Centerra Gold Announces 2019 Year-End Mineral Reserves and Resources, Mount Milligan Technical Report and Fourth Quarter Exploration Update
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NEWS RELEASE
Centerra Gold Announces 2019 Year-End Mineral Reserves and Resources,
Mount Milligan Technical Report and Fourth Quarter Exploration Update
This news release contains forward- looking information that is subject to risk factors and assumptions set out in the
Cautionary Note Regarding Forward- looking Information on page 17. All figures are in United States dollars unless
otherwise stated.
Toronto, Canada, March 26, 2020: Centerra Gold Inc. (“Centerra”) (TSX: CG) today issued its 2019 year-
end estimates for mineral reserves and mineral resources and announced the publication of a new NI 43-101
technical report relating to the Mount Milligan Mine . 2019 year-end mineral reserves have been estimated
based on a gold price of $1,250 per ounce and a copper price of $3.00 per pound.
Highlights:
• Kumtor’s measured and indicated gold resources increased by 3.3 million ounces to 6.3 million
contained ounces, exclusive of reserves at an average finding cost of approximately $6 per ounce.
• Mount Milligan’s reserves and resources have been re-estimated in connection with a new NI 43 -101
technical report that was published today, with both gold and copper inventories decreasing.
• Mount Milligan’s measured and indicated gold resources, exclusive of reserves, decreased by 1.3
million ounces to 1.4 million contained ounces. The proven and probable gold mineral reserves
decreased by 2.3 million ounces to 2.4 million contained ounces.
• Centerra’s measured and indicated copper mineral resources, exclusive of reserves, decreased by 510
million pounds to 5,327 million pounds of contained copper.
• Centerra’s proven and probable copper mineral reserves decreased by 877 million pounds to 1,589
million pounds of contained copper.
• Centerra’s overall measured and indicated gold mineral resources increased by 2.0 million ounces to
13.3 million ounces of contained gold ( 571.9 million tonnes (Mt) at 0.73 g/t gold), exclusive of gold
mineral reserves.
• Centerra’s overall proven and probable gold mineral reserves total 11.1 million ounces of contained
gold (442 Mt at 0.78 g/t gold), a decrease of 3.1 million ounces of contained gold.
Kumtor Mineral Resource Update
The 2019 mineral resource estimate for Kumtor is based on an updated interpretation of mineralized zones and
modeling parameters effective as of January 31, 2020. The updated resource estimate includes 2018 and 2019
drilling results within the Central Pit and an updated block model for both the Central Pit and the
Southwest/Sarytor Pit.
Mount Milligan Technical Report Update Summary
The Company has published an updated technical report for the Mount Milligan Mine (the “ 2020 Mount
Milligan Technical Report”) which includes revisions to the resource model, metallurgical recoveries, operating
cost estimates, net smelter return (NSR) cut- off value, and the life -of-mine (“LOM”) open pit design. The
technical report was prepared in accordance with National Instrument 43 -101 Standards of Disclosure for
Mineral Projects (“NI 43-101”) and filed on SEDAR on March 26, 2020 with an effective date of December
31, 2019.
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The 2020 Mount Milligan Technical Report shows that, a t December 31, 2019, the Mount Milligan copper-
gold porphyry deposit contains a combined Measured and Indicated Mineral Resource (exclusive of Mineral
Reserves) of 125.4 million tonnes (Mt) at 0.19% copper ( Cu) and 0.35g/t gold ( Au) containing 518 million
pounds (lbs) of copper and 1.4 million ounces (oz) of gold and an Inferred Mineral Resource of 4 Mt at 0.13%
Cu and 0.46g/t Au. The mineral resource within the 2019 resource pit shell was based on a cut -off grade of
0.2% copper-equivalent (CuEq) and used $1,500/oz gold and $3.50/lb copper as the price assumptions.
The open pit was optimized using long- term metal price estimates of $3.00/lb Cu and $1,250/oz Au, an
exchange rate of C$:US$ of 1.25:1.00, and costs related to mining, processing and general and administrative
expenses (G&A) (including site services), and sustaining capital costs. Other factors considered include
metallurgical recoveries, concentrate grades, transportation costs, smelter treatment charges, and the H.R.S.
Resources royalty in determining economic viability.
