Centerra Gold Reports Fourth Quarter and Full Year 2025 Results; Delivered Robust Annual Production and Beat Cost Guidance; 2026 Outlook Remains Strong as Centerra Executes its Self-Funded Growth Strategy
Centerra Gold Reports Fourth Quarter and Full Year 2025 Results; Delivered
Robust Annual Production and Beat Cost Guidance; 2026 Outlook Remains
Strong as Centerra Executes its Self-Funded Growth Strategy
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. 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 and Other Financial Measures” disclosure at the end of this news release
for a description of these measures.
TORONTO, Feb. 19, 2026 -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) today reported its
fourth quarter and full year 2025 operating and financial results and issued 2026 guidance.
President and CEO, Paul Tomory, commented, “In the fourth quarter, we delivered strong production and outperformed our
cost guidance, reflecting solid operational execution at Mount Milligan and Öksüt. During the quarter, both operations
generated robust cash flow from operations, supporting strong free cash flow and reinforcing the quality of our portfolio. We
ended the year with a cash balance of $529 million and an equity investment portfolio valued at over $115 million. This
demonstrates our disciplined capital allocation strategy and highlights our ability to continue investing in the Thompson Creek
restart project and our broader organic growth pipeline, including Mount Milligan, Kemess and Goldfield, while returning record
capital to shareholders including $30 million in share buybacks in the fourth quarter and a consistent quarterly dividend of $10
million.”
“Looking ahead to 2026, our production and cost guidance reflect stable operating performance across our portfolio. We are
committed to protecting and expanding margins through disciplined cost management and continuous operational initiatives at
Mount Milligan. We expect our operations to continue generating strong cash flow in 2026, providing the financial flexibility to
advance our growth project pipeline while returning capital to shareholders.”
Paul Tomory continued, “We are executing our self-funded growth strategy across multiple fronts. In January, we published
results of the Kemess Preliminary Economic Assessment, highlighting the long-term potential of the project and further
strengthening our growth pipeline by providing additional opportunities in British Columbia for future gold exposure. With Mount
Milligan, Kemess, Goldfield and the Thompson Creek restart project, we have a clear line of sight to value-accretive, lower-risk
growth that can be funded from available liquidity and future cash flows from operations, allowing us to maintain our disciplined
approach to capital allocation.”
Fourth Quarter and Full Year 2025 Highlights
Operations
• Production: In the fourth quarter 2025, consolidated gold production was 70,853 ounces, including 44,105 ounces from
the Mount Milligan Mine (“Mount Milligan”) and 26,748 ounces from the Öksüt Mine (“Öksüt”). Copper production in the
quarter was 13.0 million pounds. Full year 2025 consolidated production was 275,316 ounces of gold, exceeding the
midpoint of the guidance range, including production of 147,581 ounces of gold from Mount Milligan and 127,734
ounces of gold from Öksüt. Copper production for the full year was 50.5 million pounds, in line with the guidance range.
• Sales: Fourth quarter 2025 gold sales were 68,143 ounces at an average realized gold price of $3,415 per ounce and
copper sales were 12.5 million pounds at an average realized copper price of $4.69 per pound. Full year 2025 gold
sales were 271,210 ounces at an average realized gold price of $2,994 per ounce and copper sales were 50.0 million
pounds at an average realized price of $3.96 per pound. The average realized gold and copper prices include the impact
of the Mount Milligan streaming agreement with RGLD Gold AG and Royal Gold, Inc. (collectively “Royal Gold”).
• Costs: Fourth quarter 2025 consolidated gold production costs were $1,259 per ounce and all-in sustaining costs
(“AISC”) on a by-product basis NG were $1,646 per ounce. Full year 2025 consolidated gold production costs were
$1,297 per ounce and AISC on a by-product basis NG were $1,614 per ounce, coming in below the 2025 cost guidance
ranges.
• Capital expenditures NG: Fourth quarter 2025 additions to property, plant, and equipment (“PP&E”) and capital
expendituresNG were $115.2 million and $96.0 million, respectively. Sustaining capital expenditures NG in the fourth
quarter 2025 were $34.1 million and included construction at the existing tailings storage facility (“TSF”) at Mount
Milligan, as well as capitalized stripping and expansion of the heap leach pad at Öksüt. Non-sustaining capital
expendituresNG in the fourth quarter were $61.9 million related mainly to the development of the Thompson Creek Mine
(“Thompson Creek”). Full year 2025 additions to PP&E and capital expenditures NG were $295.5 million and $255.2
million, respectively. Both sustaining and non-sustaining capital expenditures NG for the full year were in the 2025
guidance ranges.
