Business
Centerra Gold’s Kemess Preliminary Economic Assessment Highlights Strong Economics that Support the Company’s Long-Term Growth Pipeline
Expanded mineral resource and strong exploration upside support long-term production potential Streamlined project execution driven by integrated open pit and underground mining strategy Existing infrastructure and staged capital investment result in lowered execution risk This news release contains forward-looking information about expected future events that is subject to risks and assumptions set out in the “Cautionary Statement on Forward-Looking Information” below. All figures are in United
About this update from Centerra Gold Inc.
[{"type":"image","alt":"Centerra Gold Inc","displaySize":"","headline":null,"caption":"Centerra Gold Inc","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":154,"url":"https://media.zenfs.com/en/globenewswire.com/f3187da3b6167dfe75dfdddbbb627e65"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/61XqGR3hLBsqoKvg9vJf2g--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTIxNjtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/f3187da3b6167dfe75dfdddbbb627e65","width":300,"height":154}},"lazy":false},{"type":"text","content":" Expanded mineral resource and strong exploration upside support long-term production potential ","length":94,"tagName":"p"},{"type":"text","content":" Streamlined project execution driven by integrated open pit and underground mining strategy ","length":91,"tagName":"p"},{"type":"text","content":" Existing infrastructure and staged capital investment result in lowered execution risk ","length":86,"tagName":"p"},{"type":"text","content":" This news release contains forward-looking information about expected future events that is subject to risks and assumptions set out in the “Cautionary Statement on Forward-Looking Information” below. All figures are in United States dollars unless otherwise stated. All production figures reflect payable metal quantities and are on a 100% basis, unless otherwise stated. For references denoted with NG, refer to the “Non-GAAP Financial Measures” disclosures at the end of this news release for a description of these measures. The preliminary economic assessment (“PEA”) described in this news release is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. ","length":981,"tagName":"p"},{"type":"text","content":"TORONTO, Jan. 19, 2026 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG) (NYSE: CGAU) is pleased to announce an updated mineral resource and the results of a PEA for its Kemess project (“Kemess” or the “Project”) in British Columbia, showing robust economics including an after-tax net present value (5%) (“NPV 5% ”) of $1.1 billion and an after-tax internal rate of return (“IRR”) of 16%, using long-term pricing of $3,000 per ounce gold and $4.50 per pound of copper.","length":496,"tagName":"p"},{"type":"text","content":"President and CEO, Paul Tomory, commented, “The Kemess PEA represents an important step forward in advancing Centerra’s organic growth pipeline in British Columbia. The study builds on a significant mineral endowment, outlining a de-risked restart plan that leverages substantial existing infrastructure and employs an integrated development strategy based on conventional open pit and longhole open stoping underground mining operation. This approach supports strong economics, including an initial 15-year mine life with average annual production of 171,000 ounces of gold and 61 million pounds of copper (approximately 267,000 gold equivalent ounces), at an all-in sustaining cost (“AISC”) on a by-product basis NG of $971 per ounce. Given the significant unstreamed gold and copper production profile, the value of Kemess increases to $2.8 billion at spot metal prices.”","length":873,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"Paul Tomory continued, “The expanded resource estimate reflects a thorough and disciplined evaluation of the full body of available geological data across the site including additional drilling and technical work in the Nugget zone and the historical Kemess South deposit. The PEA evaluates only the Kemess Main and Kemess Underground areas, which represent approximately 47% of the total indicated and inferred resource tonnes, highlighting the potential for additional resources to be incorporated into future technical studies.”","length":531,"tagName":"p"},{"type":"text","content":"Paul Tomory concluded, “The PEA also demonstrates the strategic opportunity Kemess represents as Centerra continues to advance its self-funded organic growth pipeline. We see an opportunity for Kemess to become Centerra’s second long-life gold-copper asset in British Columbia, complementing Mount Milligan and strengthening our presence in the Toodoggone, one of the most prospective mining jurisdictions in North America. Kemess represents a compelling growth opportunity, supported by strong economics and significant upside exploration potential in the deep Kemess Offset zone and along the Kemess East trend. We are now focused on ongoing exploration and advancing technical work towards a Pre-Feasibility Study expected in 2027.”","length":735,"tagName":"p"},{"type":"text","content":"The Honourable, David Eby, Premier of British Columbia, commented “This is promising news for our province and Canada as a whole. Centerra’s continued interest reflects the incredible momentum we’re building in British Columbia’s mining sector. The potential reopening of the Kemess mine is one of several mining projects that will create thousands of good paying, family supporting jobs, and generate billions of