The NSR cut-off comprised of the costs for processing and G&A operating costs (opex) and sustaining capital
unit costs (capex) and was calculated to be $7.64/t or C$9.55/t. Mining opex is excluded from the NSR cut off
calculation because the definition of ore (and waste) is made at the pit rim; with mining opex having been
considered in definition of the optimized pit shell. One- time processing or G&A sustaining capex items were
also excluded from the NSR cut-off calculation.
The Proven and Probable Mineral Reserve totals 191.0Mt at 0.23% Cu and 0.39g/t Au containing 959 million
pounds of copper and 2.41 million ounces of gold and has been classified as 60% Proven and 40% Probable on
a tonnage basis.
Total operating and capital costs over Mount Milligan’s 9 -year life of mine ( LOM) are estimated at $2,839
million, including $828 million for mining costs, $1,029 million for processing costs, $333 million for G&A
costs, $140 million for transportation costs, total selling and marketing costs of $88 million, total treatment and
refining charges of $199 million and total capital expenditures of $222 million.
The $222 million total LOM capital expenditures required to exploit the Mineral Reserves in the LOM plan
includes capital equipment and component replacements, planned improvements to crushing equipment, the
tailings pumping system and site facilities, as well as water management, but excludes $125 million in tailings
storage facility (TSF) construction costs (included with mining opex). Waste mined at Mount Milligan is used
for routine TSF raises, the cost of which is capitalized to the TSF rather than as capitalized stripping. The current
mine plan does not contemplate any growth capital.
The LOM all-in sustaining cost per ounce sold, on a by- product basis, which includes sustaining capital and
copper revenue credits, averages $704/oz Au for the period from 2020 to the end of the LOM. All-in sustaining
cost per ounce sold, on a by- product basis, is a non- GAAP measure; please refer to Non-GAAP measures in
the Company’s News Release and MD&A dated March 26, 2020.
Using a gold price of $1,250 per ounce, copper price of $3.00/lb and exchange rate of C$:US$ of 1.25:1.00, as
assumed for the Mineral Reserve estimation process, the LOM physicals and all the operating, transport and
capital cost forecasts have been used to estimate the net cash flow for the Mount Milligan Mine from 2020 to
the end of 2028 to be $398 million. T he after-tax net present value (“NPV”) at a discount rate of 5% is $342
million.
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Sensitivity of NPV to Gold Price Changes
NPV $ millions Sensitivity to Gold Price at 0%, 5%, and 8% Discount Rates
Discount Rate Gold
Price ($/ounce) 0% 5% 8%
-20% 78 72 68
-10% 284 245 227
$1,250 398 342 315
+10% 513 438 382
+20% 627 534 465
Sensitivity of NPV to Copper Price Changes
NPV $ millions Sensitivity to Copper Price at 0%, 5% and 8% Discount Rates
Discount Rate Copper
Price ($/lb) 0% 5% 8%
-20% 39 41 41
-10% 219 191 178
$3.00 398 342 315
+10% 578 492 451
+20% 758 642 588
Centerra Year-end Gold Mineral Reserves and Mineral Resources
Mineral Reserves
At December 31, 2019, proven and probable gold mineral reserves total an estimated 11.1 million contained
ounces (441.9 Mt at 0.78 g/t Au), compared to 14.2 million contained ounces (706.3 Mt at 0.63 g/t Au) in the
prior year. During 2019, proven and probable gold mineral reserves decreased by 3.1 million contained ounces,
after processing of 986,000 contained ounces and a net deletion of 2.2 million contained ounces.
Mount Milligan
The decrease in gold mineral reserve contained ounces is primarily attributable to the Company’s revised
reserve estimate for the Mount Milligan Mine that represented a net deletion of 2.1 million contained ounces
from mineral reserves.
Mount Milligan Mi ne’s proven and probable gold mineral reserves total an estimated 2.4 million ounces of
contained gold (191.0 Mt at 0.39 g/t gold) as at December 31, 2019, compared to 4.7 million contained ounces
gold (447.6 Mt at 0.33 g/t gold) at December 31, 2018. For 2019, proven and probable gold mineral reserves
decreased by 2.3 million contained ounces of gold, including the processing of 279 thousand contained ounces
of gold.
