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  Title	Centerra Gold Reports Third Quarter 2025 Results; Strong Production at Öksüt and Higher Metal Prices Boosted Cash Balance to $562 Million; Financial Strength Drives Centerra’s Self-Funded Growth Strategy; Board Chair Transition Underscores Continued Leade
  ID	15132207
  External ID	8118124731
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  Published Date	Oct. 29, 2025, noon
  Summary	Centerra Gold Inc. (TSX: CG) (NYSE: CGAU) reported its third quarter 2025 operating and financial results. President and CEO, Paul Tomory, commented, “This quarter, Centerra sustained robust margins a
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  Content ID	22990151
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  Content	Centerra Gold Inc. (TSX: CG) (NYSE: CGAU) reported its third quarter 2025 operating and financial results. President and CEO, Paul Tomory, commented, “This quarter, Centerra sustained robust margins and generated nearly $100 million in free cash flow, driven by strong operational performance at Öksüt and elevated metal prices. Our cash balance increased to $562 million in the quarter, demonstrating our ability to fund the Thompson Creek restart project while returning $32 million of capital to shareholders through share buybacks and a quarterly dividend. We also continued to deploy capital strategically through our equity investment in Liberty Gold Corp., reflecting our balanced approach to growth and value creation.” Paul Tomory continued, “Our self-funded growth strategy continues to advance across multiple fronts. In September, we published the Mount Milligan Pre-Feasibility Study results, which outlined a 10-year mine life extension to 2045 with a disciplined, fully funded $186 million growth capital plan, most of which will not be required until the early-to-mid-2030s. We also expect to publish a Preliminary Economic Assessment for Kemess in the first quarter of 2026. Together, these assets form a robust pipeline of long-life gold and copper projects in British Columbia, while our recently announced Goldfield project in Nevada, provides additional exposure to future gold production. Each of these growth opportunities, as well as the Thompson Creek re-start project in Idaho, can be funded using our existing liquidity and cash flow from operations, positioning Centerra to deliver sustainable, low-risk growth while maintaining our strategic approach to capital allocation.” Nancy Lipson, Chair of Centerra’s Nominating and Corporate Governance Committee, stated, “On behalf of the Board of Directors, I am pleased to announce that Paul Wright will succeed Michael Parrett as Chair of the Board of Directors, effective January 1, 2026. Paul has over 40 years of international experience in the successful development and operation of both underground and open pit mines, including 20 years as President and CEO of Eldorado Gold Corporation. The Board looks forward to his leadership as Centerra continues to execute its disciplined growth strategy.” Nancy Lipson continued, “Since Mike’s appointment as Chair in 2019, the Company has undergone a significant transformation. His leadership was instrumental in guiding Centerra through a challenging period, including the negotiation of the Company’s exit from Central Asia, a CEO succession, and the establishment of a focused growth strategy. Mike will continue to serve as an independent director to ensure a smooth transition.” Third Quarter 2025 Highlights Operations Production: In the third quarter 2025, consolidated gold production was 81,773 ounces, including 32,539 ounces from the Mount Milligan Mine and 49,234 ounces from the Öksüt Mine. Copper production in the quarter was 13.4 million pounds. Sales: Third quarter 2025 gold sales were 80,598 ounces at an average realized gold price of $3,178 per ounce and copper sales were 13.2 million pounds at an average realized copper price of $3.73 per pound. The average realized gold and copper prices include the impact of the Mount Milligan streaming agreement with RGLD Gold AG and Royal Gold, Inc. Costs: Third quarter 2025 consolidated gold production costs were $1,346 per ounce and all-in sustaining costs on a by-product basis were $1,652 per ounce. Capital expenditures : Third quarter 2025 additions to property, plant, and equipment and