Centerra Gold Inc. · TSX:CG
Centerra Gold — Q4 2025 Earnings Presentation
15 slides from Centerra Gold's earnings presentation, Feb 20, 2026
Slide 1: Building a Strong Platform for Future Growth
TSX CG NYSE CGAU BUILDING A STRONG PLATFORM FOR FUTURE GROWTH Fourth Quarter 2025 Results Conference Call & Webcast FEBRUARY 20, 2026
Slide 2: Cautionary Statement on Forward Looking Information
Cautionary Statement on Forward Looking Information All statements, other than statements of historical fact contained or incorporated by reference in this document, which address events, results, outcomes or developments that the Company expects to occur are, or may be deemed to be, forward-looking
Slide 3: Use of Non-GAAP and Other Specified Financial Measures
Use of Non-GAAP and Other Specified Financial Measures This document contains “specified financial measures” within the meaning of NI 52-112, specifically the non-GAAP financial measures, non-GAAP ratios and supplementary financial measures described below. Management believes that the use of these
Slide 4: Q4 2025 Summary
Q4 2025 Summary Centerra delivered strong annual production and outperformed annual cost guidance Q4 2025 HIGHLIGHTS FULL YEAR 2025 HIGHLIGHTS Strong operational execution in Q4 2025 Exceeded midpoint of consolidated gold production guidance; Outperformed cost guidance ranges Q4 production: 70,853 o
Slide 5: Kemess Preliminary Economic Assessment Summary
Kemess Preliminary Economic Assessment Summary(1) Kemess PEA shows robust economics, including $1.1B after-tax NPV5% and 16% IRR based on $3,000/oz Au and $4.50/lb Cu price(1); At spot commodity prices(3) the after-tax NPV5% increases to $2.8B KEMESS EXPANDED MINERAL RESOURCE STRONG PROJECT ECONOMIC
Slide 6: Kemess Mineralization Cross Section
Kemess Mineralization Cross Section The Kemess property benefits from significant exploration upside potential in the deep Kemess Offset zone and along the Kemess East trend 6
Slide 7: Kemess Capital Investment
Kemess Capital Investment Kemess has a lower execution risk resulting from existing infrastructure and a staged capital investment Site Infrastructure STAGED CAPITAL INVESTMENT AT KEMESS Kemess’s capital profile is structured to reflect the project’s development sequence, with $771M in initial non-s
Slide 8: Sustainability Highlights
Sustainability Highlights Advancing responsible operations through permitting certainty and strong community impact MOUNT MILLIGAN PERMIT APPROVALS ÖKSÜT SOCIAL PERFORMANCE AWARDS Successful receipt of all required permits to allow for continuation Öksüt won 9 awards across four leading internationa
Slide 9: Mount Milligan Operating Highlights
Mount Milligan Operating Highlights 2025 gold and copper production in line with guidance; Costs outperformed the guidance range Q4 AND FULL YEAR 2025 HIGHLIGHTS Operating Highlights Q4 2025 Q4 2025 YTD Production: Tonnes mined (000s) 11,134 46,857 Q4 2025: 44,105 ounces gold and 13.0M pounds copper
Slide 10: Öksüt Mine Operating Highlights
Öksüt Mine Operating Highlights 2025 production and costs outperformed guidance ranges Q4 AND FULL YEAR 2025 HIGHLIGHTS Operating Highlights Production: Q4 2025 Q4 2025 YTD Q4 2025: 26,748 ounces of gold Tonnes mined (000s) 5,296 17,950 FY 2025: 127,734 ounces of gold Tonnes ore mined (000s) 633 4,4
Slide 11: Thompson Creek Restart: Q4 2025 Highlights
Thompson Creek Restart: Q4 2025 Highlights Updated project cost estimate of $425-$450M; Schedule remains on track for first production in mid-2027 THOMPSON CREEK RESTART HIGHLIGHTS Capital Expenditures Q4 2025 Non-sustaining capital expenditures(1): $51 million Total non-sustaining capital expenditu
Slide 12: Financial Results
Financial Results Financials ($M, except as noted) Q4 2025 Q4 2025 YTD Net earnings (loss) $192.8 $584.0 Net earnings (loss) per common share - $/share basic(2) $0.96 $2.85 Adjusted net earnings (loss)(1) $83.2 $228.6 Adjusted net earnings (loss) per common share - $/share basic(1,2) $0.41 $1.12 Gol
Slide 13: Financial Highlights
Financial Highlights Strong cash flow generation from Mount Milligan and Öksüt in Q4 2025; Total liquidity of $929 million Q4 2025 CASH GENERATION $120 Cash Credit 103 $100 $529M Facility 85 $400M $80 57 54 $60 44 $40 TOTAL $M $20 12 LIQUIDITY(2) $929M $0 -$20 -15 -$40 -$60 -61 -$80 (1) Cash Provide
Slide 14: 2026 Guidance
2026 Guidance 2026 Consolidated Guidance 2025 Actuals 2026 Guidance Gold Production (Koz) 275 250 – 280 Copper Production(2,3,4) (Mlb) 50 50 – 60 Gold Production Costs ($/oz) 1,297 1,500 – 1,600 All-in Sustaining Costs on a by-product basis(1,3,4) ($/oz) 1,614 1,650 – 1,750 Additions to PP&E ($M) 29
Slide 15: Questions
TSX CG NYSE CGAU QUESTIONS 1 University Avenue, Suite 1800 phone 416-204-1953 Toronto, Ontario M5J 2P1 fax 416-204-1954 email investor@centerragold.com