Centerra Gold Announces 2023 Year-End Mineral Reserves and Resources and Provides Exploration Update
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NEWS RELEASE
Centerra Gold Announces 2023 Year-End Mineral Reserves and
Resources and Provides Exploration Update
This news release contains forward -looking information that is subject to risk factors and assumptions as set out in the
Cautionary Note Regarding Forward-Looking Information below. All figures are in United States dollars unless otherwise
stated.
Toronto, Canada, February 14, 2024: Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG) (NYSE:
CGAU) announces its 2023 year-end estimates for mineral reserves and mineral resources. Proven and probable
gold mineral reserves were 3.6 million ounces and proven and probable copper mineral reserves were 961
million pounds, as of December 31, 2023 . Measured and indicated gold mineral resources were 6.9 million
ounces as of December 31, 2023, driven by a significant increase at Mount Milligan. The Company is
encouraged by the large mineral endowment at Mount Milligan setting the stage for potential fu ture mine life
growth.
Centerra Year-End Gold Mineral Reserves and Mineral Resources(1)
2023 2022
Property
Tonnes (kt) Grade (g/t) Contained
Gold (koz) Tonnes (kt) Grade (g/t) Contained
Gold (koz)
Proven and Probable Gold Mineral Reserves
Mount Milligan Mine 250,025 0.35 2,822 223,957 0.37 2,643
Öksüt Mine 25,255 1.01 819 27,098 1.08 941
Kemess Underground - - - 107,381 0.50 1,868
Total 275,280 0.41 3,641 358,436 0.46 5,452
Measured and Indicated Gold Mineral Resources
Mount Milligan Mine 259,860 0.27 2,333 182,734 0.30 1,740
Öksüt Mine 6,752 0.55 119 17,377 0.49 272
Kemess Open Pit 111,682 0.27 980 - - -
Kemess Underground 139,920 0.50 2,265 173,719 0.31 1,737
Kemess East 93,454 0.39 1,182 177,500 0.40 2,305
Total 611,668 0.35 6,880 551,330 0.34 6,053
Inferred Gold Mineral Resources
Mount Milligan Mine 7,795 0.34 84 5,685 0.46 83
Öksüt Mine 348 0.78 9 2,329 0.41 31
Kemess Open Pit 13,691 0.26 116 - - -
Kemess Underground - - - 47,700 0.34 529
Kemess East - - - 29,300 0.30 283
Total 21,833 0.30 209 85,014 0.34 926
1) As of December 31, 2023. Refer to Tables “Centerra Gold Inc. 2023 Year-End Mineral Reserve and Resources Summary – Gold” and “Centerra
Gold Inc. 2023 Year-End Mineral Reserve and Resources Summary – Other Metals”, including their respective footnotes and the “Additional
Footnotes” section below.
• Mount Milligan: Centerra entered into an additional agreement with RGLD Gold AG, a subsidiary of
Royal Gold, Inc., relating to Mount Milligan, which immediately extends the mine life by two years to 2035
and grows the mineral resources to 510 million tonnes, inclusive of reserves. For additional details, please
refer to the announcement entitled “Centerra Gold Announces Mount Milligan Mine Life Extension and
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New Agreements with Royal Gold ”, which was issued in conjunction with this news release on February
14, 2024.
• Kemess: The Kemess underground block cave project is not a priority for Centerra’s project pipeline at
this time. The prior mineral reserves and resources estimate produced for this project were completed with
costs and commodity price assumptions that are no longer applicable. As a result, the Company has applied
current capital, operating and metal price assumptions to reclassify the historical reserves as a blend of open
pit and underground resources. Confirmation and exploration drilling, as well as technical s tudies are
planned for 2024 and are expected to provide an updated mining and processing concept which may unlock
additional value. Kemess benefits from infrastructure already on site, several permits in place, and an
impact benefit agreement with its First Nation partners. Centerra remains optimistic that Kemess could be
a future source of gold and copper production.
Centerra Year-End Copper Mineral Reserves and Mineral Resources(1)
2023 2022
Property
Tonnes
(kt)
Grade
(% copper)
Contained
Copper
(Mlbs)
Tonnes
(kt)
Grade
(%
copper)
Contained
Copper (Mlbs)
Proven and Probable Copper Mineral Reserves
Mount Milligan Mine 250,025 0.17 961 223,957 0.18 902
Kemess Underground - - - 107,381 0.27 630
Total 250,025 0.17 961 331,338 0.21 1,532
Measured and Indicated Copper Mineral Resources
Mount Milligan Mine 259,860 0.15 851 182,734 0.17 695
Kemess Open Pit 111,682 0.14 337 - - -
Kemess Underground 139,920 0.25 779 173,719 0.18 697
Kemess East 93,454 0.30 628 177,500 0.36 1,410
Berg - - - 609,986 0.27 3,651
Total Copper 604,916 0.19 2,595 1,143,939 0.26 6,453
Inferred Gold Mineral Resources
Mount Milligan Mine 7,795 0.14 24 5,685 0.07 8
Kemess Open Pit 13,691 0.16 48 - - -
Kemess Underground - - - 47,700 0.20 210
Kemess East - - - 29,300 0.31 203
Berg - - - 28,066 0.22 138
Total Copper 21,486 0.15 72 110,751 0.23 559
1) As of December 31, 2023. Refer to Tables “Centerra Gold Inc. 2023 Year-End Mineral Reserve and Resources Summary – Gold” and “Centerra
Gold Inc. 2023 Year-End Mineral Reserve and Resources Summary – Other Metals”, including their respective footnotes and the “Additional
Footnotes” section below.