capital expenditures were $56.7 million and $58.3 million, respectively. Sustaining capital expenditures in the third quarter 2025 were $25.7 million and included construction at the tailings storage facility and delivery of the first set of large-capacity truck boxes, designed to optimize payload efficiency and reduce the need for future truck purchases, at Mount Milligan, as well as capitalized stripping and expansion of the heap leach pad at Öksüt. Non-sustaining capital expenditures in the third quarter were $32.6 million related mainly to the development of the Thompson Creek Mine. Financial Third quarter 2025 net earnings were $292.2 million, or $1.44 per share, and adjusted net earnings were $66.4 million or $0.33 per share. Key adjustments to net earnings include $193.5 million related to the non-cash impairment reversal at Goldfield, $27.4 million of unrealized gain, net of tax, on the financial assets related to the additional agreement with Royal Gold, $16.3 million of unrealized gain on the re-measurement of the sale of the Greenstone Gold Mines Partnership in 2021, and $14.0 million of deferred income tax adjustments. For additional adjustments refer to the “Non-GAAP and Other Financial Measures” disclosure at the end of this news release. Cash provided by operating activities and free cash flow In the third quarter 2025, cash provided by operating activities was $161.7 million and free cash flow was $98.7 million. This includes $64.1 million of cash provided by mine operations and $44.6 million of free cash flow at Mount Milligan and $139.4 million of cash provided by mine operations and $133.6 million of free cash flow As at September 30, 2025, total liquidity was $961.8 million, comprised of a cash balance of $561.8 million and $400.0 million available under an undrawn corporate credit facility. Under Centerra’s normal course issuer bid (“NCIB”) program, the Company repurchased 2,839,983 common shares in the third quarter 2025, for total consideration of $22.1 million. The Company’s board of directors has increased the approved level of share repurchases through the NCIB in 2025 to $100 million, of which, the Company has completed $64.0 million year-to-date. Centerra believes that the NCIB will continue to provide the Company with flexibility to strategically deploy cash in line with its capital allocation priorities, while maintaining the financial capacity to invest in future growth. A quarterly dividend of C$0.07 per common share was declared for a total of $10.3 million in the third quarter, and $31.1 million year-to-date. Subject to the approval of the Toronto Stock Exchange, Centerra intends to renew its NCIB to purchase for cancellation a number of Shares, representing the greater of 5% of the issued and outstanding Shares or 10% of the public float. As at October 28, 2025, Centerra had 201,731,082 issued and outstanding Shares. Strategic Growth Initiatives Mount Milligan Life of Mine extension to 2045: In September 2025, Centerra published the Pre-Feasibility Study results for Mount Milligan which extends the LOM by approximately 10 years to 2045. This is supported by an optimized mine plan delivering average annual production of 150,000 ounces of gold and 69 million pounds of copper from 2026 to 2042, followed by the processing of low-grade stockpiles from 2043 to 2045. The study outlines a disciplined, fully funded growth capital plan of approximately $186 million, most of which is not required until the early-to-mid-2030s. This includes the construction of a second TSF, process plant upgrades and additional flotation cells to increase throughput by about 10% to 66,300 tonnes per day (“tpd”) and increase recovery by approximately 1%, and five new haul trucks to support longer haul distances, higher material movement, and stockpile development. Proven and probable reserves increased significantly to 4.4 million ounces of gold and 1.7 billion pounds of copper, representing a 56% and 52% increase, respectively, from year-end 2024. The PFS reaffirms Mount Milligan’s strong economics, with an after-tax NPV (5%) of approximately $1.5 billion at long-term gold and copper price assumptions of $2,600 per ounce and $4.30 per pound, respectively, confirming its position as a cornerstone asset with a long mine life, attractive cost structure, and continued exploration potential in a leading