 2024 is 470,000 to 500,000 ounces representing an increase in annual production from 2023.
Open pit mining Total material moved (waste and ore) in Q4 decreased by 11% YoY to 32.3Mt (FY: 129.8Mt) as mining increased at the top of the Sukari hill in Stage 7, which has a lower mining rate given the topography.
Total open pit waste material mined (owner and contractor) for Q4 was 26.8Mt (FY: 112.4Mt), a 24% decrease YoY, predominantly due to the reclassification of material scheduled to be waste to low-grade ore from Stage 7. This reclassification of waste to ore also resulted in a reduction in the strip ratio and grade per tonne. The strip ratio for Q4 was 5.0:1 (waste:ore) (FY: 6.7:1). The ongoing contractor waste-stripping programme mined (10.0Mt), further improving mining flexibility within the open pit.
During Q4, open pit ore was mined from multiple working areas with ore processed sourced primarily from Stage 5 North and East. Lower-grade ore mined from Stage 7 was sent to the dump leach. Total open pit ore mined for Q4 was 5.4Mt (FY: 16.8Mt), a 78% increase YoY, at an average mined grade of 0.67 g/t Au (FY: 0.78g/t Au), reflecting the 2.2Mt of low-grade ore mined from Stage 7 during the quarter.
During 2023 the accelerated waste-stripping programme outperformed against budgeted tonnes by 22%. The programme is currently 86% complete and expected to be concluded by the middle of 2024.
Underground mining Total material mined (waste and ore) in Q4 was 413kt (FY: 1,469kt), a 37% increase YoY. Total ore mined was 301kt (FY 2022: 1,004kt) at an average combined (stoping and development) grade of 4.31g/t Au (FY: 4.33g/t Au). This represented a 29% increase in ore tonnes YoY and a 1% increase in grade YoY.
The underground ore mined consisted of 223kt of ore mined from stopes at an average grade of 4.12g/t Au, and 79kt of ore mined from development, at an average grade of 4.85g/t Au.
Processing During Q4, the plant processed 3.2Mt of ore (FY: 12.0Mt), a 5% increase YoY, at an average feed grade of 1.35 g/t Au (FY: 1.27g/t Au), a 10% increase YoY reflecting the increased underground ore mined during the quarter and high-grade ore stockpiled during the plant maintenance in Q3.
The metallurgical gold recovery rate was 89.1% for the quarter (FY: 88.7%), above budget, driven by higher grades, usage of new reagents and improved comminution control.
During the quarter, the closing stockpile balance was 21.0Mt at a grade of 0.47g/t Au.
EXPLORATION PROJECTS The total exploration and development spend for the quarter was US$7 million (FY: US$31m).
Doropo Gold Project (Cote d’Ivoire) During Q4, work at Doropo continued progressing the ESIA and DFS including updated scheduling and cost estimates using the latest resource model, metallurgical test work and infrastructure and flowsheet design with technical field work primarily the ongoing hydrology, sterilisation and geotechnical drilling.
The DFS and ESIA work is expected to be completed by June 2024.
Eastern Desert Exploration ("EDX") (Egypt) During Q4, the focus was on completing our maiden drill programme on the Nugrus block, adjacent to the Sukari mining concession. The initial 10,000 metre drill programme was increased to 16,216 metres with the identification of additional drill targets. A recent comprehensive update on EDX is available here.
In 2024, budgeted Group exploration spend (expensed) is US$23 million, including US$14 million to complete the Doropo DFS, ESIA, permitting and financing assessment, and US$9 million for EDX exploration.
SALES AND COSTS Gold sales for the quarter were 133,465 oz (FY: 456,625oz), a 23% increase YoY. The average realised gold price for the quarter was US$1,983/oz (FY: US$1,948/oz), up 2% YoY. Revenues generated were US$264.7 million (FY: US$889.4m), a 40% increase YoY, driven by higher gold price and gold sales, reflecting the deferred production from Q3 due to the mill maintenance.
Unit cash costs of production were US$984/oz produced (FY: US$895/oz), reflecting an 1% improvement YoY. The AISC of US$1,172/oz Au sold (FY: US$1,220/oz) a 19% improvement YoY, reflecting higher gold sales.
In Q4, we reached our US$150 million multi-year cost savings target. Despite the continuing inflationary pressures, we remain firmly focussed on stringent cost control and identifying new potential cost savings opportunities.
