Centerra Gold Reports Second Quarter 2025 Results; Reinforced Balance Sheet Strength with Strong Operational Cash Flow Performance; Advancing the Goldfield Project and Accelerating a Self-Funded Gold Growth Strategy
Centerra Gold Reports Second Quarter 2025 Results; Reinforced Balance
Sheet Strength with Strong Operational Cash Flow Performance; Advancing
the Goldfield Project and Accelerating a Self-Funded Gold 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, Aug. 06, 2025 -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) today reported its
second quarter 2025 operating and financial results.
President and CEO, Paul Tomory, commented, “In the second quarter, both Mount Milligan and Öksüt contributed to a strong
$98 million in cash flow from operations before changes in working capital and taxes paid, driven by high commodity prices. At
Mount Milligan, we are updating our 2025 gold production and cost guidance ranges as a result of mining in lower grade zones
and we are updating our 2025 cost guidance ranges at Öksüt due to higher royalty costs driven by elevated gold prices and an
updated royalty structure that was approved by the Turkish government in July 2025. We maintained a robust financial
position, which has enabled Centerra to increase share buybacks to $27 million in the second quarter, up 80% compared to
last quarter. In the first half of 2025, in line with our disciplined capital allocation strategy, we have repurchased $42 million of
shares, with up to $75 million approved for the full year, which reinforces our confidence in the long-term value of our growing
business.”
Paul Tomory continued, “We are pleased to be advancing with development and construction at the Goldfield project. Over the
last several months, Centerra has undertaken additional technical work and project optimizations that have significantly
enhanced Goldfield’s value proposition and have de-risked the project. Favourable gold prices combined with these recent
developments have improved the Project’s economics, enabling us to move forward with execution. We believe Goldfield is well
positioned to deliver strong returns, including an after-tax net present value (5%) (“NPV 5%”) of $245 million and an after-tax
internal rate of return (“IRR”) of 30%, using a long-term gold price of $2,500 per ounce and including the impact of gold hedges.
The project is expected to be funded from Centerra’s existing liquidity and is located in a top tier mining jurisdiction, with an
approximate 7-year mine life, average annual production of 100,000 ounces in peak production years at an all-in sustaining
costNG of $1,392 per ounce, and a competitive initial capital cost of $252 million. First production from Goldfield is expected by
the end of 2028, which would grow Centerra’s near-term gold production profile, generate robust cash flow and deliver
significant value to shareholders. We believe Goldfield to be ideally positioned in our project development pipeline as we
continue to advance development of the longer-life Mount Milligan and Kemess gold-copper assets in British Columbia.”
Second Quarter 2025 Highlights
Operations
• Production: In the second quarter 2025, consolidated gold production was 63,311 ounces, including 35,058 ounces
from the Mount Milligan Mine (“Mount Milligan”) and 28,253 ounces from the Öksüt Mine (“Öksüt”). Copper production in
the quarter was 12.4 million pounds.
• Sales: Second quarter 2025 gold sales were 61,335 ounces at an average realized gold price NG of $2,793 per ounce
and copper sales were 12.1 million pounds at an average realized copper price NG of $3.62 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: Second quarter 2025 consolidated gold production costs were $1,308 per ounce and all-in sustaining costs
(“AISC”) on a by-product basisNG were $1,652 per ounce.
• Capital expenditures NG: Second quarter 2025 additions to property, plant, and equipment (“PP&E”) and capital
expendituresNG were $55.6 million and $53.9 million, respectively. Sustaining capital expenditures NG in the second
quarter 2025 were $25.8 million and included construction at the tailings storage facility (“TSF”) and capitalized
exploration at Mount Milligan, as well as capitalized stripping and expansion of the heap leach pad at Öksüt. Non-
sustaining capital expenditures NG in the second quarter were $28.1 million related mainly to the restart of operations at
the Thompson Creek Mine (“Thompson Creek”).
