Centerra Gold Announces Updated Mineral Resources at Kemess; Advancing Studies on the Project
Centerra Gold Announces Updated Mineral Resources at Kemess; Advancing
Studies on the Project
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.
TORONTO, May 06, 2025 -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG) (NYSE: CGAU) announces an
updated mineral resource at Kemess, which includes results from the 2024 drilling campaign, and outlines a plan to advance
studies on the project. In 2024, Centerra completed over 11,400 meters of core drilling for exploration, geotechnical, and
metallurgical testing purposes. Those results have been included in the updated mineral resource as of April 15, 2025. Gold
mineral resources at Kemess are estimated to contain 2.7 million ounces of indicated resources and 2.2 million ounces of
inferred resources. Copper mineral resources are estimated to contain 971 million pounds of indicated resources and 821
million pounds of inferred resources (see the tables below for tonnage and grades).
President and CEO, Paul Tomory, commented, “We are pleased to be moving forward with studies on the Kemess project.
The updated mineral resource published today demonstrates robust mineralization in the highly prospective Toodoggone
district in the northern interior of British Columbia. In addition, we have doubled our 2025 exploration guidance at Kemess to
between $10 and $12 million which is expected to focus on infill drilling for the open pit and underground targets and also to
test high grade mineralization in the deeper Kemess Offset zone. We are moving forward with a Preliminary Economic
Assessment on Kemess, using an open pit and longhole open stoping underground mining concept, which is expected to be
completed by the end of 2025. The significant existing infrastructure already in place, is expected to lower the execution risk
compared to typical greenfield projects of this scale.”
Paul Tomory concluded, “With the Kemess project, we are advancing the studies for a potential gold-copper mine with a
possible 15-year operation in a top tier mining jurisdiction. We are targeting a project with a potential average annual
production of approximately 250,000 gold equivalent ounces, which along with Mount Milligan, would give Centerra two long-life
gold-copper assets in British Columbia. Recently, we supported Thesis Gold Inc. with a strategic equity investment. Given the
proximity of Kemess to the Lawyers-Ranch Project, we see substantial opportunities for synergies, including the ability to
leverage existing infrastructure to unlock regional potential.”
British Columbia’s Minister for Mining and Critical Minerals, The Honourable Jagrup Brar, commented, “Centerra’s latest
results and expanded exploration at Kemess show what responsible development can achieve. Our government welcomes
investments that help grow our economy, create well-paying jobs, and respect community and environmental values.”
Updated Kemess Gold and Copper Mineral Resources (1,2,3)
Gold Copper
Property
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(% Copper)
Contained
Copper (Mlbs)
Indicated Mineral Resources
Kemess Open Pit 142,570 0.32 1,467 142,570 0.16 503
Kemess Underground 25,347 0.91 745 25,347 0.39 217
Kemess East 25,074 0.66 531 25,074 0.45 251
Total Indicated 192,990 0.44 2,742 192,990 0.23 971
Inferred Mineral Resources
Kemess Open Pit 124,428 0.31 1,232 124,428 0.14 395
Kemess Underground 10,821 0.96 335 10,821 0.40 95
Kemess East 34,010 0.60 661 34,010 0.44 331
Total Inferred 169,260 0.41 2,228 169,260 0.22 821
NOTE: Numbers may not add due to rounding. (1) As of April 15, 2025. Refer to Tables “Centerra Gold Updated Kemess
Resources Summary”, including the respective footnotes and the “Additional Footnotes” section below. (2) Mineral resources
do not have demonstrated economic viability. (3) The updated resource is generally consistent with the Company’s previous
understanding of the resource estimate.
• Kemess Concept: The Kemess updated mineral resources are based on a potential concept for the project which
includes an open pit and underground operation using longhole open stoping and backfill.
• Kemess Open Pit: The Kemess Open Pit incorporates mineralized material previously considered part of a block cave
concept for Kemess Underground, which has increased the size and quality of the resources considered for open pit
mining. The Kemess Open Pit is assumed to be a traditional truck and shovel operation.
• Kemess Underground and Kemess East: The tonnages and mineral inventory in Kemess Underground have
decreased due to Kemess Open Pit mining out a portion of the previous block cave, as well as the change of mining
method to longhole open stoping. The tonnages in Kemess East also decreased, however the mineral inventory only
declined slightly due to the higher grades and lower dilution of longhole open stoping compared with the previous block
cave mining method. The grades of Kemess Underground and Kemess East have increased due to a change in the
mining method, from block cave to longhole open stoping. The mining method considers paste backfill of the stopes for
stability.