Financial
• Net earnings: Fourth quarter 2025 net earnings were $192.8 million, or $0.96 per share, and adjusted net earnings NG
were $83.2 million or $0.41 per share. Key adjustments to net earnings, net of tax, include $144.8 million related to the
non-cash impairment reversal of the Kemess project, $17.1 million of unrealized loss on the financial assets related to
the additional agreement with RGLD Gold AG (together with Royal Gold, Inc., “Royal Gold”) dated February 13, 2024 to
increase cash payments for Mount Milligan’s gold and copper delivered to Royal Gold based on the delivery of certain
threshold amounts from shipments occurring after January 1, 2024 (“Additional Royal Gold Agreement”), $35.3 million of
deferred income tax adjustments, and $12.7 million of unrealized gain on the re-measurement of the sale of the
Greenstone Gold Mines Partnership in 2021. Full year 2025 net earnings were $584.0 million or $2.85 per share and
adjusted net earningsNG were $228.6 million or $1.12 per share. Key adjustments to full year 2025 net earnings, net of
tax, include $338.3 million related to the non-cash impairment reversal of the Goldfield and Kemess projects, $50.6
million of unrealized gain on the re-measurement of the sale of the Greenstone Gold Mines Partnership in 2021, and
$3.2 million of unrealized gain on the financial assets related to the Additional Royal Gold Agreement. For additional
adjustments refer to the “Non-GAAP and Other Financial Measures” disclosure at the end of this news release.
• Cash provided by operating activities and free cash flow NG: In the fourth quarter 2025, cash provided by operating
activities was $103.1 million and free cash flow NG was $12.0 million. This includes $85.0 million of cash provided by
mine operations and $53.6 million of free cash flow NG at Mount Milligan and $57.1 million of cash provided by mine
operations and $43.9 million of free cash flow NG at Öksüt. This was partially offset by capital expenditures NG at
Thompson Creek. Full year 2025 cash provided by operating activities was $348.6 million and free cash flow NG was
$95.0 million. This includes $245.7 million of cash provided by mine operations and $168.4 million of free cash flowNG at
Mount Milligan and $229.3 million of cash provided by mine operations and $191.0 million of free cash flow NG at Öksüt.
This is partially offset by a free cash flow deficitNG of $136.3 million from Thompson Creek expenditures.
• Cash and cash equivalents: As at December 31, 2025, total liquidity was $928.9 million, comprised of a cash
balance of $528.9 million and $400.0 million available under an undrawn corporate credit facility.
• Returning capital to shareholders: Under Centerra’s normal course issuer bid (“NCIB”) program, the Company
repurchased 2,297,900 common shares (“Shares”) in the fourth quarter 2025, for total consideration of $29.7 million. In
the full year 2025, Centerra repurchased 11,493,316 Shares for total consideration of $93.7 million, representing
approximately 5% of outstanding shares. Centerra has repurchased 23,884,446 shares since the inception of the
buyback program. Centerra believes that the NCIB provides the Company with flexibility to strategically deploy cash in
line with its capital allocation priorities, subject to market conditions, while maintaining the financial capacity to invest
in future growth. A quarterly dividend of C$0.07 per common share was declared for a total of $10.0 million in the fourth
quarter, and $41.1 million in the full year of 2025.
• Renewal of NCIB: In November 2025, Centerra renewed its NCIB to purchase for cancellation up to 20,129,230
Shares.
Strategic Growth Initiatives
• Kemess Preliminary Economic Assessment (“PEA”) demonstrates the potential to become Centerra’s second
long-life gold-copper asset in British Columbia: In January 2026, Centerra published an updated mineral resource
and the results of a PEA for the Kemess project (“Kemess”) in British Columbia, showing robust economics including
an after-tax net present value (5%) (“NPV5%”) of $1.1 billion and an after-tax internal rate of return (“IRR”) of 16%, using
long-term pricing of $3,000 per ounce of gold and $4.50 per pound of copper. At 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%. Kemess has the potential 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 creation for Centerra. For additional details, refer to the news release published
on January 19, 2026 titled “Centerra Gold’s Kemess Preliminary Economic Assessment Highlights Strong Economics
that Support the Company’s Long-Term Growth Pipeline”.
• Mount Milligan Life of Mine (“LOM”) extension to 2045: In September 2025, Centerra published the Pre-Feasibility
Study (“PFS”) results for Mount Milligan which extends the LOM by approximately 10 years to 2045. The study outlines
a disciplined, fully funded growth capital plan of approximately $186 million, most of which is not required until the early-
to-mid-2030s. This includes the construction of a second TSF, process plant upgrades and additional flotation cells to
increase throughput by about 10% to 66,300 tonnes per day (“tpd”) and increase recovery by approximately 1%, and
five new haul trucks to support longer haul distances, higher material movement, and stockpile development. The PFS
reaffirms Mount Milligan’s strong economics, with an after-tax NPV5% of approximately $1.5 billion at long-term gold and
copper price assumptions of $2,600 per ounce and $4.30 per pound, respectively, increasing to approximately $3.6
billion at spot commodity prices of $4,500 per ounce gold and $6.00 per pound copper, confirming its position as a
cornerstone asset with a long mine life, attractive cost structure, and continued exploration potential in a leading mining
jurisdiction. For additional details, refer to the news release published on September 11, 2025 titled “ Centerra Gold’s
Mount Milligan PFS Outlines Mine Life to 2045, Delivering Growth with a Fully Funded, Disciplined $186 Million Growth
Capital Plan”. On October 21, 2025, the technical report was filed in relation to Mount Milligan.