Financial
• Net earnings: Second quarter 2025 net earnings were $68.6 million, or $0.33 per share, and adjusted net earnings NG
were $52.7 million or $0.26 per share. Key adjustments to net earnings include $15.0 million of unrealized gain on the
re-measurement of the sale of the Greenstone Partnership in 2021, $12.1 million of unrealized loss on the financial
assets related to the additional agreement with Royal Gold Inc. (“Royal Gold”), and $11.0 million of deferred income tax
adjustments arising from the impact of foreign exchange rate movement on deferred income taxes at Mount Milligan,
partially offset by a drawdown on the deferred tax asset related to Mount Milligan. 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 second quarter 2025, cash provided by
operating activities before working capital and income taxes paid was $98.4 million, up 22% from last quarter. Cash
provided by operating activities was $25.3 million and free cash flow deficit NG was $25.6 million, impacted mainly by
statutory tax and royalty payments at Öksüt. This includes $57.2 million of cash provided by mine operations and $42.8
million of free cash flowNG at Mount Milligan, offset by $17.6 million of cash used in mine operations and $28.2 million of
free cash flow deficitNG at Öksüt, and capital expenditures NG at Thompson Creek.
• Cash and cash equivalents: Total liquidity of $922.3 million as at June 30, 2025, comprising a cash balance of $522.3
million and $400.0 million under a corporate credit facility.
• Returning capital to shareholders: Quarterly dividend declared of C$0.07 per common share for a total of $10.5
million in the second quarter, and $20.6 million year-to-date. Under Centerra’s normal course issuer bid (“NCIB”)
program, the Company repurchased 3,889,507 common shares (“Shares”) in the second quarter 2025, for total
consideration of $27.0 million, up 80% compared to last quarter. The Company’s board of directors has approved the
repurchase of up to $75 million of Centerra’s Shares through the NCIB in 2025, of which, the Company has completed
$42.0 million year-to-date. Centerra believes that the NCIB will continue to provide the Company with a flexible tool to
deploy cash pursuant to its capital allocation strategy, while preserving the financial flexibility to support investment in
future growth.
Strategic Growth Initiatives
• Advancing the Goldfield project: Centerra has completed a technical study of its Goldfield project (“Goldfield” or “the
Project”), which confirms attractive economics for the Project, including an after-tax NPV 5% of $245 million and an after-
tax IRR of 30%, using a long-term gold price of $2,500 per ounce. This includes the impact of gold hedges, with a gold
price floor of $3,200 per ounce, on a portion of production in 2029 and 2030 to lock in strong margins, safeguard
economics in the early years of the Project, and expedite the capital payback period. The initial capital investment at
Goldfield is $252 million, including approximately $40 million in pre-production stripping and other costs, and the
Project is expected to benefit from a short timeline to first production by the end of 2028 and low execution risk given
its relatively simple process flow sheet. The Project is located in a historic mining district of Nevada, offering a stable
regulatory environment, skilled workforce, and strong support for resource development. Over the last several months,
Centerra has undertaken additional technical work and optimizations that have significantly enhanced Goldfield’s value
proposition and de-risked the project. Favourable gold prices combined with these developments have improved the
Project’s economics, enabling Centerra to move forward with execution. The Project is expected to provide an increase
in gold production, which will help offset natural declines at Öksüt, and ensure continuity as Centerra advances its next
phase of long-life, gold-copper, cornerstone organic growth projects in British Columbia at Mount Milligan and Kemess.
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”.
• Two project studies supporting Centerra’s long-life gold-copper organic growth strategy in British Columbia
are progressing positively toward completion in the second half of 2025: At Mount Milligan, work on a Pre-
Feasibility Study (“PFS”) to evaluate the substantial mineral resources aimed at unlocking additional value beyond its
current mine life of 2036 is on track to be completed in the third quarter of 2025. At the Kemess project (“Kemess”), the
Company continues to successfully advance work on a Preliminary Economic Assessment (“PEA”), based on an open
pit and longhole open stoping underground mining concept, which is expected to be completed by the end of 2025.
Kemess has significant infrastructure already in place that will require some refurbishment. Complementing this
existing infrastructure, it is anticipated that new crushing, conveying, and mine infrastructure will be required for the
operations. Centerra expects the existing infrastructure to lower the execution risk for the project when compared with a
typical greenfield project of this scale. These studies represent significant milestones in advancing the Company’s gold
growth development pipeline and are focused on unlocking additional value from its assets in British Columbia, a top tier
mining jurisdiction.
