Brian MacArthur

Don DeMarco

Anita Soni

Jeremy Hoy

Lawson Winder

Luke Bertozzi

Raj Ray

Frederic Bolton

Michael Parkin

Steven Green

John Sclodnick

- Centerra Gold reported robust Q3 2025 financial results, generating nearly **$100 million of free cash flow** and increasing its cash balance to over **$560 million**.  **[0001527166_2213421_1]**  The company returned **$32 million** to shareholders through share buybacks and dividends.  **[0001527166_2213421_1]** 
- In Q3 2025, gold production was almost **82,000 ounces** and copper production was **13.4 million lbs**.  **[0001527166_2213421_1]**  Consolidated all-in sustaining costs on a byproduct basis were **$1,652 per ounce**, with full-year 2025 costs for Mount Milligan and Öksüt expected near the low end of guidance ranges.  **[0001527166_2213421_3]** **[0001527166_2213421_4]** 
- The **Mount Milligan Pre-Feasibility Study (PFS)** was published, extending the mine's life by approximately **10 years to 2045** and outlining average annual production of **150,000 ounces of gold** and **69 million lbs of copper** from 2026-2042.  **[0001527166_2213421_1]**  The PFS indicates an after-tax NPV of approximately **$1.5 billion** at $2,600 per ounce gold.  **[0001527166_2213421_2]** 
- The **Thompson Creek Restart project** is **29% complete**, with **$31 million** invested in Q3 2025, and first production is expected in **H2 2027**.  **[0001527166_2213421_3]**  Additionally, an **Öksüt life-of-mine optimization study** was initiated, with completion anticipated by the end of **2026**.  **[0001527166_2213421_3]**

Centerra Gold Reports Strong Q3 2025 Financials and Mount Milligan Mine Life Extension

- Centerra Gold reported strong Q3 2025 financial results, including **$66 million** in adjusted net earnings (**$0.33 per share**) and nearly **$100 million** in free cash flow, increasing its cash balance to over **$560 million**.  **[0001527166_2211363_1]** **[0001527166_2211363_4]** 
- Q3 2025 gold production was almost **82,000 ounces** and copper production was **13.4 million pounds**, with consolidated all-in sustaining costs at **$1,652 per ounce**.  **[0001527166_2211363_1]** **[0001527166_2211363_4]** 
- The Mount Milligan Pre-Feasibility Study (PFS) was published, extending the mine's life by approximately **10 years to 2045** and projecting an after-tax NPV of approximately **$1.5 billion** at $2,600 per ounce gold.  **[0001527166_2211363_1]** **[0001527166_2211363_2]** 
- The Thompson Creek Restart project is **29% complete** as of Q3 2025, with **$113 million** invested since September 2024, and first production expected in **H2 2027**.  **[0001527166_2211363_3]** 
- The company returned over **$95 million** to shareholders year-to-date through dividends and share buybacks, including **$22 million** for **2.8 million shares** repurchased in Q3 2025.  **[0001527166_2211363_4]**

Centerra Gold Reports Strong Q3 2025 Financial Results and Advances Key Projects

- Centerra Gold reported **adjusted net earnings of $66 million, or $0.33 per share**, and generated **$99 million in free cash flow** in Q3 2025, increasing its cash balance to over **$560 million**.  **[0001527166_2213372_4]** **[0001527166_2213372_1]** 
- The company achieved strong operational performance in Q3 2025, with total gold production of almost **82,000 ounces** and copper production of **13.4 million pounds**, notably with **Öksüt's 49,000 ounces** exceeding plans due to higher grades.  **[0001527166_2213372_1]** **[0001527166_2213372_3]** 
- The Mount Milligan Pre-Feasibility Study (PFS) was published, extending the mine's life by approximately **10 years to 2045** and outlining an after-tax NPV of approximately **$1.5 billion** at $2,600 per ounce gold.  **[0001527166_2213372_1]** **[0001527166_2213372_2]** 
- The **Thompson Creek Restart project is 29% complete** with first production expected in H2 2027, and Centerra Gold returned over **$95 million** to shareholders year-to-date through dividends and share buybacks.  **[0001527166_2213372_3]** **[0001527166_2213372_4]**

Centerra Gold Reports Strong Q3 2025 Results and Mount Milligan Mine Life Extension

