Centerra Gold Reports Third Quarter 2025 Results; Strong Production at Öksüt and Higher Metal Prices Boosted Cash Balance to $562 Million; Financial Strength Drives Centerra’s Self-Funded Growth Strategy; Board Chair Transition Underscores Continued Leadership Strength
Centerra Gold Reports Third Quarter 2025 Results; Strong Production at Öksüt
and Higher Metal Prices Boosted Cash Balance to $562 Million; Financial
Strength Drives Centerra’s Self-Funded Growth Strategy; Board Chair
Transition Underscores Continued Leadership Strength
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, Oct. 28, 2025 -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) today reported its
third quarter 2025 operating and financial results.
President and CEO, Paul Tomory, commented, “This quarter, Centerra sustained robust margins and generated nearly $100
million in free cash flow, driven by strong operational performance at Öksüt and elevated metal prices. Our cash balance
increased to $562 million in the quarter, demonstrating our ability to fund the Thompson Creek restart project while returning
$32 million of capital to shareholders through share buybacks and a quarterly dividend. We also continued to deploy capital
strategically through our equity investment in Liberty Gold Corp., reflecting our balanced approach to growth and value
creation.”
Paul Tomory continued, “Our self-funded growth strategy continues to advance across multiple fronts. In September, we
published the Mount Milligan Pre-Feasibility Study results, which outlined a 10-year mine life extension to 2045 with a
disciplined, fully funded $186 million growth capital plan, most of which will not be required until the early-to-mid-2030s. We
also expect to publish a Preliminary Economic Assessment for Kemess in the first quarter of 2026. Together, these assets
form a robust pipeline of long-life gold and copper projects in British Columbia, while our recently announced Goldfield project
in Nevada, provides additional exposure to future gold production. Each of these growth opportunities, as well as the
Thompson Creek re-start project in Idaho, can be funded using our existing liquidity and cash flow from operations, positioning
Centerra to deliver sustainable, low-risk growth while maintaining our strategic approach to capital allocation.”
Nancy Lipson, Chair of Centerra’s Nominating and Corporate Governance Committee, stated, “On behalf of the Board of
Directors, I am pleased to announce that Paul Wright will succeed Michael Parrett as Chair of the Board of Directors, effective
January 1, 2026. Paul has over 40 years of international experience in the successful development and operation of both
underground and open pit mines, including 20 years as President and CEO of Eldorado Gold Corporation. The Board looks
forward to his leadership as Centerra continues to execute its disciplined growth strategy.”
Nancy Lipson continued, “Since Mike’s appointment as Chair in 2019, the Company has undergone a significant
transformation. His leadership was instrumental in guiding Centerra through a challenging period, including the negotiation of
the Company’s exit from Central Asia, a CEO succession, and the establishment of a focused growth strategy. Mike will
continue to serve as an independent director to ensure a smooth transition.”
Third Quarter 2025 Highlights
Operations
• Production: In the third quarter 2025, consolidated gold production was 81,773 ounces, including 32,539 ounces from
the Mount Milligan Mine (“Mount Milligan”) and 49,234 ounces from the Öksüt Mine (“Öksüt”). Copper production in the
quarter was 13.4 million pounds.
• Sales: Third quarter 2025 gold sales were 80,598 ounces at an average realized gold price of $3,178 per ounce and
copper sales were 13.2 million pounds at an average realized copper price of $3.73 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: Third quarter 2025 consolidated gold production costs were $1,346 per ounce and all-in sustaining costs
(“AISC”) on a by-product basisNG were $1,652 per ounce.
• Capital expenditures NG: Third quarter 2025 additions to property, plant, and equipment (“PP&E”) and capital
expendituresNG were $56.7 million and $58.3 million, respectively. Sustaining capital expenditures NG in the third quarter
2025 were $25.7 million and included construction at the tailings storage facility (“TSF”) and delivery of the first set of
large-capacity truck boxes, designed to optimize payload efficiency and reduce the need for future truck purchases, at
Mount Milligan, as well as capitalized stripping and expansion of the heap leach pad at Öksüt. Non-sustaining capital
expendituresNG in the third quarter were $32.6 million related mainly to the development of the Thompson Creek Mine
(“Thompson Creek”).
