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].

Core Viewpoint - Viscount Mining Corp. has initiated a drill program at its Cherry Creek property in Nevada, in partnership with Centerra Gold Inc. [1] Group 1: Drill Program Details - The first target of the drill program is an area with significant molybdenum and gold geochemical anomalies, underlain by gold-bearing jasperoid [2] - The magnetic anomaly at the first target suggests the presence of a mineralized porphyry at depth, which could be responsible for the silver and base metal veins in the district [3] - The second target aims to explore the continuation of the mineralized Exchequer Fault zone, which is believed to be a key structure for gold mineralization in the area [4] - The drill program will consist of approximately seven Reverse Circulation (RC) drill holes, totaling 1,500 meters of drilling [5] Group 2: Company Overview - Viscount Mining is a project generator and exploration company with a portfolio of silver and gold properties in the Western United States, including the Cherry Creek property in Nevada and Silver Cliff in Colorado [7] - The Cherry Creek property includes 578 unpatented and 17 patented claims, with a history of past production from over 20 mines [9]

NCIB Details - Centerra Gold Inc has renewed its normal course issuer bid (NCIB) to purchase up to 18,800,929 common shares, representing approximately 8.9% of its total issued and outstanding common shares or 10% of the public float [1] - The NCIB will be active from November 7, 2024, to November 6, 2025, with daily purchases limited to 213,230 common shares, excluding block purchase exemptions [2] - The company is not obligated to acquire any common shares and may suspend or discontinue purchases at any time depending on market conditions [2] Previous NCIB Performance - Under the previous NCIB, Centerra repurchased 5,799,800 common shares at a volume-weighted average price of $8.74 per share [2] - The previous NCIB authorized the purchase of up to 18,293,896 common shares and expires on November 6, 2024 [2] Automatic Share Purchase Plan - Centerra plans to establish an automatic share purchase plan to facilitate share repurchases during regulatory black-out periods or self-imposed restrictions [3] - The company may instruct its designated broker to make purchases based on predefined parameters during these periods [3] Rationale for NCIB - Centerra believes its common shares are undervalued relative to its assets and future prospects [4] - The NCIB provides a flexible tool to deploy cash balances for share repurchases while maintaining a strong balance sheet [4] Company Overview - Centerra Gold Inc is a Canadian-based gold mining company operating in North America, Türkiye, and other global markets [5] - The company operates two mines: Mount Milligan Mine in British Columbia, Canada, and Öksüt Mine in Türkiye [5] - Centerra also owns the Goldfield District Project in Nevada, the Kemess Project in British Columbia, and the Molybdenum Business Unit in the US and Canada [5] - The company's shares trade on the TSX under the symbol CG and on the NYSE under the symbol CGAU [5]

TSX CG NYSE CGAU BUILDING A STRONG PLATFORM FOR FUTURE GROWTH Third Quarter 2024 Results Conference Call & Webcast NOVEMBER 1, 2024 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 a ...

Financial Data and Key Metrics Changes - In Q3 2024, the company produced over 93,000 ounces of gold and 13.7 million pounds of copper, with cash and cash equivalents growing to $604 million despite spending approximately $32 million on the restart of operations at Thompson Creek [6][35] - Adjusted net earnings for Q3 were $39 million or $0.19 per share, with sales of 96,736 ounces of gold and 14.2 million pounds of copper, representing increases of 16% and 21% respectively compared to the previous quarter [29][30] - Consolidated all-in sustaining costs on a by-product basis were $1,302 per ounce in Q3, with full-year consolidated cost guidance remaining unchanged [30][31] Business Line Data and Key Metrics Changes - Mount Milligan produced almost 43,000 ounces of payable gold and 13.7 million pounds of payable copper in Q3, with gold and copper sales up 46% and 21% quarter-over-quarter [21] - Öksüt's Q3 production was over 50,000 ounces, consistent with the previous quarter, but Q4 production is expected to come from lower grade areas, contributing only 15% to 20% of annual production [25][26] - The molybdenum business unit sold approximately 2.4 million pounds of molybdenum at an average realized price of $23.27 per pound [30] Market Data and Key Metrics Changes - The average realized price for gold was $2,206 per ounce and for copper was $3.37 per pound in Q3, reflecting the existing streaming arrangements at Mount Milligan [29] - The company expects to maintain a strong cash balance of $604 million, providing total liquidity of $1 billion to execute its strategic plan [35] Company Strategy and Development Direction - The company is focused on maximizing the value of its assets, with significant progress on the strategic plan, including the restart of operations at Thompson Creek and the evaluation of Mount Milligan's long-term potential [7][14] - The restart of Thompson Creek is expected to produce an after-tax NPV of $472 million and a 22% IRR, with capital investment of $397 million planned over the next three years [10][13] - The company is also pursuing organic growth projects, including Goldfield and Kemess, while continuing to optimize operations at Mount Milligan [14][15] Management's Comments on Operating Environment and Future Outlook - Management noted that the company is on track to meet its consolidated production and cost guidance for the year, benefiting from margin expansion in an elevated metal price environment [6][35] - The management team expressed optimism about the future, highlighting ongoing efforts in ESG initiatives and community engagement [16][19] Other Important Information - The company is conducting a preliminary economic assessment for Mount Milligan, expected to be completed by the end of the first half of 2025 [8] - ESG achievements include collaboration with First Nation partners to enhance employment opportunities and support for women entrepreneurs [17][19] Q&A Session Summary Question: Recovery at Mount Milligan - Management acknowledged that oxidized material impacted gold recovery in Q3, but expects improvements in Q4 as they move deeper into the deposit [40] Question: Cost Increases - The increase in mining costs was attributed to timing on equipment refurbishment and some increases in consumables, but overall productivity indicators remain on track [46] Question: Inventory Levels - The increase in gold inventory at Mount Milligan is related to shipment timing, and management expects levels to normalize in Q4 [39] Question: Optimization at Mount Milligan - The company is implementing a real-time optimization system called Float IQ to improve gold recoveries, aiming for mid-60% recovery rates [50][52] Question: Inflation in Turkey - Management noted that inflation in Turkey is elevated, and while costs may increase, they expect to manage within current guidance for 2024 [65] Question: Öksüt Grades - The grades expected in Q4 will likely continue into 2025, reflecting the overall production profile outlined in previous communications [67] Question: Royalty Pressure - There has been no indication of pressure from the government to revisit royalty structures despite higher metal prices [71]

