Centerra Gold Inc. (NYSE:CGAU) Q4 2022 Earnings Conference Call February 24, 2023 9:00 AM ET Company Participants Toby Caron - Director of Investor Relations Paul Wright - Interim President & Chief Executive Officer Paul Chawrun - Chief Operating Officer Darren Millman - Chief Financial Officer Conference Call Participants Operator Greetings and welcome to the Q4 and Full Year 2022 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded, Friday, February 24, 2023. I ...

Financial Performance - Centerra reported a net loss from continuing operations of $77.2 million in 2022, a significant decrease from net earnings of $446.9 million in 2021, primarily due to lower gold sales at the Öksüt Mine and higher production costs at the Mount Milligan Mine [124]. - The company experienced a free cash flow deficit of $25.3 million in Q4 2022, compared to a free cash flow of $38.7 million in Q4 2021, driven by lower cash provided by operating activities [124]. - Earnings from mine operations decreased to $178.5 million in 2022 from $292.0 million in 2021, attributed to lower gold ounces sold and increased production costs due to inflation [124]. - The net loss for 2022 was $77.2 million, a decrease from a net loss of $381.8 million in 2021, mainly due to a loss of $926.4 million recognized on the change of control of the Kumtor Mine in 2021 [138]. - Revenue decreased to $850.2 million in 2022 from $900.1 million in 2021, attributed to lower gold and copper sales at the Öksüt and Mount Milligan Mines [265]. - Total revenue for Q4 2022 was $121.2 million, reflecting a 15% decline from $142.6 million in Q4 2021 [226]. - Gold revenue for Q4 2022 was $66.8 million, down 15% from $78.9 million in Q4 2021 [226]. - Copper revenue for Q4 2022 was $52.7 million, a decrease of 15% compared to $61.7 million in Q4 2021 [226]. Production and Costs - Gold production in 2022 was 243,867 ounces, down from 308,141 ounces in 2021, with the Mount Milligan Mine contributing 189,177 ounces [245]. - Gold production costs increased to $681 per ounce in 2022 from $604 per ounce in 2021, primarily due to lower gold sold and increased production costs at the Mount Milligan Mine [268]. - Gold production costs are expected to rise to between $900 and $950 per ounce in 2023, compared to $767 per ounce in 2022 [142]. - All-in sustaining costs rose to $860 per ounce in 2022, compared to $649 per ounce in 2021, due to lower gold sales and higher corporate administration costs [248]. - All-in sustaining costs on a by-product basis increased to $1,572 per ounce in Q4 2022 from $732 per ounce in Q4 2021, driven by higher exploration and project development costs [201]. - The average gold production cost was $790 per ounce in Q4 2022, up from $670 per ounce in Q4 2021, mainly due to lower gold ounces sold [217]. - Operating costs for gold production were $386 per ounce in Q4 2022, compared to $328 per ounce in Q4 2021 [307]. Cash Flow and Liquidity - Cash used in operating activities was $9.8 million in Q4 2022, a significant decrease from cash provided by operating activities of $61.8 million in Q4 2021, primarily due to no gold sold at the Öksüt Mine and lower average realized copper prices [137]. - Cash provided by mine operations was $26.5 million in Q4 2022, a 58% decrease from $63.5 million in Q4 2021 [228]. - Free cash flow from mine operations decreased to $100.4 million in 2022 from $201.5 million in 2021, attributed to lower cash provided by mine operations [276]. - The company's total liquidity position as of December 31, 2022, was $923.4 million, consisting of a cash balance of $531.9 million and $391.5 million available under a corporate credit facility [165]. Impairments and Expenses - Centerra recognized a non-cash impairment loss of $138.2 million related to the Kemess Project in Q4 2022, contrasting with an impairment reversal of $117.3 million for the Mount Milligan Mine in Q4 2021 [124]. - Corporate administration expenses rose to $47.2 million in 2022 from $27.1 million in 2021, mainly due to management changes and increased consulting costs [256]. - A non-cash impairment loss of $145.9 million was recognized in Q4 2022 related to the Kemess Project, reflecting a lack of capital allocation for its advancement [202]. Future Outlook and Projects - The company anticipates ongoing activities at the Goldfield project, including drilling and resource estimation, as part of its future growth strategy [121]. - Centerra's liquidity and capital resources analysis for 2023 indicates expectations for continued cash outflows at the Öksüt Mine and the completion of regulatory approvals for gold room operations [121]. - The company plans to optimize the Mount Milligan Mine's staged flotation reactors and is exploring strategic options for the Molybdenum Business Unit, including a potential restart of the Thompson Creek Mine [121]. - The Goldfield Project's total exploration and project development costs are guided to be between $50 million and $65 million in 2023, down from $70 million in 2022 [129]. Production Metrics - Gold production in Q4 2022 was 53,222 ounces, a decrease from 91,197 ounces in Q4 2021, attributed to lower gold head grades and recoveries [199]. - Copper production at the Mount Milligan Mine was 16.9 million pounds in Q4 2022, slightly down from 17.0 million pounds in Q4 2021, primarily due to lower copper grades [170]. - Total tonnes mined in 2022 were 9.2 million tonnes, down from 15.3 million tonnes in 2021, primarily due to not receiving a pasture land permit [292]. - The Öksüt Mine stacked 0.8 million tonnes at an average grade of 1.90 g/t in Q4 2022, containing 45,820 ounces of gold, compared to 1.1 million tonnes at 2.42 g/t containing 82,943 ounces in Q4 2021 [310].

