Core Viewpoint - Centerra Gold Inc. reported its first quarter 2025 operating and financial results, highlighting positive free cash flow, unchanged production guidance, and ongoing project advancements, particularly at the Kemess project [2][3]. Operations - Consolidated gold production for Q1 2025 was 59,379 ounces, with 35,880 ounces from Mount Milligan and 23,499 ounces from Öksüt [6][11]. - Copper production in the quarter was 11.6 million pounds [6]. - Mount Milligan produced 35,880 ounces of gold and 11.6 million pounds of copper, lower than planned due to lower gold grades [23]. - Öksüt produced 23,499 ounces of gold, also lower than planned due to lower grades and unfavorable weather conditions [27]. Financial - First quarter 2025 revenue was $299.5 million, a decrease of 2% from $305.8 million in Q1 2024 [9]. - Net earnings for Q1 2025 were $30.5 million, or $0.15 per share, down 54% from $66.4 million in Q1 2024 [11]. - Cash provided by operating activities was $58.6 million, with free cash flow of $10.0 million [11]. - The company maintained a strong cash position of $608 million, ensuring financial flexibility for ongoing projects [3][10]. Growth Initiatives - The company is advancing a Preliminary Economic Assessment on the Kemess project, expected to be completed by the end of 2025 [3]. - The updated mineral resource at Kemess includes 2.7 million ounces of indicated gold resources and 971 million pounds of indicated copper resources [8]. - Exploration guidance for Kemess has been doubled to between $10 million and $12 million for 2025, focusing on infill drilling and high-grade mineralization [3][8]. Capital Expenditures - Total capital expenditures in Q1 2025 were $46.9 million, with $68.1 million in additions to property, plant, and equipment [11]. - Non-sustaining capital expenditures were $25.8 million, primarily related to the restart of Thompson Creek [11][33]. Guidance - The company maintains its 2025 production guidance of 270,000 to 310,000 ounces of gold and 50 to 60 million pounds of copper [15][16]. - Gold production costs for Q1 2025 were $1,271 per ounce, with all-in sustaining costs of $1,491 per ounce [11][16].

Group 1 - The article introduces Centerra Gold (NYSE: CGAU) as the first metals producer added to a value portfolio, highlighting its operations in gold, copper, and molybdenum production and refining across Canada, the US, and Turkey [1] Group 2 - The author has a beneficial long position in CGAU shares, indicating a personal investment interest in the company [3]

Core Viewpoint - Centerra Gold Inc. has filed its 2024 annual report with the U.S. Securities and Exchange Commission, which includes the annual information form, audited financial statements, and management's discussion and analysis [1][2] Group 1: Regulatory Filings - The 2024 annual information form, audited financial statements, and management's discussion and analysis have also been filed with Canadian securities regulatory authorities and are accessible through SEDAR+ [2] - The filings are available on the company's website, and hard copies of the annual audited financial statements can be requested by shareholders at no charge [2] Group 2: Company Overview - Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring, and acquiring gold and copper properties in North America, Türkiye, and other global markets [3] - The company operates two mines: the Mount Milligan Mine in British Columbia, Canada, and the Öksüt Mine in Türkiye, and also owns the Kemess Project in British Columbia and the Goldfield Project in Nevada [3] - Centerra's shares are traded on the Toronto Stock Exchange under the symbol CG and on the New York Stock Exchange under the symbol CGAU [3]

Company Leadership Changes - Centerra Gold Inc. has appointed David Hendriks as Executive Vice President and Chief Operating Officer, effective April 15, 2025, following the departure of Paul Chawrun on March 31, 2025 [1][2] - Paul Tomory, President and CEO, acknowledged Paul Chawrun's significant contributions since joining in 2022, particularly in delivering safe operating results and leading the Mount Milligan site optimization program [2] Executive Profile - David Hendriks brings over 30 years of mining industry experience, having held leadership roles at Calibre Mining and Kinross Gold, and most recently served as Senior Vice President of Nicaraguan Operations at Calibre Mining [2] - Hendriks has a strong background in overseeing multi-site operations, driving production growth, and advancing sustainability initiatives [2] Company Overview - Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring, and acquiring gold and copper properties in North America, Türkiye, and other global markets [3] - The company operates two mines: the Mount Milligan Mine in British Columbia, Canada, and the Öksüt Mine in Türkiye, and also owns the Kemess Project in British Columbia and the Goldfield Project in Nevada [3]

