Centerra Gold Inc. · TSX:CG
Centerra Gold — Q2 2025 Earnings Presentation
59 slides from Centerra Gold's earnings presentation, Aug 7, 2025
Slide 1: Building a Strong Platform for Future Growth
TSX CG NYSE CGAU BUILDING A STRONG PLATFORM FOR FUTURE GROWTH Investor Presentation AUGUST 2025
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: Building a Strong Platform for Future Growth
Building a Strong Platform for Future Growth CONSOLIDATED 2025 GUIDANCE(4) KEMESS PROJECT | BC, CANADA MOUNT MILLIGAN MINE | BC, CANADA Production: 250 – 290Koz Au; 50 – 60Mlbs Cu 2025 Guidance(4) Gold production costs: $1,300 – $1,400/oz 145 – 165Koz Au and 50 – 60Mlbs Cu AISC(1,2): $1,650 – $1,750
Slide 5: Compelling Value Proposition
Compelling Value Proposition Self-funded organic growth pipeline focused on North America, with polymetallic exposure Attractive Growth in North American Favourable Self-Funded Organic Valuation Gold Production Jurisdictions Growth Pipeline Trading at a discounted P/NAV multiple, Focused on North Am
Slide 6: Attractive Resource-Based Valuation
Attractive Resource-Based Valuation Centerra’s mineral resource base(1,3) is Centerra has global resources(1) Centerra has an attractive valuation among the largest of its peers, with an of 19.8 Moz AuEq, of which 96% compared to peers on an EV/global attractive valuation is in Canada and the US res
Slide 7: Executing on Centerra's Strategic Plan
Executing on Centerra’s Strategic Plan Focused on maximizing the value for each asset in the portfolio ÖKSÜT MINE MOUNT MILLIGAN U.S. MOLY Generated just under $500 million of Additional agreement with Royal Gold Restart of Thompson Creek free cash flow(1) since restarting sets favorable terms for p
Slide 8: Future Growth in Gold
Future Growth in Gold Advancing a pipeline of organic gold growth opportunities in North America, which can be self-funded from existing liquidity and cash flow from operations GOLDFIELD PROJECT KEMESS PROJECT EXPLORATION Attractive economics with low Substantial gold and copper resources Brownfield
Slide 9: Gold Production
Centerra’s Conceptual Gold Production Growth Profile(1) Centerra has an organic growth pipeline in gold and copper with a focus in Canada and US, which is expected to be self-funded from existing liquidity and cash flow from operations 2025-2029 2030’s 2040’s Mount PFS: Potential LOM Exploration Mil
Slide 10: Self-Funded Organic Growth and Shareholder Returns
Self-Funded Organic Growth and Shareholder Returns Centerra can fund organic growth LIQUIDITY(1) initiatives and $522M Cash and Cash Equivalents shareholder $400M Credit Facility (undrawn) returns from existing Steady Cash Flow From Operations liquidity SHAREHOLDER ORGANIC GROWTH RETURNS OPPORTUNITI
Slide 11: Upcoming Value Drivers
Upcoming Value Drivers Q3 2025: Prefeasibility Study MOUNT 2025: Site-wide optimization program focused on health & MILLIGAN safety, productivity and cost efficiency opportunities MINE Ongoing: Investment in exploration drilling End of 2025: Kemess Preliminary KEMESS Economic Assessment, based on an
Slide 12: 2025 Exploration Strategy
2025 Exploration Strategy Investing in exploration for future growth $25-30M $15-20M Brownfields Exploration Greenfield and Generative Exploration Programs Mount Milligan (British Columbia) Canada • Drilling to upgrade inferred resource between • British Columbia – JV project QCM, Cauldron Goldmark
Slide 13: Exploration Equity Investments
Exploration Equity Investments Build a portfolio of equity investments to complement internal exploration programs THESIS GOLD INC. (TSX-V: TAU) ADDITIONAL STRATEGIC Additional Strategic EQUITY INVESTMENTS Equity Investments Equity investment for 9.9% of the outstanding shares Thesis is advancing th
Slide 14: Sustainability Highlights
Sustainability Highlights Our Vision is to build a team-based culture of excellence that responsibly delivers sustainable value and growth ENVIRONMENTAL SOCIAL GOVERNANCE Centerra completed a climate resiliency plan Reduced total reportable injury Remain in conformance of the World outlining key cli