dollars for our economy. Together with investors, communities, and First Nations, we are meeting the moment as the economic engine of a stronger and more independent Canada.”","length":588,"tagName":"p"},{"type":"text","content":" Kemess Updated Resource and PEA Highlights ","length":42,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Expanded mineral resource at Kemess enhances the project’s overall scale and supports its long-term production potential: The updated mineral resource contains 3.3 million ounces of gold and 1.1 billion pounds of copper in the indicated category, and 3.6 million ounces of gold and 1.2 billion pounds of copper in the inferred category. Details of the mineral resource are in the tables below. The resource estimate reflects a comprehensive evaluation of the available geological data across the site. Recent drilling and technical work included the Nugget zone and the historical Kemess South deposit, which when combined with the Kemess Main zone, emphasize the scale of the mineral resource at Kemess. The findings of this PEA are limited to the Kemess Main and Kemess Underground areas as a subset of the mineral resource. ","length":827,"tagName":"p"}]},{"val":[{"type":"text","content":" Strong project economics complemented by leverage to higher metal prices, enhance project attractiveness: The PEA confirms Kemess’s robust economics, including NPV 5% of $1.1 billion and IRR of 16%, based on long-term gold and copper price assumptions of $3,000 per ounce and $4.50 per pound, respectively. The PEA mineral inventory of over 2.3 million ounces of gold and 851 million pounds of copper provides Kemess with strong leverage to rising metal prices, with further upside potential as ongoing exploration advances resource growth and confidence. At spot commodity prices of approximately $4,500 per ounce of gold and $6.00 per pound of copper, the after-tax NPV 5% increases to $2.8 billion and the IRR increases to 29%.","length":728,"tagName":"p"}]},{"val":[{"type":"text","content":" Streamlined project execution through integrated open pit and underground mining strategy: The Kemess PEA outlines a development approach in which open pit mining begins first, followed by the start of underground production approximately two years later. Once underground production commences, both mining methods operate concurrently for the remainder of the projected 15-year mine life. This integrated mine plan helps streamline the project execution, optimize the plant feed and utilize the existing infrastructure, while maintaining the expected timeline to first production in late 2031. Key critical-path items include the required BC Hydro sub-station upgrade, as well as permitting activities.","length":703,"tagName":"p"}]},{"val":[{"type":"text","content":" Lowered execution risk resulting from existing infrastructure and staged capital investment: Kemess’s capital profile is structured to reflect the project’s development sequence, with open pit mining starting first and underground production added shortly thereafter. Approximately $771 million in initial non-sustaining capital expenditures NG is required to achieve first production from the open pit. This includes open pit capital stripping, construction of the underground conveyor system from Kemess Main to the Kemess South process plant, and refurbishment of the process plant and camp. An additional $277 million in expansionary non-sustaining capital expenditures NG will be invested over the two years following open pit start-up to support the commencement of underground operations. This includes underground development and the construction of a leach plant, which is expected to both improve overall gold recovery by approximately 14% and provide valuable optionality by enabling the processing of ore from potential satellite deposits in the future.","length":1063,"tagName":"p"}]},{"val":[{"type":"text","content":" Significant exploration upside across the property: In 2025, a total of 28 kilometres (“km”) of drilling was completed, focused on infill drilling at Kemess Main open pit, Kemess Underground and Nugget zones, as well as resource extension drilling at Kemess Offset. Results confirm the continuity of mineralization within the resource areas. Exploration programs planned for 2026 will prioritize additional infill drilling of the Kemess Main zone, and delineating porphyry mineralization at the Kemess Offset zone to evaluate underground mineable grades and potential continuity with the Kemess East resource. Future exploration opportunities may also include testing the eastern extensions of Kemess East to KEY and Hilda South targets.","length":737,"tagName":"p"}]},{"val":[{"type":"text","content":" Potential to become Centerra’s second long-life gold-copper asset in British Columbia: With an estimated initial 15-year mine life and average annual production of 171,000 ounces of gold and 61 million pounds of copper (approximately 267,000 gold equivalent ounces assuming $3,000 per ounce gold, $4.50 per pound copper and $37.50 per ounce silver), Kemess has the scale and jurisdictional advantages to complement Mount Milligan as a cornerstone asset. Importantly, Kemess is unencumbered by a gold or copper stream, positioning the project to deliver stronger economics and greater value retention for Centerra. The PEA reinforces Kemess as a high-quality growth project, capable of contributing meaningful long-term gold and copper production and supporting strong future cash flow generation. ","length":796,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":4854,"olType":false},{"type":"text","content":" Summary