Centerra Gold Inc. · TSX:CG
Centerra Gold — Mining Forum Americas 2026 Conference
60 slides from Centerra Gold's conference presentation, September 2026
Slide 1: Building a Strong Platform for Future Growth
TSX CG NYSE CGAU BUILDING A STRONG PLATFORM FOR FUTURE GROWTH Investor Presentation SEPTEMBER 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: Building a Strong Platform for Future Growth
Building a Strong Platform for Future Growth CONSOLIDATED 2026 GUIDANCE KEMESS PROJECT | BC, CANADA MOUNT MILLIGAN MINE | BC, CANADA Production(4): 260 – 290Koz Au; 50 – 60Mlbs Cu 2026 Guidance Gold production costs: $1,500 – $1,600/oz 140 – 155Koz Au and 50 – 60Mlbs Cu AISC(1,2): $1,650 – $1,750/oz
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 Canadian and US mineral Centerra has global resources(1) Centerra has an attractive valuation resource base(1,3) is among the largest of 21.4 Moz AuEq, of which 98% compared to peers on an EV/global of its peers, with an attractive valuation is in Canad
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 US MOLY Generated over $780 million of Since the September 2025 PFS, Restart of Thompson Creek free cash flow(1) since restarting delivered three consecutive quarters mine
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 A strategic opportunity to build a Brownfield ex
Slide 9: Gold Production
Conceptual Production Growth and Initial Capex 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 future cash flow from operations 2026-2029 2030’s 2040’s Mount Exploration Milligan Pote
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 $451M Cash and Cash Equivalents shareholder $600M Credit Facility (undrawn) returns from existing Steady Cash Flow From Operations liquidity SHAREHOLDER ORGANIC GROWTH EQUITY RETURNS OPPO
Slide 11: Upcoming Value Drivers
Upcoming Value Drivers 2026: Focus on execution at Mount Milligan to MOUNT support stronger near-term operational performance MILLIGAN 2028: Process plant expected to increase throughput MINE by 10% and improve recoveries by ~1% 2026: Ongoing exploration and advance KEMESS technical study work PROJE
Slide 12: 2026 Exploration Strategy
2026 Exploration Strategy Investing in exploration for future growth $20-25M $20-25M Brownfields Exploration Greenfield and Generative Exploration Programs Mount Milligan (British Columbia) Canada • Drilling to upgrade the inferred resources between • British Columbia – JV projects QCM, Cauldron, Go
Slide 13: Equity Investments
Equity Investments Build a portfolio of equity investments to complement internal exploration programs THESIS GOLD AND SILVER INC. (TSX-V: TAU) ADDITIONAL STRATEGIC Additional Strategic EQUITY INVESTMENTS Equity Investments Equity investment for 9.9% of the outstanding shares(1) Company Ticker Explo
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 0.37 tCO2e/ oz AuEq emissions intensity Local procurement spending increased 5 years of successful independent assurance produced
Slide 15: Asset Portfolio
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Slide 16: Self-Funded Long-Term Gold Growth in North America
Self-Funded Long-Term Gold Growth in North America Near-Term Free Cash Flow From Longer-Term Growth in Gold From Strategic Minerals Exposure From Producing Assets Development Projects US Moly BC, Canada BC, Canada Idaho, USA Mount Milligan Kemess Thompson Creek Mine life extended to 2045 Pre Feasibi
Slide 17: Mount Milligan Mine | BC, Canada
Mount Milligan Mine | BC, Canada ASSET DETAILS Central British Columbia, Canada 100% owned 2045 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 18: Mount Milligan Life of Mine Extension
