Principal Risks and Uncertainties

Nature of risk

Future political, security and social changes in the countries in which we operate may impact on the Group.

The future investment framework, stability and business conditions in our operating locations could change with governments adopting different laws, regulations and policies that may impact on the ownership, development and operation of our mineral resources projects. For example, over the last year the Company has adapted to the changing regional security in our development projects in Côte d’Ivoire. We are monitoring these closely. Outside of our host countries we are monitoring the ongoing conflict in Ukraine including the potential wider impact of this on the Company.

Mitigation measures

Government policies have developed over the past years in host countries to incentivise foreign direct investment and the development of local mining industries. Centamin deploys a proactive approach to government and stakeholder liaison and actively monitors – on an ongoing basis – legal, fiscal, regulatory and political developments in its host countries.

The terms of the Sukari Concession Agreement, (including the applicable tax regime and rights of tenure), were issued and ratified under special Law No. 222 of 1994 and can, therefore, only be amended by the passing of a further law. We continue to closely monitor the situation through our own security, local and national government contacts, national security and external advisors.

Ongoing strategy

To maintain a detailed and up to date understanding of the investment framework and operating conditions as well as a constructive relationship with all concerned stakeholders including host governments and local partners, such as EMRA.

The Company seeks to abide by the Concession Agreement as well as local laws/regulations in Egypt including around the areas of exploration and furthermore where our exploration activities are taking place in Côte d’Ivoire.

Risk appetite

Level: Balanced

We aim to not take any unnecessary risk within our control. However, we understand that inherently we have limited control over a number of external risk factors.

Risk velocity

Moderate

Nature of risk

The Group’s structure includes mining exploitation and exploration licences in Egypt and Côte d’Ivoire held through companies in Australia, Jersey and the United Kingdom. As a result, the Group is subject to various legal and regulatory requirements across all jurisdictions, including cross jurisdictional taxation, related party transactions, antibribery and corruption.

Ongoing legal, fiscal and regulatory changes may impact project permitting, tenure, taxation, exchange rates, environmental protection, labour relations, and the ability to repatriate income and capital. These measures may also impact the ability to import key supplies, export gold production and repatriate revenues.

Mitigation measures

Centamin deploys a proactive approach to government and stakeholder liaison and actively monitors – on an ongoing basis – legal, fiscal, regulatory and political developments in its host countries.

In Egypt we have the Sukari Concession Agreement which can only be changed by means of another law, so we have the right to export gold, repatriation of funds, existing tax exemption and further considerations.

In addition, the Group engages with the relevant regulatory authorities. In addition, on an ongoing basis, the Group seeks appropriate advice to ensure compliance with all relevant regulation and legislation. An example would be the global tax strategy in place which ensures all taxes are paid at an operational level and further tax requirements are met through the holding structure. Appropriate monitoring procedures are in place and we ensure that we manage legal and regulatory compliance.

Ongoing strategy

The Company seeks to ensure that it complies with all relevant regulation and legislation including its environmental and operational commitments set out in the relevant permits/authorisations and local laws/regulations.

Risk appetite

Level: Balanced

We aim to not take any unnecessary risk within our control. However, we understand that inherently we have limited control over a number of external risk factors.

Risk velocity

Moderate

Nature of risk

Centamin’s ability to operate and conduct its business may be adversely affected by current and any future dispute resolution and/or litigation proceedings. Centamin is party to a single legal action in Egypt. The details of this litigation, which relates to the Sukar Concession Agreement, are given in note 5.1 of the financial statements in the 2022 ARA. This challenge to the Sukari Concession Agreement could affect the Company’s ability to operate the mine.

Mitigation measures

In order to mitigate this risk Centamin has (a) retained reputable legal advisers and continues to actively pursue its legal rights with respect to its existing case; and (b) maintains regular contact with its Egyptian legal advisers who actively monitor developments in both court and local media for signs of any legislative or similar developments that relate to its ongoing litigation or which may otherwise threaten its operations, finances or prospects.