Cost guidance for 2024 reflects the Company’s ongoing prudent approach to input cost assumptions recognising ongoing inflationary pressures and global geopolitical tensions. For example, the cost ranges reflect assumed diesel prices ranging from 75-90 US cents per litre. Cash cost guidance is between US$700-850/oz produced and AISC guidance is between US$1,200-1,350/oz sold.
CAPITAL EXPENDITURE As part of the reinvestment programme at Sukari, key capital projects progressed as scheduled during Q4, including TSF2 embankment raise, north dump leach expansion, long-lead deposit on open pit dump trucks and ongoing waste-stripping programme.
The gross capex in Q4 was US$36 million (FY: US$202m) and after removing the impact of this waste mining accounting treatment which has no impact on net cash flow, adjusted capex was US$48 million (FY: US$201m). Adjusted capex for Q4 is greater than gross capex driven by the year-end reconciliation. Gross capex guidance for 2023 was US$272 million including US$48 million of sustaining waste stripping capitalised. Actual sustaining waste-stripping capitalised was US$1m due to the increased ore mined from Stage 7 which had been budgeted as waste. At the Q3, the Company flagged capex savings resulting from lower than budgeted realised fuel price and revised equipment rebuild scheduling in line with the updated Sukari Life of Mine plan released in October 2023.
2024 capex guidance In 2024, adjusted capex guidance is US$215 million, including 2023 deferred capex, US$112 million of sustaining capex and US$103 million non-sustaining capex, of which US$58 million is allocated to growth projects that are funded from Centamin treasury and under the Sukari Concession Agreement are cost recovered over three years. These discreet projects include grid, fleet expansion and underground expansion. Adjusted capex excludes US$91 million of sustaining deferred stripping reclassified from operating costs.
All capex calculations prudently assume diesel price of 90 US cents per litre.
2024 Guidance
2024 Sukari LOM Plan1
(US$m)
(US$m)
SUSTAINING CAPEX
Underground mine development
53
57
Equipment rebuilds
44
37
Other sustaining capex
15
16
Total adjusted sustaining capex
112
110
NON-SUSTAINING CAPEX
Growth capex (funded from treasury) including grid connection, fleet replacement and exploration
58
55
Contract waste stripping capitalised
36
34
Other non-sustaining capex
9
–
Total non-sustaining capex
103
89
TOTAL ADJUSTED CAPEX(after reclassification)
215
199
Sustaining element of open pit waste stripping capitalised from opex2
91
Included in opex
1As per the new Sukari life of mine plan published on 12 October 2023.
2Reclassified from operating expenditure, from 2021, the Company implemented a more granular methodology to the accounting and classification of waste-stripping costs, in line with IFRS accounting standards. As such, there is an accounting reclassification of open pit waste mining costs, resulting in a reduction in total cash costs with a corresponding equal increase in the sustaining expenditure and therefore AISC, with no impact on net cash flow.
FINANCIAL POSITION Balance Sheet Centamin is in a strong financial position, with net cash and liquid assets to US$153 million as at 31 December 2023. The Company has a US$150 million senior secured sustainability linked revolving credit facility ("RCF") which is available and undrawn.
Liquidity
31 December 2023 (US$m)
Cash on hand
93
Bullion on hand
14
Gold sales receivable
45
Financial assets at fair value through profit or loss*
1
TOTAL CASH & LIQUID ASSETS
153
Sustainability-linked RCF (undrawn)
150
TOTAL LIQUIDITY
303
*The financial assets at fair value through profit or loss relate to the open gold put options purchased by the Company in FY2022 as part of the gold price protection programme
Systems upgrade – SAP implementation Throughout 2023, Centamin has been transferring the Group’s financial accounting systems to SAP. SAP is intended to streamline operations and improve data insights, data integrity and an overall stronger business framework – a key to the Company’s digital transformation and long term strategic objectives. The project was launched over a period of 10 months across the organisation with November 2023 as the first month under the new SAP system.
All financial data points included within this report are unaudited and subject to internal and external verification. Full year 2023 results are due out on 21 March 2024.
END NOTES
Financials Financial data points included within this report are unaudited.
Non-GAAP measures This statement includes certain financial performance measures which are non-GAAP measures. These include Cash costs of production, AISC, Cash and liquid assets, and Free cash flow. Management believes these measures provide valuable additional information for users of the financial statements to understand the underlying trading performance. Definitions and explanation of the measures used along with reconciliation to the nearest IFRS measures are detailed in the Company’s 2022 Annual Report www.centamin.com/investors/results-reports/.
