Centerra Gold (CG) Investor update summary

Portfolio overview and strategy

• Focused on North American gold and copper assets, with two operating mines: Mount Milligan (B.C.) and Öksüt (Turkey), and a deep pipeline including Goldfield (Nevada) and Kemess (B.C.).

• Molybdenum assets (Thompson Creek, Langeloth) are being advanced, with strong market demand and strategic value.

• Strong balance sheet with over $450 million in cash and $1 billion in liquidity, fully funding development projects without external financing.

• Active share buyback program and consistent dividend payments for nearly seven years.

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.

• Costs remain well managed, with hedging strategies offsetting inflationary pressures; both mines trending toward lower end of cost guidance.

• $451 million cash at Q2 end, no debt, and $600 million undrawn credit facility.

• $50 million in share buybacks in Q2, with up to $200 million approved for the year.

Asset development and mine life

• Mount Milligan reserve life extended to 2045, with further potential beyond.

• Öksüt mine life currently to 2029, with extension study results expected early 2027.

• Goldfield construction progressing well, first production expected in two years, with exploration potential for further growth.

• Kemess PEA shows 15-17 year mine life; PFS due mid-next year, leveraging existing infrastructure for lower risk.

• Thompson Creek restart on track for mid-2027, with $182 million CapEx remaining.