of Kemess PEA Key Metrics ","length":33,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"2","style":"border-top:solid black 1pt;border-right:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Summary of Kemess PEA Key Metrics (1) ","length":36,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"2","style":"border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Production ","length":10,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"max-width:74%;width:74%;min-width:74%;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 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Mineral resources that are not mineral reserves do not have demonstrated economic viability. (2) 2033-2045 excluding start-up and ramp-down. (3) Underground mining cost includes underground operating development, drill and blast, paste backfill, underground crushing and conveying, production geology, equipment maintenance, and power costs. The underground mining costs were calculated using engineering estimates and benchmarks from similar operations. The direct underground mining costs are estimated at $23.51 (C$32.45) per ore tonne mined, including primary and secondary stoping. The underground operating development and ore conveying costs are estimated to be $7.59 (C$10.47) and $0.38 (C$0.52) per ore tonne mined. (4) Includes pumping costs to tailings storage facility. (5) Excludes corporate allocations and includes impact benefit agreement costs over life of mine (“LOM”). (6) Does not include lease payments of $40 million which impact net cash flow. (7) Does not include capital lease payments of $229 million which are included in the economics and costs above. (8) PEA economics are based on long-term prices of $3,000/oz gold and $4.50/lb. USD/CAD exchange rate assumptions are $1.38:1. (9) Economics at spot commodity prices assumes $4,500/oz gold and $6.00/lb copper over LOM. USD/CAD exchange rate assumptions are $1.38:1.","length":1642,"tagName":"p"},{"type":"text","content":" Kemess PEA Summary ","length":18,"tagName":"p"},{"type":"text","content":"Kemess is located in the highly prospective Toodoggone District in the northern interior of British Columbia. It was a past producing mine which benefits from significant infrastructure already on-site, including: a 380 km, 230 kilovolt power line; a 50,000 tpd nameplate processing plant in need of some refurbishment and equipment replacements; “mothballed” site infrastructure including a water treatment plant, camp, administration facilities, air strip, truck shop and warehouse which will require some refurbishment; and tailings storage using the previously mined pit as well as an existing tailings facility, which is capable of expansion.","length":647,"tagName":"p"},{"type":"text","content":"Kemess is a gold-copper porphyry deposit, and the PEA outlines a development approach in which conventional truck-shovel open pit mining begins first, followed by the start of longhole open stoping underground operations approximately two years later. Once underground production commences, both mining methods operate concurrently for the remainder of the 15 year mine life. Average annual production is expected to be 171,000 ounces of gold and 61 million pounds of copper (approximately 267,000 gold equivalent ounces assuming $3,000 per ounce gold, $4.50 per pound copper and $37.50 per ounce silver), at an AISC on a by-product basis NG of $971 per ounce. This integrated mine plan helps streamline the project execution, optimize plant feed and utilize existing infrastructure, while maintaining the expected timeline to first production in late 2031. Key critical-path items include the required BC Hydro sub-station upgrade, as well as permitting activities.","length":965,"tagName":"p"},{"type":"text","content":"The PEA includes the construction of a leach plant at Kemess, planned as part of the expansionary capital program. The plant is expected to increase overall gold recovery by approximately 14%, enhancing the project’s economics. In addition to improving recovery, it would provide valuable flexibility by enabling the processing of ore from potential satellite deposits in the future. The leach plant is expected to cost $116 million, including indirects and contingency, as part of the expansionary non-sustaining capital expenditures NG , starting in 2032.","length":555,"tagName":"p"},{"type":"text","content":"Kemess will initially produce a gold-copper concentrate that will be shipped to a British Columbia port and then transported to overseas refineries for final processing, similar to Mount Milligan. With the addition of the leach plant as the underground operations come online, Kemess is expected to produce both a gold-copper concentrate and gold doré bars, with 82% of production to be in the form of concentrate.","length":414,"tagName":"p"},{"type":"text","content":"The PEA estimates open pit mining costs to average $2.81 per tonne mined and underground mining costs, including development, to average $31.48 per tonne mined over the LOM. Processing costs are estimated to average $6.11 per tonne processed, and G&A costs are estimated to average $3.83 per tonne processed.","length":312,"tagName":"p"},{"type":"text","content":" Kemess PEA Production and Cost Profile (1) ","length":41,"tagName":"p"},{"type":"image","alt":"Kemess PEA Production and Cost Profile","displaySize":"","headline":null,"caption":"Kemess PEA Production and Cost