• Kemess Drilling Programs: In 2024, Centerra completed over 11,400 meters of core drilling for exploration,
geotechnical, and metallurgical testing purposes. The drill program targeted the area between the known mineralization
at Nugget and the upper portion of the Kemess Underground zones. Geological modeling and the updated resource
estimate show continuous mineralization along the five-kilometre trend from Nugget to Kemess East. Those results
have been included in the updated mineral resource as of April 15, 2025. Centerra has increased its 2025 exploration
guidance at Kemess to between $10 and $12 million, up from $4 to $6 million previously, with a total of 28,500 meters
of drilling planned. The focus is expected to be on infill drilling for Kemess Open Pit and Kemess Underground
resources and to test high grade mineralization in the deeper Kemess Offset zone, which is currently not included in
the stated mineral resource.
Kemess Study Plan
Centerra has initiated a Preliminary Economic Assessment (“PEA”) on the Kemess project, which is expected to be
completed by the end of 2025. The PEA will be based on a combined open pit and conventional underground mine concept,
using a longhole open stoping underground mining method, rather than the previous block cave concept. This is expected to
have improved economics as it is less capital intensive and reduces overall dilution of the higher underground grades.
The PEA is expected to focus on a subset of the mineral resources at Kemess Open Pit and Kemess Underground. Kemess
East is expected to be evaluated as future upside potential.
Kemess has significant infrastructure already in place, including: a 380 kilometer, 230 kilovolt power line; a 50,000 tonnes per
day 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. To complement this existing infrastructure, it is anticipated that new crushing, conveying, and mine infrastructure
will be required for the open pit and underground operations. The existing infrastructure is expected to lower the execution risk
for the project when compared to typical greenfield projects of this scale.
With the Kemess project, Centerra is advancing the studies for a potential gold-copper mine with a possible 15-year operation
in a top tier mining jurisdiction. The Company is targeting a project with a potential average annual production of approximately
250,000 gold equivalent ounces, which along with Mount Milligan, would give Centerra two long-life gold-copper assets in
British Columbia.
Kemess Study Technical Concept
Figure 1: A long sectional view of the Kemess deposit. Centerra has increased 2025 exploration guidance at Kemess to
between $10 and $12 million, with a total of 28,500 meters of drilling planned.
Figure 2: An isometric view of the open pit and conventional underground mine concept, using a longhole open stoping
underground mining method.
Kemess Existing Infrastructure
Figure 3: Aerial photo of the existing infrastructure at Kemess, including a processing plant, truck shop and warehouse.
Figure 4: 50,000 tonnes per day nameplate processing plant in need of some refurbishment and equipment replacements.
Figure 5: Kemess camp.
Figure 6: Kemess tailings storage using the previously mined pit as well as an existing tailings facility, which is capable of
expansion.
Figure 7: Kemess water treatment plant.
Centerra Gold Updated Kemess Resource Summary (1,4,5)
as of April 15, 2025 (see additional footnotes below)
Indicated Mineral Resources (2)
Tonnes
(kt)
Gold Grade
(g/t)
Contained
Gold (koz)
Copper
Grade (%)
Contained
Copper
(Mlbs)
Silver
Grade
(g/t)
Contained
Silver (koz)
Kemess Open Pit 142,570 0.32 1,467 0.16 503 1.16 5,308
Kemess Underground 25,347 0.91 745 0.39 217 2.60 2,122
Kemess East 25,074 0.66 531 0.45 251 1.94 1,564
Total Kemess Indicated 192,990 0.44 2,742 0.23 971 1.45 8,994
Inferred Mineral Resources (3)
Tonnes
(kt)
Gold Grade
(g/t)
Contained
Gold (koz)
Copper
Grade (%)
Contained
Copper
(Mlbs)
Silver
Grade
(g/t)
Contained
Silver (koz)
Kemess Open Pit 124,428 0.31 1,232 0.14 395 1.06 4,228
Kemess Underground 10,821 0.96 335 0.40 95 2.45 851
Kemess East 34,010 0.60 661 0.44 331 1.97 2,156
Total Kemess Inferred 169,260 0.41 2,228 0.22 821 1.33 7,235
(1) Mineral resources are stated in accordance with CIM (2014) Definitions as incorporated by reference into NI 43-101. Mineral
Resources are estimated and have an effective date of April 15, 2025.
(2) Mineral resources do not have demonstrated economic viability.
(3) Inferred mineral resources have a lower level of confidence 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) Centerra’s equity interests as of this news release are as follows: Kemess Open Pit, Kemess Underground and Kemess
East 100%.
(5) Numbers may not add due to rounding.
Additional Footnotes
General
• A conversion factor of 31.1035 grams per troy ounce of gold is used in the mineral resource estimates.