- **Centerra Gold Inc. reported a significant increase in net earnings for Q3 2025, reaching $292.2 million, up from $28.8 million in Q3 2024, primarily driven by a $193.5 million impairment reversal related to the Goldfield Project and higher earnings from mine operations**.  **[1854640_0001628280-25-046820_exh_992x20250930.htm:7]** **[1854640_0001628280-25-046820_exh_992x20250930.htm:8]** 
- **Total revenue for Q3 2025 increased by 22% to $395.2 million, and for the nine months ended September 30, 2025, it rose by 8% to $983.0 million, mainly due to higher average realized gold, copper, and molybdenum prices**.  **[1854640_0001628280-25-046820_exh_992x20250930.htm:7]** **[1854640_0001628280-25-046820_exh_992x20250930.htm:31]** 
- **Despite higher realized prices, gold production decreased by 13% to 81,773 ounces in Q3 2025 and by 31% to 204,463 ounces for the nine months ended September 30, 2025, leading to an increase in all-in sustaining costs on a by-product basis to $1,652 per ounce in Q3 2025 and $1,604 per ounce for the nine-month period**.  **[1854640_0001628280-25-046820_exh_992x20250930.htm:7]** **[1854640_0001628280-25-046820_exh_992x20250930.htm:31]** 
- **As of September 30, 2025, the company maintained a strong liquidity position of $961.8 million, including a cash balance of $561.8 million and an undrawn $400.0 million corporate credit facility**.  **[1854640_0001628280-25-046820_exh_992x20250930.htm:27]** 
- **The company continued its share repurchase program, buying back 9,195,416 common shares for $64.0 million during the nine months ended September 30, 2025**.  **[1854640_0001628280-25-046820_exh_991x20250930.htm:12]**

Centerra Gold Inc. Reports Strong Q3 2025 Net Earnings and Increased Revenue

- Centerra Gold reported **net earnings of $292.2 million** and **adjusted net earnings of $66.4 million** for the third quarter of 2025.  **[1854640_0001171843-25-006725_exh_991.htm:2]** **[1854640_0001171843-25-006725_exh_991.htm:6]**  The company generated **$98.7 million in free cash flow** and ended the quarter with a **cash balance of $561.8 million** as of September 30, 2025.  **[1854640_0001171843-25-006725_exh_991.htm:0]** **[1854640_0001171843-25-006725_exh_991.htm:2]** 
- Consolidated **gold production was 81,773 ounces** and **copper production was 13.4 million pounds** in Q3 2025.  **[1854640_0001171843-25-006725_exh_991.htm:1]**  The average realized gold price was **$3,178 per ounce** and the average realized copper price was **$3.73 per pound**.  **[1854640_0001171843-25-006725_exh_991.htm:1]** 
- The **Mount Milligan Pre-Feasibility Study** outlined a **10-year mine life extension to 2045** with a **$186 million growth capital plan**.  **[1854640_0001171843-25-006725_exh_991.htm:0]** **[1854640_0001171843-25-006725_exh_991.htm:3]**  The **Goldfield project** confirmed robust economics with an after-tax **NPV5% of $245 million** and an initial capital cost of **$252 million**, targeting first production by the end of **2028**.  **[1854640_0001171843-25-006725_exh_991.htm:3]** **[1854640_0001171843-25-006725_exh_991.htm:10]**  The **Thompson Creek restart** is advancing, with first production expected in the **second half of 2027**.  **[1854640_0001171843-25-006725_exh_991.htm:9]** 
- Centerra returned **$32 million** to shareholders in Q3 2025 through **share buybacks ($22.1 million)** and a **quarterly dividend ($10.3 million)**.  **[1854640_0001171843-25-006725_exh_991.htm:0]** **[1854640_0001171843-25-006725_exh_991.htm:2]**  Additionally, **Paul Wright** will succeed Michael Parrett as **Chair of the Board of Directors**, effective **January 1, 2026**.  **[1854640_0001171843-25-006725_exh_991.htm:0]** **[1854640_0001171843-25-006725_exh_991.htm:5]**

Centerra Gold Reports Third Quarter 2025 Results and Board Chair Transition

- **Azimut Exploration Inc.**, in which **Centerra Gold Inc.** holds approximately **9.9%** of issued and outstanding shares, announced **high-grade gold assay results** from channel sampling on the **Rosa Zone** of its wholly owned **Wabamisk Property**.  **[1854640_d5887faa545647ae882ef87f9ad237c8_0]** **[1854640_d5887faa545647ae882ef87f9ad237c8_4]** 
- Key channel sampling results include **23.0 g/t Au over 3.0 m** (including **45.8 g/t Au over 1.0 m**) and **30.17 g/t Au over 4.0 m** (including **111.5 g/t Au over 1.0 m**).  **[1854640_d5887faa545647ae882ef87f9ad237c8_0]** 
- **Visible gold** was observed in **five out of ten holes** completed in the initial drilling program, which has been expanded from **1,500 metres to at least 2,000 metres**.  **[1854640_d5887faa545647ae882ef87f9ad237c8_0]** **[1854640_d5887faa545647ae882ef87f9ad237c8_1]** 
- The mineralized zone at Rosa extends over a **700-metre east-west strike extent** on the surface, with geophysical data suggesting a minimum strike of **1.4 kilometres**.  **[1854640_d5887faa545647ae882ef87f9ad237c8_0]** **[1854640_d5887faa545647ae882ef87f9ad237c8_1]**