• Advancing the Goldfield project: In August 2025, Centerra completed a technical study of its Goldfield project
(“Goldfield”), showing robust project economics with an after-tax NPV 5% of $245 million and an after-tax IRR of 30%,
based on a long-term gold price of $2,500 per ounce, which increases to $794 million at spot gold prices of $4,500 per
ounce. Goldfield’s initial capital cost is estimated at $252 million, including approximately $40 million in pre-production
stripping and other costs. Goldfield is expected to deliver a streamlined, low-risk development path, with first production
targeted by the end of 2028. For additional details on Goldfield, refer to the news release published on August 6, 2025
titled “Centerra Gold Announces Attractive Economics on the Goldfield Project; Proceeding with Project Development
and Construction Activities ”.
Events Subsequent to Quarter End
• Mount Milligan received permit amendments to continue operations through 2035: On January 20, 2026,
Centerra received an amended environmental assessment and all related permits to allow for the continuation of Mount
Milligan’s operations through 2035. These authorizations include a 10% expansion in plant throughput beginning in
2028 and increased stockpile capacity needed for plant feed flexibility. In January 2025, Mount Milligan was selected by
the Province of British Columbia as one of four mining projects which would qualify for expedited permitting to support
economic development in the province. The receipt of these permit amendments, less than one year from being
submitted, met the expedited schedule as per the province’s commitment.
• Full operations are expected to resume at Langeloth by May 2026 following a temporary suspension: On
January 29, 2026, Centerra suspended operations at its Langeloth Metallurgical Facility (“Langeloth”) near Pittsburgh,
Pennsylvania following an explosion adjacent to the acid plant. No fatalities, serious injuries or significant environmental
releases were reported. The safety and well-being of employees, contractors and the surrounding community remain
Centerra’s top priority. The Company is conducting a thorough investigation to determine the root cause of the incident,
and that process remains ongoing. Operations at Langeloth remain temporarily suspended. The site team is co-
operating with regulatory authorities, advancing repair activities and planning for a safe restart, with full operations
expected to resume by May 2026. The impact was contained to an area of the site near the acid plant. Repairs are
expected to cost approximately $5 to $10 million. As a result of the temporary suspension, working capital is expected
to increase in the first quarter of 2026 as inventories build during the shutdown period. The Company continues to
assess the full operational and financial impacts of this incident and will provide 2026 operating guidance for Langeloth
at a later date.
2026 Guidance Highlights
• Production: In 2026, consolidated gold production is expected to be 250,000 to 280,000 ounces. Copper production in
2026 is expected to be 50 to 60 million pounds. The guidance ranges are focused on executing against the PFS mine
plan at Mount Milligan and consistent operational performance at Öksüt.
• Costs: In 2026, consolidated gold production costs are expected to be $1,500 to $1,600 per ounce and AISC on a by-
product basisNG is expected to be $1,650 to $1,750 per ounce.
• Capital Expenditures NG: In 2026, sustaining capital expenditures NG are expected to be $85 to $105 million, and non-
sustaining capital expenditures NG are expected to be $260 to $315 million. Non-sustaining capital expenditures NG are
mainly driven by the Thompson Creek restart project, launching long-lead procurement and initiating site establishment
works at Goldfield, and haul truck additions and buttress foundation construction at Mount Milligan.
• Molybdenum Roasting: Following the incident that occurred at Langeloth in late January 2026, Centerra continues to
assess the full operational and financial impacts, and will provide 2026 operating guidance for Langeloth at a later date.
• Strategic Growth Projects: Centerra will continue to advance its self-funded growth pipeline.
◦ Goldfield: In 2026, work is focused on finalizing engineering studies, launching long-lead procurement and
initiating site establishment works. Non-sustaining capital expenditures for the year are expected to be $30 to
$40 million.
◦ Kemess: Non-sustaining capital expendituresNG in 2026 are expected to be $5 to $10 million, primarily related to
early works for the water treatment plant and camp infrastructure in support of future development. Other
expenditures in 2026 include $13 to $15 million on care and maintenance, $5 to $7 million on exploration drilling,
and $17 to $23 million on technical studies related to the PFS, which is expected to be completed in 2027.
◦ Thompson Creek: Centerra has increased the restart project’s total capital estimates by approximately 5% to
10%, from $397 million to between $425 million to $450 million, reflecting modest inflationary impacts as the
Feasibility Study was based on 2024 costs, additional maintenance requirements for certain mining equipment,
and refinements to the mine plan. The updated estimate also includes the pull-forward of select activities,
including the tailings dam toe buttress, to further de-risk execution and support the overall project schedule. The
project remains on track for first production in mid-2027. In 2026, non-sustaining capital expenditures NG are
expected to be $190 to $220 million, focused on mill refurbishment, capitalized stripping, and tailings and water
management infrastructure.