mining jurisdiction. For additional details, refer to the news release published on September 11, 2025 titled “ Centerra Gold’s Mount Milligan PFS Outlines Mine Life to 2045, Delivering Growth with a Fully Funded, Disciplined $186 Million Growth Capital Plan ”. On October 21, 2025, the technical report was filed in relation to Mount Milligan. Advancing the Goldfield project: In August 2025, Centerra completed a technical study of its Goldfield project, confirming robust project economics with an after-tax NPV of $245 million and an after-tax internal rate of return (“IRR”) of 30%, based on a long-term gold price of $2,500 per ounce. The study includes the positive impact of gold collars, with a gold price floor of $3,200 per ounce, on a portion of production in 2029 and 2030 to lock in strong margins, safeguard economics in the early years of the project, and expedite the capital payback period. Goldfield’s initial capital cost is estimated at $252 million, including approximately $40 million in pre-production stripping and other costs. Goldfield is expected to deliver a streamlined, low-risk development path, with first production targeted by the end of 2028. Located in Nevada’s historic mining district, Goldfield benefits from a stable regulatory environment, skilled workforce, and strong support for resource development. Recent optimization work and technical enhancements, together with strong gold prices, have further improved project value and reduced risk, positioning Goldfield as a key near-term growth opportunity for Centerra. For additional details on Goldfield, refer to the news release published on August 6, 2025 titled “ Centerra Gold Announces Attractive Economics on the Goldfield Project; Proceeding with Project Development and Construction Activities ”. Kemess Preliminary Economic Assessment to be completed in the first quarter 2026: At the Kemess project, the Company continues to successfully advance work on a Preliminary Economic Assessment, based on an open pit and longhole open stoping underground mining concept, which is expected to be completed in the first quarter of 2026, and is expected to contain a fulsome discussion of the risks and opportunities relating to the Kemess project. Kemess has significant infrastructure already in place that will require refurbishment. To complement this existing infrastructure, it is anticipated that new crushing, conveying, and mine infrastructure will be required for the operations. Centerra expects the existing infrastructure to lower the execution risk for the project when compared with a typical greenfield project of this scale. The upcoming PEA is a significant milestone in advancing the Company’s growth pipeline and is expected to demonstrate Centerra’s focus on unlocking additional value from its assets in British Columbia, a top tier mining jurisdiction. Board of Directors Board Chair Succession: Centerra announces Paul Wright will succeed Michael Parrett as Chair of the Board of Directors, effective January 1, 2026. Mr. Parrett, who served as Chair since October 2019, will remain on the Board as an independent director. Mr. Wright joined Centerra’s Board as an independent director in May 2020 and brings more than 40 years of international experience in the mining sector, including 20 years as President and Chief Executive Officer of Eldorado Gold Corporation. His career has been devoted to the successful development and operation of both underground and open pit mines. Prior to his tenure at Eldorado, Mr. Wright held positions with Placer Dome Inc., Redpath Group, and Granges. He currently serves as Chair of the Board and a director of Galiano Gold Inc. Overview of Consolidated Financial and Operating Highlights ($millions, except as noted) Three months ended September 30,Nine months ended September 30, 2025 2024 % Change 2025 2024 % Change Financial Highlights Revenue 395.2 323.9 22 % 983.0 912.1 8 % Production costs 223.4 183.4 22 % 597.1 519.8 15 % Depreciation, depletion, and amortization (“DDA”)35.4 33.1 7 % 85.5 93.9 (9)% Earnings from mine operations136.4 107.4 27 % 300.4 298.4 1 % Net earnings 292.2 28.8 915 % 391.2 132.9 194 % Adjusted net earnings 66.4 38.6 72 % 145.4 116.3 25 % Adjusted EBITDA 145.8 97.5 50 % 308.2 282.6 9 % Cash provided by operating activities161.7 103.6 56 % 245.6 205.6 19 % Free cash flow 98.7 37.4 164 % 