Financial
• Net earnings: Third quarter 2025 net earnings were $292.2 million, or $1.44 per share, and adjusted net earnings NG
were $66.4 million or $0.33 per share. Key adjustments to net earnings include $193.5 million related to the non-cash
impairment reversal at Goldfield, $27.4 million of unrealized gain, net of tax, on the financial assets related to the
additional agreement with Royal Gold, $16.3 million of unrealized gain on the re-measurement of the sale of the
Greenstone Gold Mines Partnership in 2021, and $14.0 million of deferred income tax adjustments. 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 third quarter 2025, cash provided by operating
activities was $161.7 million and free cash flow NG was $98.7 million. This includes $64.1 million of cash provided by
mine operations and $44.6 million of free cash flow NG at Mount Milligan and $139.4 million of cash provided by mine
operations and $133.6 million of free cash flow NG at Öksüt. This was partially offset by capital expenditures NG at
Thompson Creek.
• Cash and cash equivalents: As at September 30, 2025, total liquidity was $961.8 million, comprised of a cash
balance of $561.8 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 2,839,983 common shares (“Shares”) in the third quarter 2025, for total consideration of $22.1 million. The
Company’s board of directors has increased the approved level of share repurchases through the NCIB in 2025 to $100
million, of which, the Company has completed $64.0 million year-to-date. Centerra believes that the NCIB will continue
to provide the Company with flexibility to strategically deploy cash in line with its capital allocation priorities, 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 $10.3 million in the third quarter, and $31.1 million year-to-date.
• Intention to renew NCIB: Subject to the approval of the Toronto Stock Exchange (“TSX”), Centerra intends to renew
its NCIB to purchase for cancellation a number of Shares, representing the greater of 5% of the issued and outstanding
Shares or 10% of the public float. As at October 28, 2025, Centerra had 201,731,082 issued and outstanding Shares.
Strategic Growth Initiatives
• 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. This is 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 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. Proven
and probable reserves 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. The PFS reaffirms Mount Milligan’s strong
economics, with an after-tax NPV (5%) (“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, 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”), confirming robust project economics with an after-tax NPV5% of $245 million and an after-tax internal rate
of return (“IRR”) of 30%, based on a long-term gold price of $2,500 per ounce. The study includes the positive impact of
gold collars, 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. 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. Located in Nevada’s historic mining district, Goldfield benefits from a stable regulatory environment, skilled
workforce, and strong support for resource development. 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”.
• Kemess Preliminary Economic Assessment to be completed in the first quarter 2026: 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 in the
first quarter of 2026, and is expected to contain a fulsome discussion of the risks and opportunities relating to the
Kemess project. Kemess has significant infrastructure already in place that will require refurbishment. To complement
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. The upcoming PEA is a significant milestone in advancing the Company’s growth
pipeline and is expected to demonstrate Centerra’s focus on unlocking additional value from its assets in British
Columbia, a top tier mining jurisdiction.
Board of Directors
• Board Chair Succession: Centerra announces Paul Wright will succeed Michael Parrett as Chair of the Board of
Directors, effective January 1, 2026. Mr. Parrett, who served as Chair since October 2019, will remain on the Board as
an independent director. Mr. Wright joined Centerra’s Board as an independent director in May 2020 and brings more
than 40 years of international experience in the mining sector, including 20 years as President and Chief Executive
Officer of Eldorado Gold Corporation. His career has been devoted to the successful development and operation of both
underground and open pit mines. Prior to his tenure at Eldorado, Mr. Wright held positions with Placer Dome Inc.,
Redpath Group, and Granges. He currently serves as Chair of the Board and a director of Galiano Gold Inc.