Financial Data and Key Metrics Changes - In Q4 2024, Centerra Gold produced over 73,000 ounces of gold and 12.8 million pounds of copper, generating strong free cash flow and increasing cash balance to $625 million [9][10] - Adjusted net earnings for Q4 were $37 million or $0.17 per share, with consolidated all-in sustaining costs at $1,296 per ounce [32][33] - Full year 2024 all-in sustaining costs were $1,148 per ounce, in line with guidance [33] Business Line Data and Key Metrics Changes - Mount Milligan produced almost 38,000 ounces of payable gold and 12.8 million pounds of payable copper in Q4, with full year production below guidance due to lower grades [20][21] - Öksüt produced over 35,000 ounces in Q4 and over 200,000 ounces for the full year, with all-in sustaining costs at $1,327 per ounce in Q4 [26][27] - Thompson Creek's restart activities are on track, with detailed engineering work initiated and a target for first production in the second half of 2027 [30] Market Data and Key Metrics Changes - The average realized price for gold was $2,207 per ounce and for copper was $2.88 per pound in Q4 [32] - Molybdenum sales in Q4 were approximately 2.9 million pounds at an average realized price of $22.67 per pound [32] Company Strategy and Development Direction - The company is focused on maximizing asset value, particularly through Mount Milligan and Kemess, with plans for a pre-feasibility study for Mount Milligan [12][13] - Centerra is committed to responsible mining and sustainability initiatives, including greenhouse gas reduction strategies [17][18] - The company is exploring strategic options for Goldfield, which is currently on hold due to insufficient resource size [11][82] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of Mount Milligan and Kemess, highlighting the potential for increased reserves and production [13][14] - The company remains disciplined in capital allocation, prioritizing investments in gold growth while maintaining dividends and share buybacks [52][36] - Management noted that the permitting process for critical mineral projects is being streamlined, which is encouraging for future operations [17] Other Important Information - Centerra's cash balance at the end of the year was $625 million, providing total liquidity of over $1 billion [37] - The company plans to spend $35 million to $45 million on exploration in 2025, focusing on both Brownfield and Greenfield programs [40] Q&A Session Summary Question: Future growth in gold and potential M&A - Management confirmed that gold remains the primary focus and they are looking to unlock value within existing assets before considering M&A opportunities [45][46] Question: Capital return strategy amid rising gold prices - Management stated they are committed to share buybacks and dividends while prioritizing capital allocation towards gold growth projects [50][52] Question: Gold recoveries at Mount Milligan - Management acknowledged lower recoveries in Q4 but indicated improvements are expected as they optimize mining strategies [54][56] Question: Impact of tariffs on Milligan costs - Management expressed confidence that tariffs would not significantly impact costs, as most suppliers are Canadian [60][62] Question: Reserve and resource update at Mount Milligan - Management explained that the increase in grade was due to tighter domain modeling, which resulted in lower ore amounts but higher grades [66][70] Question: Strategy for Goldfield and potential sale - Management indicated Goldfield is on hold for now, but they are open to strategic options such as a sale or joint venture [82] Question: Update on molybdenum operations - Management expressed confidence in the molybdenum business and indicated openness to strategic partnerships if they meet valuation requirements [86] Question: Potential for extending Öksüt's reserve life - Management noted limited exploration potential at Öksüt but acknowledged the possibility of residual leaching from stockpiled inventory [88] Question: Opportunities for additional ounces at Öksüt - Management clarified that while there are no significant opportunities for reclassifying waste as ore, they continuously evaluate operational efficiencies [96][97]

TSX CG NYSE CGAU STRONG PLATFORM BUILDING A FOR FUTURE GROWTH Fourth Quarter 2024 Results Conference Call & Webcast FEBRUARY 21, 2025 Caution Regarding Forward Looking Information This document contains or incorporates by reference "forward-looking statements" and "forward-looking information" as defined under applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, which address events, results, outcomes or developments that the Company expects to occur ...

