Centerra Gold (CG) Investor presentation summary

Portfolio positioning and valuation

• Portfolio spans gold, copper and molybdenum assets in Canada, the US and Türkiye; 2026 consolidated guidance is 260–290 koz of gold and 50–60M lbs of copper.

• Global resources total 21.8 Moz AuEq, with 97% in Canada and the US; EV per global resource was $165/Moz AuEq.

• Shares traded at 0.69x P/NAV versus a peer average of 0.79x, based on broker estimates as of Oct. 29, 2026.

Operating performance and outlook

• Q3 2026 revenue was $500.3M, adjusted net earnings were $71.8M and free cash flow was $17.1M; YTD figures were $1,427.7M, $239.3M and $43.2M, respectively.

• 2026 consolidated gold production cost guidance is $1,500–$1,600/oz and AISC guidance is $1,650–$1,750/oz; Mount Milligan AISC guidance is $1,100–$1,200/oz.

• Mount Milligan’s PFS extends mine life to 2045, with average annual production of ~150 koz gold and 69M lbs copper from 2026–2042; planned growth capital is $186M.

• Öksüt generated over $850M of free cash flow since restarting in June 2023; its life-of-mine optimization study is expected with year-end 2026 disclosures in early 2027.

Organic growth projects

• Goldfield’s 7-year plan targets 100 koz annual gold production in peak years, $1,392/oz AISC and $252M initial capital; first production is expected by end-2028.

• Kemess PEA outlines a 15-year mine life, annual production of 171 koz gold and 61M lbs copper, and $971/oz AISC; PFS is expected in mid-2027.

• Kemess PEA estimates $1.1B after-tax NPV5% and 16% IRR at $3,000/oz gold and $4.50/lb copper; NPV5% rises to $2.8B at higher assumed prices.

• Thompson Creek restart remains on track for first production in mid-2027; 65% of infrastructure refurbishment was complete at Q3 2026, with $337M spent to date.

• US Moly’s integrated Thompson Creek–Langeloth economics show $472M NPV8% and 22% IRR at $20/lb molybdenum; Langeloth production is planned to ramp through 2028.