Our Strategy

Our corporate strategy remains consistent and clear - deliver long-term stakeholder returns by maximising free cash flow generation from responsible mining of high quality, long life assets and disciplined capital allocation.

Our operational strategy is focused on long-term production of profitable ounces - value over volume. Stringent cost management and disciplined capital allocation provides the Company with the financial flexibility to promote further growth both organically and through value-accretive opportunities.

This is achieved through our three strategic pillars:

2022 PROGRESS

  • US$36m paid in EMRA profit share
  • US$24m in royalties to Egypt
  • US$[58]m paid and proposed as a FY22 dividend to shareholders
  • Expanded our local supply chain by value and volume
  • Updated Code of Conduct and Diversity and Inclusion policy

2023 PRIORITIES

  • Foreign direct investment to our host countries
  • Commence Doropo environmental and social impact assessment
  • Develop Egyptian public engagement campaign
  • Complete the Sukari grid power feasibility study
  • Publish our Climate Change Strategy to 2030
  • Decarbonisation Roadmap
  • Deliver targets as per the SLL for diversity, workforce development and climate
  • Return a minimum of 30% of free cash flow to shareholders in cash dividends

2022 PROGRESS

  • Achieved 8 million hours LTI-free
  • 13% improvement on TRIFR
  • 2022 guidance delivered
  • US$45 million in gross cost savings
  • Added 0.9Moz in P&P Mineral Reserves
  • Increased the underground life of mine to 10 years
  • Commissioned 36MWDC solar plant

2023 PRIORITIES

  • 25% improvement on 3 year rolling average TRIFR
  • Produce 450,000-480,000 ounces
  • AISC US$1,250-1,400 per ounce sold
  • Further gross cost savings in excess of US$36 million to reach US$150 million 4-year target
  • Complete the 280,000 metre drill programme
  • Advance the open pit accelerated waste stripping programme
  • Publish an update Life of Mine Plan (NI 43-101) for Sukari
  • Complete the gravity circuit scoping study

2022 PROGRESS

  • Final stages of the Doropo PFS
  • Completed Egypt’s first airborne geophysical study at Sukari
  • Commenced EDX field exploration
  • Advanced negotiations on the exploitation terms for EDX
  • ABC systematic field exploration programme across the three licences
  • Secured US$150m sustainability-linked revolving credit facility for growth projects

2023 PRIORITIES

  • Complete the Doropo PFS
  • Delineate near mine surface targets on the Sukari Mining Concession
  • Systematic EDX field exploration, targeting first drilling
  • Agree the EDX exploitation terms with the Egyptian government
  • Continue to evaluate inorganic opportunities

Strategy in action

A year of delivery

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