Slide 15: Mount Milligan Mine | BC, Canada
Mount Milligan Mine | BC, Canada ASSET DETAILS Central British Columbia, Canada 100% owned 2036 Conventional open pit copper and gold mine; 60ktpd copper flotation plant 35% gold stream, and MINE LIFE Commercial production achieved in February 2014 155km NW of Prince George (Reserves only) 18.75% co
Slide 16: Mount Milligan Prefeasibility Study
Mount Milligan Prefeasibility Study PFS to evaluate the substantial resource with a goal to unlock value beyond the current mine life PREFEASIBILITY STUDY (“PFS”) POTENTIAL FUTURE MINE LIFE EXTENSIONS The study is progressing and is expected to evaluate: In February 2024, Centerra announced a mutual
Slide 17: Exploration Drilling at Mount Milligan
Exploration Drilling at Mount Milligan Exploration drilling program aimed at potentially significantly expanding the mineral resource base MOUNT MILLIGAN EXPLORATION PROGRAM 2025 exploration spending guidance at Mount Milligan: $9 - $12 million. A total of 60 km of drilling is planned for 2025. Cont
Slide 18: Mount Milligan Mineralization Cross Sections
Mount Milligan Mineralization Cross Sections Actively studying 2025 Infill drilling the longer-term focused potential on red circled at Mount Milligan to unlock additional value beyond 2035 areas A A' WEST – EAST MINERALIZED CORRIDOR B B' SOUTHWEST – NORTHEAST MINERALIZED CORRIDOR 18
Slide 19: Mount Milligan Site Optimization: Notable Achievements
Mount Milligan Site Optimization: Notable Achievements Site-wide optimization program with a focus on enhanced safety performance and cash flow improvement OCCUPATIONAL HEALTH & SAFETY MINE PLANT Increased focus on Centerra’s Work Safe / Improved mine performance focused on Increased mill throughout
Slide 20: Highlights of Additional Royal Gold Agreement
Highlights of Additional Royal Gold Agreement(1) Additional agreement with Royal Gold unlocks incremental mineral reserves & resources at Mount Milligan TRANSACTION HIGHLIGHTS Gold and Copper Payments Received from Royal Gold(3) Centerra will receive increased cash payments for Mount Gold Copper Mil
Slide 21: Öksüt Mine | Türkiye
Öksüt Mine | Türkiye DETAILS ON OPERATION Kayseri Province, 100% owned 2029 Open pit heap leach gold mine operation Türkiye Sliding scale NSR MINE LIFE Commercial production achieved in May 2020 295km SE of Ankara royalty to Turkish (Reserves only) Government 2024 OPERATIONAL PERFORMANCE Gold produc
Slide 22: Molybdenum Business Unit
Molybdenum Business Unit U.S. Moly ENDAKO THOMPSON CREEK MINE MINE THOMPSON CREEK LANGELOTH Located in Idaho, among the largest open-pit primary moly mines in the world MINE METALLURGICAL FACILITY 75% Has an existing open pit, on-site mill, established site facilities and equipment fleet 100% 100% o
Slide 23: U.S. Moly Operations Strategy
U.S. Moly Operations Strategy Unlock significant value through the restart of Thompson Creek Mine and a ramp-up of production at Langeloth. Combined value of $472M after-tax NPV8% and 22% IRR based on $20/lb Mo price(5) ROBUST INTEGRATED ECONOMICS(2,5) THOMPSON CREEK FEASIBILITY STUDY(5) Strong econ
Slide 24: Thompson Creek: De-risked Capital Project
Thompson Creek: De-risked Capital Project With infrastructure already in place, Thompson Creek initial capital investment is largely de-risked DE-RISKED CAPITAL PROJECT Capital investment is largely de-risked due to an existing pit, significantly advanced equipment rebuilds and equipment purchases a
Slide 25: Thompson Creek Restart: Q2 2025 Highlights
Thompson Creek Restart: Q2 2025 Highlights Thompson Creek restart activities continued to progress in Q2 2025 THOMPSON CREEK RESTART HIGHLIGHTS Capital Expenditures Q2 2025 Non-sustaining capital expenditures(1): $27 million Since the restart decision in September 2024, non- sustaining capital expen
Slide 26: Metallurgical Facilities Market
Metallurgical Facilities Market Langeloth is a strategic asset given its proximity to North American steel manufacturers LANGELOTH IS A UNIQUE AND STRATEGIC ASSET Given proximity to North American steel manufacturers, the business is important for the area Part of “made in America” story for re-onsh