Mount Milligan Life of Mine Extension PFS extends mine life at Mount Milligan by 10 years to 2045, delivering growth with a fully funded, disciplined $186 million growth capital plan PREFEASIBILITY STUDY (“PFS”) HIGHLIGHTS POTENTIAL FUTURE MINE LIFE EXTENSIONS LOM extension by 10 years, to 2045, sup
Slide 19: Gold and Copper Production
Mount Milligan PFS Summary(1) PFS LOM extension to 2045 is supported by an optimized mine plan, with a low growth capital investment PRODUCTION PROFILE NON-SUSTAINING CAPITAL EXPENDITURES(2) Average annual production from 2026-2042, of approximately 150K Non-Sustaining Capital(2) Breakdown Total ($M
Slide 20: 2026 Exploration at Mount Milligan
2026 Exploration at Mount Milligan Exploration drilling program aimed at expanding the mineral resource base MOUNT MILLIGAN EXPLORATION PROGRAM Centerra plans to invest $8 – $11 million in exploration at Mount Milligan in 2026. 20% of Centerra’s total 2026 exploration expenditures have been allocate
Slide 21: Mount Milligan Mineralization Cross Section
Mount Milligan Mineralization Cross Section Actively studying Mineralization the longer-term remains open to thepotential at Mount west of the Milligan current to unlock resource pit additional value beyond 2035 21
Slide 22: Öksüt Mine | Türkiye
Öksüt Mine | Türkiye ASSET DETAILS 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 2025 OPERATIONAL PERFORMANCE Gold production: 1
Slide 23: Kemess Project | BC, Canada
Kemess Project | BC, Canada PROJECT DETAILS North Central British 100% owned 15 Year PEA estimates an initial 15-year mine life with annual production of 171k oz of gold Columbia, Canada 100% silver royalty INITIAL MINE LIFE and 61M lbs of copper, at an AISC on a by-product basis(5) of $971/oz 430km
Slide 24: Gold and Copper Production
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 higher commodity prices(3) the after-tax NPV5% increases to $2.8B KEMESS EXPANDED MINERAL RESOURCE STRONG PROJECT ECONOM
Slide 25: 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 26: Kemess Operating Strategy
Kemess Operating Strategy The Kemess PEA utilizes an integrated open pit and underground mining strategy, with ore from Kemess Main being conveyed to the infrastructure at Kemess South KEMESS INTEGRATED MINING STRATEGY PAG Waste Rock Streamlined project execution through integrated open pit and unde
Slide 27: 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 27
Slide 28: Goldfield Project | Nevada, USA
Goldfield Project | Nevada, USA PROJECT DETAILS Esmeralda County, 100% 7 Year Life of mine is expected to be ~7 years with an average annual gold Nevada Owned(2) INITIAL MINE LIFE production of 100koz for the peak years between 2029-2032, at an AISC(1) of 30km south of Tonopah (Reserves only) $1,392
Slide 29: Goldfield Project Summary
Goldfield Project Summary 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); At higher gold prices(1,5) the after-tax NPV5% increases to $794M GOLDFIELD PROJECT DETAILS(4) ATTRACTIVE ECONOMICS(5) Near-Term Gold Producti
Slide 30: 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 Open Pits N McMahon Ridge Pit Waste Rock Dump GOLDFIELD PROPERTY Four
Slide 31: Molybdenum Business Unit
Molybdenum Business Unit US 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% own
Slide 32: US Moly Operations Strategy
US 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 econom
Slide 33: Thompson Creek Restart Highlights
Thompson Creek Restart Highlights Thompson Creek restart activities on track for first production in mid-2027 THOMPSON CREEK RESTART HIGHLIGHTS Q2 Highlights Q2 2026 non-sustaining capital expenditures(1): $51.6 million By the end of Q2 2026, 52% of the infrastructure refurbishment is complete Achie