The potential for serious impact can be further mitigated by:

• Centamin’s adherence to local laws and agreements; the Egyptian government’s continued support on the constitutionality of Law No. 32 of 2014, which restricts the ability of third parties to challenge contractual agreements between the Egyptian government and investors such as Centamin; the investment protections and dispute resolution provisions set out in the Sukari Concession Agreement and the bilateral investment treaty between Australia (PGM’s place of incorporation) and the Arab Republic of Egypt.
• On the 14th of January 2023 there was a ruling by the Egyptian Supreme Constitutional Court which held that Law No. 32 of 2014 was constitutional. The judgment gives Centamin the right to request the Supreme Administrative Court to rule that the 2011 challenge to the Concession Agreement is now legally inadmissible. Further detail is given in note 5.1 and on our website in the regulatory news section within the update issued on the 16 January

Ongoing strategy

To minimise exposure to litigation and reduce the impact of actions by complying with all relevant laws and regulations and to defend and/or bring any actions necessary to protect the Company’s assets, rights and reputation.

Risk appetite

Level: Balanced

We aim to not take any unnecessary risk within our control. However, we understand that inherently we have limited control over a number of external risk factors.

Risk velocity

Slow

Nature of risk

The COVID pandemic meant economies across the world were negatively impacted by lockdowns and disruptions to supply chains, which have been further impacted by the crisis in the Ukraine and wider macroeconomic developments globally. Through 2021 and in to 2022, we saw increases in operating costs and greater inflationary pressures, together with a shortage of critical consumables and equipment. We expect this to continue during 2023 as the new world normal is established. This situation could create an adverse impact on our operations, costs, sales and profits.

Mitigation measures

We monitor price movements and market dynamics using primarily third-party analysis and forecasts to support our financial projections and cash management strategies. Prices will continue to influence budget considerations in areas such as exploration and the timing of certain capital expenditures. We focus on cost efficiencies and capital discipline to deliver competitive all-in sustaining cost.

Deliver on our cost savings initiatives to counter inflation and improve margins with the recent examples being the high productivity truck trays alongside additional benefits from the delivery of the solar plant which reduces our fuel consumption and lowers the cost of buying fuel. Further options being considered include Grid Connection, a Renewable Extension and Electrifying our Mining Fleet outlined in Our 2030 Carbon Abatement Roadmap.

Ongoing strategy

We will continue to allow for financial flexibility when budgeting and forecasting using a measured approach to the potential fluctuations in gold price, inflationary pressures and the increasing costs across our capital expenditure and operational needs.

Risk appetite

Level: Balanced

We aim to not take any unnecessary risk within our control. However, we understand that inherently we have limited control over a number of external risk factors.

Risk velocity

Moderate

Nature of risk

The extent of the Company’s financial performance is due in part to the price of gold, over which the Company has no influence. Revenues from gold sales are in US dollars and Centamin has exposure to costs in other currencies including Egyptian pounds, Australian dollars and sterling. Centamin manages its exposure to gold price by keeping operating costs as low as possible and continues to consider other options where these would be viewed as beneficial for our commitment to stakeholder returns.

Mitigation measures

The Group is 100% exposed to the gold price; however, the cash costs of the Sukari Gold Mine remain within our budget which is conservatively based on the long-term gold price as modelled by external advisors. This often means we can take advantage of any changes in the gold price which have been positive over the course of 2022 with a realised average price of US$1794.

Ongoing strategy

The Company does not currently hedge against the price of gold. We will continue to allow for financial flexibility when budgeting and forecasting using a measured approach to the potential fluctuations in gold price. This includes ensuring that we can manage within the boundaries and margins that the price of gold and the impacts to our cost base allow.

Risk appetite

Level: Balanced

We aim to not take any unnecessary risk within our
control. However, we understand that inherently we have limited control over a number of external risk factors.

Risk velocity

Moderate

Nature of risk

Centamin targets a capital structure to provide sufficient liquidity and financial flexibility to meet the Company’s current and future financial commitments, while balancing that with sustainable stakeholder returns.

The capital requirements to develop Sukari, delivery of key projects, future gold prices and operating costs are all factors which need to be considered alongside the external pressures, as highlighted in the Global Macroeconomic Developments risk.

Mitigation measures

We monitor price movements and market dynamics using primarily third-party analysis and forecasts in order to support our financial projections and cash management strategies. Prices will continue to influence budget considerations in areas such as exploration and the timing of certain capital expenditures. We focus on cost efficiencies and capital discipline to deliver competitive all-in sustaining cost.

Deliver on our cost savings initiatives to counter inflation and improve margins with the recent examples being the high productivity truck trays alongside additional benefits from the delivery of the solar plant which reduces our fuel consumption and lowers the cost of buying fuel. Further options being considered include Grid Connection, a Renewable Extension and Electrifying our Mining Fleet outlined in Our 2030 Carbon Abatement Roadmap.