83.1 91.6 (9)% Additions to property, plant and equipment (“PP&E”)56.7 79.7 (29)% 180.4 132.9 36 % Capital expenditures – total 58.3 60.5 (4)% 159.1 113.6 40 % Sustaining capital expenditures25.7 35.3 (27)% 69.5 82.1 (15)% Non-sustaining capital expenditures32.6 25.2 29 % 89.6 31.5 184 % Net earnings per common share – $/share basic1.44 0.14 929 % 1.90 0.62 206 % Adjusted net earnings per common share – $/share basic0.33 0.19 74 % 0.70 0.54 30 % Operating highlights Gold produced (oz) 81,773 93,712 (13)% 204,463 294,880 (31)% Gold sold (oz) 80,598 96,736 (17)% 203,064 284,307 (29)% Average market gold price ($/oz)3,457 2,474 40 % 3,201 2,296 39 % Average realized gold price ($/oz )3,178 2,206 44 % 2,874 2,040 41 % Copper produced (000s lbs) 13,354 13,693 (2)% 37,438 41,573 (10)% Copper sold (000s lbs) 13,244 14,209 (7)% 37,488 41,536 (10)% Average market copper price ($/lb)4.44 4.18 6 % 4.33 4.14 5 % Average realized copper price ($/lb)3.73 3.37 11 % 3.72 3.39 10 % Molybdenum roasted (000 lbs)4,428 2,440 81 % 10,627 7,280 46 % Molybdenum sold (000s lbs) 3,121 2,431 28 % 10,441 8,054 30 % Average market molybdenum price ($/lb)24.37 21.78 12 % 21.87 21.17 3 % Average realized molybdenum price ($/lb)24.42 23.27 5 % 22.41 21.90 2 % Unit costs Gold production costs ($/oz) 1,346 973 38 % 1,312 860 53 % All-in sustaining costs on a by-product basis ($/oz)1,652 1,302 27 % 1,604 1,103 45 % Gold – All-in sustaining costs on a co-product basis ($/oz) 1,833 1,816 Copper production costs ($/lb) 2.11 2.13 Copper – All-in sustaining costs on a co-product basis ($/lb)2.63 2.57 Non-GAAP financial measure. See discussion under “Non-GAAP and Other Financial Measures”. As at September 30, 2025, the Company had 201,642,438 common shares issued and outstanding. This supplementary financial measure within the meaning of National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure is calculated as a ratio of revenue from the consolidated financial statements and units of metal sold and includes the impact from the Mount Milligan Streaming Agreement (defined below), copper hedges and mark-to-market adjustments on metal sold not yet finally settled. Under the Mount Milligan Streaming Agreement, the Company purchases refined gold and copper warrants and arranges for their delivery to Royal Gold and Royal Gold is entitled to 35% of gold ounces sold and 18.75% of copper pounds sold. Royal Gold paid $435 per ounce of gold delivered and 15% of the spot price per tonne of copper delivered in the periods presented. All per unit costs metrics are expressed on a metal sold basis. Amount does not include 2.7 million pounds of molybdenum roasted of toll material for the three months ended and 2.9 million pounds for the nine months ended September 30, 2025 (1.5 million pounds for three and nine months ended September 30, 2024). 2025 Guidance – Gold and copper producing assets Units Current 2025 Guidance Nine Months Ended September 30, 2025 Production Total gold production Mount Milligan Mine 103 Öksüt Mine (koz) 105 – 125 101 Total copper production (Mlb) 50 – 60 37 Unit Costs Gold production costs ($/oz) 1,300 – 1,400 1,312 Mount Milligan Mine ($/oz) 1,350 – 1,450 1,423 Öksüt Mine ($/oz) 1,200 – 1,300 1,199 AISC on a by-product basis ($/oz) 1,650 – 1,750 1,604 Mount Milligan Mine ($/oz) 1,350 – 1,450 1,298 Öksüt Mine ($/oz) 1,675 – 1,775 1,573 Capital Expenditures Additions to PP&E ($M) 105 – 130 84.0 Mount Milligan Mine ($M) 75 – 90 52.2 Öksüt Mine ($M) 30 – 40 31.8 Total Capital Expenditures ($M) 105 – 130 74.0 Sustaining Capital Expenditures ($M) 90 – 110 68.6 Mount Milligan Mine ($M) 60 – 70 43.5 Öksüt Mine ($M) 30 – 40 25.1 Non-sustaining Capital Expenditures ($M) 15 – 20 5.4 Mount Milligan Mine ($M) 15 – 20 5.4 Other Items Depreciation, depletion and amortization ($M) 85 – 105 82.1 Mount Milligan Mine ($M) 50 – 60 45.3 Öksüt Mine ($M) 35 – 45 36.8 Current Income tax and BC mineral tax expense($M) 83 – 95 65.1 Mount Milligan Mine Corporate and administration costs The Mount Milligan Mine is subject to an arrangement with RGLD Gold AG and Royal Gold Inc. (together, “Royal Gold”) which entitles Royal Gold to purchase 35% and 18.75% of gold and copper produced, respectively, and requires Royal Gold to pay $435 per ounce of gold and 15% of the spot price per metric tonne of copper delivered (“Mount Milligan Mine Streaming Agreement”). Using