Overview of Consolidated Financial and Operating Highlights
($millions, except as noted) Three months ended June
30,
Six months ended June
30,
2025 2024 % Change 2025 2024 % Change
Financial Highlights
Revenue 288.3 282.3 2% 587.8 588.2 — %
Production costs 174.9 162.5 8% 373.7 336.3 11%
Depreciation, depletion, and amortization (“DDA”) 26.0 27.5 (5)% 50.1 60.8 (18)%
Earnings from mine operations 87.4 92.3 (5)% 164.0 191.0 (14)%
Net earnings 68.6 37.7 82% 99.0 104.1 5%
Adjusted net earnings(1) 52.7 46.4 14% 79.0 77.7 2%
Adjusted EBITDA(1) 79.8 46.3 72% 147.8 171.3 (14)%
Cash provided by operating activities 25.3 2.6 873% 83.9 102.0 (18)%
Free cash flow (deficit)(1) (25.6) (27.0) 5% (15.5) 54.1 (129)%
Additions to property, plant and equipment (“PP&E”) 55.6 37.9 47% 123.7 53.2 133%
Capital expenditures - total(1) 53.9 36.3 48% 100.8 53.1 90%
Sustaining capital expenditures(1) 25.8 30.6 (16)% 43.8 46.8 (6)%
Non-sustaining capital expenditures(1) 28.1 5.7 393% 57.0 6.3 805%
Net earnings per common share - $/share basic(2) 0.33 0.18 83% 0.48 0.49 1%
Adjusted net earnings per common share - $/share basic (1)(2) 0.26 0.23 13% 0.38 0.36 6%
Operating highlights
Gold produced (oz) 63,311 89,828 (30)% 122,690 201,169 (39)%
Gold sold (oz) 61,335 83,258 (26)% 122,466 187,571 (35)%
Average market gold price ($/oz) 3,280 2,238 47% 3,070 2,203 39%
Average realized gold price ($/oz )(3) 2,793 2,097 33% 2,674 1,955 37%
Copper produced (000s lbs) 12,437 13,549 (8)% 24,084 27,880 (14)%
Copper sold (000s lbs) 12,103 11,705 3% 24,244 27,327 (11)%
Average market copper price ($/lb) 4.32 4.42 (2)% 4.28 4.12 4%
Average realized copper price ($/lb)(3) 3.62 3.79 (4)% 3.71 3.41 9%
Molybdenum roasted (000 lbs)(5) 3,165 1,948 62% 6,199 4,839 28%
Molybdenum sold (000s lbs) 3,076 2,675 15% 7,320 5,623 30%
Average market molybdenum price ($/lb) 20.72 21.79 (5)% 20.62 19.93 3%
Average realized molybdenum price ($/lb)(3) 21.43 22.10 (3)% 21.52 21.25 1%
Unit costs
Gold production costs ($/oz) (4) 1,308 870 50% 1,290 802 61%
All-in sustaining costs on a by-product basis ($/oz) (1)(4) 1,652 1,179 40% 1,572 1,001 57%
All-in costs on a by-product basis ($/oz) (1)(4) 1,901 1,442 32% 1,811 1,191 52%
Gold - All-in sustaining costs on a co-product basis ($/oz) (1)(4) 1,866 1,260 48% 1,804 1,125 60%
Copper production costs ($/lb)(4) 2.06 2.46 (16)% 2.15 2.14 — %
Copper - All-in sustaining costs on a co-product basis ($/lb) (1)(4) 2.53 3.21 (21)% 2.54 2.55 — %
(1) Non-GAAP financial measure. See discussion under “Non-GAAP and Other Financial Measures”.
(2) As at June 30, 2025, the Company had 204,325,992 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. Under the Mount Milligan Streaming
Agreement, the Company purchases refined gold and copper warrants and arranges for their delivery to Royal Gold and
Royal Gold is entitled to 35% of gold ounces sold and 18.75% of copper pounds sold. Royal Gold paid $435 per ounce of
gold delivered and 15% of the spot price per tonne of copper delivered in the periods presented.
(4) All per unit costs metrics are expressed on a metal sold basis.
(5) Amount does not include 0.2 million pounds of molybdenum roasted of toll material for the three and six months ended
June 30, 2025 (nil in 2024).
