Centerra Gold (CG) Investor presentation summary

Strategic platform and growth outlook

• Focused on organic, self-funded growth in North America with exposure to gold, copper, and molybdenum, supported by a strong balance sheet with $529M cash and $929M total liquidity, and no debt.

• 2026 consolidated production guidance: 250-280Koz gold, 50-60Mlbs copper; gold AISC $1,650-$1,750/oz.

• Portfolio includes Mount Milligan, Öksüt, Goldfield, Kemess, and a Molybdenum Business Unit, with ongoing expansion and optimization projects.

• Trading at a discounted P/NAV multiple (0.7x vs. peer average 1.1x), with 5.5Moz gold and 1.7B lbs copper reserves.

• Active shareholder returns through buybacks and quarterly dividends for 24 consecutive quarters.

Asset and project highlights

• Mount Milligan: 10-year mine life extension to 2045, $186M growth capital plan, average annual production ~150Koz gold and 69Mlbs copper (2026-2042), robust economics with after-tax NPV5% of $1.5B at $2,600/oz gold.

• Öksüt: Steady gold production through 2029, 2026 guidance of 110-125Koz gold at AISC $1,850-$1,950/oz, over $640M free cash flow since 2023 restart.

• Goldfield: 7-year mine life, peak annual production ~100Koz gold, AISC $1,392/oz, initial capex $252M, first production by end of 2028.

• Kemess: PEA outlines 15-year mine life, annual production 171Koz gold and 61Mlbs copper, AISC $971/oz, initial capex $771M, PFS expected 2027.

• Thompson Creek (Molybdenum): Restart on track for mid-2027, integrated with Langeloth facility, combined NPV8% $472M, IRR 22%.

Financial and operational performance

• 2025 revenue $1.38B, adjusted net earnings $228.6M, free cash flow $95M.

• 2026 capex guidance: $360-435M, with $205-235M for Thompson Creek, $115-135M for Mount Milligan, and $30-40M for Goldfield.

• 2026 exploration budget $40-50M, with $8-11M allocated to Mount Milligan.

• 2025 gold production 275,316oz, copper production 50.5Mlbs; 2026 guidance maintains similar levels.

• Operating costs: Mount Milligan AISC $1,200-1,300/oz, Öksüt AISC $1,850-1,950/oz for 2026.