Slide 34: 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 35: Langeloth Value Drivers: Capacity Utilization
Langeloth Value Drivers: Capacity Utilization Actively studying Demonstrated the to ability longer-term potential at Mount increase molybdenum Milligan roasting to unlock capacity additional value in a straightforward beyond 2035 manner HISTORICAL PRODUCTION VOLUME PATH TO INCREASING CAPACITY AT LAN
Slide 36: Appendix
APPENDIX
Slide 37: Capital Markets Information
Capital Markets Information SHARE PRICE PERFORMANCE 250% 200% 150% 100% 50% 0% -50% Jan-2025 Feb-2025 Mar-2025 Apr-2025 May-2025 Jun-2025 Jul-2025 Aug-2025 Sep-2025 Oct-2025 Nov-2025 Dec-2025 Jan-2026 Feb-2026 Mar-2026 Apr-2026 May-2026 Jun-2026 Jul-2026 Centerra Peer Average S&P/TSX Global Gold Sou
Slide 38: Leadership Team
Leadership Team Paul Tomory Kelly Strong 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 August 2026. Joined Centerra in 2022 as Vice President,
Slide 39: Board of Directors
Board of Directors Paul N. Wright Karen David-Green Wendy Kei John Kitlen Chair and Director Director Director Director Has been a director of Centerra since May 2020. Has been a director since May 2025. Has been a director since May 2022. Has been a director since May 2026. Appointed Chair in Janua
Slide 40: 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 41: 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 42: Molybdenum Demand: Steadily Growing
Molybdenum Demand: Steadily Growing Molybdenum is a strategic mineral with critical mineral status in several countries 2% ~757 per year Mlbs Forecasted steady demand growth, on Global demand for new par with historical demand growth molybdenum expected by from 1995-2023(1) 2030(1,2) The World Bank
Slide 43: 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 44: Molybdenum Price: Strong Fundamentals
Molybdenum Price: Strong Fundamentals Persistent forecasted supply deficit(1) and sustained robust demand support a strong commodity price in the near-term Average Mo Prices ($/lb) HISTORICAL MOLYBDENUM PRICE(2) 2026 YTD: 28.18 40 2-YR AVG: 23.73 3-YR AVG: 22.84 35 30 25 20 Thompson Creek Feasibilit
Slide 45: 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 46: 2026 Production & Cost Guidance
2026 Production & Cost Guidance 2026 Production Guidance (Koz) Q2 2026 YTD 2026 Guidance Consolidated Gold Production 139 260 – 290 Mount Milligan(1,2,3) 68 140 – 155 Öksüt 71 120 – 135 Total Copper Production(1,2,3) (Mlbs) 27 50 – 60 2026 Cost Guidance(4) ($/oz) Q2 2026 YTD 2026 Guidance Consolidat
Slide 47: 2026 Capital Expenditures and Other Guidance
2026 Capital Expenditures and Other Guidance 2026 Capital Expenditures Guidance ($M) Q2 2026 YTD 2026 Guidance Consolidated Additions to PP&E(2) 235.2 413 – 490 Mount Milligan 81.4 130 – 150 Öksüt 11.6 10 – 20 Goldfield 18.7 60 – 70 Kemess 4.4 5 – 10 Thompson Creek 118.1 205 – 235 Consolidated Susta
Slide 48: 2026 Exploration and Other Guidance
2026 Exploration and Other Guidance Global Exploration Costs ($M) Q2 2026 YTD 2026 Guidance Total Exploration Costs(2) 15.1 40 – 50 Brownfield Exploration(2) 5.7 20 – 25 Greenfield and Generative Exploration 9.4 20 – 25 Other Costs ($M) Q2 2026 YTD 2026 Guidance Kemess Project Care & Maintenance 7.2
Slide 49: Consolidated Financial & Operating Highlights
Consolidated Financial & Operating Highlights Financial Highlights ($M, except as noted) Q2 2026 YTD 2026 2025 2024 Revenue 442.7 927.4 1,384.6 1,214.5 Production costs 251.4 505.6 808.5 710.3 Gold production costs ($/oz) 1,456 1,553 1,297 913 All-in sustaining costs on a by-product basis(1) ($/oz)