• Berg: In December 2023, Centerra entered into an agreement to sell its 100% interest in the Berg Property
to Surge Copper Corp., which was completed in January 2024. Surge had been earning into a 70% interest
in the Berg Property , and following the sale , Centerra holds approximately 15% of Surge’s outstanding
common shares. As a result, Berg is not included in Centerra’s overall copper resources at the end of 2023.
Exploration Update
Exploration activities in the fourth quarter of 2023 included drilling, surface rock and soil sampling, geological
mapping, and geophysical surveying, targeting gold and copper mineralization at the Company’s projects and
properties in Canada, Türkiye, and the United States.
2023 Exploration Highlights
• Significant mineral endowment at Mount Milligan sets the stage for potential future resource additions,
including possibilities for near-surface additions and depth extensions.
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• Resource delineation for oxide and transition material continued at the Goldfield project, with emphasis
on extending known mineralization from the Gemfield deposit.
• Positive initial results at the Oakley project early in 2023 warranted a follow up drilling campaign.
• Fourth quarter of 2023 drilling program included 7,967 metres of drilling.
• Full year 2023 drilling totalled 94.7 kilometres, including greenfield projects.
2024 Exploration Outlook
• Pursue further exploration activities to identify potential extensions and enhancements to existing
resources at Mount Milligan.
• Commence drill test programs at all identified target areas in Canada, United States, and Türkiye.
• Continue with advanced exploration activities at Goldfield and Oakley.
• Exploration expenditures in 2024 are expected to be $35 to $45 million, including $17 to $22 million
of brownfield exploration, and $18 to $23 million of greenfield and generative exploration programs.
Mount Milligan Mine (“Mount Milligan”)
• Ongoing exploration drilling program at Mount Milligan aimed at expanding the mineral resource base
significantly.
• In 2023, 80% of exploration drilling focused on the pit and three brownfield areas, revealing
mineralization in tested areas west of the pit margin and below the ultimate pit boundary.
• Goldmark, Boundary and South Boundary present possibilities for near-surface additions, while North
Slope, DWBX Extension, and Saddle West are being tested for depth extensions.
• Encouraged by the significant mineral endowment and potential future resource additions at Mount
Milligan, Centerra plans to invest approximately $5 to $7 million in exploration at Mount Milligan in
2024.
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Mount Milligan Brownfield Drilling and Exploration
Figure 1: Plan view of Mount Milligan pits (2022 and 2023) showing major porphyry corridors.
Figure 2: Long section view of Mount Milligan pits (2022 and 2023), looking north, showing gold and copper
grade contours.
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Figure 3: Long section view of M ount Milligan pits (2022 and 2023) , looking northwest, showing gold and
copper grade contours .
The DWBX zone is the depth extension of the WBX porphyry-style gold-copper mineralization currently mined
in the pit. Mineralization is associated with potassic alteration and early quartz veins within the DWBX stock
and stock margins. Results received to -date show the depth extension of the mineralization and potential to
extend the pit to mine DWBX and DWBX Extension. Some selected significant results received during the year
include:
Hole #23-1475 : 51.6m @ 0.73 g/t Au, 0.047% Cu from 335m
Hole #23-1484 : 50.7m @ 1.60 g/t Au, 0.177% Cu from 173m
Hole #23-1484 : 72.0m @ 0.65 g/t Au, 0.202% Cu from 447m
Hole #23-1487 : 157.6m @ 0.23g/t Au, 0.035% Cu from 271m
The Goldmark zone is directly west of the current Mount Milligan pit design, situated above the high grade
DWBX zone. Drilling during the year aimed to test the western extent of the Goldmark mineralization that had
been intersected in previous drilling programs. Shallow porphyry-style gold and copper mineralization is hosted
at the margins of dykes and the Goldmark stock. High gold-low copper (“HGLC”) style mineralization occurs
throughout the zone. The results show potential for shallow resource addition and the extension of
mineralization west of the existing pit boundary. Significant results include:
Hole #23-1480 : 55.5m @ 1.55 g/t Au, 0.026% Cu from 13m
Hole #23-1481 : 90.2m @ 0.49 g/t Au, 0.054% Cu from 419m
Hole #23-1485 :132.0m @ 0.25 g/t Au, 0.192% Cu from 366m
The North Slope zone is approximately 1.5 kilometres from the western margins of the existing pit boundary.
