Centerra Gold (CG) Investor update summary

Portfolio and funding

• Portfolio spans gold, copper and molybdenum; Mount Milligan and Öksüt generated more than $200 million each in free cash flow year to date.

• Liquidity totals about $1 billion, comprising about $400 million cash and an undrawn $600 million credit facility; no balance-sheet debt.

• Thompson Creek restart is budgeted at $425 million-$450 million, with first production targeted for mid-2027.

Molybdenum market

• The 2025 molybdenum market is about 670 million pounds; steel accounts for roughly two-thirds of end use, and demand is projected to grow 3% CAGR through 2030.

• Tight concentrate supply reflects weaker output from copper mines, including Chile, while China's ability to add supply has been limited.

• Prices rallied from July; 2026 YTD average was approaching $30/lb and spot was $34.50/lb, versus a $20/lb price assumption in the Thompson Creek feasibility study.

• Higher-performance steels and growth in energy, defense and aerospace support demand; supply response remains difficult, with Chinese output a key price swing factor.

• Thompson Creek's expected 13 million lb output is about 2% of the market and is not expected to materially affect prices.

Thompson Creek restart

• The past-producing Idaho primary mine offers high-purity concentrate and established infrastructure; pit mining has been underway for two years as the mill and tailings facilities are refurbished.

• Restart remains on track within the $425 million-$450 million capital program; infrastructure refurbishment was 75% complete at end-October, up from 65% at end-September.

• Mill construction was expected to be substantially complete during the year, with commissioning readiness to follow; the rock toe buttress reached substantial completion.

• About 250 people were on site; hiring is competitive, with contractors supplementing the workforce and mill hiring ramping up.

• Management is pursuing opportunities to start production earlier, while prioritizing safe execution and avoiding shortcuts.