Centerra Gold Inc. · TSX:CG
Centerra Gold — Q4 2021 Earnings Presentation
24 slides from Centerra Gold's earnings presentation, Feb 25, 2022
Slide 1: 2021 Fourth Quarter Results
Mount Milligan DELIVER ON RESULTS Öksüt 2021 Fourth Quarter Results Conference Call – February 25, 2022 Goldfield District Project TSX: CG NYSE: CGAU www.centerragold.com
Slide 2: Senior Management Participants
Senior Management Participants SCOTT PERRY • Appointed Chief Executive Officer in November 2015 President and Chief Executive +25 years Officer • Former Chief Executive Officer at AuRico Gold • Appointed Chief Operating Officer in January 2020 DAN DESJARDINS +30 years Chief Operating Officer • Joine
Slide 3: Caution Regarding Forward-Looking Information
Caution Regarding Forward-Looking Information Information contained in this document which is not a statement of historical fact, and the documents incorporated by reference herein, may be “forward-looking information” for the purposes of Canadian securities laws and within the meaning of the United
Slide 4: 2021 Fourth Quarter Results – Scott Perry
Mount Milligan DELIVER ON RESULTS Öksüt 2021 Fourth Quarter Results Scott Perry – President & CEO Goldfield District Project TSX: CG NYSE: CGAU www.centerragold.com
Slide 5: Centerra: Built For Success
Centerra: Built For Success Retained Earnings Profile (US$) Corporate Highlights (Continuing Operations Basis) Q4 & FY 2021 gold production of 91,197 and 308,141 ounces, 2,000 2,000 and copper production of 17.0M and 73.3M pounds, respectively. 1,800 1,600 1,600 2021 consolidated gold production cos
Slide 6: Centerra: Corporate Highlights
Centerra: Corporate Highlights Operational Highlights Safety – Öksüt achieved two million work hours without a lost-time injury, Endako achieved eight years and the Thompson Creek Mine and Langeloth Facility each achieved one year without a lost-time injury All sites maintaining proactive COVID-19 m
Slide 7: Centerra: 2021 ESG Update
Centerra: 2021 ESG Update ESG Highlights Continued focus on safety leadership training/awareness. Maintained and strengthened our “Social Licence to Operate” at all operations with no interruptions for ~104 months. Continued development on our Climate Change Strategy. Continued our 15-month Diversit
Slide 8: 2021 Fourth Quarter Results – Dan Desjardins
Mount Milligan DELIVER ON RESULTS Öksüt 2021 Fourth Quarter Results Dan Desjardins – VP & COO Goldfield District Project TSX: CG NYSE: CGAU www.centerragold.com
Slide 9: 2021 Operating Highlights
2021 Operating Highlights Achieved two million work hours at Öksüt without a lost time injury, eight years at the Endako Mine and one year at both the Thompson Creek Mine and Langeloth Facility without a lost time injury All sites maintaining proactive COVID-19 measures; no material impact on our op
Slide 10: 2021 Mt. Milligan Mine Operating Highlights
2021 Mt. Milligan Mine Operating Highlights Obtained amendment to Environmental Assessment Certificate to allow for a long-term surface water ➢ solution, subject to receipt of permits Construction of stage flotation reactors (SFRs) in progress; commissioning pushed back to end of March as ➢ a result
Slide 11: 2021 Öksüt Mine Operating Highlights
2021 Öksüt Mine Operating Highlights Öksüt mining activities in fourth quarter were carried out in phases 2 & 4 of the Keltepe Pit and ➢ phase 2 of Guneytepe Pit Mining continued to focus on higher grade zones of the Keltepe pit during for the fourth quarter ➢ 2021 and into 2022 Brownfield explorati
Slide 12: Mount Milligan Mine R&R Update
Mount Milligan Mine R&R Update (1) 2020 2021 Reserves Reserves Contained Contained Tonnes Cu Au Cu Tonnes Cu Au Cu Gold Gold (Kt) (%) (g/t) (Mlb) (Kt) (%) (g/t) (Mlb) (Koz) (Koz) Proven 125,179 0.23 0.40 624 1,613 Proven 107,444 0.23 0.39 534 1,342 Probable 45,397 0.21 0.37 213 535 Probable 42,531 0
Slide 13: Öksüt Mine R&R Update
Öksüt Mine R&R Update 2020 2021 Reserves Reserves Tonnes Au Contained Tonnes Au Contained (Kt) (g/t) Gold (Koz) (Kt) (g/t) Gold (Koz) Proven 110 0.19 1 Proven 494 1.23 20 Probable 26,203 1.35 1,135 Probable 30,034 1.16 1,123 Total P&P 26,313 1.34 1,136 Total P&P 30,528 1.16 1,143 Resources Resources
Slide 14: Centerra 2022 Outlook (Continuing Ops.)