2025 Guidance – Gold and copper producing assets
Units
2025
Guidance-
updated
Six Months
Ended June
30, 2025
2025
Guidance-
previous
Production
Total gold production(1) kozs 250 - 290 123 270 - 310
Mount Milligan Mine(2)(3)(4) kozs 145 - 165 71 165 - 185
Öksüt Mine kozs 105 - 125 52 105 - 125
Total copper production(2)(3)(4) Mlbs 50 - 60 24 50 - 60
Unit Costs(5)
Gold production costs (1) $/oz 1,300 - 1,400 1,290 1,100 - 1,200
Mount Milligan Mine(2) $/oz 1,350 - 1,450 1,371 1,075 - 1,175
Öksüt Mine $/oz 1,200 - 1,300 1,181 1,100 - 1,200
AISC on a by-product basisNG(1)(3)(4) $/oz 1,650 - 1,750 1,572 1,400 - 1,500
Mount Milligan Mine $/oz 1,350 - 1,450 1,224 1,100 - 1,200
Öksüt Mine $/oz 1,675 - 1,775 1,665 1,475 - 1,575
Capital Expenditures
Additions to PP&E $M 105 - 130 64.2 105 - 130
Mount Milligan Mine $M 75 - 90 40.3 75 - 90
Öksüt Mine $M 30 - 40 23.9 30 - 40
Total capital expendituresNG $M 105 - 130 47.9 105 - 130
Sustaining capital expendituresNG $M 90 - 110 43.2 95 - 115
Mount Milligan Mine $M 60 - 70 23.9 65 - 75
Öksüt Mine $M 30 - 40 19.3 30 - 40
Non-sustaining capital expendituresNG $M 15 - 20 4.7 10 - 15
Mount Milligan Mine $M 15 - 20 4.7 10 - 15
Other Items
Depreciation and amortization $M 95 - 115 47.8 95 - 115
Mount Milligan Mine $M 60 - 70 30.8 60 - 70
Öksüt Mine $M 35 - 45 17.0 35 - 45
Current Income tax and BC mineral tax expense(1) $M 48 - 55 34.4 35 - 42
Mount Milligan Mine $M 3 - 5 2.2 3 - 5
Öksüt Mine $M 40 - 50 32.2 32 - 37
Corporate and administration costs(6) $M 28 – 32 16.7 28 - 32
(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 $3,300 per ounce of gold and $4.00 per pound of copper
for the remaining two quarters of 2025, the Mount Milligan Mine’s average realized gold and copper price for that period
would be $2,297 per ounce and $3.36 per pound, respectively, compared to average realized prices of $2,371 per ounce
and $3.71 per pound in the six months ended June 30, 2025, when factoring in the Mount Milligan Streaming Agreement
and concentrate refining and treatment costs.
(3) Gold and copper production for 2025 at the Mount Milligan Mine assumes estimated recoveries of 63% to 65% for gold
and 77% to 79% for copper, consistent with the previous guidance, and compared to the actual recoveries for gold of
62.0% and for copper of 77.3% achieved in the six months ended June 30, 2025.
(4) Unit costs include a credit for forecasted copper sales treated as by-product for all-in sustaining costs NG. Production
for copper and gold reflects estimated metallurgical losses resulting from handling of the concentrate and metal
deductions levied by smelters.
(5) Units noted as ($/oz) relate to gold ounces.
(6) Corporate and administration costs do not include stock-based compensation and corporate depreciation.
2025 Guidance – Molybdenum Business Unit
Units 2025
Guidance
Six Months
Ended
June 30,
2025
Production
Total molybdenum roasted(1) Mlbs 13 - 15 6.2
Total molybdenum sold Mlbs 13 - 15 7.3
Costs and Profitability – Langeloth
(Loss) earnings from operations $M (3) - 5 (2.0)
Adjusted EBITDANG $M 2 - 8 0.3
Capital Expenditures
Additions to PP&E $M 132 - 150 59.2
Thompson Creek Mine $M 130 - 145 58.6
Langeloth $M 2 - 4 0.6
Total capital expendituresNG $M 132 - 150 52.9
Sustaining capital expendituresNG – Langeloth $M 2 - 4 0.6
Non-sustaining capital expendituresNG – Thompson Creek Mine $M 130 - 145 52.3
Other Items
Depreciation and amortization $M 3 - 5 2.2
Langeloth $M 3 - 5 2.2
Care & Maintenance Cash Expenditures – Endako $M 6 - 8 2.9
Reclamation – Endako $M 4 - 7 3.8
(1) 2025 guidance figure does not include any toll material roasted.
