Centerra Gold Announces 2024 Year-End Mineral Reserves and Resources, Including an Initial Resource at Goldfield; Provides Exploration Update

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].