Further to this we have established increased levels of stores and inventory which will be maintained in the short to medium term to reduce uncertainty. We have a robust investment approval process involving the management and the Board as required. Additional optionality will be generated through the RCF which is now in place.

Ongoing strategy

We will continue to allow for financial flexibility when budgeting and forecasting using a measured approach to the potential fluctuations in gold price, inflationary pressures and the increasing costs across our capital expenditure and operational needs. This includes ensuring that we can manage within the boundaries and margins that the impacts to our cost base allow.

Distribution of free cash flow to stakeholders will continue to be managed in a balanced and sustainable manner that allows for both growth and returns.

Risk appetite

Level: Balanced

We aim to not take any unnecessary risk within our control. However, we understand that inherently we have limited control over a number of external risk factors.

Risk velocity

Moderate

Nature of risk

Sukari currently constitutes Centamin’s main mineral resource and sole mineral reserve, near term production and revenue. We recognise until further production growth beyond the core Sukari asset is identified there is the challenge of diversification.

Mitigation measures

The project at Sukari has two distinct ore sources (open pit and underground), the processing plant has two separate flotation circuits, two separate power stations and the commissioning of the solar plant in Q4 2022.

Whilst one project, the nature of the design of the plant provides adequate mitigation and reduces the relative likelihood of dependence compared to a single layer plant design. The second circuit of the process plant has been fully operational for over eight years, which shows resilience. In addition, the plant is fed by both the open pit and underground operation, providing higher and lower-grade ore.

Operational activity and production is expected to continue at above nameplate capacity. Further to this we have increased our operational flexibility at Sukari including an updated underground mining capacity.

Alongside the PFS on Doropo the wider resource base in Côte d’Ivoire is growing at ABC, we are undertaking brownfield exploration around the Sukari Concession and exploring highly prospective ground in Egypt’s Eastern Desert.

Ongoing strategy

Outside the single project at Sukari, there is continued focus on longer term growth and expansion through our exploration and potential acquisition targets both inside and outside of Egypt.

The exploration projects across the business provide a well-balanced project pipeline, with potential to add incremental shareholder value by increasing production. Further information will be provided through 2023 in updates on the exploration activities and the release of the pre-feasibility study for Doropo in H1.

Risk appetite

Level: Informed

We aim to have an approach that could deliver reasonable rewards, economic or otherwise, by managing risk in an informed way

Risk velocity

Slow

Nature of risk

SGM is 50:50 jointly owned by PGM (the Company’s wholly owned subsidiary) and EMRA, with equal board representation from both parties. The Board of SGM operates by way of simple majority. Further to this with the award of the EDX concession areas we need to adhere with the agreed terms.

Should a dispute arise, or decision-making become deadlocked which cannot otherwise be amicably resolved then time-consuming and costly arbitration or other dispute resolution proceedings may need to be initiated.

Mitigation measures

It is of key importance for Centamin to maintain a healthy and transparent working relationship with its 50% partner, EMRA, through a strict adherence to the Sukari Concession Agreement. With the onset of profit sharing in 2019, the proper application of the cost recovery, net profit share payment provisions and SGM protocols under the Concession Agreement, has become a priority.

These are key considerations as we work towards the renewal of the terms of the existing Concession agreement. It is a key focus to maintain good working relations with EMRA, other relevant ministries and wider government to ensure successful operation of the Sukari Gold Mine. The Group has regular meetings with officials from EMRA and invests time in liaising with the relevant ministry and other governmental representatives. This investment is shown by the wider commitment to Egypt through the Sukari Concession Exploration and EDX concession investment.

Ongoing strategy

A key objective of the Company is to maintain its licence to operate in its host countries. In Egypt, this is achieved through active and ongoing co-operation, regular meetings and correspondence with EMRA, as well as making sure that the terms and conditions of the Concession Agreement and applicable laws are fully complied with including under the terms of the EDX concessions. Ongoing monitoring and review of this is key and is an activity which we will continue to give the required focus to.

Risk appetite

Level: Balanced

We aim to have an approach that could deliver reasonable rewards, economic or otherwise, by managing risk in an informed way

Risk velocity

Moderate

Nature of risk

Centamin is committed to building and operating our mines in a safe and responsible manner. To do this, we seek to build trustbased partnerships with host governments and local communities to protect our licence to operate and ability to grow. We should only advance our business interests where this protects people, fosters socio-economic development and safeguards the environment, and leaves a positive legacy for our host communities.