Slide 27: Langeloth Value Drivers: Capacity Utilization
Langeloth Value Drivers: Capacity Utilization Actively studying Demonstrated the to ability longer-term potential increase Mo at capacity roasting Mount Milligan to unlock additional in a straightforward manner value beyond 2035 HISTORICAL PRODUCTION VOLUME PATH TO INCREASING CAPACITY AT LANGELOTH U
Slide 28: Kemess Project | BC, Canada
Kemess Project | BC, Canada ASSET DETAILS North Central British Columbia, 100% Acquired in Canada owned 2018 Substantial gold and copper resources in the highly prospective Toodoggone mining district in north-central British Columbia 430km NW of Prince George 100% silver royalty Significant existing
Slide 29: Kemess Existing Infrastructure
Kemess Existing Infrastructure Kemess has significant infrastructure already in place, which creates an opportunity for potentially lower execution risk for the project compared with a typical greenfield project of this scale Site Infrastructure Water Treatment Plant Processing Plant Kemess Camp 29
Slide 30: Kemess Mineralization Cross Section
Kemess Mineralization Cross Section Centerra has increased 2025 exploration guidance at Kemess to between $10 and $12 million, up from $4 to $6 million previously, with a total of 28,500 meters of drilling planned, encouraged by strong results 30
Slide 31: Kemess Preliminary Economic Assessment
Kemess Preliminary Economic Assessment Centerra is moving forward with a PEA on the Kemess project, using an open pit and underground operation with longhole open stoping, which is expected to be completed by end of 2025 KEMESS STUDY PLAN Preliminary Economic Assessment for Kemess is expected to be
Slide 32: Goldfield Project | Nevada, USA
Goldfield Project | Nevada, USA PROJECT DETAILS Acquired in Esmeralda County, 100% Nevada Owned(2) 2022 Life of mine is expected to be ~7 years with an average annual gold production of 100kozs for the peak years between 2029-2032, at an AISC(1) 30km south of Tonopah of $1,392 per ounce and an initi
Slide 33: Goldfield Project Summary
Goldfield Project Summary Unlock value at Goldfield by proceeding with project development, which is expected to yield $245M after-tax NPV5% and 30% IRR based on $2,500/oz Au price(1,4) GOLDFIELD PROJECT DETAILS(5) ATTRACTIVE ECONOMICS(5) Near-Term Gold Production Growth: Mine life of ~7 years, Stro
Slide 34: Gemfield Zone Mineralization Cross Section
Gemfield Zone Mineralization Cross Section Four mineralized zones are included in the mine plan: Gemfield, Goldfield Main, Jupiter, and McMahon Ridge; Gemfield is approximately 80% of total LOM production Jupiter Gemfield 34
Slide 35: Goldfield Project Infrastructure
Goldfield Project Infrastructure Major construction is expected to advance in 2027, with approximately 85% of the initial capital forecast to be evenly weighted across 2027 and 2028. First production is expected by the end of 2028 35
Slide 36: Appendix
APPENDIX
Slide 37: Capital Markets Information
Capital Markets Information SHARE PRICE PERFORMANCE 100% 80% 60% Price Return (%) 40% 20% 0% -20% Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Centerra Peer Average S&P/TSX Global Gold Source: S&P Capital IQ Capital Structure(1) Top Shareholders(2) Analyst Cove
Slide 38: Leadership Team
Leadership Team Paul Tomory David Hendriks Ryan Snyder President and Chief Executive Vice President Executive Vice President Executive Officer and Chief Operating Officer and Chief Financial Officer Joined Centerra in May 2023. Joined Centerra in April 2025. Joined Centerra in 2022 as Vice President
Slide 39: Board of Directors
Board of Directors Michael S. Parrett Karen David-Green Wendy Kei Nancy Lipson Chair and Director Director Director Director Has been a director of Centerra since May 2014. Has been a director since May 2025. Has been a director since May 2022. Has been a director since May 2025. Appointed Chair in
Slide 40: Molybdenum: What Is It, How Is It Used?
