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    Raj Ray • BMO Capital Markets

    Raj Ray's questions to Centerra Gold Inc (CGAU) leadership

    Raj Ray's questions to Centerra Gold Inc (CGAU) leadership • Q2 2025

    Question

    Raj Ray asked about the duration of mining in the lower-grade zone at Mount Milligan, sought clarification on the updated Oksut royalty structure in Turkey, and questioned the strategic rationale for developing Goldfield versus allocating capital to dividends and buybacks.

    Answer

    EVP & COO David Hendriks noted that while a high-grade area underperformed, the mine is operating above the deposit's average grade, with the upcoming PFS to provide more detail. EVP & CFO Ryan Snyder explained the new Turkish royalty table now extends to a $5,100 gold price, with royalty rates increasing by 125 basis points for every $300 price increment. President & CEO Paul Tomory defended the Goldfield decision, highlighting its high IRR and stating the company can fund all its projects and continue its buyback program with existing liquidity.

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    Raj Ray's questions to Centerra Gold Inc (CGAU) leadership • Q1 2025

    Question

    Raj Ray asked about the operational outlook for the year, seeking assurance on operational flexibility and grade visibility at Mount Milligan and Oksut. He also questioned the change in the Kemess mineral resource classification (indicated vs. inferred) and the potential development timeline. Lastly, he inquired about the potential impact of U.S. tariffs on the molybdenum business.

    Answer

    COO David Hendriks stated that an extensive RC drilling program at Mount Milligan, to be completed by the end of Q2, will improve grade visibility, and he expects Oksut to meet guidance with higher grades in H2. CEO Paul Tomory explained the Kemess resource change resulted from a spatial shift and a move to a more selective mining method. CFO Ryan Snyder addressed tariffs, noting that while about 60% of moly concentrate feed from South America is subject to tariffs, the company is exploring mitigation strategies and can leverage U.S. feed from Thompson Creek.

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    Raj Ray's questions to Centerra Gold Inc (CGAU) leadership • Q2 2024

    Question

    Raj Ray asked about Mount Milligan's Q2 performance, specifically if lower grades were expected and what the grade and recovery outlook is for the second half of the year. He also questioned the timing of potential capital spending related to the upcoming molybdenum study.

    Answer

    Paul Chawrun, Chief Operating Officer, confirmed the lower Q2 grades were due to standard mine sequencing and expects gold recovery to improve due to optimization initiatives. He noted grades would be slightly higher in H2, in line with guidance. Paul Tomory, CEO, and Ryan Snyder, CFO, added that early works spending is already occurring at Thompson Creek and that updated 2024 spending guidance will be provided with the feasibility study release.

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    Raj Ray's questions to Anglogold Ashanti PLC (AU) leadership

    Raj Ray's questions to Anglogold Ashanti PLC (AU) leadership • Q1 2025

    Question

    Raj Ray asked for updates on the Obuasi ramp-up, the rationale for pausing the Iduapriem joint venture, and the working capital outlook for the year.

    Answer

    CEO Alberto Calderon confirmed the Obuasi ramp-up is on track, with April tonnage meeting targets. He explained the Iduapriem decision was driven by a new understanding of the asset's stand-alone potential, which diminished the JV's relative NPV benefit. CFO Gillian Doran detailed that Q1's negative working capital was due to higher receivables and significant payments for bonuses and royalties, but expects a recovery on the payables side through the year.

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    Raj Ray's questions to Anglogold Ashanti PLC (AU) leadership • Q2 2024

    Question

    Raj Ray from BMO Capital Markets inquired about the operational outlook for H2, the feasibility of Obuasi's required production ramp-up, and the details of the working capital movement in H1 and its expected trajectory.

    Answer

    CEO Alberto Calderon expressed confidence in the H2 outlook, citing positive momentum across all operations. For Obuasi, he noted that annualized production hit 300,000 ounces in June due to higher grades, underpinning the forecast. CFO Gillian Doran explained the positive H1 working capital movement was driven by inventory reduction and lower receivables, and she anticipates maintaining this discipline rather than seeing an unwind in H2.

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    Raj Ray's questions to Anglogold Ashanti PLC (AU) leadership • H1 2024

    Question

    Raj Ray from BMO Capital Markets questioned the operational outlook for the second half, including potential risks and the feasibility of Obuasi's significant production ramp-up. He also asked for details on the first-half working capital movement and whether it would unwind.

    Answer

    CEO Alberto Calderon expressed confidence in the second half, citing 'positive inertia' across all operations. For Obuasi, he noted the mine hit a 300,000-ounce annualized run rate in June, driven by a significant grade improvement, which supports the H2 forecast. CFO Gillian Doran stated that the positive working capital movement was driven by inventory and receivables discipline and is not expected to unwind in the second half; in fact, she sees further opportunity for optimization.

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    Raj Ray's questions to Galiano Gold Inc (GAU) leadership

    Raj Ray's questions to Galiano Gold Inc (GAU) leadership • Q2 2024

    Question

    Raj Ray of BMO Capital Markets questioned the ramp-up status of mining rates, whether pit instability influenced the Abore strip ratio, the status of mining at Esaase and Miradani North, and if the new secondary crusher was part of the original mine plan.

    Answer

    CEO Matt Badylak explained that mining rates are still ramping up to a steady state of 4 million tonnes per month by year-end. He clarified the higher strip ratio is due to a larger pit design from a higher gold price assumption, not instability. The Abore expansion has allowed Galiano to defer mining at other deposits, and the secondary crusher, while not in the technical report, was a planned upgrade for throughput, cost, and safety.

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