2025 Guidance – Global Exploration and Evaluation Projects
Units 2025
Guidance
Six Months
Ended
June 30,
2025
Project Exploration and Evaluation Costs
Exploration Costs $M 40 - 50 19.9
Brownfield Exploration $M 25 - 30 12.7
Greenfield and Generative Exploration $M 15 - 20 7.2
Evaluation Costs $M 8 - 12 2.9
Other Kemess Costs
Care & Maintenance $M 13 - 15 6.4
Mount Milligan
Mount Milligan produced 35,058 ounces of gold and 12.4 million pounds of copper in the second quarter of 2025. During the
second quarter of 2025, a total of 12.4 million tonnes was mined from phases 5, 6, 7 and 10 of the open pit. Process plant
throughput for the second quarter of 2025 was 5.3 million tonnes, averaging 58,302 tonnes per day. In the first half of 2025,
mining operations have encountered zones with more challenging mineralization, resulting in lower than anticipated gold
grades from these areas of the pit. While gold grades remain above the average grade of the reserve, the Company believes
that the variability is primarily attributed to certain zones being drilled with wider spacing. Centerra has commenced an infill
and grade control drilling program in the second quarter of 2025. This initiative is expected to improve geological and mine plan
confidence and will be integrated into the upcoming Mount Milligan PFS, contributing to a mine plan with greater visibility on
grades moving forward. The Company is updating 2025 gold production guidance at Mount Milligan to 145,000 to 165,000
ounces, from 165,000 to 185,000 ounces previously, to recalibrate for the adjustment in grades while ensuring strategic
priorities are maintained. The Company is reaffirming its 2025 copper production guidance range of 50 to 60 million pounds of
copper. Gold sales were 33,727 ounces and copper sales were 12.1 million pounds in the second quarter. Both gold and
copper production and sales are expected to be weighted towards the second half of the year.
Gold production costs in the second quarter 2025 were $1,356 per ounce. AISC on a by-product basis NG was $1,286 per
ounce, 10% higher than last quarter due to increased sustaining capital expenditures and lower ounces sold during the
quarter. Centerra has increased its guidance ranges for 2025 gold production costs and AISC on a by-product basis NG at
Mount Milligan to reflect updated production guidance. Gold production costs for the year are expected to be between $1,350
and $1,450 per ounce, revised from between $1,075 and $1,175 per ounce previously. AISC on a by-product basis NG for the
year are expected to be between $1,350 and $1,450 per ounce, revised from between $1,100 and $1,200 per ounce previously.
In the second quarter 2025, sustaining capital expenditures NG at Mount Milligan were $14.7 million, focused on the tailings
storage facility dam construction and capitalized exploration. While full year PP&E and total capital expenditures NG at Mount
Milligan remains unchanged at $75 to $90 million, the allocation between sustaining and non-sustaining capital has been
revised. Sustaining capital expenditures NG are now expected to be $60 to 70 million, down from $65 to $75 million previously,
with a corresponding increase in non-sustaining capital expenditures NG to $15 to $20 million, up from $10 to $15 million
previously, reflecting project priorities and timing adjustments.
In the second quarter of 2025, Mount Milligan generated $57.2 million of cash flow from mine operations and free cash flow NG
of $42.8 million.
At Mount Milligan, work on the PFS to evaluate the substantial mineral resources to unlock additional value beyond its current
mine life is on track to be completed in the third quarter of 2025. The Company is optimistic that it can extend the current
mine life beyond 2036, which is based on the available space in the existing TSF. Centerra is progressing with the engineering
solution for additional tailings capacity. It is also expected that the PFS will incorporate an increase of annual mill throughput
in the range of 10% through ball mill motor upgrades at a modest overall capital expenditure, which may also provide the
benefit of improved overall metal recovery.