• The mineral resources are reported based on a gold price of $2,000 per ounce, copper price of $4.00 per pound and an
exchange rate of 1USD:1.33CAD.
• Samples were prepared and analyzed by independent, ISO-accredited laboratories. Quality control programs include
the insertion of blanks, certified reference materials, duplicate samples, internal and external reviews and checks by
umpire laboratories.
• Development of geological and mineralized domains, geostatistical analysis, block model construction and grade
estimates were done using industry standard methods and commercially available software packages. Grade estimates
used ordinary kriging with capped and composited assay grades.
Kemess Open Pit
• The mineral resources are reported within a constraining pit shell and a NSR cut-off value of C$14.60 per tonne that
takes into consideration metallurgical recoveries, concentrate grades, transportation costs, and smelter treatment
charges.
Kemess Underground
• Underground resources are reported with an NSR cut-off value of C$54.10 per tonne that takes into consideration
metallurgical recoveries, concentrate grades, transportation costs, and smelter treatment charges.
• The mineral resources are reported within a constraining volume of software-generated stope shapes including “must
take”, subeconomic material. An orphan analysis was performed to remove isolated and discontinuous blocks from the
resource.
• Dilution factors applied to all stope shapes were 1.25 meters for in-situ side walls, 0.25 meters for filled floor/back and
1.0 meters for walls against fill. A mining recovery factor of 93% was assumed for all volumes.
Kemess East
• The mineral resources are reported within a constraining volume of software-generated stope shapes. An orphan
analysis was performed to remove isolated and discontinuous blocks from the resource.
• Dilution factors applied to all stope shapes were 1.25 meters for in-situ side walls, 0.25 meters for filled floor/back and
1.0 meters for walls against fill. A mining recovery factor of 93% was assumed for all volumes.
• Underground resources are reported with an NSR cut-off value of C$54.10 per tonne that takes into consideration
metallurgical recoveries, concentrate grades, transportation costs, and smelter treatment charges.
Mineral reserve and mineral resource estimates are forward-looking information and are based on key assumptions and are
subject to material risk factors. If any event arising from these risks occurs, the Company’s business, prospects, financial
condition, results of operations or cash flows, and the market price of Centerra’s shares could be adversely affected. Additional
risks and uncertainties not currently known to the Company, or that are currently deemed immaterial, may also materially and
adversely affect the Company’s business operations, prospects, financial condition, results of operations or cash flows, and
the market price of Centerra’s shares. See the section entitled “Risk That Can Affect Centerra’s Business” in the Company’s
Management’s Discussion and Analysis (MD&A) for the three months ended March 31, 2025, available on SEDAR+ at
www.sedarplus.ca and EDGAR at www.sec.gov/edgar and see also the discussion below under the heading “Cautionary
Statement on Forward-Looking Information”.
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. The Company also owns the Kemess Project in
British Columbia, Canada, the Goldfield Project in Nevada, United States, and owns and operates the Molybdenum Business
Unit in the United States and Canada. Centerra’s shares trade on the Toronto Stock Exchange (“TSX”) under the symbol CG
and on the New York Stock Exchange (“NYSE”) under the symbol CGAU. The Company is based in Toronto, Ontario,
Canada.
For more information:
Lisa Wilkinson
Vice President, Investor Relations & Corporate Communications
(416) 204-3780
Additional information on Centerra is available on the Company’s website at www.centerragold.com, on SEDAR+ at
www.sedarplus.ca and EDGAR at www.sec.gov/edgar.
Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact contained or incorporated by reference in this news release, which
address events, results, outcomes or developments that the Company expects to occur are, or may be deemed to be, forward
looking information or forward-looking statements within the meaning of certain securities laws, including the provisions of the
Securities Act (Ontario) and the provisions for “safe harbor” under the United States Private Securities Litigation Reform Act
of 1995 and are based on expectations, estimates and projections as of the date of this news release. Such forward-looking
information involves risks, uncertainties and other factors that could cause actual results, performance, prospects and
opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking
statements are generally, but not always, identified by the use of forward-looking terminology such as “assume”, “believes”,
“continue”, “encouraged”, “estimate”, “expect”, “future”, “ongoing”, “plan”, “potential”, “target” or “update”, or variations of such
words and phrases and similar expressions or statements that certain actions, events or results “may”, “could”, “would” or “will”
be taken, occur or be achieved or the negative connotation of such terms. Such statements include but may not be limited
to: the estimation of mineral resources, including inferred mineral resources, at Kemess and the potential of eventual
economic extraction of minerals from the project; the identification of future mineral resources at the project; the Company’s
ability to convert existing mineral resources into categories of mineral resources or mineral reserves of increased geological
confidence; life of mine estimates; future exploration potential; timing and scope of future exploration (brownfields or
greenfields); the future success of Kemess including the timing and content of a preliminary economic assessment and
accompanying update on its technical concept including mining methods including the possibility of constructing either or both
of an open pit and underground mines; the potential for expanding the mineral resources and the potential for identifying
additional mineralization in areas of intercepts and conceptual areas for extension and expansion; any potential synergies
between the Kemess project and the Lawyers-Ranch project.