Molybdenum: What Is It, How Is It Used? Molybdenum (Mo) is mainly a by-product of copper mining, with primary molybdenum mines like Centerra’s Thompson Creek mine yielding high-grade concentrate Concentrates are blended to meet metallurgical or chemical grade specifications and roasted Can be furthe
Slide 41: Molybdenum Demand: Steadily Growing
Molybdenum Demand: Steadily Growing Forecasted steady demand growth of 2% per year on par with historical demand growth from 1995-2023(1) MINERALS WITH RELEVANT DEMAND FOR MOLYBDENUM LOW-CARBON TECHNOLOGIES(3) MOLYBDENUM IS A CRITICAL IN STEEL IS GROWING COMPONENT FOR GREEN ENERGY Energy Storage Car
Slide 42: Molybdenum Supply: Potential Challenges Ahead
Molybdenum Supply: Potential Challenges Ahead Thompson Creek is a unique opportunity for Centerra to have a captive source of high-quality feed, which is becoming increasingly scarce and competitive to source Molybdenum by-product production from existing copper mines, particularly in South Molybden
Slide 43: Molybdenum Price: Strong Fundamentals
Molybdenum Price: Strong Fundamentals Centerra’s molybdenum price forecast of $20/lb is supported by: (1) persistent forecasted supply deficit(1) and (2) sustained robust commodity price performance 40 Average Mo Prices ($/lb) HISTORICAL MOLYBDENUM PRICE(2) Platts Daily Average Molybdenum Oxide Pric
Slide 44: Langeloth Commercial Model
Langeloth Commercial Model Langeloth dampens the volatility in the molybdenum market and remains profitable at lower Mo prices REVIEW OF COMMERCIAL MODEL AT LANGELOTH Langeloth pricing mechanism ILLUSTRATIVE Source concentrate (third-party offtake plus Thompson Creek Spread supply), process concentr
Slide 45: 2025 Production & Cost Guidance
2025 Production & Cost Guidance 2025 Production Guidance (Koz) Q2 2025 YTD 2025 Guidance Consolidated Gold Production 123 250 – 290 Mount Milligan(1,2,3) 71 145 – 165 Öksüt 52 105 – 125 Total Copper Production(1,2,3) (Mlb) 24 50 – 60 2025 Cost Guidance(4) ($/oz) Q2 2025 YTD 2025 Guidance Consolidate
Slide 46: 2025 Capital Expenditures and Other Guidance
2025 Capital Expenditures and Other Guidance 2025 Capital Expenditures Guidance ($M) Q2 2025 YTD 2025 Guidance Consolidated Additions to PP&E(2) 123.7 237 – 280 Mount Milligan 40.3 75 – 90 Öksüt 23.9 30 – 40 Thompson Creek 58.6 130 – 145 Consolidated Sustaining Capital Expenditures(1, 4) 43.8 92 – 1
Slide 47: 2025 Exploration and Other Guidance
2025 Exploration and Other Guidance Global Exploration Costs ($M) Q2 2025 YTD 2025 Guidance Total Exploration Costs(3) 19.9 40 – 50 Brownfield Exploration(3) 12.7 25 – 30 Greenfield and Generative Exploration 7.2 15 – 20 Other Costs ($M) Q2 2025 YTD 2025 Guidance Kemess Project Care & Maintenance 6.