Öksüt
Öksüt produced 28,253 ounces of gold in the second quarter of 2025. Production in the quarter was better than planned due to
higher grades resulting from mine sequencing. The Company expects to access higher grade areas of the mine in the second
half of 2025. 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 4.6 million tonnes of ore and waste were mined in the quarter and 1.2 million tonnes were stacked at
an average grade of 0.90 g/t. Centerra reaffirms Öksüt’s 2025 production guidance of 105,000 to 125,000 ounces, which is
expected to be weighted towards the second half of the year.
At Öksüt, gold production costs and AISC on a by-product basis NG for the second quarter 2025 were $1,250 per ounce and
$1,755 per ounce, respectively. These costs were higher compared to last quarter primarily due to a higher royalty expense
per ounce due to elevated gold prices. Öksüt’s 2025 gold production costs and AISC on a by-product basisNG guidance ranges
have been revised to reflect both higher royalty costs due to higher gold prices, and an updated royalty structure that was
approved by the Turkish parliament in July 2025. Full year gold production costs at Öksüt are now expected to be $1,200 to
$1,300 per ounce, up from $1,100 to $1,200 per ounce previously. 2025 AISC on a by-product basisNG are now expected to be
$1,675 to $1,775 per ounce, up from $1,475 to $1,575 per ounce previously.
In the second quarter 2025, sustaining capital expenditures at Öksüt were $10.6 million, focused on capitalized stripping, heap
leach pad expansion and the water treatment plant.
In the second quarter 2025, the Company made an annual royalty payment of $37.9 million and tax payments of $46.2 million
to the Turkish government. As a result, Öksüt used $17.6 million of cash in mine operations and had a negative free cash
flowNG of $28.2 million in the quarter. Nonetheless, cash flow from operations at Öksüt before statutory payments for tax and
royalty increased by over 32% in this quarter compared to last quarter.
Molybdenum Business Unit (“MBU”)
In the second quarter of 2025, as planned during the restart of Thompson Creek, the MBU used $1.1 million of cash in
operations and recorded free cash flow deficit NG of $26.9 million, reflecting capital spending that positions the business for
positive future cash flows.
Thompson Creek Mine
The restart of Thompson Creek is advancing, with approximately 20% of the total capital investment complete. In the second
quarter of 2025, non-sustaining capital expenditures NG were $26.5 million. Since the restart decision, non-sustaining capital
expendituresNG have totaled $81.9 million. The 2025 guidance for additions to PP&E, all of which are non-sustaining capital NG
is unchanged at $130 to $145 million. The project remains in line with the total initial capital expenditures NG estimate of $397
million as outlined in the feasibility study and is on track for first production in the second half of 2027
Langeloth
In the second quarter of 2025, the Langeloth Metallurgical Facility (“Langeloth”) roasted and sold 3.2 million pounds and 3.1
million pounds of molybdenum, respectively. In the quarter, Langeloth delivered a positive adjusted EBITDA NG of $0.2 million
and generated $0.8 million in cash flow from operations.
Second Quarter 2025 Operating and Financial Results Webcast and Conference Call
Centerra invites you to join its second quarter 2025 conference call on Thursday, August 7, 2025, at 9:00 a.m. Eastern Time.
Details for the webcast and conference call are included below.
Webcast
• Participants can access the webcast at the following webcast link.
• An archive of the webcast will be available until the end of day on November 7, 2025.
Conference Call
• Participants can register for the conference call at the following registration link. Upon registering, you will receive the
dial-in details and a unique PIN to access the call. This process will bypass the live operator and avoid the queue.
Registration will remain open until the end of the live conference call.
• Participants who prefer to dial in and speak with a live operator can access the call by dialing 1-833-821-3536 or 647-
846-2628. It is recommended that you call 10 minutes before the scheduled start time.
• After the call, an audio recording will be made available via telephone for one month, until the end of day September 7,
2025. The recording can be accessed by dialing 1-855-669-9658 or 412-317-0088 and using the access code 7143219.
In addition, the webcast will be archived on Centerra’s website at: https://www.centerragold.com/investor-
relations/events-and-presentations/.
• Presentation slides will be available on Centerra’s website at www.centerragold.com.