The decrease in reserves was driven by two main factors. First, d uring 2019, the Company identified cost
escalation relating to water sourcing, increased maintenance, increased labor complements, decreased
productivities and lower process plant throughput, among other things, compared to the previous 2017
Technical Report for the Mount Milligan Mine. These factors have resulted in the estimated NSR cut-off
increasing from C$8.12/t to C$9.55/t. Second, the resource model has been updated and metallurgical recoveries
re-estimated, resulting in a revised ultimate open pit design with the associated reserve decrease.
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Kumtor
At the Kumtor Mine, in the Kyrgyz Republic, at the end of December 2019, proven and probable gold mineral
reserves total an estimated 3.2 million ounces of contained gold (43.3 Mt at 2.31 g/t gold), compared to 4.0
million contained ounces (51.6 Mt at 2.42 g/t gold) as at December 31, 2018. During 2019, proven and probable
gold mineral reserves decreased by 804,000 contained ounces, after accounting for processing of 708,000
contained ounces, a 13,000 ounces positive reconciliation at the Central Pit stockpiles and by a 110,000 ounces
negative production reconciliation in the Central Pit. The December 31, 2019 mineral reserves at Kumtor have
been estimated by depleting 2019 production from the Central open pit from the December 31, 2018 reserve
estimate. This approach does not consider potential changes to the life-of-mine operating cost estimates, mine
plans or any other changes to the economic assumptions year-on-year, which are currently being evaluated due
to the technical and economic impacts of 2018 and 2019 in- fill drilling (and the associated resource increase)
and the Lysii waste dump failure in December 2019 to determine the net impact to the reserve estimate.
Öksüt
In Turkey, at the Öksüt Mine, proven and probable gold mineral reserves total an estimated 1.3 million ounces
of gold (29.4 Mt at 1.35 g/t gold) at December 31, 2019, compared to the estimated 1.3 million ounces of gold
(28.8 Mt at 1.38 g/t gold) as at December 31, 2018. Proven and probable gold mineral reserves decreased by
four thousand contained ounces due to changes to the mineral resource model, metallurgical recoveries, and
open pit designs . These changes were offset by changes to the cut -off grade and a positive production
reconciliation of 3 thousand ounces during 2019.
Kemess
At the Kemess Property in Canada, the proven and probable gold mineral reserves for the Kemess Underground
Project are unchanged at an estimated 1.9 million contained ounces (107.4 Mt at 0.54 g/t gold) at December 31,
2019.
Greenstone
At the Company’s 50% owned Greenstone Gold Property, in Canada, the proven and probable gold mineral
reserves at the Hardrock Project are unchanged at an estimated 2.3 million contained ounces (Centerra’s share)
(70.8 Mt at 1.02 g/t gold) at December 31, 2019.
As noted below, Centerra’s technical staff have reviewed the mineral resource estimate for the Hardrock Project
prepared by G-Mining on behalf of Greenstone and published by Premier Gold Mines Limited on October 3,
2019 and has significant concerns regard ing its use of certain technical parameters and cost assumptions. As
such, it cannot endorse or accept the work product and instead will rely on mineral resources last identified in
the 2016 Hardrock Technical Report, which it believes is still relevant and reliable.
Mineral Resources
Measured and indicated gold mineral resources, exclusive of gold mineral reserves, increased by 2.0 million
ounces of contained gold to 13.3 million ounces of contained gold (571.9 Mt at 0.73 g/t gold), compared to the
December 31, 2018 estimate. The increase is a result of exploration success at Kumtor that was partly offset
by a re-estimation of the mineral resources at Mount Milligan.
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Kumtor
At Kumtor, measured and indicated gold mineral resources increased from December 31, 2018 to December
31, 2019 by 3.3 million contained ounces to 6.3 million contained ounces of gold (64.5 Mt at 3.03 g/t gold) due
to the inclusion of exploration and in-fill drilling results from 2018 and 2019 drilling campaigns totalling $19.8
million invested, an update of the resource model, and from the generation of an open pit shell that constrained
the resource. This represents an average finding cost of approximately $6 per resource ounce added. Parameters
used to constrain the resource pit shell are expected to be further evaluated in updating the Kumtor life-of-mine
plan for the new NI 43- 101 technical report to be published in the second half of 2020. The 2019 mineral
resource estimate for Kumtor is based on an updated interpretation of mineralized zones and modeling
parameters effective as of January 31, 2020. The updated resource estimate includes updated resource models
for both the Central Pit and SW/Sarytor Pit.