Profile","className":"","disableSlideshowImg":false,"size":{"original":{"width":659,"height":272,"url":"https://media.zenfs.com/en/globenewswire.com/42fec54220f4ce49ed5d22ac1b1d196d"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/O3LOsBgvsAy_CklmtL.iUA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTM5NjtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/42fec54220f4ce49ed5d22ac1b1d196d","width":659,"height":272}}},{"type":"text","content":" ","length":0,"tagName":"p"},{"type":"text","content":"(1) AISC on a by-product basis NG is presented net of copper and silver revenues, after reflecting the impact of the silver stream.","length":130,"tagName":"p"},{"type":"text","content":" Capital Expenditures NG ","length":22,"tagName":"p"},{"type":"text","content":"Initial non-sustaining capital expenditures NG required to achieve first production from the open pit are estimated at $771 million, and focused mainly on open pit capital stripping, construction of the underground conveyor system from the Kemess Main zone to the Kemess South process plant, and refurbishment of the process plant, open pit infrastructure and camp. Approximately 30% of the initial non-sustaining capital NG is allocated to stripping and underground development activities, with the remainder directed towards infrastructure construction and development.","length":569,"tagName":"p"},{"type":"text","content":"An additional $277 million in expansionary non-sustaining capital expenditures NG will be invested following open pit start-up to support the commencement of underground operations. This includes underground development and the construction of a leach plant, which is expected to improve overall gold recovery by approximately 14%.","length":330,"tagName":"p"},{"type":"text","content":"Sustaining capital expenditures NG over the LOM are estimated at approximately $595 million, averaging $98 million per year in the first six years, and $26 million per year over the remainder of the mine life. Sustaining capital in the early years includes a paste backfill plant for underground operations and the infrastructure and civil works required to transition tailings deposition to the Kemess South tailings storage facility.","length":434,"tagName":"p"},{"type":"text","content":"The mining fleet is expected to be leased using equipment leases. The capital lease payments of approximately $40 million made during the initial project development period, are not included in the initial non-sustaining capital expenditures NG , but form part of the initial cash outflow prior to first production. Capital lease payments, including equipment and other leases, of $229 million, made after first production, are treated as sustaining capital lease payments and are not included in the sustaining capital expenditure estimates. Sustaining capital lease payments are included in the determination of the LOM AISC for the Project. Refer to the PEA LOM Summary table at the end of this news release for details on capital lease payments throughout the LOM.","length":766,"tagName":"p"},{"type":"text","content":"A breakdown of the initial non-sustaining capital NG is included in the table below.","length":83,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"max-width:85%;width:85%;min-width:85%;border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" Initial Non-Sustaining Capital NG Breakdown ","length":41,"tagName":"p","attribs":{}}]},{"style":"max-width:15%;width:15%;min-width:15%;border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Total ($M) ","length":10,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"border-right:solid black 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","length":4,"tagName":"p","attribs":{}}]},{"style":"border-right:solid black 1pt;border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 1,223 ","length":5,"tagName":"p","attribs":{}}]},{"style":"border-right:solid black 1pt;border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 169,260 ","length":7,"tagName":"p","attribs":{}}]},{"style":"border-right:solid black 1pt;border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 0.22 ","length":4,"tagName":"p","attribs":{}}]},{"style":"border-right:solid black 1pt;border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 821 ","length":3,"tagName":"p","attribs":{}}]}]}],"length":620},{"type":"text","content":"NOTE: Totals may not sum due to rounding. (1) Refer to Tables “Centerra Gold Updated Kemess Resources Summary”, including the respective footnotes and the “Additional Footnotes” section at the end of the release. (2) The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.","length":602,"tagName":"p"},{"type":"text","content":" Exploration Potential ","length":21,"tagName":"p"},{"type":"text","content":"In 2025, a total of 28 km of drilling was completed, focused on infilling the resource at Kemess Main open pit, Kemess Underground and Nugget, as well as resource extension drilling at Kemess Offset. Results confirm the continuity of mineralization within the resource areas.","length":275,"tagName":"p"},{"type":"text","content":"Exploration activities will continue in 2026 with infill drilling in the Kemess Main zone, as well as at the Kemess Offset zone to help bridge the mineralization gap between Kemess Underground and Kemess East. Beyond Kemess East, additional exploration potential exists along the eastern extension of the Kemess Main mineralization trend, including the KEY and Hilda South targets. These targets exhibit geophysical signatures consistent with the main Kemess deposits, including shallow, tabular chargeability high anomalies, with underlying chargeability lows that typically host the bulk of gold-copper mineralization.","length":620,"tagName":"p"},{"type":"text","content":"Geochemical zonation patterns further support