Overview of Consolidated Financial and Operating Highlights
($millions, except as noted) Three months ended
December 31,
Years ended December
31,
2025 2024 %
Change 2025 2024 %
Change
Financial Highlights
Revenue 401.6 302.4 33% 1,384.6 1,214.5 14%
Production costs 211.4 190.6 11% 808.5 710.3 14%
Depreciation, depletion, and amortization ("DDA") 25.6 32.5 (21)% 112.2 126.2 (11)%
Earnings from mine operations 164.6 79.3 108% 463.8 378.0 23%
Net earnings (loss) 192.8 (52.5) 467% 584.0 80.4 626%
Adjusted net earnings(1) 83.2 36.6 127% 228.6 152.9 50%
Adjusted EBITDA(1) 140.2 80.3 75% 448.4 362.9 24%
Cash provided by operating activities 103.1 92.8 11% 348.6 298.4 17%
Free cash flow(1) 12.0 47.0 (74)% 95.0 138.6 (31)%
Additions to property, plant and equipment (“PP&E”) 115.2 41.9 175% 295.5 174.8 69%
Capital expenditures - total(1) 96.0 46.5 106% 255.2 160.1 59%
Sustaining capital expenditures(1) 34.1 19.5 75% 103.6 101.6 2%
Non-sustaining capital expenditures(1) 61.9 27.0 129% 151.6 58.5 159%
Net earnings per common share - $/share basic(2) 0.96 (0.25) 484% 2.85 0.38 657%
Adjusted net earnings per common share - $/share basic (1)(2) 0.41 0.17 141% 1.12 0.72 56%
Operating highlights
Gold produced (oz) 70,853 73,224 (3)%275,316368,104 (25)%
Gold sold (oz) 68,143 83,876 (19)%271,210368,183 (26)%
Average market gold price ($/oz) 4,145 2,664 56% 3,439 2,388 44%
Average realized gold price ($/oz )(3) 3,415 2,207 55% 2,994 2,078 44%
Copper produced (000s lbs) 13,038 12,769 2% 50,476 54,342 (7)%
Copper sold (000s lbs) 12,541 16,361 (23)% 50,029 57,897 (14)%
Average market copper price ($/lb) 5.03 4.17 21% 4.51 4.15 9%
Average realized copper price ($/lb)(3) 4.69 2.88 63% 3.96 3.25 22%
Molybdenum roasted (000 lbs)(5) 3,616 2,884 25% 14,243 10,164 40%
Molybdenum sold (000s lbs) 3,607 2,858 26% 14,048 10,912 29%
Average market molybdenum price ($/lb) 22.83 21.71 5% 22.11 21.30 4%
Average realized molybdenum price ($/lb)(3) 23.78 22.67 5% 22.60 22.05 2%
Unit costs
Gold production costs ($/oz) (4) 1,259 1,096 15% 1,297 913 42%
All-in sustaining costs on a by-product basis ($/oz) (1)(4) 1,646 1,296 27% 1,614 1,148 41%
Gold - All-in sustaining costs on a co-product basis ($/oz) (1)(4) 2,042 1,446 41% 1,872 1,270 47%
Copper production costs ($/lb)(4) 1.99 1.89 5% 2.11 2.04 3%
Copper - All-in sustaining costs on a co-product basis ($/lb) (1)(4) 2.49 2.12 17% 2.56 2.47 4%
(1) Non-GAAP financial measure. See discussion under “Non-GAAP and Other Financial Measures”.
(2) As at December 31, 2025, the Company had 199,806,355 common shares issued and outstanding.
(3) This supplementary financial measure within the meaning of National Instrument 52-112 - Non-GAAP and Other Financial
Measures Disclosure (“NI 51-112”) is calculated as a ratio of revenue from the consolidated financial statements and units of
metal sold and includes the impact from the Mount Milligan Streaming Agreement (defined below), copper hedges and mark-to
-market adjustments on metal sold not yet finally settled
(4) All per unit costs metrics are expressed on a metal sold basis.