Mitigation measures

Ensure that we are clear on the standards that are expected locally and regionally within our areas of operation.

Develop and implement investment plans that sustain broad stakeholder support and compliance with local and regional standards.

Maintain an up-to-date compliance register for each asset and routinely review our performance against these commitments and obligations.

Ongoing strategy

Acting in an ethical, responsible and transparent manner is fundamental to realising the significant business benefits gained from building trusted and constructive relationships with all our stakeholders, and to maintaining our sociopolitical licence to operate.

Strengthen our sustainability governance and management framework at all levels of the organisation, including reinforcement of our performance standards to support growth, supported by resources allocated to ensure the long-term physical, chemical and biological stability of the site – or social benefits to our host communities

Risk appetite

Level: Balanced

We aim to not take any unnecessary risk within our control. However, we understand that inherently we have limited control over a number of external risk factors.

Risk velocity

Moderate

Nature of risk

Our accomplishments as a Company rely on our ability to attract, develop and retain talented people as they are the foundation of our business.

It is imperative that we support our people to develop a shared understanding of the critical behaviours and skills required for successful performance and provide them with the opportunity to progress to more senior positions within the Company. Otherwise we face the risk of elevated rates of turnover and knowledge loss.

Valuing diversity and promoting inclusion is an ethical imperative for a sustainable business.

Mitigation measures

Initiatives which have been introduced include: the employee development pathway, to ensure all positions are undertaken to a proficient level; supervisory and leadership training to equip employees for increased levels of technical and management responsibility; and succession planning.

Continue to reinforce awareness of our organisational values and the critical behaviours required for successful performance supported by established policies and processes.

Through visible leadership, strengthen diversity and inclusion in workplace culture and practice, and set targets to increase the representation.

Ongoing strategy

To deliver on the principles and commitments as stated in our Code of Conduct. Visible leadership in the development of our people, diversity and inclusion. Sustained resourcing of the professional development, training initiatives and investment in our people.

Risk appetite

Level: Balanced

We aim to not take any unnecessary risk within our control. However, we understand that inherently we have limited control over a number of external risk factors.

Risk velocity

Moderate

Nature of risk

Elevated expectations on environmental, social and governance (“ESG”) corporate responsibility, includes increased levels of stakeholder scrutiny, disclosure, regulatory requirements and industry standards.

Recent high-profile incidents have put a spotlight on the need for increased levels of corporate accountability on matters of environmental and social governance, including tailings management, heritage protection, biodiversity, water management, responsible supply chains, diversity and inclusion.

Whilst the COVID pandemic initially focused attention, we have continued to develop and invest in the wellbeing of our people, addressing social inequalities and the role which we must play in the wider communities.

Mitigation measures

Through our Sustainability Performance Framework we continue to strengthen our governance and management controls and assurance processes to meet stakeholder expectations, existing and new regulatory and industry standards, for example the RGMPs, GISTM and TCFD.

We define environmental and social criteria and triggers to support key investment decisions.

At asset-level, we have focused on building the capacity of our Health, Safety, Environmental and Sustainability (“HSES”) specialist teams and the continual improvement of our environmental, sustainability and social management system. We are updating our LOM management plans and preparing for ISO 14001 accreditation.

Ongoing strategy

Our Environmental and Social Policies are supported at an operational level by HSES Management Systems and tailored Environmental Management Plan that considers the regulatory context of the country and unique environmental risks specific to each site.

We employ a robust tailings governance approach based on good industry practice, risk management and assurance. We are targeting conformance with the GISTM by August 2023.

We recognise that our operations can be a significant driver for positive socioeconomic development. Fundamental to this success is the establishment of trusting partnerships with our stakeholders, good governance, ethical conduct and transparency.

Risk appetite

Level: Balanced

We aim to not take any unnecessary risk within our control. However, we understand that inherently we have limited control over a number of external risk factors.

Risk velocity

Slow

Nature of risk

We recognise transition to a net zero carbon economy is expected to profoundly affect our business model over the medium and/ or long term due to factors including: capital investment and access to new technology, the pricing of carbon emissions; availability and costing of commodities and consumables; changing market and investor sentiment.