assumed market prices of $3,850 per ounce of gold and $4.50 per pound of copper for the fourth quarter of 2025, the Mount Milligan Mine’s average realized gold and copper price for that period would be $2,655 per ounce and $3.78 per pound, respectively, compared to average realized prices of $2,478 per ounce and $3.72 per pound in the nine months ended September 30, 2025, when factoring in the Mount Milligan Streaming Agreement and concentrate refining and treatment costs. Gold production for 2025 at the Mount Milligan Mine assumes estimated recoveries of 60% to 62% down from 63% and 65% gold recovery estimates assumed in the previous guidance, and compares to actual gold recovery of 60.9% achieved in the nine months ended September 30, 2025. Copper production for 2025 assumes recovery 77% to 79% for copper, which is unchanged from assumptions underlying previous guidance, and compares to actual copper recovery of 76.7% achieved in the nine months ended September 30, 2025. Unit costs include a credit for forecasted copper sales treated as by-product for all-in sustaining costs. Production for copper and gold reflects estimated metallurgical losses resulting from handling of the concentrate and metal deductions levied by smelters. Corporate and administration costs do not include stock-based compensation and corporate depreciation. 2025 Guidance – Molybdenum Business Unit Units Current 2025 Guidance Nine Months Ended September 30, 2025 Production – Langeloth Facility Costs and Profitability – Langeloth Facility Capital Expenditures Total capital expenditures Sustaining capital expenditures – Langeloth Facility0.9 Non-sustaining capital expenditures – Thompson Creek Mine83.7 Other Items Depreciation, depletion and amortization – Langeloth Facility3.4 Care & Maintenance Cash Expenditures – Endako Mine4.0 Reclamation Costs – Endako Mine 4.5 2025 guidance figure does not include any toll material roasted. 2025 Guidance – Global Exploration and Evaluation Projects Units Current 2025 Guidance Nine Months Ended September 30, 2025 Project Exploration and Evaluation Costs Greenfield and Generative Exploration Other Kemess Costs Mount Milligan Mount Milligan produced 32,539 ounces of gold and 13.4 million pounds of copper in the third quarter of 2025. During the third quarter of 2025, a total of 12.3 million tonnes were mined from phases 5, 6, 7 and 10 of the open pit. Process plant throughput for the third quarter of 2025 was 5.3 million tonnes, averaging 57,541 tonnes per day. In 2025, mining operations encountered zones with more complex mineralization, resulting in lower than anticipated gold grades from these areas of the pit. Year-to-date production remains in line with the recently announced PFS results, and 2025 full-year gold and copper production is expected to be near the lower end of the guidance ranges at Mount Milligan. Gold sales were 32,102 ounces and copper sales were 13.2 million pounds in the third quarter. Gold production costs in the third quarter 2025 were $1,540 per ounce. AISC on a by-product basis was $1,461 per ounce, 14% higher than last quarter due to increased sustaining capital expenditures and lower ounces sold during the quarter. Full-year 2025 production costs and AISC on a by-product basis at Mount Milligan are expected to be near the low end of the guidance ranges of $1,350 to $1,450 per ounce and $1,350 to $1,450 per ounce, respectively. at Mount Milligan in the third quarter of 2025 were $19.6 million, focused on the tailings storage facility dam construction and delivery of the first set of large-capacity truck boxes, designed to optimize payload efficiency and reduce the need for future truck purchases. Also, in the third quarter of 2025, Mount Milligan generated $64.1 million of cash flow from mine operations and free cash flow In September 2025, Centerra announced the results of a PFS for Mount Milligan which extends the LOM by approximately 10 years to 2045, supported by an optimized mine plan delivering average annual production of 150,000 ounces of gold and 69 million pounds of copper from 2026 to 2042, followed by the processing of low-grade stockpiles from 2043 to 2045. The study outlines disciplined non-sustaining capital expenditures of approximately $186 million, most of which are not required until the early-to-mid-2030s, all fully funded from available liquidity