Centerra 2022 Outlook (Continuing Ops.) Units Mount Milligan(1) Öksüt Consolidated(2) 2022 2022 2022 2021 2021 2021 Guidance Guidance Guidance Production Unstreamed gold production 127 123 - 136 112 210 - 240 239 333 - 376 Streamed gold production (Koz) 69 67 - 74 — — 69 67 - 74 Total gold productio
Slide 15: Centerra 2022 Outlook (Continuing Ops.) - Continued
Centerra 2022 Outlook (Continuing Ops.) - Continued Units Mount Milligan(1) Öksüt Consolidated(2) 2022 2022 2022 ($M) 2021 2021 2021 Capital Expenditures Guidance Guidance Guidance Additions to PP&E(3) ($M) 83.7 70 - 75 24.9 20 - 25 118.9 95 - 105 Total Capital Expenditures ($M) 70.8 70 - 75 19.6 20
Slide 16: 2021 Fourth Quarter Results – Darren Millman
Mount Milligan DELIVER ON RESULTS Öksüt 2021 Fourth Quarter Results Darren Millman – VP & CFO Goldfield District Project TSX: CG NYSE: CGAU www.centerragold.com
Slide 17: 2021 Financial Highlights
2021 Financial Highlights (in thousands, except ounces, per share amounts, and average realized price2) Q4 2021 FY 2021 Revenues $251,082 $900,141 Gold ounces sold from continuing operations 90,312 314,757 Total copper pounds sold (000s) 17,184 78,017 Cash provided by operating activities from conti
Slide 18: Adjustments to Earnings
Adjustments to Earnings Q4 2021 FY 2021 (in thousands) Net earnings (loss)(1) $274,880 ($381,768) Loss of the Kumtor Mine $0 $926,400 Impairment reversal, net tax ($117,300) ($117,300) Gain on the sale of Greenstone property ($25,000) ($97,300) Income and mining tax adjustments ($132,700) ($132,700)
Slide 19: Additional Financial Highlights
Additional Financial Highlights Q4 & FY 2021 production costs from continuing operations of $550 and $604 per ounce sold, respectively (Mount Milligan $683/oz and Öksüt $457/oz) Q4 & FY 2021 all-in sustaining costs on a by-product basis(1) of $591/oz and $649/oz, respectively (Mount Milligan $508/oz
Slide 20: 2021 Fourth Quarter Results – Summary
Mount Milligan DELIVER ON RESULTS Öksüt 2021 Fourth Quarter Results Summary – Scott Perry Goldfield District Project TSX: CG NYSE: CGAU www.centerragold.com
Slide 21: Goldfield District Project - Strategic Rationale
Goldfield District Project - Strategic Rationale • Centerra will acquire 100% of Gemfield Resources, owner of the Goldfield District Project in Nevada Transaction Overview • US$175 million cash on closing • US$31.5 million future milestone payment, payable in cash or Centerra shares upon the earlier
Slide 22: Centerra: Built For Success
Centerra: Built For Success Retained Earnings Profile (US$) Corporate Highlights (Continuing Operations Basis) Q4 & FY 2021 gold production of 91,197 and 308,141 ounces, 2,000 2,000 and copper production of 17.0M and 73.3M pounds, respectively. 1,800 1,600 1,600 2021 consolidated gold production cos
Slide 23: Use of Non-GAAP and Other Specified Financial Measures
Use of Non-GAAP and Other Specified Financial Measures This presentation contains “specified financial measures” within the meaning of National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure of the Canadian Securities Administrators. None of these specified financial measures is
Slide 24: Q&A
Mount Milligan DELIVER ON RESULTS Öksüt 2021 Fourth Quarter Results Q&A Goldfield District Project TSX: CG NYSE: CGAU www.centerragold.com