Centerra Gold (CG) 17th Annual Midwest IDEAS Conference summary

Strategic overview and asset portfolio

• Operates gold, copper, and molybdenum mines in Canada, the U.S., and Turkey, with a focus on safe jurisdictions and a strong balance sheet with CAD 451 million cash and over CAD 1 billion liquidity, no debt, and active shareholder returns.

• Flagship Mount Milligan mine in British Columbia produces 140,000–155,000 oz gold and 50–60 million lbs copper annually; Öksüt in Turkey produces 120,000–135,000 oz gold and generates significant free cash flow.

• Growth projects include Goldfield (Nevada, first production late 2028) and Kemess (British Columbia, first production late 2031), both with substantial exploration potential.

• Molybdenum assets include Thompson Creek (Idaho, restart underway, first production mid-2027) and Endako (British Columbia, on care and maintenance), with a roaster in Pittsburgh for final product.

• Exploration budget of CAD 40–50 million for 2024, split between brownfield and greenfield programs in current jurisdictions, plus strategic equity investments in junior miners.

Financial performance, valuation, and capital allocation

• Trades at 0.5x net asset value, below peers averaging 0.7–1x, with 98% of resources in Canada and the U.S.; management aims to unlock value through operational execution and growth.

• Active buyback program of CAD 200 million and consistent quarterly dividends for over six years, with a current yield of 1–1.5%.

• Strong free cash flow from Öksüt (CAD 780 million since June 2023) and Mount Milligan (CAD 245 million over three quarters), supporting self-funded growth and shareholder returns.

• Capital spending is staggered to avoid overlapping major projects, enabling funding from internal cash flow and liquidity.

• Conservative mine planning uses lower-than-spot gold prices (e.g., $2,500/oz for PFS, guidance at $3,750/oz), with sensitivity analyses up to $4,500/oz.

Project updates and operational milestones

• Mount Milligan extended mine life to 2045 after a 2025 pre-feasibility study; throughput increase of 10% expected in 2028.

• Öksüt mine life ends in 2029, with a study underway to potentially extend by 1–2 years; residual leach could add further production.

• Goldfield project in Nevada targets first production in late 2028, with low initial CapEx (CAD 252 million) and seven-year mine life.

• Kemess project PFS due mid-2027, with construction decision likely in 2028 and first production in 2031; initial CapEx estimated at CAD 771 million.

• Thompson Creek molybdenum mine restart is on schedule for mid-2027, with free cash flow inflection expected one year from now; current moly prices ($33/lb) exceed study assumptions ($20/lb).