Mount Milligan
At the Mount Milligan Mine, 1.3 million contained ounces of gold were removed from the measured and
indicated gold mineral resources at December 31, 2019 compared to December 31, 2018. The reduction is a
result of updates made to the resource model, estimates of metallurgical recoveries, life-of-mine operating cost
estimates, and an increase to the resource cut-off value/grade. Measured and indicated gold resources now total
1.4 million ounces of contained gold (125.4 Mt at 0.35 g/t gold). The 2019 mineral resource estimate for Mount
Milligan is reported in the 2020 Mount Milligan Technical Report. The database used for the updated resource
model was locked as of October 30, 2019. The updated mineralized zones modeling interpretation, improved
understanding of copper-gold correlation and change to various modeling parameters, and resultant resource
pit design, resulted in the reduction to the mineral resources.
Öksüt
The Öksüt Mine’s measured and indicated gold resources are materially unchanged at 212,000 ounces of
contained gold (10.4 Mt at 0.64 g/t gold).
Kemess
The Kemess Underground and Kemess East Projects’ measured and indicated gold resources are unchanged at
December 31, 2019 compared to December 31, 2018, totaling 4.0 million ounces of contained gold (351.2 Mt
at 0.36 g/t gold).
Greenstone
At the Company’s 50% owned Greenstone Gold Property, in Canada, the measured and indicated gold resources
at the Hardrock Project are unchanged at an estimated 0.9 million contained ounces (Centerra’s share) (12.6 Mt
at 2.29 g/t gold) at December 31, 2019.
Centerra’s technical staff have reviewed the mineral resource estimate for the Hardrock Project prepared by G-
Mining on behalf of Greenstone and published by Premier Gold Mines Limited on October 3, 2019 and has
significant concerns regarding its use of certain technical parameters and cost assumptions. As such, it cannot
endorse or accept the work product and instead will rely on mineral resource s last identified in the 2016
Hardrock Technical Report, which it believes is still relevant and reliable.
Inferred Gold Mineral Resources
The inferred gold mineral resource estimate totals 6.7 million contained ounces of gold (128.9 Mt at 1.62 g/t
gold), an increase of 531,000 contained ounces at December 31, 2019 compared to December 31, 2018. The
increase is primarily a result of the increase of 923,000 contained ounces at Kumtor offset by a reduction of
356,000 contained ounces of gold at Mt. Milligan. At Öksüt, changes to the resource model removed 35
thousand contained ounces from the inferred mineral resource category.
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Centerra Year-end Copper Mineral Reserves and Mineral Resources
Mineral Reserves
Proven and probable copper mineral reserves total an estimated 1,589 million pounds of contained copper (298
Mt at 0.24% copper). The copper mineral reserves have been estimated based on a copper price of $3.00 per
pound for the Mount Milligan Mine and the Kemess Underground Project.
Mount Milligan
At the Mount Milligan M ine, proven and probable copper mineral res erves total an estimated 959 million
pounds of contained copper (191 Mt at 0.23% copper) at December 31, 2019 compared to 1,836 million pounds
of contained copper (448 Mt 0.19 % copper) as of December 31, 2018. P roven and probable copper m ineral
reserves decreased by 877 million contained pounds of copper, after processing 92 million contained pounds of
copper in 2019 . The December 31, 2019 estimate of mineral reserves reflects the 2020 Mount Milligan
Technical Report. The technical report describes the changes that were made to the resource model,
metallurgical recoveries, life-of-mine operating cost estimates, cut-off value, and modifications to the open pit
design.
Kemess
The Kemess Underground Project’s proven and probable copper mineral reserves are unchanged and are
estimated to be 630 million pounds of contained copper (107 Mt at 0.27% copper) at December 31, 2019.
Mineral Resources
Measured and indicated copper mineral resources , exclusive of mineral reserves, total an estimated 5,327
million pounds of contained copper (873 Mt at 0.28% copper). The copper mineral resources are located at the
Mount Milligan Mine, the Berg Property, Kemess Underground, and Kemess East properties that are all located
in Canada.
Mount Milligan
At Mount Milligan, measured and indicated mineral resources decreased by 510 million pounds of contained
copper to an estimated 518 million pounds of contained copper (125.4 Mt at 0.19% copper) at December 31,
2019. The reduction in measured and indicated minera l resources is based on the results of the 2020 Mount
Milligan Technical Report . Significant changes for the December 31, 2019 resource estimate include
interpreting mineralized domains using copper equivalent cut-off grade of 0.10% rather than NSR cut-off value,
manual re-interpretation of mineralized domains, improved gold:copper correlation understanding leading to
improved grade interpolation, and updated parameters for resource pit delineation.
