Centerra Gold Announces TSX Acceptance of Renewed Normal Course Issuer Bid
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NEWS RELEASE
Centerra Gold Announces TSX Acceptance of Renewed Normal Course Issuer Bid
Toronto, Canada, November 3, 2023: Centerra Gold Inc. (TSX: CG) (NYSE: CGAU) (“Centerra” or the
“Company”) is pleased to announce that the Toronto Stock Exchange (“TSX”) has accepted its renewal of
a normal course issuer bid (“NCIB”) to purchase for cancellation up to an aggregate of 18,293,896 common
shares in the capital of the Company (“Common Shares”) during the twelve-month period commencing on
November 7, 2023 and ending on November 6, 2024, representing approximately 8.48% of Centerra’s total
issued and outstanding Common Shares, or 10% of the public float. As of October 31, 2023, Centerra had
215,807,212 issued and outstanding Common Shares.
Under the NCIB, daily purchases would be limited to 191,219 Common Shares, other than purchases made
under block purchase exemptions. Once the NCIB is commenced, t he exact timing and amount of any
purchases will depend on market conditions and other factors. Centerra will not be obligated to acquire any
Common Shares and may suspend or discontinue purchases under the NCIB at any time. Any purchases
made under the NCIB will be made at market price at the time of purchase through the facilities of the TSX
and/or alternative Canadian trading systems in accordance with applicable securities laws and stock
exchange rules. The Company’s previous NCIB , in respect of which the Company sought and received
approval from the TSX, authorized the purchase of up to 15,610,813 Common Shares and expired on
October 12, 202 3. A total of 5,298,200 Common Shares of the Company were repurchased through the
facilities of the TSX and alternative Canadian trading systems at a volume weighted average price of C$7.44
per Common Share under the Company’s previous NCIB.
Centerra intends to establish an automatic share purchase plan in connection with its renewed NCIB to
facilitate the purchase of Common Shares during times when Centerra would ordinarily not be permitted to
purchase Common Shares due to regulatory restrictions or self-imposed black-out periods. Before entering
a black-out period, Centerra may, but is not required to, instruct its designated broker to make purchases
under the NCIB based on parameters set by Centerra in accordance with the automatic share purchase plan,
applicable securities laws and stock exchange rules.
Centerra believes that the Common Shares continue to be trading in a price range which does not adequately
reflect the value of such shares in relation to Centerra’s assets and its future prospects. As a result, Centerra
believes that the NCIB will provide the Company with a flexible tool to deploy a portion of its cash balance
pursuant to its capital allocation framework to, depending upon future Common Share price movements
and other factors, purchase Common Shares for cancellation while preserving its st rong balance sheet
position.
Cautionary Note Regarding Forward-Looking Information
Information contained in this document which are not statements of historical facts may be “forward
looking information” for the purposes of Canadian securities laws and within the meaning of the United
States Private Securities Litigation Reform Act of 1995. Such forward -looking information involves risks,
uncertainties and other factors that could caus e actual results, performance, prospects and opportunities
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to differ materially from those expressed or implied by such forward looking information. The words
“expect”, “contemplate”, “may”, “will” , “intend” and similar expressions identify forward -looking
information. In particular, such forward -looking statements include, but are not limited to, statements
relating to the TSX’s approval of the NCIB, Centerra’s intention to renew the NCIB and the timing, methods
and quantity of any purchases of Common Shares under the NCIB, the availability of cash for repurchases
of Common Shares under the NCIB, compliance with applicable laws and regulations pertaining to the
NCIB, Centerra’s perceptions of historical trends, current conditions and expected future developments,
as well as other considerations that are believed to be appropriate in the circumstances.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while
considered reasonable by Centerra, are inherently subject to significant political, business, technical,
economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual
results to differ materially from those projected in the forward -looking information. Factors and
assumptions that could cause actual results or events to differ materially from current expectations include
the risk factors set forth in the section titled “Risk Factors” in the Company’s most recently filed Annual
Information Form, which is available on SEDAR at www.sedar.com and EDGAR at
www.sec.gov/edgar.There can be no assurances that forward -looking information and statements will
prove to be accurate, as many factors and future events, both known and unknown could cause actual
results, performance or achievements to vary or differ materially from the re sults, performance or
achievements that are or may be expressed or implied by the forward -looking statements contained or
referred to herein. Accordingly, all such factors should be considered carefully when making decisions with
respect to Centerra, and p rospective investors should not place undue reliance on forward looking
information. Forward-looking information contained herein is given as of the date of this press release.
Centerra assumes no obligation to update or revise forward -looking information to reflect changes in
assumptions, changes in circumstances or any other events affecting such forward -looking information,
except as required by applicable law.
About Centerra Gold
Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring
and acquiring gold and copper properties in North America, Türkiye, and other markets worldwide. Centerra
operates two mines: the Mount Milligan Mine in British Columbia, Canada, and the Öksüt Mine in Türkiye.
Centerra also owns the Goldfield District Project in Nevada, United States, the Kemess Underground
Project in British Columbia, Canada, and owns and operates the Molybdenum Business Unit in the United
States and Canada. Centerra’s shares trade on the TSX under the symbol CG and on the NYSE under the
symbol CGAU. Centerra is based in Toronto, Ontario, Canada.
For more information:
Lisa Wilkinson
Vice President, Investor Relations & Corporate Communications
(416) 204-3780
Shae Frosst
Manager, Investor Relations
(416) 204-2159
Additional information on Centerra is available on the Company’s web site at www.centerragold.com
and at SEDAR at www.sedar.com and EDGAR at www.sec.gov/edgar.