Financial Performance - Revenue for 2024 increased to $1,214,503,000, up 10.9% from $1,094,897,000 in 2023[31] - Net earnings for 2024 were $80,394,000 compared to a net loss of $81,278,000 in 2023, marking a significant turnaround[31] - Earnings from mine operations rose to $378,048,000 in 2024, a 42.9% increase from $264,005,000 in 2023[31] - Total comprehensive income for 2024 was $61,748,000, compared to a loss of $70,504,000 in 2023[31] - Gold revenue increased to $764.9 million in 2024, up from $598.7 million in 2023, reflecting a significant growth of 27.8%[176] Assets and Liabilities - Centerra Gold Inc. reported total assets of $2,265,133,000 as of December 31, 2024, a decrease from $2,280,766,000 in 2023, reflecting a decline of approximately 0.7%[29] - Current liabilities decreased to $283,880,000 in 2024 from $297,437,000 in 2023, a reduction of about 4.5%[29] - The company’s property, plant, and equipment decreased to $1,101,536,000 in 2024 from $1,237,506,000 in 2023, a decline of approximately 11%[29] - The company’s total liabilities and shareholders' equity remained consistent at $2,265,133,000 in 2024, matching the total assets[29] - Total inventories decreased to $234.2 million in 2024 from $257.3 million in 2023, with significant reductions in gold in-circuit and ore on leach pads[162] Cash Flow and Investments - Cash and cash equivalents increased to $624,673,000 in 2024 from $612,941,000 in 2023, representing a growth of about 1.2%[29] - Cash provided by operating activities increased to $298,401,000 in 2024, compared to $245,597,000 in 2023, reflecting improved operational efficiency[32] - The company capitalized $174.8 million in additions to property, plant, and equipment (PP&E) for 2024, compared to $121.7 million in 2023[165] - The company repurchased 6,731,430 shares at a cost of $44,053,000 during 2024[33] - The company received bank interest income of $29.3 million in 2024, an increase from $18.4 million in 2023[201] Shareholder Returns - Dividends paid in 2024 amounted to $43,510,000, slightly down from $44,907,000 in 2023[32] - Basic earnings per share improved to $0.38 in 2024 from a loss of $0.37 in 2023, while diluted earnings per share rose to $0.35 from a loss of $0.38[190] - The company initiated an Automatic Share Purchase Plan with a maximum repurchase value of $7.6 million for the period ending February 25, 2025[188] Impairments and Provisions - The company incurred an impairment loss of $193,564,000 in 2024, significantly higher than the $34,101,000 recorded in 2023[31] - Provisions for reclamation are recognized at the time of environmental disturbance, with major costs related to tailings facilities and ongoing water treatment[79] - The reclamation recovery recognized for 2024 was $25.3 million, a significant improvement from a reclamation expense of $34.4 million in 2023[171] Agreements and Contracts - Centerra entered into an Additional Royal Gold Agreement on February 13, 2024, which involves increased cash payments for gold and copper delivered, impacting future revenue recognition[19] - The fair value of the financial asset from the Additional Royal Gold Agreement will be re-measured at each reporting date, with changes recorded as gains or losses in operating expenses[19] - The Company delivers 35% of gold ounces and 18.75% of copper produced to Royal Gold under the Mount Milligan Mine Streaming Agreement, with Royal Gold paying US$435 per ounce of gold delivered[101] Taxation and Deferred Tax - The Company recognized deferred tax assets for unused tax losses and tax credits, contingent on the likelihood of future taxable profits being available for utilization[115] - Total income tax expense for 2024 was $93,663, a marginal decrease from $94,912 in 2023, with current income tax expense increasing to $87,456 from $85,672[181] - The net deferred income tax assets increased to $41,733 in 2024 from $41,091 in 2023, indicating stable tax asset management[183] Stock Options and Equity - As of December 31, 2024, Centerra had 2,542,451 stock options outstanding with a weighted average exercise price of C$8.25, down from 2,930,958 options in 2023[194] - The company granted 737,202 stock options in 2024 at an average exercise price of C$7.01, compared to 564,499 options granted in 2023 at C$8.30[194] - Centerra's Performance Share Units (PSUs) increased to 1,311,423 units by the end of 2024, up from 1,164,075 units at the beginning of the year[196] Operational Efficiency - Other operating expenses significantly decreased to $2,421 in 2024 from $29,578 in 2023, primarily due to reduced selling and marketing costs[178] - Changes in working capital resulted in a total increase of $27.01 million in 2024, compared to $43.24 million in 2023[202] - The company reported a total finance cost of $14,664 in 2024, a slight decrease from $15,345 in 2023[180]