The most significant opportunity for decarbonisation is the ability to reduce and potentially remove fossil fuel generated electricity from gold mining’s sources of power.

Mitigation measures

In the short-term, we are focused on the identification and delivery of projects that will effectively reduce our operational Scope 1 and 2 GHG emissions.

In 2022, we executed various carbon abatement projects, most notably our 36MWDC (30MWAC) solar plant and battery storage system. Other energy efficiency initiatives executed included roll-out of the high production trays leading to an 8% reduction in fuel consumption per tonne of material moved, optimisation of the fine grind process within the comminution circuit and replacement of older underground trucks and loaders to more efficient units.

We also studied opportunities to reduce the operational emission of Sukari over the life of mine, including sourcing clean and lower carbon power through connection to the national grid and further expansion of our onsite renewable energy production.

Ongoing strategy

We have set an interim climate target of 30%, to reduce our Scope 1 and 2 GHG emissions by 2030, compared to a 2021 base-year. This would put us on a Parisaligned trajectory to limit global warming to ‘well below’ 2°C by 2050.

We have identified other carbon abatement opportunities that are the subject of ongoing investigation, including the electrification of our mobile fleet and energy efficiency. Under our climate transition strategy, we also recognise the need to collaborate with our supply chain to reduce Scope 3 GHG emissions. We will continue to assess our climaterelated risks and opportunities against the updated Life of Mine Plan for Sukari.

Risk appetite

Level: Balanced

We aim to not take any unnecessary risk within our control. However, we understand that inherently we have limited control over a number of external risk factors.

Risk velocity

Slow

Nature of risk

It is an inherent risk in our industry that incidents due to unsafe acts or conditions, or the failure of our equipment or infrastructure could lead to injuries or fatalities. Remote and rostered work also has potential to impact the mental health and wellbeing of our workers.

Our workforce faces potential risks from hazards such as  fire, explosion and electrocution, as well as risks specific to the mine site and development project. These include potential slope failures or collapse in the underground, mobile plant collisions and incidents involving hazardous materials. Continuing focus on the risks associated with mining companies’ tailings facilities also means we continue to monitor this risk, completing regular internal and external technical reviews.

Mitigation measures

Protecting the safety, health and wellbeing of employees,
contractors, local communities and other stakeholders is a fundamental responsibility for Centamin. We seek continuous improvement of our safety and health management system and practices including assurance processes, with particular focus on the early identification of risks and the prevention of incidents. TSF2 is now in operation and continues to be operated to the highest standards as outlined on our commitments and standards to the Tailings Storage Facility.

We continue to review and test our crisis management plan alongside reinforcing our critical risk and control standards. which includes building the awareness and capacity of senior management teams to operationalise our critical risks standards and seek conformance to ISO 45001.

In 2022 we enhanced our health and wellbeing programmes with increased awareness and training on mental health, as part of the delivery of our Health & Wellbeing Plan, with new insights on the relationship between employer and employee arising from the COVID pandemic.

Ongoing strategy

Ensuring the safety, health and wellbeing of our workforce is directly aligned with our first Value, to Protect, and is a moral imperative. This requires a focus on zero-harm whilst constituting a direct investment in the productivity of the business and the physical integrity of our operations.

A safe and healthy workforce translates into an engaged, motivated and productive workforce that mitigates operational stoppages, and reduces potential incidents or harm.

Further information in relation to our commitments and standards to Safety, Health and Wellbeing is given earlier in the Strategic Report under Business in Action – Responding to our Stakeholder Priorities.

Risk appetite

Level: Controlled

We aim to consider potential breaches in our policies and controls to safety, health and wellbeing. The Board invests heavily in a programme of continuous improvement in relevant practices and has an expectation to meet the highest standards.

Risk velocity

Rapid

Nature of risk

Exploration activities by their very nature are highly speculative with an inherent degree of risk. Centamin strives to make new discoveries, growth and value creation opportunities through our exploration programme.

Whilst Egypt continues to represent a significant opportunity through brownfield exploration around the Sukari Concession and highly prospective ground in Egypt’s Eastern Desert, we also recognise our potential growth projects in Côte d’Ivoire.

Mitigation measures

Before undertaking any exploration activities, a risk based approach is undertaken to filter projects, considering a number of factors.

There is now a restructured approach established with the refreshed exploration team who undertake systematic work programmes which reduce the risk and gradually increase the certainty of exploration discoveries that allows a focused spending strategy.