Slide 48: Consolidated Financial & Operating Highlights
Consolidated Financial & Operating Highlights Financial Highlights ($M, except as noted) Q2 2025 YTD 2025 2024 2023 Revenue 288.3 587.8 1,214.5 1,094.9 Production costs 174.9 373.7 710.3 706.0 Gold production costs ($/oz) 1,308 1,290 913 733 All-in sustaining costs on a by-product basis(1) ($/oz) 1,
Slide 49: Mount Milligan Financial & Operating Highlights
Mount Milligan Financial & Operating Highlights Financial Highlights ($M, except as noted) Q2 2025 YTD 2025 2024 2023 Gold revenue 80.3 166.8 299.8 218.2 Total revenue 126.8 262.0 495.8 407.3 Production costs 70.7 148.4 306.3 303.4 Gold production costs ($/oz) 1,356 1,371 1,105 1,088 All-in sustaini
Slide 50: Öksüt Financial & Operating Highlights
Öksüt Financial & Operating Highlights Financial Highlights ($M, except as noted) Q2 2025 YTD 2025 2024 2023 Revenue 91.0 160.6 465.7 380.9 Production costs(1) 34.5 61.5 148.0 89.6 Gold production costs ($/oz) 1,250 1,181 748 457 All-in sustaining costs on a by-product basis(2) ($/oz) 1,755 1,665 1,
Slide 51: Molybdenum BU Financial & Operating Highlights
Molybdenum BU Financial & Operating Highlights Financial Highlights ($M, except as noted) Q2 2025 YTD 2025 2024 2023 Total revenue 70.5 165.2 253.0 306.7 Production costs 69.7 163.8 256.0 312.9 Earnings (loss) from mine operations (0.3) (0.8) (6.4) (10.5) Care and maintenance costs – Molybdenum mine
Slide 52: Operating Cost Breakdown (by Operating Site)
Operating Cost Breakdown (by Operating Site) Mount Milligan Q2 2025 YTD 2025 2024 2023 Mining cost per tonne ($/t)(1) 2.42 2.68 2.68 2.25 Processing cost per tonne ($/t)(1) 4.93 6.09 5.33 5.96 Site G&A cost per tonne ($/t)(1) 2.62 2.69 2.45 2.51 On site cost per tonne ($/t)(1) 13.22 15.05 13.54 13.6
Slide 53: 2025 Sensitivities and Material Assumptions
2025 Sensitivities and Material Assumptions 2025 SENSITIVITIES Impact on Impact on ($M) ($/oz) Production Capital Cash AISC on a by-product Revenues Costs & Taxes Costs Flows basis per ounce(4) Gold price(1) $100/oz 2.5 – 3.0 — 10.0 – 13.5 9.0 – 12.0 8 - 10 Copper price(1) 10% 0.5 – 1.0 — 8.5 – 12.5
Slide 54: Mineral Inventory – Gold
Mineral Inventory – Gold(1) (as of December 31, 2024)(5)(6) Proven Gold Reserves Probable Gold Reserves Total Proven & Probable Gold Reserves Property Tonnes Grade Contained Grade Contained Grade Contained Gold Tonnes (kt) Tonnes (kt) (kt) (g/t) Gold (koz) (g/t) Gold (koz) (g/t) (koz) Mount Milligan
Slide 55: Mineral Reserves & Resources – Copper
Mineral Reserves & Resources – Copper(1) (as of December 31, 2024)(5) Proven Copper Reserves Probable Copper Reserves Total Proven & Probable Copper Reserves Property Tonnes Copper Contained Tonnes Copper Contained Tonnes Copper Grade Contained (kt) Grade (%) Copper (Mlbs) (kt) Grade (%) Copper (Mlb
Slide 56: Mineral Reserves & Resources – Molybdenum
Mineral Reserves & Resources – Molybdenum(1) (as of December 31, 2024) Proven & Probable Molybdenum Mineral Reserves Proven Reserves(2) Probable Reserves(2) Total Proven & Probable Reserves Property Tonnes Moly Grade Contained Tonnes Moly Grade Contained Tonnes Moly Grade Contained (kt) (%) Moly (Ml
Slide 57: Mineral Reserves & Resources Additional Footnotes
Mineral Reserves & Resources Additional Footnotes General A conversion factor of 31.1035 grams per troy ounce of gold is used in the mineral reserve and mineral resource estimates. Mount Milligan Mine The mineral reserves are reported based on a gold price of $1,800 per ounce, a copper price of $3.7
Slide 58: Mineral Reserves & Resources Additional Footnotes
Mineral Reserves & Resources Additional Footnotes Goldfield Reserves Mineral reserves are reported in metric tonnes based on a gold price of $2,000/oz. Mineral reserve estimates are supported by mineable pit designs, detailed LOM plan, equipment simulations, capital and operating cost estimates, and
Slide 59: Thank You!
TSX CG NYSE CGAU THANK YOU! 1 University Avenue, Suite 1800 phone 416-204-1953 Toronto, Ontario M5J 2P1 fax 416-204-1954 email investor@centerragold.com