Overview of Consolidated Financial and Operating Highlights
($millions, except as noted) Three months ended
September 30,
Nine months ended
September 30,
2025 2024 %
Change 2025 2024 %
Change
Financial Highlights
Revenue 395.2 323.9 22% 983.0 912.1 8%
Production costs 223.4 183.4 22% 597.1 519.8 15%
Depreciation, depletion, and amortization ("DDA") 35.4 33.1 7% 85.5 93.9 (9)%
Earnings from mine operations 136.4 107.4 27% 300.4 298.4 1%
Net earnings 292.2 28.8 915% 391.2 132.9 194%
Adjusted net earnings(1) 66.4 38.6 72% 145.4 116.3 25%
Adjusted EBITDA(1) 145.8 97.5 50% 308.2 282.6 9%
Cash provided by operating activities 161.7 103.6 56% 245.6 205.6 19%
Free cash flow(1) 98.7 37.4 164% 83.1 91.6 (9)%
Additions to property, plant and equipment (“PP&E”) 56.7 79.7 (29)% 180.4 132.9 36%
Capital expenditures - total(1) 58.3 60.5 (4)% 159.1 113.6 40%
Sustaining capital expenditures(1) 25.7 35.3 (27)% 69.5 82.1 (15)%
Non-sustaining capital expenditures(1) 32.6 25.2 29% 89.6 31.5 184%
Net earnings per common share - $/share basic(2) 1.44 0.14 929% 1.90 0.62 206%
Adjusted net earnings per common share - $/share basic
(1)(2) 0.33 0.19 74% 0.70 0.54 30%
Operating highlights
Gold produced (oz) 81,773 93,712 (13)% 204,463 294,880 (31)%
Gold sold (oz) 80,598 96,736 (17)% 203,064 284,307 (29)%
Average market gold price ($/oz) 3,457 2,474 40% 3,201 2,296 39%
Average realized gold price ($/oz )(3) 3,178 2,206 44% 2,874 2,040 41%
Copper produced (000s lbs) 13,354 13,693 (2)% 37,438 41,573 (10)%
Copper sold (000s lbs) 13,244 14,209 (7)% 37,488 41,536 (10)%
Average market copper price ($/lb) 4.44 4.18 6% 4.33 4.14 5%
Average realized copper price ($/lb)(3) 3.73 3.37 11% 3.72 3.39 10%
Molybdenum roasted (000 lbs)(5) 4,428 2,440 81% 10,627 7,280 46%
Molybdenum sold (000s lbs) 3,121 2,431 28% 10,441 8,054 30%
Average market molybdenum price ($/lb) 24.37 21.78 12% 21.87 21.17 3%
Average realized molybdenum price ($/lb)(3) 24.42 23.27 5% 22.41 21.90 2%
Unit costs
Gold production costs ($/oz) (4) 1,346 973 38% 1,312 860 53%
All-in sustaining costs on a by-product basis ($/oz) (1)(4) 1,652 1,302 27% 1,604 1,103 45%
Gold - All-in sustaining costs on a co-product basis
($/oz)(1)(4) 1,833 1,401 31% 1,816 1,218 49%
Copper production costs ($/lb)(4) 2.11 1.99 6% 2.13 2.09 2%
Copper - All-in sustaining costs on a co-product basis
($/lb)(1)(4) 2.63 2.69 (2)% 2.57 2.61 (2)%
(1) Non-GAAP financial measure. See discussion under “Non-GAAP and Other Financial Measures”.
(2) As at September 30, 2025, the Company had 201,642,438 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
$435 per ounce of gold delivered and 15% of the spot price per tonne of copper delivered in the periods presented.
(4) All per unit costs metrics are expressed on a metal sold basis.
(5) Amount does not include 2.7 million pounds of molybdenum roasted of toll material for the three months ended and
2.9 million pounds for the nine months ended September 30, 2025 (1.5 million pounds for three and nine months ended
September 30, 2024).
2025 Guidance – Gold and copper producing assets
Units Current 2025
Guidance
Nine Months
Ended September
30, 2025
Production
Total gold production(1) (koz) 250 - 290 204
Mount Milligan Mine(2)(3)(4) (koz) 145 - 165 103
Öksüt Mine (koz) 105 - 125 101
Total copper production(2)(3)(4) (Mlb) 50 - 60 37
Unit Costs(5)
Gold production costs (1) ($/oz) 1,300 - 1,400 1,312
Mount Milligan Mine(2) ($/oz) 1,350 - 1,450 1,423
Öksüt Mine ($/oz) 1,200 - 1,300 1,199
AISC on a by-product basisNG(1)(4) ($/oz) 1,650 - 1,750 1,604
Mount Milligan Mine ($/oz) 1,350 - 1,450 1,298
Öksüt Mine ($/oz) 1,675 - 1,775 1,573
Capital Expenditures
Additions to PP&E ($M) 105 - 130 84.0
Mount Milligan Mine ($M) 75 - 90 52.2
Öksüt Mine ($M) 30 - 40 31.8
Total Capital ExpendituresNG ($M) 105 - 130 74.0
Sustaining Capital ExpendituresNG ($M) 90 - 110 68.6
Mount Milligan Mine ($M) 60 - 70 43.5
Öksüt Mine ($M) 30 - 40 25.1
Non-sustaining Capital ExpendituresNG ($M) 15 - 20 5.4
Mount Milligan Mine ($M) 15 - 20 5.4
Other Items
Depreciation, depletion and amortization ($M) 85 - 105 82.1
Mount Milligan Mine ($M) 50 - 60 45.3
Öksüt Mine ($M) 35 - 45 36.8
Current Income tax and BC mineral tax expense(1) ($M) 83 - 95 65.1
Mount Milligan Mine ($M) 3 - 5 3.6
Öksüt Mine ($M) 80 - 90 61.5
Corporate and administration costs(6) ($M) 28 - 32 23.5
(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 $3,850 per ounce of gold and $4.50 per pound
of copper for the fourth quarter of 2025, the Mount Milligan Mine’s average realized gold and copper price for that period
would be $2,655 per ounce and $3.78 per pound, respectively, compared to average realized prices of $2,478 per ounce
and $3.72 per pound in the nine months ended September 30, 2025, when factoring in the Mount Milligan Streaming
Agreement and concentrate refining and treatment costs.