this prospectivity. The KEY zone represents an eastern extension of the Kemess East system. Historic drilling at Hilda South has intersected anomalous arsenic, zinc, and lead values which mirror the geochemical signature found above the main mineralized zone at Kemess East. Step-out drilling along this trend, extending eastward from Kemess East, would be exploration targets in the future.","length":437,"tagName":"p"},{"type":"text","content":"Figure 1: Plan view showing the distance between Kemess Main (formerly Kemess North) and Kemess South","length":101,"tagName":"p"},{"type":"image","alt":"Plan view showing the distance between Kemess Main (formerly Kemess North) and Kemess South","displaySize":"","headline":null,"caption":"Plan view showing the distance between Kemess Main (formerly Kemess North) and Kemess South","className":"","disableSlideshowImg":false,"size":{"original":{"width":481,"height":482,"url":"https://media.zenfs.com/en/globenewswire.com/a336bb4e65ea1deecc45b2da58d5aca9"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/7yOdeIVle9lzhDQmaO.7iA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTk2MjtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/a336bb4e65ea1deecc45b2da58d5aca9","width":481,"height":482}}},{"type":"text","content":" ","length":0,"tagName":"p"},{"type":"text","content":"Figure 2: A long sectional view (looking northeast) of the Kemess Main mineralized trend. The PEA evaluates only the Kemess Main and Kemess Underground areas (outlined area), which represent approximately 47% of the total indicated and inferred resource tonnes.","length":261,"tagName":"p"},{"type":"image","alt":"A long sectional view (looking northeast) of the Kemess Main mineralized trend. The PEA evaluates only the Kemess Main and Kemess Underground areas (outlined area), which represent approximately 47% of the total indicated and inferred resource tonnes.","displaySize":"","headline":null,"caption":"A long sectional view (looking northeast) of the Kemess Main mineralized trend. The PEA evaluates only the Kemess Main and Kemess Underground areas (outlined area), which represent approximately 47% of the total indicated and inferred resource tonnes.","className":"","disableSlideshowImg":false,"size":{"original":{"width":500,"height":310,"url":"https://media.zenfs.com/en/globenewswire.com/b210efba71d1e70e3a748e1ddc8c0431"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/YGsdfzdGO9rl8Y5kip4bnA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU5NTtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/b210efba71d1e70e3a748e1ddc8c0431","width":500,"height":310}}},{"type":"text","content":" ","length":0,"tagName":"p"},{"type":"text","content":" Permitting and Community Relations ","length":34,"tagName":"p"},{"type":"text","content":"Permitting for the Kemess project is well advanced, with some approvals already in place from the site’s previous operations and development plans. Amendments to existing permits will be required to align with the updated development plan. Overall, the Project benefits from a strong permitting foundation, with a path to securing the required amendments for both open pit and underground operations.","length":400,"tagName":"p"},{"type":"text","content":"Centerra also benefits from established relationships with its First Nations partners through existing impact benefit and other agreements, supported by ongoing discussions regarding the planned development strategy. These agreements provide a strong foundation for collaboration, support, and shared economic participation.","length":324,"tagName":"p"},{"type":"text","content":"Kemess is expected to provide consistent employment to more than 700 workers and increase business opportunities for First Nations, surrounding communities, and the province, representing a significant economic driver for northern communities in British Columbia.","length":263,"tagName":"p"},{"type":"text","content":" Sensitivity Analysis ","length":20,"tagName":"p"},{"type":"text","content":"The PEA highlights Kemess’s strong economics, supported by an integrated development strategy and disciplined capital investment. Kemess’s after-tax NPV 5% is approximately $1.1 billion, based on long-term gold and copper price assumptions of $3,000 per ounce and $4.50 per pound, respectively. The scale of the mineral endowment included in the PEA, with over 2.3 million ounces of contained gold and 851 million pounds of contained copper, together with the long-life production profile, provides Kemess with strong leverage to rising metal prices, with further upside potential as ongoing exploration advances resource growth. At spot commodity prices of approximately $4,500 per ounce of gold and $6.00 per pound of copper, the after-tax NPV 5% increases to approximately $2.8 billion. The sensitivities to commodity prices and input costs are illustrated in the tables below.","length":878,"tagName":"p"},{"type":"text","content":" Kemess PEA After-Tax NPV 5% Sensitivities ($M) ","length":45,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"max-width:35%;width:35%;min-width:35%;border-top:solid black 1pt;border-right:solid black 1pt;border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"max-width:13%;width:13%;min-width:13%;border-top:solid black 1pt;border-bottom:solid black 1pt;padding-right:0;border-right:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" -10% ","length":4,"tagName":"p","attribs":{}}]},{"style":"max-width:13%;width:13%;min-width:13%;border-top:solid black 1pt;border-bottom:solid black 1pt;padding-right:0;border-right:solid black 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