and future cash flow from operations. Key investments include $114 million for a second TSF, to be spent across 2032 and 2033, and provides the potential for future raises which could add multiple decades of storage capacity beyond the 2045 LOM, $36 million for ball mill motor upgrades and flotation cells in 2028 to increase process plant throughput by about 10% to 66,300 tpd and increase recovery by approximately 1%, and $28 million for five new haul trucks to support longer haul distances, higher material movement, and stockpile development. Proven and probable reserves increased significantly to 4.4 million ounces of gold and 1.7 billion pounds of copper, representing a 56% and 52% increase, respectively, from year-end 2024. Recent drilling confirms mineralization remains open to the west of the current resource pit. Centerra continues to advance exploration aimed at expanding the mineral resource and assessing opportunities to extend the mine life beyond the updated plan. of approximately $1.5 billion at long-term gold and copper price assumptions of $2,600 per ounce and $4.30 per pound, respectively. Mount Milligan remains a strategic cornerstone asset in Centerra’s portfolio, with 20 years of mine life, meaningful gold and copper production, strong cash flow generation, and significant opportunity for future exploration potential in a top tier mining jurisdiction. For additional details, refer to the news release published on September 11, 2025 titled “ Centerra Gold’s Mount Milligan PFS Outlines Mine Life to 2045, Delivering Growth with a Fully Funded, Disciplined $186 Million Growth Capital Plan Öksüt Öksüt produced 49,234 ounces of gold in the third quarter of 2025. Production in the quarter was better than planned due to higher grades resulting from mine sequencing. Grades in the fourth quarter of 2025 are expected to normalize and align more closely with the average reserve grade. During the quarter, mining activities were focused on phase 5 and phase 6 of the Keltepe pit and in phase 2 of the Güneytepe pit. A total of 4.9 million tonnes of ore and waste were mined in the quarter and 1.5 million tonnes were stacked at an average grade of 1.82 g/t. Öksüt’s 2025 production is expected to finish near the upper end of the guidance range, reflecting strong operational performance this quarter. for the third quarter 2025 were $1,219 per ounce and $1,473 per ounce, respectively. AISC on a by-product basis was 16% lower compared to last quarter driven by higher gold ounces sold and lower sustaining capital expenditures, partially offset by higher royalty expense per ounce due to elevated gold prices and a change in gold royalty rates in Türkiye. Öksüt’s 2025 gold production costs and AISC on a by-product basis are expected to be near the low end of the guidance ranges, benefiting from expected higher sales and continued strong operating performance. In the third quarter 2025, sustaining capital expenditures at Öksüt were $5.8 million, focused on capitalized stripping and heap leach pad expansion. Centerra has initiated a Life of Mine Optimization study at Öksüt to evaluate the asset’s full potential, including the incremental production potential of residual leaching of the heap leach facility and expansion of the pit to pursue additional mineralization. The study will explore options to extend gold recovery from existing leach pads through improved solution management, which will enhance residual metal extraction efficiency. The study is expected to be completed by the end of 2026 and will support updates to the mine’s long-term reclamation and site management plan, ensuring the operation continues to maximize metal recovery in a safe and responsible manner. Molybdenum Business Unit The MBU used $16.3 million of cash in operations and recorded a free cash flow deficit of $53.7 million, in the third quarter of 2025, reflecting capital spending on the restart of Thompson Creek and working capital increases at the Langeloth Metallurgical Facility due to higher molybdenum prices and an increase in inventory on hand. Thompson Creek Mine The restart of Thompson Creek is advancing, with approximately 29% of the total capital investment complete. In the third quarter of 2025, non-sustaining capital expenditures were $31.4 million. Since the restart decision, non-sustaining capital expenditures have