Core Insights - Centerra Gold Inc. announced its year-end estimates for mineral reserves and resources for 2024, reporting proven and probable gold reserves of 3.5 million ounces and copper reserves of 1,150 million pounds as of December 31, 2024 [2][5]. Mineral Reserves and Resources Summary - Total proven and probable gold mineral reserves increased to 3,488 thousand ounces in 2024 from 3,641 thousand ounces in 2023, with a decrease in average grade from 0.41 g/t to 0.38 g/t [3][30]. - The Mount Milligan Mine contributed 2,826 thousand ounces of gold reserves, while the Öksüt Mine contributed 662 thousand ounces [3][30]. - Measured and indicated gold mineral resources totaled 6,759 thousand ounces, with a slight decrease from 6,880 thousand ounces in 2023 [3][31]. - Proven and probable copper mineral reserves at Mount Milligan increased to 1,150 million pounds, up from 961 million pounds in 2023, with an increase in average grade from 0.17% to 0.20% [5][35]. Project Updates - The Mount Milligan Mine's life has been extended to 2036 through the upgrade of mineral resources and the use of mined-out areas for waste storage [3][4]. - The Kemess Project is undergoing evaluation for potential restart options, with a focus on a combined open pit and underground operation that is expected to be less capital intensive [4][21]. - The Goldfield Project reported an initial measured and indicated gold mineral resource of 706 thousand ounces, with metallurgical testwork indicating recoveries in the mid-60% range [4][23]. Exploration Activities - In 2024, Centerra conducted extensive exploration activities, including 72.3 kilometers of drilling across various projects, with a focus on Mount Milligan and Kemess [8][11]. - The 2025 exploration budget is projected to be between $35 to $45 million, with significant allocations for both brownfield and greenfield exploration [11][29]. - Significant drill results from Mount Milligan included multiple intersections of gold and copper mineralization, confirming the potential for resource expansion [19][20]. Future Outlook - Centerra plans to provide an updated resource estimate and technical concept for the Kemess Project in the second quarter of 2025, following the incorporation of 2024 drilling results [4][21]. - The company remains committed to maximizing the potential of the Goldfield Project while exploring strategic options for its development [4][23].

Core Viewpoint - Centerra Gold Inc. reported its fourth quarter 2024 operating and financial results, highlighting steady production levels and strong cash flow generation, while providing guidance for 2025 production and costs [2][3][4]. Financial Performance - In Q4 2024, Centerra's consolidated gold production was 73,224 ounces, with full-year production at 368,104 ounces, near the low end of guidance [5][12]. - The average realized gold price in Q4 2024 was $2,207 per ounce, while the average realized copper price was $2.88 per pound [5][12]. - The company reported a net loss of $52.5 million in Q4 2024, with adjusted net earnings of $36.6 million [9][12]. - Cash provided by operating activities in Q4 2024 was $92.8 million, with free cash flow of $47.0 million [9][12]. Production and Costs - For 2025, gold production is expected to be between 270,000 to 310,000 ounces, with copper production projected at 50 to 60 million pounds [13][16]. - Consolidated gold production costs for 2025 are anticipated to be $1,100 to $1,200 per ounce, with all-in sustaining costs (AISC) projected at $1,400 to $1,500 per ounce [13][16]. - The company aims to protect margins through optimization initiatives at its sites, particularly at Mount Milligan [4][13]. Capital Expenditures - In Q4 2024, total capital expenditures were $46.5 million, with sustaining capital expenditures at $19.5 million [6][12]. - For 2025, sustaining capital expenditures are expected to be between $98 to $120 million, while non-sustaining capital expenditures are projected at $140 to $160 million [13][16]. Operational Highlights - Mount Milligan produced 37,660 ounces of gold and 12.8 million pounds of copper in Q4 2024, with full-year production at 167,579 ounces of gold and 54.3 million pounds of copper [23][24]. - Öksüt produced 35,564 ounces of gold in Q4 2024, with full-year production at 200,525 ounces [35][39]. - The company is optimistic about the potential for long-term operations at Mount Milligan, with ongoing technical studies and a prefeasibility study planned for 2025 [4][32][34]. Strategic Initiatives - Centerra is focused on the restart of Thompson Creek, with an initial capital investment of approximately $397 million required [44][47]. - The company has renewed its normal course issuer bid (NCIB) to repurchase up to 18,800,929 common shares, representing 10% of the public float [9][12]. - Centerra is also evaluating the Kemess project, which has substantial gold and copper resources, and is updating its resource model based on a recent drilling campaign [55].

Core Viewpoint - Dryden Gold Corp. has successfully completed a C$3.38 million non-brokered private placement, with Centerra Gold acquiring approximately 9.9% of the company's common shares [2][3][4]. Group 1: Private Placement Details - The private placement involved the issuance of 14,930,000 common shares, including 11,988,824 charity flow-through common shares at a price of C$0.24 each and 2,941,176 hard dollar common shares at a price of C$0.17 each, resulting in total proceeds of C$3,377,317 [3][4]. - Centerra Gold was the end purchaser of all common shares issued in the offering, and no finder's fees were paid [4]. Group 2: Use of Proceeds - The proceeds from the offering will be allocated to advance exploration activities at Dryden Gold's 70,000-hectare property located in northwest Ontario [5]. Group 3: Strategic Partnership - Dryden Gold and Centerra Gold have entered into an investor rights agreement, granting Centerra certain rights to participate in future equity issuances to maintain its ownership stake in the company [3][4].