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Luke Bertozzi

Research Analyst at CIBC World Markets Corp.

Luke Bertozzi is an Equity Research Analyst at CIBC World Markets, specializing in coverage of gold and mining companies such as Snowline Gold, Centerra Gold, and Skeena Resources. He has raised price targets for these firms and currently maintains Outperformer ratings, though recent TipRanks data shows a 50% success rate and a -2.0% average return per rating over the past year. Bertozzi began his role at CIBC in 2025 after working at TD Securities, and recently assumed coverage of several companies within the mining sector. He holds securities industry credentials appropriate for his analyst role, ensuring regulatory compliance and professional expertise.

Luke Bertozzi's questions to Centerra Gold (CGAU) leadership

Question · Q3 2025

Luke Bertozzi asked about the lower gold recovery at Mount Milligan in Q3 compared to prior quarters and the recent technical report, seeking color on the drivers and expectations for Q4.

Answer

Dave Hendriks, Chief Operating Officer, explained that the lower recovery was due to encountering zones with a higher pyrite to chalcopyrite ratio than previously modeled. He noted that the company plans to process higher-grade material through the end of the year to meet guidance and better understand the impact of this ratio.

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Question · Q3 2025

Luke Bertozzi asked about the lower gold recovery at Mount Milligan in Q3 compared to prior quarters and the technical report, seeking color on the drivers and expectations for Q4.

Answer

Chief Operating Officer Dave Hendriks attributed the lower recovery to a higher pyrite to chalcopyrite ratio than initially modeled. He noted plans to process higher-grade material through year-end to meet guidance. President and Chief Executive Officer Paul Tomory added that the Pre-Feasibility Study (PFS) aims to optimize the mine plan for better blending and recovery, with improvements expected to begin in Q1 2026.

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Question · Q2 2025

Luke Bertozzi asked how the decision to advance the Goldfield project affects Centerra Gold's broader M&A strategy.

Answer

President & CEO Paul Tomory stated that the company does not need to pursue substantive M&A and has no intention of conducting share-based transactions given the current stock valuation. He clarified that any potential M&A would be modest, cash-based, bolt-on in nature, and strategically synergistic, without compromising the company's ability to fund its organic growth projects from its existing balance sheet.

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