totaled $113.3 million. The 2025 guidance for additions to PP&E, all of which are non-sustaining capital is unchanged at $130 to $145 million. Based on year-to-date spending and the scope of work planned in the fourth quarter of 2025, the Company expects non-sustaining capital to be near the lower end of the guidance range. The project remains on track, with first production expected in the second half of 2027. Langeloth In the third quarter of 2025, Langeloth roasted and sold 4.4 million pounds and 3.1 million pounds of molybdenum, respectively. In the quarter, Langeloth delivered a positive adjusted EBITDA of $1.1 million and used $13.6 million of cash flow from operations. An increase in molybdenum prices during third quarter and an increase in inventories on hand resulted in a $14.8 million increase in working capital at Langeloth. Goldfield Project In August 2025, Centerra completed a technical study of Goldfield, confirming robust project economics with an after-tax NPV of $245 million and an after-tax IRR of 30%, based on a long-term gold price of $2,500 per ounce. The study incorporates the positive impact of gold collars, with a gold price floor of $3,200 per ounce, on a portion of production in 2029 and 2030 to lock in strong margins, safeguard economics in the early years of the Project, and expedite the capital payback period. The Project’s initial capital cost is estimated at $252 million, including approximately $40 million in pre-production stripping and other costs. Goldfield is expected to deliver a streamlined, low-risk development path, with first production targeted by the end of 2028. Recent optimization work and technical enhancements, together with strong gold prices, have further improved project value and reduced risk, positioning Goldfield as a key near-term growth opportunity for Centerra. For additional details on Goldfield, refer to the news release published on August 6, 2025 titled “ Centerra Gold Announces Attractive Economics on the Goldfield Project; Proceeding with Project Development and Construction Activities ”. In the third quarter of 2025, Centerra advanced Goldfield development activities, with engineering progressing as planned and early mobilization efforts progressing on site. The Company is building out a dedicated project execution team, ensuring the right technical and operational expertise is in place. These early actions mark important steps toward project readiness and position Goldfield for disciplined and efficient execution. The previously recorded impairment at Goldfield was fully reversed in the third quarter of 2025, driven by updated long-term metal price assumptions and improved mine plan economics. Kemess Project At Kemess, the Company continues to successfully advance work on a PEA, based on an open pit and longhole open stoping underground mining concept, which is expected to be completed in the first quarter of 2026, and is expected to contain a fulsome discussion of the risks and opportunities relating to the Kemess project. Kemess has significant infrastructure already in place that will require refurbishment. Complementing this existing infrastructure, it is anticipated that new crushing, conveying, and mine infrastructure will be required for the operations. Centerra expects the existing infrastructure to lower the execution risk for the project when compared with a typical greenfield project of this scale. The upcoming PEA study is expected to represent a significant milestone in advancing the Company’s gold growth pipeline and its focus on unlocking additional value from its assets in British Columbia, a top tier mining jurisdiction. About Centerra Centerra Gold Inc. is a Canadian-based mining company focused on operating, developing, exploring and acquiring gold and copper properties in North America, Türkiye, and other markets worldwide. Centerra operates two mines: the Mount Milligan Mine in British Columbia, Canada, and the Öksüt Mine in Türkiye. The Company also owns the Kemess Project in British Columbia, Canada, the Goldfield Project in Nevada, United States, and owns and operates the Molybdenum Business Unit in the United States and Canada. Centerra’s shares trade on the Toronto Stock Exchange and on the New York Stock Exchange. The Company is based in Toronto, Ontario, Canada.
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