Management's Discussion and Analysis For the Three and Nine Months Ended September 30, 2024 and 2023 This Management's Discussion and Analysis ("MD&A") has been prepared as of October 31, 2024 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 and nine months ended September 30, 2024 in comparison with the corresponding period ended September 30, 2023. This discussion should be read in conjunction with the ...

Core Viewpoint - Centerra Gold Inc. reported strong operational performance in Q3 2024, achieving significant production and cash flow growth while maintaining cost guidance for the year [2][4][5]. Operations - Consolidated gold production reached 93,712 ounces in Q3 2024, with contributions of 42,993 ounces from Mount Milligan and 50,719 ounces from Öksüt [4]. - Copper production for the quarter was 13.7 million pounds, with year-to-date totals of 294,880 ounces of gold and 41.6 million pounds of copper [4]. - The company maintained its full-year production guidance of 370,000 to 410,000 ounces of gold and 55 to 65 million pounds of copper [4][10]. Financial Performance - Q3 2024 net earnings were $28.8 million, or $0.14 per share, with adjusted net earnings of $38.6 million, or $0.19 per share [5]. - Cash provided by operating activities was $103.6 million, and free cash flow was $37.4 million for the quarter [5]. - Total liquidity as of September 30, 2024, was $1,004.3 million, including $604.3 million in cash [5]. Capital Expenditures - Total capital expenditures in Q3 2024 were $60.5 million, with sustaining capital expenditures of $35.3 million and non-sustaining expenditures of $25.2 million [7][22]. - The company plans to continue investing in its operations, particularly at Mount Milligan and Öksüt, to enhance production capabilities [17][22]. Strategic Developments - Centerra announced a strategic plan for its Molybdenum Business Unit, including the restart of operations at Thompson Creek and a ramp-up plan for Langeloth [6][24]. - The company is progressing on a preliminary economic assessment for Mount Milligan, expected to be completed by mid-2025, which aims to unlock additional value [3][19]. Shareholder Returns - The company increased share buybacks to $12 million in Q3 2024 and declared a quarterly dividend of C$0.07 per common share [5][6]. - Centerra has returned $65 million to shareholders in the first nine months of 2024, including $32 million in share buybacks and $33 million in dividends [6]. Future Outlook - The company expects to publish an initial resource estimate at Goldfield in early 2025, alongside its year-end reserve and resource update [3]. - Full-year cost guidance remains unchanged, with gold production costs expected to be between $800 to $900 per ounce and all-in sustaining costs between $1,075 to $1,175 per ounce [4][10].

Group 1 - Centerra Gold has been underperforming compared to other gold miners in recent months, which may deter potential investors [1] - Despite its recent struggles, there are positive aspects about Centerra Gold that could appeal to investors [1] Group 2 - The external environment surrounding the gold mining industry is also a factor to consider when evaluating Centerra Gold [1]

Core Viewpoint - Centerra Gold Inc. (CGAU) shows potential for significant upside, with a mean price target of $9.11 indicating a 32.2% increase from the current price of $6.89 [1] Price Targets - The average of 11 short-term price targets ranges from a low of $7.50 to a high of $9.72, with a standard deviation of $0.63, suggesting a consensus among analysts [2] - The lowest estimate indicates an 8.9% increase, while the most optimistic estimate points to a 41.1% upside [2] - A low standard deviation indicates a high degree of agreement among analysts regarding the stock's price movement [7] Analyst Sentiment - Analysts are optimistic about CGAU's earnings prospects, as indicated by upward revisions in EPS estimates, which correlate with potential stock price increases [9] - Over the last 30 days, the Zacks Consensus Estimate for the current year has increased by 4.1%, with three estimates moving higher and no negative revisions [10] - CGAU holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [11] Caution on Price Targets - Solely relying on price targets for investment decisions may not be wise, as empirical research shows that they often mislead investors [5][8] - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations [6]