Kemess
At Kemess, m easured and indicated resources that are exclusive of reserves are unchanged at 2,107 million
pounds of contained copper at December 31, 2019. The Kemess Underground measured and indicated resources
are 174 Mt at 0.18% copper or an estimated 697 million pounds of contained copper and Kemess East measured
and indicated resources of 178 Mt at 0.36% copper or an estimated 1,410 million pounds of contained copper.
Inferred Copper Mineral Resources
Centerra’s inferred copper mineral resource estimate totals 502 million pounds of contained copper (95 Mt at
0.24% copper). This includes at Mount Milligan an estimated 10 million pounds of contained copper (3.7 Mt
at 0.13% copper) that represents a year-over- year decrease of 105 million pounds of contained copper . The
reduction in the inferred mineral re source is a result of the updated resource model. At Kemess Underground
this includes 210 million pounds of contained copper (48 Mt at 0.20% copper) and at Kemess East this includes
203 million pounds of contained copper (29 Mt at 0.31%), both unchanged from end-2018.
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Table 1 (see additional footnotes pages 11-12)
Centerra Gold Inc. 2019 Year-End Mineral Reserve and
Resources Summary – Gold (1) (5)
(as of December 31, 2019)
Proven and Probable Gold Mineral Reserves
Proven Probable Total Proven and Probable
Property Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Mount Milligan (4) 114,735 0.41 1,525 76,275 0.36 882 191,028 0.39 2,407
Kumtor - Open Pit 16,311 1.83 958 26,984 2.60 2,256 43,295 2.31 3,214
Öksüt 1,041 0.68 23 28,321 1.37 1,251 29,362 1.35 1,274
Hardrock - Open Pit - - - 70,858 1.02 2,324 70,858 1.02 2,324
Kemess Underground - - - 107,381 0.54 1,868 107,381 0.54 1,868
Total 132,105 0.59 2,506 309,819 0.86 8,580 441,924 0.78 11,086
Measured and Indicated Gold Mineral Resources (2)
Measured Indicated Total Measured and Indicated
Property Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Mount Milligan (4) 50,582 0.44 713 74,788 0.29 695 125,370 0.35 1,408
Kumtor - Open Pit 21,308 4.10 2,807 43,191 2.50 3,468 64,499 3.03 6,275
Öksüt 3,819 0.61 74 6,551 0.65 138 10,370 0.64 212
Hardrock - Open Pit - - - 5,722 0.36 66 5,722 0.36 66
Hardrock – Underground - - - 6,846 3.91 860 6,846 3.91 860
Brookbank - Open Pit - - - 1,319 2.02 86 1,319 2.02 86
Brookbank – Underground - - - 926 7.21 215 926 7.21 215
Key Lake - Open Pit - - - 1,286 1.17 49 1,286 1.17 49
Key Lake – Underground - - - 16 6.47 3 16 6.47 3
Kailey - - - 4,315 0.96 133 4,315 0.96 133
Kemess Underground - - - 173,719 0.31 1,737 173,719 0.31 1,737
Kemess East - - - 177,500 0.40 2,305 177,500 0.40 2,305
Total 75,709 1.48 3,594 496,178 0.61 9,753 571,888 0.73 13,347
Inferred Gold Mineral Resources (3)
Property Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Mount Milligan (4) 3,736 0.46 55
Kumtor - Open Pit 20,987 2.01 1,356
Kumtor - Underground 12,883 7.54 3,125
Öksüt 615 0.77 15
Hardrock - Open Pit 85 0.88 2
Hardrock - Underground 10,754 3.57 1,235
Brookbank - Open Pit 86 2.36 7
Brookbank - Underground 202 4.09 27
Key Lake - Open Pit 673 1.30 28
Key Lake - Underground 29 3.65 3
Kailey 1,844 0.97 58
Kemess Underground 47,700 0.34 529
Kemess East 29,300 0.30 283
Total 128,893 1.62 6,722
1) Centerra’s equity interests as of this news release are as follows: Mount Milligan 100%, Kumtor 100%, Öksüt 100%, Kemess Underground and Kemess East 100% and
Greenstone Gold properties (Hardrock, Brookbank, Key Lake, Kailey) 50%.
