Luke Bertozzi

Luke Bertozzi asked about the Langeloth suspension, specifically inquiring about the volume of molybdenum concentrate contracted for purchase in Q1 and Q2 2026 and the flexibility with suppliers. He also asked for details on Mount Milligan's 2026 water management projects.

Answer

Ryan Snyder, Chief Financial Officer, explained that while specific concentrate purchase details couldn't be disclosed, volumes were expected to be slightly up from 2025, leading to an inventory build during the shutdown. He confirmed the commercial team is evaluating options with customers and suppliers. David Hendriks, Chief Operating Officer, clarified that Mount Milligan's water work is ongoing, with 2026 capital slightly higher due to a new well field, but largely sustaining in nature.

Luke Bertozzi asked about the impact of the Langeloth suspension on molybdenum concentrate purchases and inventory build for Q1 and Q2 2026, as well as the flexibility with suppliers. He also inquired about the scope and duration of Mount Milligan's 2026 water management projects.

Answer

CFO Ryan Snyder stated that concentrate purchases would continue during the Langeloth shutdown, leading to an inventory build, and the company is exploring options with suppliers and customers. COO David Hendriks explained that Mount Milligan's water management projects are largely ongoing sustaining work, with a slightly higher capital allocation in 2026 for a new well field.

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.

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.

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.