For detailed information on the results contained within this release, please refer to the Company’s Management’s Discussion
and Analysis ("MD&A") and financial statements for the three months ended June 30, 2025, that are available on the
Company’s website www.centerragold.com or SEDAR+ at www.sedarplus.ca.
About Centerra
Centerra Gold Inc. is a Canadian-based 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 document, 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 document. 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 “aimed”, “anticipate”,
“believe”, “beyond”, “commenced”, “continue”, “expect”, “extend”, “evaluate”, “finalizing”, “focused”, “forecast”, “goal”, “intend”,
“in line”, “ongoing”, “optimistic”, “on track”, “plan”, “potential”, “preliminary”, “project”, “pursuing”, “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: statements regarding 2025 guidance, outlook and expectations,
including, but not limited to, production, costs, capital expenditures, grade profiles, cash flow, care and maintenance, PP&E
and reclamation costs, recoveries, processing, inflation, depreciation, depletion and amortization, taxes and annual royalty
payments; the ability of the Company to finance the majority of 2025 expenditures from the cash flows provided by the Mount
Milligan Mine and Öksüt Mine; exploration potential, budgets, focuses, programs, targets and projected exploration results;
gold, copper and molybdenum prices; market conditions; the declaration, payment and sustainability of the Company’s
dividends; the continuation of the Company’s normal course issuer bid (“NCIB”) and automatic share purchase plan and the
timing, methods and quantity of any purchases of Shares under the NCIB; compliance with applicable laws and regulations
pertaining to the NCIB; the availability of cash for repurchases of Common Shares under the NCIB; achieving emission
reductions economically and operationally; the development and construction of Goldfield and the ability of the Company to
enhance its value proposition including delivering strong returns; Goldfield’s life of mine, average annual production and costs
including its initial capital costs and the expectation to fund this from the Company’s existing liquidity; the timing of first
production at Goldfield and the impact it would have on Centerra’s production profile, cash flow and value to shareholders; the
results of a technical study on Goldfield including the economics for the project and the ability of financial hedges to lock in
strong margins, safeguard project economics and expedite the capital payback period; the capital investment required at
Goldfield and any benefits realized from its short timeline to first production and its flowsheet; the timing and content of a PFS
at Mount Milligan and any related evaluation of resources or reserves or a life of mine beyond 2036, options for additional
tailings capacity, any increased mill throughput, additional downstream flowsheet improvements and their costs and any
impact on metal recovery; the future success of Kemess, the timing and content of a PEA and accompanying update on its
technical concept including mining methods; the ability of the existing infrastructure at Kemess to lower execution risk for the
project and the possibility that any additional infrastructure will complement it; the success of an infill and grade control drilling
program at Mount Milligan and its ability to enhance geological confidence and provide an improved and more robust mine
plan; the expectation that production and sales at Mount Milligan and Öksüt will be weighted towards the second half of 2025;
the timing and capital required for the restart of Thompson Creek; royalty rates and taxes in Türkiye; financial hedges; and
other statements that express management’s expectations or estimates of future plans and performance, operational,
geological or financial results, estimates or amounts not yet determinable and assumptions of management.
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, geopolitical and competitive uncertainties and contingencies, which may
prove to be incorrect. 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.