2) Mineral resources are in addition to mineral reserves. Mineral resources do not have demonstrated economic viability.
3) Inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined economically. It cannot be assumed that all or part of
the inferred mineral resources will ever be upgraded to a higher category.
4) Production at Mount Milligan is subject to a streaming agreement with RGLD Gold AG and Royal Gold, Inc. (collectively, “Royal Gold”) which entitles Royal Gold to 35% of
gold sales from the Mount Milligan Mine. Under the stream arrangement, Royal Gold will pay $435 per ounce of gold delivered. Mineral reserves for the Mount Milligan
property are presented on a 100% basis.
5) Numbers may not add up due to rounding.
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Table 2 (see additional footnotes pages 11-12)
Centerra Gold Inc. 2019 Year-End Mineral Reserve and
Resources Summary - Other Metals (1) (5)
(as of December 31, 2019)
Property Tonnes
(kt)
Copper
Grade
(%)
Contained
Copper
(Mlbs)
Molybdenum
Grade
(%)
Contained
Molybdenum
(Mlbs)
Silver
Grade
(g/t)
Contained
Silver
(koz)
Proven Mineral Reserves
Mount Milligan (4) 114,753 0.23 571 - - - -
Probable Mineral Reserves
Mount Milligan (4) 76,275 0.23 389 - - - -
Kemess Underground 107,381 0.27 630 - - 1.99 6,878
Total Proven and Probable Mineral Reserves
Mount Milligan (4) 191,028 0.23 959 - - - -
Kemess Underground 107,381 0.27 630 - - 1.99 6,878
Total Copper and Silver 298,409 0.24 1,589 - - 1.99 6,878
Measured Mineral Resources (2)
Mount Milligan (4) 50,582 0.16 182 - - - -
Berg 176,384 0.36 1,391 0.03 132 3.02 17,152
Kemess Underground - - - - - - -
Kemess East - - - - - - -
Thompson Creek 57,645 - - 0.07 92 - -
Endako 47,100 - - 0.05 48 - -
Indicated Mineral Resources (2)
Mount Milligan (4) 74,788 0.20 336 - - - -
Berg 220,284 0.27 1,311 0.03 161 3.08 21,799
Kemess Underground 173,719 0.18 697 - - 1.55 8,632
Kemess East 177,500 0.36 1,410 - - 1.97 11,240
Thompson Creek 59,498 - - 0.07 85 - -
Endako 122,175 - - 0.04 118 - -
Total Measured and Indicated Mineral Resources (2)
Mount Milligan (4) 125,370 0.19 518 - - - -
Berg 396,668 0.31 2,702 0.03 293 3.05 38,951
Kemess Underground 173,719 0.18 697 - - 1.55 8,632
Kemess East 177,500 0.36 1,410 - - 1.97 11,240
Total Copper and Silver 873,257 0.28 5,327 - - 2.45 58,823
Thompson Creek 117,143 - - 0.07 177 - -
Endako 169,275 - - 0.04 166 - -
Inferred Mineral Resources (3)
Mount Milligan (4) 3,736 0.13 10 - - - -
Berg 13,982 0.26 79 0.02 5 4.39 1,971
Kemess Underground 47,700 0.20 210 - - 1.65 2,530
Kemess East 29,300 0.31 203 - - 2.00 1,880
Total Copper and Silver 94,718 0.24 502 - - 2.18 6,381
Thompson Creek 806 - - 0.04 1 - -
Endako 47,325 - - 0.04 44 - -
1) Centerra’s equity interests as of this news release are as follows: Mount Milligan 100%, Kemess Underground 100%, Kemess East 100%,
Berg 100%, Thompson Creek 100%, and Endako 75%.
2) Mineral resources are in addition to mineral reserves. Mineral resources do not have demonstrated economic viability.
3) Inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined economically. It
cannot be assumed that all or part of the inferred mineral resources will ever be upgraded to a higher category.
4) Production at Mount Milligan is subject to a streaming agreement which entitles Royal Gold to 18.75% of copper sales from the Mount
Milligan Mine. Under the stream arrangement, Royal Gold will pay 15% of the spot price per metric tonne of copper delivered. Mineral
resources for the Mount Milligan property are presented on a 100% basis.
5) Numbers may not add up due to rounding.