Centerra Gold Inc. · TSX:CG
Centerra Gold — Q4 2025 Earnings Presentation
58 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 Investor Presentation FEBRUARY 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: 250 – 280Koz 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 MO
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 22.6 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 $640 million of PFS confirms a 10-year mine life Restart of Thompson Creek free cash flow(1) since restarting extension to 2045, supported by a 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 $529M Cash and Cash Equivalents shareholder $400M 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 2029: Process plant expected to increase throughput MINE by 10% and reach nameplate capacity of 66.3ktpd 2026: Ongoing exploration and advance KEMESS technical study
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 upgrade the inferred • British Columbia – JV projects QCM, Cauldron, resources be
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) Thesis is advancing
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 Achieved double-digit growth in local Remain in conformance of the World outlining k
Slide 15: 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 16: 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 $186 million growth capital plan PREFEASIBILITY STUDY (“PFS”) HIGHLIGHTS POTENTIAL FUTURE MINE LIFE EXTENSIONS LOM extension by 10 years, to 2045, sup
Slide 17: Gold and Copper Production
Mount Milligan PFS Summary(1) PFS LOM extension to 2045 is supported by an optimized mine plan, with a low growth capital investment PRODUCTION PROFILE NON-SUSTAINING CAPITAL EXPENDITURES(2) Average annual production from 2026-2042, of approximately 150K Non-Sustaining Capital(2) Breakdown Total ($M
Slide 18: 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 19: 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 19
Slide 20: 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 2025 OPERATIONAL PERFORMANCE Gold produc
Slide 21: Kemess Project | BC, Canada
Kemess Project | BC, Canada PROJECT DETAILS North Central British Columbia, 100% Acquired in 2018 PEA estimates an initial 15-year mine life with annual production of 171k ozs of gold Canada owned and 61M lbs of copper, at an AISC on a by-product basis(5) of $971/oz 430km NW of Prince George 100% si
Slide 22: 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 23: 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 24: 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 Streamlined project execution through integrated open pit and underground mining
Slide 25: 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 25
Slide 26: 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 27: 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 spot gold prices(1,5) the after-tax NPV5% increases to $794M GOLDFIELD PROJECT DETAILS(4) ATTRACTIVE ECONOMICS(5) Near-Term Gold Production
Slide 28: 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 29: 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 30: 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 31: Thompson Creek Restart Highlights
Thompson Creek Restart Highlights Thompson Creek restart activities on track for first production in mid-2027 THOMPSON CREEK RESTART HIGHLIGHTS Progress on Capital Expenditures 2025 Non-sustaining capital expenditures(1): $134.2 million Total non-sustaining capital expenditures(1) since the restart
Slide 32: 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 33: 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 34: Appendix
APPENDIX
Slide 35: Capital Markets Information
Capital Markets Information SHARE PRICE PERFORMANCE 250% 200% 150% Price Return (%) 100% 50% 0% -50% Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Centerra Peer Average S&P/TSX Global Gold Source: S&P Capital IQ Capital Structure(1) Top Shareholder
Slide 36: 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 37: Board of Directors
Board of Directors Paul N. Wright Karen David-Green Wendy Kei Nancy Lipson 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 2025. Appointed Chair in Janu
Slide 38: 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 39: 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 40: 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 41: 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 42: 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) 35 2026 YTD: 24.44 2-YR AVG: 21.98 3-YR AV
Slide 43: 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 44: 2026 Production & Cost Guidance
2026 Production & Cost Guidance 2026 Production Guidance (Koz) 2025 2026 Guidance Consolidated Gold Production 275 250 – 280 Mount Milligan(1,2,3) 148 140 – 155 Öksüt 128 110 – 125 Total Copper Production(1,2,3) (Mlb) 50 50 – 60 2026 Cost Guidance(4) ($/oz) 2025 2026 Guidance Consolidated Gold Produ
Slide 45: 2026 Capital Expenditures and Other Guidance
2026 Capital Expenditures and Other Guidance 2026 Capital Expenditures Guidance ($M) 2025 2026 Guidance Consolidated Additions to PP&E 295.5(2) 360 – 435 Mount Milligan 85.6 115 – 135 Öksüt 51.8 5 – 15 Goldfield – 30 – 40 Kemess 0.8 5 – 10 Thompson Creek 156.1 205 – 235 Consolidated Sustaining Capit
Slide 46: 2026 Exploration and Other Guidance
2026 Exploration and Other Guidance Global Exploration Costs ($M) 2025 2026 Guidance Total Exploration Costs(3) 46.6 40 – 50 Brownfield Exploration(3) 27.6 20 – 25 Greenfield and Generative Exploration 19.0 20 – 25 Other Costs ($M) 2025 2026 Guidance Kemess Project Care & Maintenance 13.3 13 – 15 Co
Slide 47: Consolidated Financial & Operating Highlights
Consolidated Financial & Operating Highlights Financial Highlights ($M, except as noted) Q4 2025 2025 2024 2023 Revenue 401.6 1,384.6 1,214.5 1,094.9 Production costs 211.4 808.5 710.3 706.0 Gold production costs ($/oz) 1,259 1,297 913 733 All-in sustaining costs on a by-product basis(1) ($/oz) 1,64
Slide 48: Mount Milligan Financial & Operating Highlights
Mount Milligan Financial & Operating Highlights Financial Highlights ($M, except as noted) Q4 2025 2025 2024 2023 Gold revenue 117.4 367.0 299.8 218.2 Total revenue 182.2 581.5 495.8 407.3 Production costs 75.0 300.8 306.3 303.4 Gold production costs ($/oz) 1,306 1,388 1,105 1,088 All-in sustaining
Slide 49: Öksüt Financial & Operating Highlights
Öksüt Financial & Operating Highlights Financial Highlights ($M, except as noted) Q4 2025 2025 2024 2023 Revenue 115.3 445.0 465.7 380.9 Production costs(1) 35.8 156.5 148.0 89.6 Gold production costs ($/oz) 1,199 1,199 748 457 All-in sustaining costs on a by-product basis(2) ($/oz) 1,748 1,613 1,01
Slide 50: Molybdenum BU Financial & Operating Highlights
Molybdenum BU Financial & Operating Highlights Financial Highlights ($M, except as noted) Q4 2025 2025 2024 2023 Total revenue 104.0 358.0 253.0 306.7 Production costs 100.7 351.3 256.0 312.9 Earnings (loss) from mine operations 2.2 2.2 (6.4) (10.5) Care and maintenance costs – Molybdenum mines 1.3
Slide 51: Operating Cost Breakdown (by Operating Site)
Operating Cost Breakdown (by Operating Site) Mount Milligan Q4 2025 2025 2024 2023 Mining cost per tonne ($/t)(1) 3.11 2.78 2.68 2.25 Processing cost per tonne ($/t)(1) 5.71 6.08 5.33 5.96 Site G&A cost per tonne ($/t)(1) 3.19 2.79 2.45 2.51 On site cost per tonne ($/t)(1) 15.40 15.17 13.54 13.66 Ök
Slide 52: 2026 Sensitivities and Material Assumptions
2026 Sensitivities and Material Assumptions 2026 SENSITIVITIES Impact on Impact on ($M) ($/oz) Production Capital Cash AISC on a by-product Revenues Costs & Taxes Costs Flows basis per ounce(4) Gold price(1) $250/oz 12.5 – 13.5 — 45.0 – 46.5 32.0 – 34.0 32 – 34 Copper price(1) 10% 0.5 – 1.0 — 21.0 –
Slide 53: 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 54: 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 55: 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 56: 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 57: 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 58: 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