(3) Gold production for 2025 at the Mount Milligan Mine assumes estimated recoveries of 60% to 62% down from 63%
and 65% gold recovery estimates assumed in the previous guidance, and compares to actual gold recovery of 60.9%
achieved in the nine months ended September 30, 2025. Copper production for 2025 assumes recovery 77% to 79% for
copper, which is unchanged from assumptions underlying previous guidance, and compares to actual copper recovery
of 76.7% achieved in the nine months ended September 30, 2025.
(4) Unit costs include a credit for forecasted copper sales treated as by-product for all-in sustaining costs NG. Production
for copper and gold reflects estimated metallurgical losses resulting from handling of the concentrate and metal
deductions levied by smelters.
(5) Units noted as ($/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 Current 2025
Guidance
Nine Months
Ended
September 30,
2025
Production - Langeloth Facility
Total molybdenum roasted(1) (Mlbs) 13 - 15 10.6
Total molybdenum sold (Mlbs) 13 - 15 10.4
Costs and Profitability – Langeloth Facility
(Loss) Earnings from operations ($M) (3) - 5 (2.1)
Adjusted EBITDANG ($M) 2 - 8 1.4
Capital Expenditures
Additions to PP&E ($M) 132 - 150 95.7
Thompson Creek Mine ($M) 130 - 145 94.8
Langeloth ($M) 2 - 4 0.9
Total capital expendituresNG ($M) 132 - 150 84.6
Sustaining capital expendituresNG- Langeloth Facility ($M) 2 - 4 0.9
Non-sustaining capital expendituresNG- Thompson Creek Mine ($M) 130 - 145 83.7
Other Items
Depreciation, depletion and amortization - Langeloth Facility ($M) 3 - 5 3.4
Care & Maintenance Cash Expenditures – Endako Mine ($M) 6 - 8 4.0
Reclamation Costs – Endako Mine ($M) 4 - 7 4.5
(1) 2025 guidance figure does not include any toll material roasted.
2025 Guidance – Global Exploration and Evaluation Projects
Units Current 2025
Guidance
Nine Months
Ended
September 30,
2025
Project Exploration and Evaluation Costs
Exploration Costs ($M) 40 - 50 39.3
Brownfield Exploration ($M) 25 - 30 23.2
Greenfield and Generative Exploration ($M) 15 - 20 16.1
Evaluation Costs ($M) 8 - 13 5.6
Other Kemess Costs
Care & Maintenance ($M) 13 - 15 9.8
Mount Milligan
Mount Milligan produced 32,539 ounces of gold and 13.4 million pounds of copper in the third quarter of 2025. During the third
quarter of 2025, a total of 12.3 million tonnes were mined from phases 5, 6, 7 and 10 of the open pit. Process plant throughput
for the third quarter of 2025 was 5.3 million tonnes, averaging 57,541 tonnes per day. In 2025, mining operations encountered
zones with more complex mineralization, resulting in lower than anticipated gold grades from these areas of the pit. Year-to-
date production remains in line with the recently announced PFS results, and 2025 full-year gold and copper production is
expected to be near the lower end of the guidance ranges at Mount Milligan. Gold sales were 32,102 ounces and copper sales
were 13.2 million pounds in the third quarter.
Gold production costs in the third quarter 2025 were $1,540 per ounce. AISC on a by-product basis NG was $1,461 per ounce,
14% higher than last quarter due to increased sustaining capital expenditures and lower ounces sold during the quarter. Full-
year 2025 production costs and AISC on a by-product basis NG at Mount Milligan are expected to be near the low end of the
guidance ranges of $1,350 to $1,450 per ounce and $1,350 to $1,450 per ounce, respectively.
