BUILDING A STRONG PLATFORM FOR FUTURE GROWTH Caution Regarding Forward Looking Information Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Centerra, are inherently subject to significant technical, political, business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward- looking information. Factors and assumption ...

Financial Data and Key Metrics Changes - Centerra Gold reported net earnings of $61 million or $0.28 per share for Q3 2023, with adjusted net earnings of $44 million or $0.20 per share after accounting for one-time items [10][11] - The company ended Q3 with a cash balance of $492 million, an increase of $90 million during the quarter, and total liquidity of $890 million [40] - Gold production costs were $1,050 per ounce, and all-in sustaining costs were $1,150 per ounce, representing a 16% and 28% decrease from the previous quarter, respectively [39] Business Line Data and Key Metrics Changes - Mount Milligan produced approximately 39,000 ounces of gold and 15 million pounds of copper in Q3, with gold production costs now expected to be between $1,050 and $1,100 per ounce for the full year [66] - Oksut exceeded expectations with over 86,000 ounces of gold produced in Q3, and full-year production guidance has been increased to 190,000 to 200,000 ounces [49][67] - The Molybdenum Business Unit sold approximately 2.7 million pounds of molybdenum at an average price of $24.08 per pound, generating $68 million in revenue [51] Market Data and Key Metrics Changes - The average realized price for gold was $1,741 per ounce, and for copper, it was $2.99 per pound, reflecting the existing stream arrangements for Mount Milligan [69] - Cash provided by operating activities was $167 million in Q3, with free cash flow of $144 million, driven by strong performance at Oksut [70] Company Strategy and Development Direction - The company is focused on funding capital returns to shareholders, investing in internal growth projects, and evaluating external growth opportunities while maintaining a significant cash balance [45] - A comprehensive asset optimization review has been launched to improve safety, productivity, and cost efficiencies, expected to be completed in 2024 [48] - The company plans to continue operational and technical improvements at Mount Milligan to unlock its full potential, with expectations for higher gold production in 2024 [63] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, expecting to generate robust free cash flow in Q4 and further increase cash balances [13] - The company noted that recoveries for gold and copper are expected to be similar to those achieved in 2023, with ongoing metallurgical reviews aimed at increasing recoveries [47] - Management highlighted the successful ramp-up at Oksut and the positive cash generation potential in the upcoming quarters [29] Other Important Information - Centerra published its 2022 annual ESG report in Q3, emphasizing its commitment to sustainable and responsible mining practices [5] - The company congratulated the Mount Milligan team for receiving the BC Mine Reclamation Award for Outstanding Reclamation Achievement in 2023 [8] Q&A Session Summary Question: Can you provide insights on Mount Milligan for 2024? - Management indicated that recoveries will be similar to 2023, with expectations for higher gold production due to feeding higher-grade gold [17][18] Question: What is the working capital adjustment for Oksut in Q4? - Management noted that October was a strong month and that they are on track, with high lead solution grades expected to decrease as planned [23][24] Question: What is the outlook for the Molybdenum Business Unit? - Management stated that they do not expect significant cash outlay in Q4 and are hopeful for a return of working capital due to molybdenum price fluctuations [83]

Financial Data and Key Metrics Changes - The company reported a net loss from continuing operations of $40 million, equating to a loss of $0.18 per share, with an adjusted net loss of $42 million or a loss of $0.20 per share [36][38] - Net revenue for the quarter was $185 million, with gold sales of 48,155 ounces and copper sales of 12.8 million pounds, reflecting a 22% decrease in gold sales compared to production due to delays from Turkish national holidays [38][39] - Consolidated all-in sustaining costs on a byproduct basis for the quarter were $1,711 per ounce, with full-year guidance expected to be in the range of $1,000 to $1,050 per ounce [40] Business Line Data and Key Metrics Changes - Mount Milligan produced over 40,000 ounces of gold in Q2 2023, a 24% increase from the previous quarter, and produced 13.8 million pounds of copper [23] - Öksüt produced just over 20,000 ounces of gold in Q2 2023, with full-year production guidance set between 180,000 and 190,000 ounces [31][34] - The Molybdenum Business Unit sold approximately three million pounds of molybdenum, generating revenue of $76 million [40] Market Data and Key Metrics Changes - The average realized price for gold was $1,532 per ounce, while copper was $2.56 per pound [39] - The Turkish government increased the corporate income tax rate from 20% to 25%, retroactive to January 1, 2023, which is expected to result in an incremental $0.9 million in cash taxes for the first half of 2023 [43] Company Strategy and Development Direction - The company is focused on developing a comprehensive value-maximizing strategic plan, including evaluating the Molybdenum Business Unit and assessing opportunities for growth in gold production [15][16] - A strategic pivot at the Goldfield project will focus on oxide and transition material to achieve a lower capital expenditure flow sheet and maximize returns [17][19] - The company aims to optimize shareholder value through a capital allocation framework that includes returning capital to shareholders, investing in internal projects, and exploring external M&A opportunities [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the opportunities ahead, particularly following the approval of an Environmental Impact Assessment for the Öksüt mine, which is expected to contribute significantly to production in the second half of the year [13][14] - The company anticipates elevated production levels well into the first half of 2024, transitioning to a normal state by 2025 [5][100] - Management acknowledged inflationary pressures but noted that inflation has abated to more normal levels compared to the significant inflation experienced in 2021 and early 2022 [60] Other Important Information - The company achieved full conformance with the World Gold Council's responsible gold mining principles during its year three assessment, reflecting its commitment to sustainable mining practices [21] - Capital expenditures in Q2 were $23 million, with full-year guidance expected to be between $90 million and $115 million [42] Q&A Session Summary Question: Discussion on organic vs inorganic growth opportunities - Management indicated a focus on evaluating current assets for value and is open to M&A opportunities that align with their skill set [54][55] Question: Cost increases and inflationary pressures - Management confirmed that the increase in all-in sustaining costs is primarily due to lower gold production and mine sequencing issues [57][59] Question: Strategic direction regarding non-producing assets - Management reaffirmed the company's commitment to remain primarily a gold producer while exploring value in base metals and molybdenum [65][66] Question: Update on Goldfield project and exploration potential - Management highlighted the focus on oxide material and the potential for additional mineralization, leading to an increased exploration budget [75][77] Question: Molybdenum business strategy and potential sale - Management noted strong fundamentals for molybdenum and plans to demonstrate value before considering any sale or M&A opportunities [79][81]

Mount Milligan Öksüt Goldfield n a first Caution Regarding Forward Looking Information Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Centerra, are inherently subject to significant technical, political, business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward- looking information. Factors and assumptions th ...

Centerra Gold Inc. (NYSE:CGAU) Q1 2023 Earnings Conference Call May 15, 2023 11:00 AM ET Company Participants Toby Caron - Treasurer and Director, Investor Relations Michael Parrett - Chair and Director Paul Tomory - President and Chief Executive Officer Paul Wright - Director Darren Millman - Chief Financial Officer Conference Call Participants Mike Parkin - National Bank Anita Soni - CIBC Markets Operator Greetings and welcome to the Q1 2023 Results Conference Call. [Operator Instructions] As a reminder t ...

NEWS RELEASE Centerra Gold Reports First Quarter Results All figures are in United States dollars. All production figures reflect payable metal quantities and are on a 100%-basis, unless otherwise stated. For references denoted with NG, refer to the "Non-GAAP and Other Financial Measures" disclosure at the end of this news release for a description of these measures. Toronto, Canada, May 15, 2023: Centerra Gold Inc. ("Centerra" or the "Company") (TSX: CG and NYSE: CGAU) today reported its first quarter 2023 ...

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 ...