Centerra Gold Inc. (NYSE:CGAU) Q3 2022 Earnings Conference Call November 7, 2022 9:00 AM ET Company Participants Toby Caron - Treasurer and Director, Investor Relations Paul Wright - Interim President and Chief Executive Officer Paul Chawrun - Chief Operating Officer Darren Millman - Chief Financial Officer Conference Call Participants Trevor Turnbull - Scotiabank Anita Soni - CIBC World Markets Dalton Baretto - Canaccord Brian MacArthur - Raymond James Lawson Winder - Bank of America Securities Operator Gr ...

Mount Milligan Öksüt Goldfield centerrael | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|------------------|-------|-------|-------|-----------------------------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Building a | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | strong, stable | | | | | | | | | | | | | | platform. | | | | | | | | | | | | | | | | | | Novembe ...

NEWS RELEASE Centerra Gold Reports Third Quarter Results All figures are in United States dollars and all production figures are on a 100%-basis and continuing operations basis, unless otherwise stated. This news release contains forward-looking information regarding Centerra Gold's business and operations. See "Caution Regarding Forward-Looking Information" in Centerra Gold's Management's Discussion & Analysis for the three and nine months ended September 30, 2022 ("MD&A") included in this press release. A ...

Financial Data and Key Metrics Changes - Centerra recorded $167 million in net revenue during the quarter, with no revenue from the Oksut mine due to operational suspensions [37][39] - The Mount Milligan mine generated $81 million in positive operating cash flow, with a free cash flow of $58 million for the quarter [23][42] - The net loss from continuing operations was $2.6 million, with an adjusted net loss of $36.2 million for the quarter [44] Business Line Data and Key Metrics Changes - Mount Milligan produced 42,728 ounces of gold and 17.4 million pounds of copper during the second quarter, maintaining production guidance of 190,000 to 210,000 ounces of gold and 70 million to 80 million pounds of copper for the year [19][20][30] - Oksut mine operations remain suspended, with a stored gold-in-carbon inventory of 58,469 ounces at a cost of approximately $444 per ounce [26][39] Market Data and Key Metrics Changes - The average realized gold price at Mount Milligan was $1,335 per ounce, and the copper price was $2.19 per pound, reflecting a 25% decrease in realized prices compared to Q2 2021 [41] - The company revised its copper price forecast for the second half of 2022 from $4 per pound to $3.25 per pound, impacting all-in sustaining costs [30][31] Company Strategy and Development Direction - The company is focusing on core operations at Mount Milligan and Oksut, with plans for resource expansion and infill drilling at the goldfield development project [9][14] - A new Chief Operating Officer is being recruited, and the company aims to enhance its environmental, social, and governance (ESG) performance [15][17] Management's Comments on Operating Environment and Future Outlook - Management expressed uncertainty regarding the timing of regulatory approvals for the Oksut mine, which affects future production guidance [61][62] - The company is optimistic about the completion of the mercury abatement retrofit at Oksut by the end of 2022, which is expected to allow operations to resume in 2023 [35][57] Other Important Information - The Board approved a quarterly dividend of CAD0.07 per share, reflecting the company's strong balance sheet [16][54] - The company is evaluating value-surfacing opportunities in its Molybdenum business unit, which remains a work in progress [16][88] Q&A Session Summary Question: Clarification on Oksut's gold room retrofit and permitting - Management confirmed that completing the retrofit and obtaining regulatory approvals will allow for carbon recycling in 2023 [56][57] Question: Suspension of 2023 guidance - Management indicated that the lack of visibility on regulatory approvals led to the suspension of guidance for 2023 [60][62] Question: Environmental regulators' broader review of Oksut - Management stated that discussions with regulators are ongoing, and a new Environmental Impact Assessment (EIA) will be submitted [85][86] Question: Economics of Mount Milligan and life of mine extension - Management expressed confidence in the economics of Mount Milligan, noting improvements in productivity and cost profiles [77][78] Question: Potential for buybacks or special dividends - Management indicated that discussions regarding capital return initiatives are ongoing, but no specific guidance was provided [89][90]

NEWS RELEASE Centerra Gold Reports Second Quarter Results All figures are in United States dollars and all production figures are on a 100%-basis and continuing operations basis, unless otherwise stated. This news release contains forward-looking information regarding Centerra Gold's business and operations. See "Caution Regarding Forward-Looking Information" in Centerra Gold's Management's Discussion & Analysis for the three and six months ended June 30, 2022 ("MD&A") included in this press release. All re ...

Mount Milligan Öksüt Goldfield District Project centerragolo 。 2022 First Quarter Results Conference Call – May 4, 2022 TSX: CG NYSE: CGAU www.centerragold.com STRONG. RESILIENT. ON-TRACK. Caution Regarding Forward-Looking Information Information contained in this document which is not a statement of historical fact, and the documents incorporated by reference herein, may be "forward-looking information" for the purposes of Canadian securities laws and within the meaning of the United States Private Securit ...

Start Time: 09:30 January 1, 0000 10:03 AM ET Centerra Gold Inc. (NYSE:CGAU) Q1 2022 Earnings Conference Call May 04, 2022, 09:30 AM ET Company Participants Scott Perry - President and CEO Darren Millman - VP and CFO Toby Caron - Treasurer and Director, IR Conference Call Participants Trevor Turnbull - Scotiabank Michael Siperco - RBC Capital Markets Anita Soni - CIBC Brian MacArthur - Raymond James Operator Greetings, and welcome to the Q1 2022 Results Conference Call. During the presentation, all particip ...

Management's Discussion and Analysis For the Three Months Ended March 31, 2022 and 2021 This Management's Discussion and Analysis ("MD&A") has been prepared as of May 3, 2022 and is intended to provide a review of the financial position and results of operations of Centerra Gold Inc. ("Centerra" or the "Company") for the three months ended March 31, 2022 in comparison with the corresponding period ended March 31, 2021. This discussion should be read in conjunction with the Company's unaudited condensed cons ...