Assays returned show localized shallow zones of low-grade gold and copper mineralization related to the North
Slope stock, with higher -grade porphyry -style gold and copper mineralization at depth. Significant results
include:
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Hole #23-1491 : 58.0m @ 0.17 g/t Au, 0.102% Cu from 443m
Hole #23-1493 : 50.5m @ 0.19 g/t Au, 0.219% Cu from 489m
Hole #23-1503 : 43.8m @ 0.21 g/t Au, 0.303% Cu from 439m
The Saddle zone and the Saddle West zone are south of Goldmark, along the western margins and within one
kilometre of the current pit boundary. The program was designed for resource expansion, targeting extension
of deep HGLC mineralization below the current pit. Results returned show potential for deep resource addition
adjacent to and below the current pit boundary. Significant results include:
Hole # 23-1470 : 61.0m @ 0.895 g/t Au, 0.005% Cu from 476m
Hole # 23-1467 : 106.7m @ 0.259 g/t Au, 0.023% Cu from 344m
Hole #23-1471 : 12.3m @ 1.45g/t Au ; 0.022% Cu from 498m
The Boundary zone is within 500 metres of the western margins of the Southern Star pit boundary. Assays
returned show shallow and deep porphyry -style gold and copper mineralization associated with dykes in the
Boundary zone and the extension of the Southern Star stock at depth. Mineralization is associated with potassic
and propylitic alteration, often overprinted by quartz -sericite-pyrite alteration, with early quartz veins and
chalcopyrite ± pyrite veins. Significant results include:
Hole #23-1514 : 25.0m @ 0.152 g/t Au, 0.181% Cu from 129m
Hole #23-1509 : 73.7m @ 0.336 g/t Au, 0.066% Cu from 215.3m
Hole #23-1510 : 42.4m @ 0.202 g/t Au, 0.322% Cu from 511.6m
Hole #23-1507 : 35.6m @ 0.219 g/t Au, 0.216% Cu from 455m
In addition to the east-west corridor, drill testing was carried out within the southwest-northeast corridor at M6
and Orica, both targets were interpreted as linking to the Southern Star pit. M6 and Orica drill testing zones are
approximately 1.5 kilometre west and southwest respectively from the western margins of the Southern Star
ultimate pit boundary. Results received show mineralization potential in a relatively underexplored area,
especially to the southwest. The porphyry-style gold and copper mineralization in these target areas are expected
to be part of the focus in 2024.
Goldfield Project (“Goldfield”)
• Goldfield achieved 49 kilometres of drilling in 2023.
• Fourth quarter exploration program totalled 4,024 metres in 16 core drill holes and 23,160 metres in
103 reverse circulation holes.
• Three satellite prospects east of the Gemfield deposit (Jupiter, Callisto, Kendall) were drill tested, with
Jupiter and Callisto indicating a transition from deeper sulfide to shallow oxide mineralization in the
up-dip projection.
Gemfield deposit and its immediate satellite target areas are geologically characterized by gently -dipping,
intermediate and felsic volcanic units unconformably overlain by unconsolidated pebble to cobble conglomerate
and down-dropped by post-mineral normal faults. Mineralization is typically hosted in stratabound Sandstorm
rhyolite, although lower grade mineralization can be found in several of the felsic units, and is associated with
a large, widespread blanket of quartz - alunite alteration dominated by pyrite in a high sulfidation environment.