Risk factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements in
this document include, but are not limited to: (A) strategic, legal, planning and other risks, including: political risks associated
with the Company’s operations in Türkiye, the USA and Canada; resource nationalism including the management of external
stakeholder expectations; the impact of changes in, or to the more aggressive enforcement of, laws, government royalties,
tariffs, regulations and government practices, including unjustified civil or criminal action against the Company, its affiliates, or
its current or former employees; risks that community activism may result in increased contributory demands or business
interruptions; the risks related to outstanding litigation affecting the Company; the impact of any sanctions or tariffs imposed
by Canada, the United States or other jurisdictions; potential defects of title in the Company’s properties that are not known as
of the date hereof; permitting and development of our projects, including tailings facilities, being consistent with the
Company’s expectations; the inability of the Company and its subsidiaries to enforce their legal rights in certain
circumstances; risks related to anti-corruption legislation; Centerra not being able to replace mineral reserves; Indigenous
claims and consultative issues relating to the Company’s properties which are in proximity to Indigenous communities; and
potential risks related to kidnapping or acts of terrorism; (B) risks relating to financial matters, including: sensitivity of the
Company’s business to the volatility of gold, copper, molybdenum and other mineral prices; the use of provisionally-priced
sales contracts for production at the Mount Milligan Mine; reliance on a few key customers for the gold-copper concentrate at
the Mount Milligan Mine; use of commodity derivatives; the imprecision of the Company’s mineral reserves and resources
estimates and the assumptions they rely on; the accuracy of the Company’s production and cost estimates; persistent
inflationary pressures on key input prices; the impact of restrictive covenants in the Company’s credit facilities and in the
Royal Gold Streaming Agreement which may, among other things, restrict the Company from pursuing certain business
activities. including paying dividends or repurchasing shares under its NCIB, or making distributions from its subsidiaries; the
Company’s ability to obtain future financing; sensitivity to fuel price volatility; the impact of global financial conditions; the
impact of currency fluctuations; the effect of market conditions on the Company’s short-term investments; the Company’s
ability to make payments, including any payments of principal and interest on the Company’s debt facilities, which depends on
the cash flow of its subsidiaries; the ability to obtain adequate insurance coverage; changes to taxation laws or royalty
structures in the jurisdictions where the Company operates, and (C) risks related to operational matters and geotechnical
issues and the Company’s continued ability to successfully manage such matters, including: unanticipated ground and water
conditions; the stability of the pit walls at the Company’s operations leading to structural cave-ins, wall failures or rock-slides;
the integrity of tailings storage facilities and the management thereof, including as to stability, compliance with laws,
regulations, licenses and permits, controlling seepages and storage of water, where applicable; there being no significant
disruptions affecting the activities of the Company whether due to extreme weather events or other related natural disasters,
labour disruptions, supply disruptions, power disruptions, damage to equipment or other force majeure events; the risk of
having sufficient water to continue operations at the Mount Milligan Mine and achieve expected mill throughput; changes to, or
delays in the Company’s supply chain and transportation routes, including cessation or disruption in rail and shipping
networks, whether caused by decisions of third-party providers or force majeure events (including, but not limited to: labour
action, flooding, landslides, seismic activity, wildfires, earthquakes, pandemics, or other global events such as wars); lower
than expected ore grades or recovery rates; the success of the Company’s future exploration and development activities,
including the financial and political risks inherent in carrying out exploration activities; inherent risks associated with the use of
sodium cyanide in the mining operations; the adequacy of the Company’s insurance to mitigate operational and corporate
risks; mechanical breakdowns; the occurrence of any labour unrest or disturbance and the ability of the Company to
successfully renegotiate collective agreements when required; the risk that Centerra’s workforce and operations may be
exposed to widespread epidemic or pandemic; seismic activity, including earthquakes; wildfires; long lead-times required for
equipment and supplies given the remote location of some of the Company’s operating properties and disruptions caused by
global events; reliance on a limited number of suppliers for certain consumables, equipment and components; the ability of
the Company to address physical and transition risks from climate change and sufficiently manage stakeholder expectations
on climate-related issues; regulations regarding greenhouse gas emissions and climate change; significant volatility of
molybdenum prices resulting in material working capital changes and unfavourable pressure on viability of the molybdenum
business; the Company’s ability to accurately predict decommissioning and reclamation costs and the assumptions they rely
upon; the Company’s ability to attract and retain qualified personnel; competition for mineral acquisition opportunities; risks
associated with the conduct of joint ventures/partnerships; risk of cyber incidents such as cybercrime, malware or
ransomware, data breaches, fines and penalties; and, the Company’s ability to manage its projects effectively and to mitigate
the potential lack of availability of contractors, budget and timing overruns, and project resources.
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 document 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 Annual Report
on Form 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 document.
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.
Non-GAAP and Other Financial Measures
This document contains “specified financial measures” within the meaning of NI 52-112, specifically the non-GAAP financial
measures, non-GAAP ratios and supplementary financial measures described below. Management believes that the use of
these measures assists analysts, investors and other stakeholders of the Company in understanding the costs associated
with producing gold and copper, understanding the economics of gold and copper mining, assessing operating performance,