(5) Amount does not include 1.4 million pounds of molybdenum roasted of toll material for the three months ended and 4.3
million pounds for the twelve months ended December 31, 2025 (0.8 million pounds for three months ended and 2.3 million
pounds for twelve months ended December 31, 2024)
2026 Guidance – Gold and Copper Assets
Units 2026
Guidance 2025 Actual
Production
Total gold production(1) (koz) 250 - 280 275
Mount Milligan Mine(2)(3)(4) (koz) 140 - 155 148
Öksüt Mine (koz) 110 - 125 128
Total copper production(2)(3)(4) (Mlb) 50 - 60 50
Unit Costs(5)
Gold production costs (1) ($/oz) 1,500 - 1,600 1,297
Mount Milligan Mine(2) ($/oz) 1,450 - 1,550 1,388
Öksüt Mine ($/oz) 1,650 - 1,750 1,199
All-in sustaining costs on a by-product basis NG(1)(4) ($/oz) 1,650 - 1,750 1,614
Mount Milligan Mine(4) ($/oz) 1,200 - 1,300 1,194
Öksüt Mine ($/oz) 1,850 - 1,950 1,613
Capital Expenditures
Additions to PP&E ($M) 155 - 200 138.3
Mount Milligan Mine ($M) 115 - 135 85.6
Öksüt Mine ($M) 5 - 15 51.8
Goldfield Project ($M) 30 - 40 —
Kemess Project ($M) 5 - 10 0.8
Total Capital ExpendituresNG ($M) 155 - 200 119.1
Sustaining Capital ExpendituresNG ($M) 85 - 105 101.9
Mount Milligan Mine ($M) 80 - 90 63.6
Öksüt Mine ($M) 5 - 15 38.3
Non-sustaining Capital ExpendituresNG ($M) 70 - 95 17.2
Mount Milligan Mine ($M) 35 - 45 16.4
Goldfield Project ($M) 30 - 40 —
Kemess Project ($M) 5 - 10 0.8
Other Items
Current income tax and BC mineral tax expense (1) ($M) 111 - 133 98.8
Mount Milligan Mine ($M) 6 - 8 5.4
Öksüt Mine ($M) 105 - 125 93.4
Depreciation, depletion and amortization ($M) 90 - 110 107.7
Mount Milligan Mine ($M) 40 - 50 59.2
Öksüt Mine ($M) 50 - 60 48.5
Evaluation Costs (primarily related to the Kemess Project) ($M) 18 - 25 11.8
Care and Maintenance - Kemess Project ($M) 13 - 15 13.3
Corporate and administration costs(6) ($M) 29 - 33 31.5
(1) Consolidated Centerra figures.
(2) The Mount Milligan Mine is subject to an arrangement with RGLD Gold AG and Royal Gold Inc. (together, “Royal Gold”)
which entitles Royal Gold to purchase 35% and 18.75% of gold and copper produced, respectively, and requires Royal Gold to
pay $435 per ounce of gold and 15% of the spot price per metric tonne of copper delivered (“Mount Milligan Mine Streaming
Agreement”). Using assumed market prices of $4,500 per ounce of gold and $5.00 per pound of copper for 2026, the Mount
Milligan Mine’s average realized gold and copper price for 2026 would be $3,077 per ounce and $4.20 per pound, respectively,
compared to average realized prices of $2,608 per ounce and $3.96 per pound in 2025, when factoring in the Mount Milligan
Streaming Agreement and concentrate refining and treatment costs.
(3) Gold production for 2026 at the Mount Milligan Mine assumes estimated recoveries of 60% to 62% and compares to actual
gold recovery of 60.3% achieved in 2025. Copper production for 2025 assumes recovery 75% to 77% for copper and compares
to actual copper recovery of 75.8% achieved in 2025.
(4) Unit costs include a credit for forecasted copper sales treated as by-product for all-in sustaining costs NG. Production for
copper and gold reflects estimated metallurgical losses resulting from handling of the concentrate and metal deductions levied
by smelters.
(5) Units noted as ($/oz) relate to gold ounces.
(6) Corporate and administration costs do not include stock-based compensation and corporate depreciation.
2026 Guidance – Molybdenum Business Unit
Units 2026
Guidance 2025 Actual
Capital Expenditures
Additions to PP&E ($M) 205 - 235 156.1
Thompson Creek Mine ($M) 205 - 235 156.1
Total capital expendituresNG ($M) 190 - 220 134.2
Non-sustaining capital expendituresNG- Thompson Creek Mine ($M) 190 - 220 134.2
Other Items
Care & Maintenance Cash Expenditures – Endako Mine ($M) 6 - 8 5.2
Reclamation Costs – Endako Mine ($M) 1 - 2 5.3
2026 Guidance – Global Exploration and Evaluation Projects
Units 2026
Guidance 2025 Actual
Project Exploration and Evaluation Costs
Exploration Costs ($M) 40 - 50 46.6
Brownfield Exploration(1) ($M) 20 - 25 27.6
Greenfield and Generative Exploration ($M) 20 - 25 19.0
(1) Total and brownfield exploration costs include capitalized exploration costs at the Mount Milligan Mine of $7.6 million spent
in 2025, and $4 to $6 million projected for the full year of 2026.
Mount Milligan
Mount Milligan produced 44,105 ounces of gold and 13.0 million pounds of copper in the fourth quarter of 2025. In the full year
2025, Mount Milligan produced 147,581 ounces of gold and 50.5 million pounds of copper, which was in line with the recently
announced PFS mine plan. During the fourth quarter of 2025, a total of 11.1 million tonnes were mined from phases 5, 6, 7 and
10 of the open pit. Process plant throughput for the fourth quarter of 2025 was 5.3 million tonnes, averaging 57,977 tonnes per
day. Gold sales were 38,264 ounces and copper sales were 12.5 million pounds in the fourth quarter. Gold and copper sales
were lower than production in the quarter as a result of weather-related disruptions to logistics in late December, with the
timing difference in sales expected to reverse in 2026.
