Centerra Gold (CG) investor relations material

Portfolio overview and strategy

• Operates two main producing mines: Mount Milligan (copper-gold, BC) and Öksüt (gold, Turkey), both generating strong cash flow and meeting or exceeding production guidance.

• Development pipeline includes Goldfield (Nevada, under construction), Kemess (large copper-gold, BC, PFS underway), and molybdenum assets (Thompson Creek, Idaho, and Langeloth facility, PA).

• Portfolio transformation focused on revitalizing previously underutilized or closed assets, extending mine lives, and optimizing operations.

• Strong balance sheet with $451 million cash, $600 million undrawn credit, and no debt, fully funding all development projects without external financing.

• Active share buyback program and consistent dividend policy, with $50 million in buybacks in Q2 and up to $200 million approved for the year.

Operational and financial performance

• Q2 production: 70,000 oz gold and 13 million lbs copper; Mount Milligan and Öksüt both tracking at or above guidance.

• Mount Milligan generated $195 million free cash flow in H1; Öksüt production guidance increased due to strong performance.

• Cost control remains strong, with both mines trending toward the lower end of AISC guidance, aided by hedging and strong commodity prices.

• Thompson Creek restart progressing, targeting first production by mid-2027, with $182 million CapEx remaining.

• CapEx for major projects is sequenced to avoid overlapping spend, ensuring liquidity and funding from internal cash flow.

Growth, exploration, and capital allocation

• Goldfield construction ahead of schedule; exploration ongoing to potentially extend mine life, including evaluation of sulfide resources.

• Kemess PFS on track for mid-next year, refining a 15-17 year initial mine life; strong government support and infrastructure in BC.

• Focused on internal project development over M&A, with bolt-on acquisitions considered only if highly accretive.

• Equity investments in juniors (e.g., Thesis Gold, Liberty Gold) provide optionality and potential synergies, especially in the Great Basin and Toodoggone regions.

• Capital allocation prioritizes internal growth, followed by buybacks (favored over dividends at current valuation), and ongoing dividend payments.