Adjusted capital expenditure Excludes the sustaining capital element of the waste-stripping.
Exploration expenditure Exploration expensed covers all exploration activities excluding the Sukari Concession Agreement and are expensed in the period they are incurred.
Cash and liquid assets Cash and liquid assets include cash, bullion on hand and gold sales receivables.
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. Such statements include "future-oriented financial information" or "financial outlook" with respect to prospective financial performance, financial position, EBITDA, cash flows and other financial metrics that are based on assumptions about future economic conditions and courses of action. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "believes", "expects", "expected", "budgeted", "forecasts" and "anticipates"." and include production outlook, operating schedules, production profiles, expansion and expansion plans, efficiency gains, production and cost guidance, capital expenditure outlook, exploration spend and other mine plans. 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; the risks and uncertainties associated with the ongoing impacts of COVID-19 or other pandemic, 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. Financial outlook and future-ordinated financial information contained in this news release is based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available. Readers are cautioned that any such financial outlook or future-ordinated financial information contained or referenced herein may not be appropriate and should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information has been prepared on a reasonable basis, reflecting management’s best estimates and judgments at the date hereof, and represent, to the best of management’s knowledge and opinion, the Company’s expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. 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, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by the outbreak of COVID-19. 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.
LEI: 213800PDI9G7OUKLPV84
Company No: 109180
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SONOMA, COUNTY, CA / ACCESSWIRE / January 18, 2024 / In the midst of the social challenges that America faces in its pursuit of life, liberty, and happiness, Jeremiah Kitavi, a promising academic and advocate for rehabilitation reform, offers insights into the crucial intersection of spiritual and mental health. With a focus on youth, Kitavi advocates for innovative approaches like School Book Clubs and emphasizes the transformative power of positive thinking. Kitavi recently held a discourse in which he expounded on what he refers to as building blocks of spiritual and mental health.
Jeremiah Kitavi began by shedding light on the pervasive negativity that dominates people’s thoughts. Drawing from research by the National Science Foundation, Kitavi commented: "Approximately 80% of our thoughts tend to be negative." Despite the inherent beauty of life, societal conditioning often leads us to focus on the negative aspects. What is necessary for us as a country and society is a paradigm shift towards positive thinking, which emphasizes the importance of inputting good knowledge, developing positive habits, and continuous learning.
He next considered "parental involvement and social connection." Recognizing the impact of early experiences on mental health, Kitavi stressed the need for parents to become more socially involved with their children and teenagers. From watching podcasts together to engaging in outdoor activities and joining clubs that promote growth, he underscored the significance of fostering a supportive environment. He stated: "This communal approach not only aids in mental well-being but also strengthens familial bonds, creating a foundation of trust, understanding, and shared experiences that resonate throughout a lifetime, nurturing relationships that stand resilient in the face of life’s challenges."
Jeremiah Kitavi introduced his personal philosophy rooted in the concept of Christ, seeing it as a catalyst for tapping into the spiritual energy within each individual. He emphasized the need for cultivating mental toughness and discipline from a young age, as many issues people face develop before the age of 18. By incorporating the principles of sacrifice, love, and understanding from the Christ narrative, Kitavi envisions a society where individuals strive for collective betterment. Reflecting on his journey, Kitavi passionately asserted, "In embracing the timeless teachings of Christ, we unlock the potential for transformative change that transcends individual growth, fostering a society where compassion, sacrifice, and profound understanding intertwine as the cornerstones of our collective betterment, paving the way for a harmonious and enlightened existence." Through this transformative journey, we discover the profound beauty of unity and the enduring power of shared humanity."
Kitavi contends that authentic change in America will stem from a deeper understanding of God. Drawing parallels between the Christ story and the potential for positive transformation, he encourages individuals to embrace faith and work towards the common good. He believes that people challenging themselves and others to come together in the spirit of "In God we Trust" will lead to greatness in nature, communities, families, and friendships. Kitavi expounded: "In our collective pursuit of understanding God, we unlock the boundless potential for transformative change, forging a society where divine virtues guide our actions, fostering greatness in the intricate tapestry of nature, communities, families, and friendships."
Jeremiah Kitavi’s insights into spiritual and mental health provide a roadmap for navigating the complexities of contemporary life in America. By embracing positive thinking, fostering social connections, and understanding the transformative power of spirituality, Kitavi advocates for a holistic approach to well-being. In his vision, authentic change emerges from a collective desire to understand God and work towards the common good, paving the way for a society that thrives in both light and darkness.