In 2026, gold production at Mount Milligan is expected to be 140,000 to 155,000 ounces and copper production is expected to
be 50 to 60 million pounds. Operating metrics, including gold and copper grades and recoveries, are expected to be in line with
the recently announced PFS mine plan. Gold production and sales are expected to be higher in the second and third quarters
of 2026, reflecting planned mine sequencing, with approximately 20% of full-year gold production expected in the first quarter
of 2026. Copper production and sales are expected to be evenly weighted throughout 2026.
Gold production costs in the fourth quarter 2025 were $1,306 per ounce. AISC on a by-product basis NG was $913 per ounce,
38% lower than the third quarter of 2025 due to higher ounces produced and sold during the quarter. In 2025, full year gold
production costs and AISC on a by-product basis NG at Mount Milligan were $1,388 per ounce and $1,194 per ounce,
respectively, outperforming the guidance ranges. Gold production costs in 2026 at Mount Milligan are expected to be $1,450 to
$1,550 per ounce and AISC on a by-product basisNG is expected to be $1,200 to $1,300 per ounce, similar to 2025 levels.
Sustaining capital expenditures NG at Mount Milligan in the fourth quarter of 2025 were $20.1 million, focused on the existing
TSF dam construction. In 2026, Mount Milligan additions to PP&E are expected to be $115 to $135 million, comprising $80 to
$90 in sustaining capital expenditures NG and $35 to $45 million in non-sustaining capital NG. Sustaining capital NG includes
annual capital related to the existing TSF, water management projects to sustain access to water, and mine fleet equipment
replacements. Non-sustaining capitalNG includes haul truck additions and buttress foundation construction.
In the fourth quarter of 2025, Mount Milligan generated $85.0 million of cash flow from mine operations and free cash flow NG of
$53.6 million. Full year cash flow from mine operations and free cash flow NG were $245.7 million and $168.4 million,
respectively.
In September 2025, Centerra announced the results of a PFS for Mount Milligan which extends the LOM by approximately 10
years to 2045, supported by an optimized mine plan delivering average annual production of 150,000 ounces of gold and 69
million pounds of copper from 2026 to 2042, followed by the processing of low-grade stockpiles from 2043 to 2045. The study
outlines disciplined non-sustaining capital expenditures NG of approximately $186 million, most of which are not required until
the early-to-mid-2030s, all fully funded from available liquidity and future cash flow from operations. Key investments include
$114 million for a second TSF, to be spent across 2032 and 2033, which also provides the potential for future raises, adding
multiple decades of storage capacity beyond the 2045 LOM, $36 million for ball mill motor upgrades and flotation cells in 2028
to increase process plant throughput by about 10% to 66,300 tpd and increase recovery by approximately 1%, and $28 million
for five new haul trucks to support longer haul distances, higher material movement, and stockpile development. Proven and
probable reserves announced in the PFS increased significantly to 4.4 million ounces of gold and 1.7 billion pounds of copper,
representing a 56% and 52% increase, respectively, from year-end 2024. Recent drilling confirms mineralization remains open
to the west of the current resource pit. Centerra continues to advance exploration aimed at expanding the mineral resource
and assessing opportunities to extend the mine life beyond the updated plan.
The PFS reaffirms Mount Milligan’s strong economics, with an after-tax NPV 5% of approximately $1.5 billion at long-term gold
and copper price assumptions of $2,600 per ounce and $4.30 per pound, respectively, increasing to approximately $3.6 billion
at spot commodity prices of $4,500 per ounce gold and $6.00 per pound copper. Mount Milligan remains a strategic
cornerstone asset in Centerra’s portfolio, with 20 years of mine life, meaningful gold and copper production, strong cash flow
generation, and significant opportunity for future exploration potential in a top tier mining jurisdiction. For additional details,
refer to the news release published on September 11, 2025 titled “ Centerra Gold’s Mount Milligan PFS Outlines Mine Life to
2045, Delivering Growth with a Fully Funded, Disciplined $186 Million Growth Capital Plan”.
Öksüt
Öksüt produced 26,748 ounces of gold in the fourth quarter of 2025. Full year production in 2025 was 127,734 ounces, which
exceeded the top end of the guidance range. During the quarter, mining activities were focused on phase 5 and phase 6 of the
Keltepe pit and in phase 2 of the Güneytepe pit. A total of 5.3 million tonnes of ore and waste were mined in the quarter and
0.4 million tonnes were stacked at an average grade of 1.95 g/t. As part of planned mine sequencing in the fourth quarter 2025,
heap leach tonnes stacked were lower as mining activity focused on waste stripping in the Keltepe pit to open new ore zones
in line with the 2026 mine plan.