The Jupiter and Callisto prospects represent deeper sulfide mineralization transitioning to shallow oxide
mineralization in the up-dip projection of the host stratigraphy. Exploration activities focused on defining the
extent of the oxide mineralization, and additional exploration activities are planned at both Jupiter and Callisto
in 2024. Significant results received during the year include:
Hole #GEM-23-R122 : 80.0m @ 6.94g/t Au from 65m
Hole #GEM23D26 : 173.5m @ 1.82 g/t Au from 441m
Hole #GEM23R170 : 190.0m @ 1.20 g/t Au from 370m
Hole #GEM23R170 : 170.0m @ 0.47 g/t Au from 595m
Hole #GEM-23-R112 : 80.0m@ 1.41 g/t Au from 315m
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Hole #GEM23R175 : 85.0m@ 1.18 g/t Au from 435m
Hole #GEM23R157 : 170.0m @ 0.47 g/t Au from 605m
Hole #GEM-23-R125 : 50.0m @ 1.55 g/t Au from 250m
Hole #GEM-23-R102 : 40.0m @ 1.79 g/t Au from 290m
Hole #GEM-23-R116 : 200.0m @ 0.35 g/t Au from 125m
Oakley Project (“Oakley”)
In 2023, Centerra earned into a 70% interest in Oakley and subsequently acquired the remaining 30% interest
from Excellon Resources Inc., bringing the Company’s total interest in the project to 100%. Exploration
activities in the second half of 2023 continued to define a near-surface, structurally controlled, low sulfidation
epithermal gold occurrence at the Blue Hill prospect. Additional epithermal style gold prospects were identified
in the fourth quarter in other parts of the project area. These targets will be drill tested during 2024. Significant
results received during the year include:
Hole #BHC-23-10 : 46.5m @ 0.55 g/t Au from 27.5m
Hole #BHC-23-10 : 64.0m @ 0.40 g/t Au from 78.0m
Hole #BHC-23-11 : 32.9m @ 0.34 g/t Au from 45.2m
Hole #BHC-23-11 : 25.0m @ 0.94 g/t Au from 102.0m
Hole #BHC-23-17 : 39.8m @ 0.28 g/t Au from 35.5m
Hole #BHC-23-20 : 45.5m @ 0.43 g/t Au from 79.0m
Hole #BHC-23-21 : 32.1m @ 0.32 g/t Au from 61.5m
Hole #BHC-23-21 : 38.5m @ 0.49 g/t Au from 159.0m
Hole #BHC-23-27 : 34.1m @ 0.34 g/t Au from 91.5m
Hole #BHC-23-27 : 47.0m @ 0.39 g/t Au from 129.4m
Öksüt Mine (“Öksüt”)
In the fourth quarter of 2023, five core drill holes were completed at Öksüt, aimed to test for a potential deep
porphyry target beneath the Keltepe and Güneytepe pits. The exploration for deep porphyry deposits was
initiated based on historical drill holes confirming potassic alteration related to porphyry intrusive on the Öksüt
license. In 2024, a detailed alteration analysis is expected to be carried out using 2023 and deep historical holes
drilled in and around Öksüt.
A full listing of the drill results ha s been filed on SEDAR+ at www.sedarplus.ca, EDGAR at
www.sec.gov/edgar, and is available on the Company’s website at www.centerragold.com.
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Centerra Gold Inc. 2023 Year-End Mineral Reserve and Resources Summary – Gold (1)
as of December 31, 2023 (see additional footnotes below)
Proven and Probable Gold Mineral Reserves
Proven Probable Total Proven and Probable
Property
Tonnes Grade Contained
Gold
(koz)
Tonnes Grade Contained
Gold
(koz)
Tonnes Grade Contained
Gold
(koz) (kt) (g/t) (kt) (g/t) (kt) (g/t)
Mount
Milligan (4) 215,640 0.34 2,387 34,386 0.39 435 250,025 0.35 2,822
Öksüt 1,140 1.10 40 24,116 1.00 779 25,255 1.01 819
Total 216,780 0.35 2,427 58,502 0.64 1,214 275,280 0.41 3,641
Measured and Indicated Gold Mineral Resources (2)
Measured Indicated Total Measured and Indicated
Property
Tonnes Grade Contained
Gold
(koz)
Tonnes Grade Contained
Gold
(koz)
Tonnes Grade Contained
Gold
(koz) (kt) (g/t) (kt) (g/t) (kt) (g/t)
Mount
Milligan (4) 118,289 0.25 966 141,571 0.30 1,367 259,860 0.27 2,333
Öksüt 907 0.45 13 5,844 0.56 106 6,752 0.55 119
Kemess Open
Pit 111,682 0.27 980 111,682 0.27 980
Kemess
Underground - - - 139,920 0.50 2,265 139,920 0.50 2,265
Kemess East - - - 93,454 0.39 1,182 93,454 0.39 1,182
Total 119,197 0.26 979 492,471 0.37 5,901 611,668 0.35 6,880
Inferred Gold Mineral Resources (3)
Property
Tonnes Grade Contained
Gold
(koz) (kt) (g/t)
Mount
Milligan (4) 7,795 0.34 84
Öksüt 348 0.78 9
Kemess Open
Pit 13,691 0.26 116
Kemess
Underground - - -
Kemess East - - -
Total 21,833 0.30 209
1) Centerra’s equity interests as of this news release are as follows: Mount Milligan 100%, Öksüt 100%, Kemess Open Pit, Kemess Underground and
Kemess East 100%. Mineral reserves and resources for these properties are presented on a 100% basis. Numbers may not add up due to rounding.
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 a reduced price per ounce
of gold delivered. Mineral reserves and resources for the Mount Milligan property are presented on a 100% basis.