Sustaining capital expenditures NG at Mount Milligan in the third quarter of 2025 were $19.6 million, focused on the tailings
storage facility dam construction and delivery of the first set of large-capacity truck boxes, designed to optimize payload
efficiency and reduce the need for future truck purchases.
Also, in the third quarter of 2025, Mount Milligan generated $64.1 million of cash flow from mine operations and free cash
flowNG of $44.6 million.
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, and provides the potential for future raises which could add
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 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. 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 49,234 ounces of gold in the third quarter of 2025. Production in the quarter was better than planned due to
higher grades resulting from mine sequencing. Grades in the fourth quarter of 2025 are expected to normalize and align more
closely with the average reserve grade. 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 4.9 million tonnes of ore and waste were mined in the quarter and
1.5 million tonnes were stacked at an average grade of 1.82 g/t. Öksüt’s 2025 production is expected to finish near the upper
end of the guidance range, reflecting strong operational performance this quarter.
At Öksüt, gold production costs and AISC on a by-product basis NG for the third quarter 2025 were $1,219 per ounce and
$1,473 per ounce, respectively. AISC on a by-product basis NG was 16% lower compared to last quarter driven by higher gold
ounces sold and lower sustaining capital expenditures NG, partially offset by higher royalty expense per ounce due to elevated
gold prices and a change in gold royalty rates in Türkiye. Öksüt’s 2025 gold production costs and AISC on a by-product
basisNG are expected to be near the low end of the guidance ranges, benefiting from expected higher sales and continued
strong operating performance.
In the third quarter 2025, sustaining capital expenditures at Öksüt were $5.8 million, focused on capitalized stripping and heap
leach pad expansion.
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 expansion of the pit to pursue additional
mineralization. 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 $16.3 million of cash in operations and recorded a free cash flow deficitNG of $53.7 million, in the third quarter of
2025, reflecting capital spending on the restart of Thompson Creek and working capital increases at the Langeloth
Metallurgical Facility (“Langeloth”) due to higher molybdenum prices and an increase in inventory on hand.
Thompson Creek Mine
The restart of Thompson Creek is advancing, with approximately 29% of the total capital investment complete. In the third
quarter of 2025, non-sustaining capital expenditures NG were $31.4 million. Since the restart decision, non-sustaining capital
expendituresNG have totaled $113.3 million. The 2025 guidance for additions to PP&E, all of which are non-sustaining capitalNG
is unchanged at $130 to $145 million. Based on year-to-date spending and the scope of work planned in the fourth quarter of
2025, the Company expects non-sustaining capital NG to be near the lower end of the guidance range. The project remains on
track, with first production expected in the second half of 2027.
Langeloth
In the third quarter of 2025, Langeloth roasted and sold 4.4 million pounds and 3.1 million pounds of molybdenum,
respectively. In the quarter, Langeloth delivered a positive adjusted EBITDA NG of $1.1 million and used $13.6 million of cash
flow from operations. An increase in molybdenum prices during third quarter and an increase in inventories on hand resulted in
a $14.8 million increase in working capital at Langeloth.
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. The study
incorporates the positive impact of gold collars, 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 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 third quarter of 2025, Centerra advanced Goldfield development activities, with engineering progressing as planned and
early mobilization efforts progressing on site. The Company is building out a dedicated project execution team, ensuring the
right technical and operational expertise is in place. These early actions mark important steps toward project readiness and
position Goldfield for disciplined and efficient execution.
The previously recorded impairment at Goldfield was fully reversed in the third quarter of 2025, driven by updated long-term
metal price assumptions and improved mine plan economics.
Kemess Project
At Kemess, the Company continues to successfully advance work on a PEA, based on an open pit and longhole open stoping
underground mining concept, which is expected to be completed in the first quarter of 2026, and is expected to contain a
fulsome discussion of the risks and opportunities relating to the Kemess project. Kemess has significant infrastructure already
in place that will require 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. The upcoming PEA study is
expected to represent a significant milestone in advancing the Company’s gold growth pipeline and its focus on unlocking
additional value from its assets in British Columbia, a top tier mining jurisdiction.
Third Quarter 2025 Operating and Financial Results Webcast and Conference Call
Centerra invites you to join its third quarter 2025 conference call on Wednesday, October 29, 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 January 29, 2026.
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 November 29,
2025. The recording can be accessed by dialing 1-855-669-9658 or 412-317-0088 and using the access code 4838416.
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 and six months ended September 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 success of an optimized
mine plan at Mount Milligan including the construction of additional tailings capacity, any increased mill throughput and the
delivery and implementation of large-capacity truck boxes; 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; 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