In 2026, gold production is expected to be 110,000 to 125,000 ounces, slightly below 2025 levels due to lower grades related
to mine sequencing. Gold production and sales are expected to be evenly weighted throughout 2026.
At Öksüt, gold production costs and AISC on a by-product basis NG for the fourth quarter 2025 were $1,199 per ounce and
$1,748 per ounce, respectively. AISC on a by-product basis NG was higher compared to last quarter driven by lower gold
ounces sold, higher sustaining capital expenditures NG, and higher royalty expense per ounce due to elevated gold prices. Full
year gold production costs were $1,199 per ounce and AISC on a by-product basis NG was $1,613 per ounce, coming in below
the guidance ranges.
2026 gold production costs at Öksüt are expected to be $1,650 to $1,750 per ounce, and AISC on a by-product basis NG is
expected to be $1,850 to $1,950 per ounce, both higher year-over-year primarily due to increased royalty rates due to elevated
gold prices and the impact of inflation in Türkiye, which is not fully offset by devaluation of the lira. The royalty is expected to
account for approximately $650 to $750 per ounce of gold production costs in 2026. The impact of these factors on AISC on a
by-product basisNG is partially offset by lower sustaining capital expenditures.
In the fourth quarter 2025, sustaining capital expenditures at Öksüt were $13.2 million, focused on capitalized stripping and
heap leach pad expansion. Full year 2025 sustaining capital expenditures NG were $38.3 million, in line with the guidance
range. In 2026, Öksüt additions to PP&E are expected to be $5 to $15 million, all of which is sustaining capital NG, lower year-
over-year as there is no planned capitalized stripping in 2026 and most of the sustaining capitalNG projects are now complete.
In the fourth quarter of 2025, Öksüt delivered cash flow from mine operations of $57.1 million and free cash flow NG of $43.9
million. In the full year 2025, Öksüt generated $229.3 million of cash flow from mine operations and $191.0 million of free cash
flowNG.
The Turkish corporate income tax rate applicable to Öksüt is 25%. In 2026, Öksüt’s current income taxes paid are expected
to be $105 to $125 million, which includes a withholding tax related to the repatriation of earnings. Cash flows at Öksüt in the
second quarter of 2026 are expected to be impacted by the expected timing of tax and annual royalty payments.
Centerra has initiated a Life of Mine Optimization study at Öksüt to evaluate the asset’s full potential, including the
incremental production potential of residual leaching of the heap leach facility and the inclusion of low-grade oxide
mineralization, outside of the current reserve pit, into the mine plan. The study will explore options to extend gold recovery
from existing leach pads through improved solution management, which will enhance residual metal extraction efficiency. The
study is expected to be completed by the end of 2026 and will support updates to the mine’s long-term reclamation and site
management plan, ensuring the operation continues to maximize metal recovery in a safe and responsible manner.
Molybdenum Business Unit (“MBU”)
The MBU used $14.9 million of cash in operations and recorded a free cash flow deficit NG of $61.0 million, in the fourth quarter
of 2025, reflecting capital spending on the restart of Thompson Creek and working capital increases at Langeloth due to an
increase in inventory on hand.
Thompson Creek Mine
The restart of Thompson Creek is advancing, with approximately 27% of the infrastructure refurbishment complete. In the fourth
quarter of 2025, non-sustaining capital expenditures NG were $50.5 million and full year 2025 non-sustaining capital
expendituresNG were within the guidance range, totalling $135.6 million. Since the restart decision in September 2024, non-
sustaining capital expenditures NG have totaled $163.8 million.
Centerra has increased the project’s total capital estimate by approximately 5% to 10%, from $397 million to between $425
and $450 million, reflecting modest inflationary impacts as the Feasibility Study was based on 2024 costs, additional
maintenance requirements for certain mining equipment, and refinements to the mine plan. The updated estimate also
includes the pull-forward of select activities, including the tailings dam toe buttress, to further de-risk execution and support
the overall project schedule. The project remains on track for first production in mid-2027.
In 2026, additions to PP&E at Thompson Creek are expected to be $205 to $235 million, inclusive of capitalized DDA, and non
-sustaining capital expenditures NG are expected to be $190 to $220 million, focused on mill refurbishment, capitalized
stripping, and tailings and water management infrastructure.
Langeloth
In the fourth quarter of 2025, Langeloth roasted and sold 3.6 million pounds and 3.6 million pounds of molybdenum,
respectively. In the fourth quarter, Langeloth delivered a positive adjusted EBITDA NG of $4.9 million and used $12.1 million of
cash flow from operations, primarily related to an increase in inventories as part of the planned ramp-up of production. In the
full year 2025, Langeloth roasted and sold 14.2 million and 14.0 million pounds, respectively. Langeloth delivered a positive
adjusted EBITDANG of $6.3 million and used $27.3 million of cash flow from operations.