Slide 50: Mount Milligan Financial & Operating Highlights
Mount Milligan Financial & Operating Highlights Financial Highlights ($M, except as noted) Q2 2026 YTD 2026 2025 2024 Gold revenue 106.6 228.9 367.0 299.8 Total revenue 182.0 377.9 581.5 495.8 Production costs 86.6 180.6 300.8 306.3 Gold production costs ($/oz) 1,314 1,522 1,388 1,105 All-in sustain
Slide 51: Öksüt Financial & Operating Highlights
Öksüt Financial & Operating Highlights Financial Highlights ($M, except as noted) Q2 2026 YTD 2026 2025 2024 Revenue 141.3 325.0 445.0 465.7 Production costs(1) 53.0 112.4 156.5 148.0 Gold production costs ($/oz) 1,628 1,584 1,199 748 All-in sustaining costs on a by-product basis(2) ($/oz) 1,952 1,7
Slide 52: US Moly Financial & Operating Highlights
US Moly Financial & Operating Highlights US Moly Financial Highlights ($M, except as noted) Q2 2026 YTD 2026 2025 2024 Total revenue 119.4 224.5 358.0 253.0 Production costs 111.9 212.6 351.3 256.0 Earnings (loss) from mine operations 6.3 9.6 2.2 (6.4) Earnings (loss) from operations 0.5 (3.4) (2.9)
Slide 53: Operating Cost Breakdown (by Operating Site)
Operating Cost Breakdown (by Operating Site) Mount Milligan Q2 2026 YTD 2026 2025 2024 Mining cost per tonne ($/t)(1) 3.43 3.09 2.78 2.68 Processing cost per tonne ($/t)(1) 5.18 6.36 6.08 5.33 Site G&A cost per tonne ($/t)(1) 2.94 2.96 2.79 2.45 On site cost per tonne ($/t)(1) 15.58 16.53 15.17 13.5
Slide 54: 2026 Sensitivities and Material Assumptions
2026 Sensitivities and Material Assumptions 2026 SENSITIVITIES Impact on Impact on ($M) ($/oz) Production Capital Cash AISC on a by-product Revenues Costs & Taxes Costs Flows basis per ounce(4) Gold price(1) $250/oz 4.0 – 6.5 — 20.5 – 24.0 15.0 – 19.5 15 – 33 Copper price(1) 10% 0.5 – 1.0 — 11.0 – 1
Slide 55: Mineral Reserves and Resources – Gold
Mineral Reserves and Resources – Gold(1) (as of December 31, 2025) Proven Gold Reserves Probable Gold Reserves Total Proven & Probable Gold Reserves Property Grade Contained Gold Grade Contained Grade Contained Gold Tonnes (kt) Tonnes (kt) Tonnes (kt) (g/t) (koz) (g/t) Gold (koz) (g/t) (koz) Mount M
Slide 56: Mineral Reserves & Resources – Copper
Mineral Reserves & Resources – Copper(1) (as of December 31, 2025) Proven Copper Reserves Probable Copper Reserves Total Proven & Probable Copper Reserves Property Tonnes Copper Grade Contained Tonnes Copper Grade Contained Tonnes Copper Grade Contained (kt) (%) Copper (Mlbs) (kt) (%) Copper (Mlbs)
Slide 57: Mineral Reserves & Resources – Molybdenum
Mineral Reserves & Resources – Molybdenum(1) (as of December 31, 2025) 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 58: Mineral Reserves & Resources Additional Footnotes
Mineral Reserves & Resources Additional Footnotes General Conversion factors used in the mineral resource and reserve estimates: 31.1035 grams per troy ounce; 2204.62 lbs per metric tonne; 0.9072 metric tonnes per short ton. Unless otherwise noted, an exchange rate of 1USD:1.33CAD was used for estim
Slide 59: Mineral Reserves & Resources Additional Footnotes
Mineral Reserves & Resources Additional Footnotes Goldfield The following formula was used to calculate cut-off grade for each mineralized zone: [Processing cost + G&A cost] / [Recovery * (Gold Price * Payability Factor * (1- Royalty%) – Selling Cost)] where G&A cost is $0.55/t, payability factor is
Slide 60: 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
Centerra Gold — Mining Forum Americas 2026 Conference on 6ix