This will be supported by independent advice and an investment in technology. 2022 delivered a positive update on the pre-feasibility study for Doropo with completion planned for H1 2023, we secured 2,989km2 of highly prospective and underexplored ground in Egypt which we started fieldwork on.

Further information is given in the Exploration Review.

Ongoing strategy

Ensuring we have an effective and efficient exploration programme to meet our strategic targets, long-term production and reserves goals. Further information will be provided through 2023 in updates on the exploration activities and the release of the pre-feasibility study for Doropo.

Risk appetite

Level: Opportunistic

We aim to consider opportunities with higher levels of risk in exchange for potentially greater reward, as long as they do not conflict with our core values.

Risk velocity

Slow

Nature of risk

Geological uncertainty is an inherent risk which all mining companies face.

Understanding of the geology and associated grade distribution can be influenced by a number of factors which can impact the size, orientation and shape of the ore and the potential grade expected by the mining operations.

As these estimations are used to inform our operations  and the wider business strategy we need to ensure that we can make this process as accurate as possible

Mitigation measures

The Mineral Resource Management team is focused on developing the geological and structural framework in which mineralisation is hosted. This has brought about a clear understanding of the structural and lithological controls on mineralisation and the development of a predictive model which is being used to expand the Mineral Resource and Reserve base of the Company.

Orebody stewardship was also introduced in which geology and the geologist is at the forefront of all mining and extraction process decision-making. This has allowed improved long and short-term planning, timing of grade control, material movement, blending and processing requirements to maximise return on investment.

Further information on the improvements which have been made are shown in the Exploration Review with one of the key areas being the growth of our Mineral Reserves at Sukari, as highlighted in the Sukari Reserve and Resource update released in Q4 2022.

Ongoing strategy

To achieve an accurate estimation based on geology, that informs improved mine planning and operations to deliver results. This will be supported by the near-term roadmap to 475 – 500koz pa and the robust life of mine schedule which was further updated in 2022.

Risk appetite

Level: Informed

We aim to have an approach that could deliver reasonable rewards, economic or otherwise, by managing risk in an informed way.

Risk velocity

Moderate

Nature of risk

By their nature, mineral resources and reserves are estimates based on a range of assumptions, including geological, metallurgical, technical and economic factors. Other variables include expected costs, inflation rates, gold price, grade downgrades and production outputs.

Unplanned operational stoppages can impact our production. An inability to shift the volumes of waste required, drops in our operational capacity in mining, contractor management, supply chain disruption or ground stability are examples of potential risks.

Accurate and complete planning is pivotal to informing production estimates, grade quality and provide greater clarity to corporate/ operational decision-making. We then need to deliver against our targets by analysis of our data to inform the right decisions.

Mitigation measures

2021 was a transformational year for Centamin with a focus on improving mining flexibility and delivering growth which was continued through 2022 as we delivered greater open pit mining flexibility and consistency alongside other improvements.

We updated the market on the twelve-year LOM Plan, issued ten-year guidance, continued with accelerated waste-stripping and took ownership of the underground mining operation. Through 2022 we commissioned the solar plant, installed all the high production truck trays, lifted and boosted TSF2 and refreshed the Sukari Orebody Stewardship Model. The LOM Plan should provide clarity as to the strategic direction of the mine and the desired production levels for the short, medium and long term to give focus to the operational elements of the mine. Alongside the overhauled geological leadership team and restructured approach to geology and orebody stewardship we have developed a comprehensive mining engineering model, enhanced our geotechnical engineering programme, increased our mining flexibility and have identified multiple initiatives to improve operating efficiency and productivity. An example being taking ownership of the underground mining operation in house with targeted investment in the resources required to reflect the growth potential.

Ongoing strategy

To achieve reliable and consistent production, whilst optimising the potential of the operation as highlighted in the Operational Review. The Company provides timely and accurate information to the market on production levels and forecasts. The mining sector continues to face operating cost inflation, including labour costs, energy costs and the natural impact of ore-grade deterioration over time. In order to deliver our disciplined growth strategy and to maintain and improve our competitive position, the Group must deliver its financial improvement targets, cost savings initiatives and minimise the number of unplanned operational stoppages.

Risk appetite

Level: Informed

We aim to have an approach that could deliver reasonable rewards, economic or otherwise, by managing risk in an informed way.

Risk velocity

Moderate