On January 29, 2026, Centerra suspended operations at Langeloth near Pittsburgh, Pennsylvania following an explosion
adjacent to the acid plant. No fatalities, serious injuries or significant environmental releases were reported. The safety and
well-being of employees, contractors and the surrounding community remain Centerra’s top priority. The Company is
conducting a thorough investigation to determine the root cause of the incident, and that process remains ongoing. Operations
at Langeloth remain temporarily suspended. The site team is co-operating with regulatory authorities, advancing repair
activities and planning for a safe restart, with full operations expected to resume by May 2026. The impact was contained to
an area of the site near the acid plant. Repairs are expected to cost approximately $5 to $10 million. As a result of the
temporary suspension, working capital is expected to increase in the first quarter of 2026 as inventories build during the
shutdown period. The Company continues to assess the full operational and financial impacts and will provide 2026 operating
guidance for Langeloth at a later date.
Goldfield Project
In August 2025, Centerra completed a technical study of Goldfield, confirming robust project economics with an after-tax
NPV5% of $245 million and an after-tax IRR of 30%, based on a long-term gold price of $2,500 per ounce. At spot gold prices of
$4,500 per ounce, the NPV5% increases to $794 million. The Project’s initial capital cost is estimated at $252 million, including
approximately $40 million in pre-production stripping and other costs. Goldfield is expected to deliver a streamlined, low-risk
development path, with first production targeted by the end of 2028. Recent optimization work and technical enhancements,
together with strong gold prices, have further improved project value and reduced risk, positioning Goldfield as a key near-term
growth opportunity for Centerra. For additional details on Goldfield, refer to the news release published on August 6, 2025 titled
“Centerra Gold Announces Attractive Economics on the Goldfield Project; Proceeding with Project Development and
Construction Activities ”.
In the fourth quarter of 2025, Centerra advanced Goldfield development activities, with engineering progressing as planned and
early mobilization efforts progressing on site, and field campaigns completed to support the advancement of detailed
engineering. The Company is building out a dedicated project team to ensure the required technical and operational expertise
is in place. In January 2026, Centerra hired Michael Rowland as General Manager, Goldfield, who brings over 25 years of
mining leadership experience across operations, maintenance and processing. These early actions mark important steps
toward project readiness and position Goldfield for disciplined and efficient delivery.
In 2026, non-sustaining capital expenditures NG at Goldfield are expected to be $30 to $40 million, focused on finalizing
engineering studies, launching long-lead procurement and initiating site establishment works.
Kemess Project
In January 2026, Centerra published an updated mineral resource and the results of a PEA for the Kemess project in British
Columbia, showing robust economics including an after-tax NPV 5% of $1.1 billion and an after-tax IRR of 16%, using long-term
pricing of $3,000 per ounce of gold and $4.50 per pound of copper. The PEA mineral inventory of over 2.3 million ounces of
contained gold and 851 million pounds of contained copper represents approximately 47% of the total indicated and inferred
resource tonnes, providing Kemess with strong leverage to rising metal prices, with further upside potential as ongoing
exploration advances resource growth and confidence. At 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%. 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. 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, at an AISC on a by-product basis NG of $971 per
ounce. 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 creation for Centerra. For additional details, refer to the news release published on January 19, 2026 titled
“Centerra Gold’s Kemess Preliminary Economic Assessment Highlights Strong Economics that Support the Company’s Long-
Term Growth Pipeline”.
Non-sustaining capital expenditures NG in 2026 are expected to be $5 to $10 million, primarily related to early works for the
water treatment plant and camp infrastructure in support of future development. Other expenditures in 2026 include $13 to $15
million on care and maintenance, $5 to $7 million on exploration drilling, and $17 to $23 million on technical studies related to
the PFS expected in 2027.
Global Exploration
In 2026, exploration expenditures are expected to be $40 to $50 million, including $20 to $25 million of brownfield exploration
and $20 to $25 million of greenfield and generative exploration programs. Over 90% of exploration expenditures are expected to
be expensed. The exploration targets for brownfield projects include continued drilling and testing work at Mount Milligan and
Kemess.
2026 Material Assumptions
Material assumptions or factors used to forecast production and costs for 2026, after giving effect to the hedges in place as at
December 31, 2025, include the following:
• A market gold price of $4,500 per ounce and an average realized gold price at Mount Milligan of $3,077 per ounce after
reflecting the Mount Milligan Streaming Agreement (35% of Mount Milligan’s gold at $435 per ounce) and gold refining
costs.
• A market copper price of $5.00 per pound and an average realized copper price at Mount Milligan of $4.20 per pound
after reflecting the Mount Milligan Streaming Agreement (18.75% of Mount Milligan’s copper at 15% of the spot price
per metric tonne) and copper treatment and refining costs.
• Exchange rates: $1USD:$1.38 Canadian dollar; $1USD:45.00 Turkish lira.
• Diesel fuel price assumption: $0.90 per litre (C$1.24 per litre) at Mount Milligan and $2.70 per US gallon at Thompson