The Company cautions that forward-looking statements are necessarily based upon a number of factors and assumptions
that, while considered reasonable by the Company at the time of making such statements, are inherently subject to
significant business, economic, technical, legal, political and competitive uncertainties and contingencies, which may prove to
be incorrect, include but are not limited to: there being no significant disruptions affecting the activities of the Company
whether due to extreme weather events and other or related natural disasters, labour disruptions, supply disruptions, power
disruptions, damage to equipment or otherwise; permitting and development of the project being consistent with the
Company’s expectations; political and legal developments in British Columbia and Canada being consistent with its current
expectations; the accuracy of the current mineral resource estimates of the Company; certain price assumptions for gold and
copper and foreign exchange rates; the Company’s future relationship with Indigenous groups being consistent with the
Company’s expectations; and inflation and prices for diesel, natural gas, fuel oil, electricity and other key supplies being
approximately consistent with anticipated levels. Known and unknown factors could cause actual results to differ materially
from those projected in the forward-looking statements and undue reliance should not be placed on such statements and
information.
Market price fluctuations in gold, copper, and other metals, as well as increased capital or production costs or reduced
recovery rates may render ore reserves containing lower grades of mineralization uneconomic and may ultimately result in a
restatement of mineral reserves. The extent to which mineral resources may ultimately be reclassified as proven or probable
mineral reserves is dependent upon the demonstration of their profitable recovery. Economic and technological factors, which
may change over time, always influence the evaluation of mineral reserves or mineral resources. Centerra has not adjusted
mineral resource figures in consideration of these risks and, therefore, Centerra can give no assurances that any mineral
resource estimate will ultimately be reclassified as proven and probable mineral reserves.
Mineral resources are not mineral reserves, and do not have demonstrated economic viability, but do have reasonable
prospects for economic extraction. Measured and indicated mineral resources are sufficiently well defined to allow geological
and grade continuity to be reasonably assumed and permit the application of technical and economic parameters in assessing
the economic viability of the resource. Inferred mineral resources are estimated on limited information not sufficient to verify
geological and grade continuity or to allow technical and economic parameters to be applied. Inferred mineral resources are
too speculative geologically to have economic considerations applied to them to enable them to be categorized as mineral
reserves. There is no certainty that mineral resources of any category can be upgraded to mineral reserves through continued
exploration.
Centerra’s mineral reserve and mineral resource figures are estimates, and Centerra can provide no assurances that the
indicated levels of gold or copper will be produced, or that Centerra will receive the metal prices assumed in determining its
mineral reserves. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling
results, and industry practices. Valid estimates made at a given time may significantly change when new information becomes
available. While Centerra believes that these mineral reserve and mineral resource estimates are well established, and the
best estimates of Centerra’s management, by their nature mineral reserve and mineral resource estimates are imprecise and
depend, to a certain extent, upon analysis of drilling results and statistical inferences, which may ultimately prove unreliable. If
Centerra’s mineral reserve or mineral reserve estimates for its properties are inaccurate or are reduced in the future, this could
have an adverse impact on Centerra’s future cash flows, earnings, results, or operations and financial condition.
There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of
providing information about management’s expectations and plans relating to the future. All of the forward-looking statements
made in this news release are qualified by these cautionary statements and those made in our other filings with the securities
regulators of Canada and the United States including, but not limited to, those set out in the Company’s latest 40-F/Annual
Information Form and Management’s Discussion and Analysis, each under the heading “Risk Factors”, which are available on
SEDAR+ (www.sedarplus.ca) or on EDGAR (www.sec.gov/edgar). The foregoing should be reviewed in conjunction with the
information, risk factors and assumptions found in this news release.
The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether written or oral,
or whether as a result of new information, future events or otherwise, except as required by applicable law.
Other Information
Christopher Richings, Professional Engineer, member of the Engineers and Geoscientists British Columbia and Centerra’s
Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news
release. Mr. Richings is a “qualified person” within the meaning of the Canadian Securities Administrator’s NI 43-101
Standards of Disclosure for Mineral Projects.
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