Centerra Gold-backed Azimut Exploration Reports High-Grade Gold Results

- Centerra Gold Inc. has released a technical report for its Mount Milligan Mine, effective **June 30, 2025**, projecting net undiscounted cash flows of **$2,127 million** from July 1, 2025, to the end of 2045, with an after-tax net present value (NPV) of **$1,492 million** (discounted at 5%).  **[1854640_0001104659-25-101266_tm2529040d1_ex99-1.htm:41]**  The total life-of-mine (LOM) revenue is projected to be **$10,929 million**.  **[1854640_0001104659-25-101266_tm2529040d1_ex99-1.htm:41]** 
- The life-of-mine (LOM) plan estimates total capital expenditures of **$925 million** and on-site operating costs of **$6.5 billion**, or **$13.44/t processed**.  **[1854640_0001104659-25-101266_tm2529040d1_ex99-1.htm:41]**  The all-in sustaining cost per ounce of gold, on a by-product basis, is estimated to average **$950/oz** for the period from 2025 to the end of the LOM.  **[1854640_0001104659-25-101266_tm2529040d1_ex99-1.htm:41]** 
- The LOM plan projects payable production of **2,791 thousand ounces of gold** and **1,282 million pounds of copper**.  **[1854640_0001104659-25-101266_tm2529040d1_ex99-1.htm:192]**  The mine's processing capacity is expected to increase from a maximum of **21.9 Mt/y** to **24.2 Mt/y** after a plant upgrade.  **[1854640_0001104659-25-101266_tm2529040d1_ex99-1.htm:150]**

Centerra Gold Inc. Releases Technical Report for Mount Milligan Mine with Updated Financial and Production Estimates

- Cerrado Gold's **Gold Equivalent Ounce (GEO) Production** for Q3 2025 was **13,868 GEO**, representing a **21% increase** compared to Q2 2025.  **[1854640_92a75793634b430985acb71a809aa376_0]**  This record quarterly production was primarily driven by expanded crushing capacity and improved recoveries from the Calandrias Sur heap leach operation.  **[1854640_92a75793634b430985acb71a809aa376_0]** **[1854640_92a75793634b430985acb71a809aa376_1]** 
- The company has **revised its 2025 Production Guidance** from 55,000-60,000 GEO to **50,000-55,000 GEO** due to a 60-day delay in underground development.  **[1854640_92a75793634b430985acb71a809aa376_0]** **[1854640_92a75793634b430985acb71a809aa376_1]** 
- An **additional 50,000 meters** is planned for the **exploration program in 2026**, supplementing the existing 20,000-meter program for 2025.  **[1854640_92a75793634b430985acb71a809aa376_0]** **[1854640_92a75793634b430985acb71a809aa376_2]** 
- Development activities are progressing at the **Lagoa Salgada project**, with its Optimized Feasibility Study targeted for completion by the end of 2025, and at the **Mont Sorcier project**, with its feasibility study targeted for Q2 2026.  **[1854640_92a75793634b430985acb71a809aa376_0]** **[1854640_92a75793634b430985acb71a809aa376_2]** **[1854640_92a75793634b430985acb71a809aa376_3]**

Cerrado Gold Announces Q3 2025 Production Results and Revised Guidance

- Azimut Exploration Inc. announced positive results from a systematic field program on its Wabamisk East Property, confirming a large-scale system of **spodumene pegmatites** within a minimum **4 km2 prospective surface area**.  **[1854640_caf984f07e854cd09d69dbc49f56c76a_0]** 
- The field program identified at least **86 distinct spodumene-bearing outcrops**.  **[1854640_caf984f07e854cd09d69dbc49f56c76a_0]**  Out of **195 samples** collected over two field seasons, **110 returned grades higher than 1.0% Li2O**, with **67 samples exceeding 2.0% Li2O**, and a maximum grade of **6.93% Li2O**.  **[1854640_caf984f07e854cd09d69dbc49f56c76a_0]** **[1854640_caf984f07e854cd09d69dbc49f56c76a_1]** 
- The Wabamisk East Property is under a revised option agreement with Rio Tinto Exploration Canada Inc., where Rio Tinto can earn up to a **70% interest** by funding **$85 million** in exploration expenditures and making cash payments totaling **$1.7 million**.  **[1854640_caf984f07e854cd09d69dbc49f56c76a_0]** **[1854640_caf984f07e854cd09d69dbc49f56c76a_2]**  Azimut is the operator during the first phase of this agreement.  **[1854640_caf984f07e854cd09d69dbc49f56c76a_0]** **[1854640_caf984f07e854cd09d69dbc49f56c76a_2]** 
- The project is nearing the drilling stage, and Azimut plans to propose an aggressive drilling program for early **2026**.  **[1854640_caf984f07e854cd09d69dbc49f56c76a_0]**

Azimut Exploration Confirms High-Grade Lithium Discovery on Wabamisk East Property

- Cerrado Gold is accelerating and expanding its exploration program at the Minera Don Nicolas (MDN) gold mine, adding **three new drill rigs** and increasing the overall scope to approximately **50,000 meters in 2026**.  **[1854640_0e66dae7efbe440889eb2e13a7524607_1]** 
- The company is taking steps to **certify its on-site lab** to expedite assay results and improve turn-around times.  **[1854640_0e66dae7efbe440889eb2e13a7524607_0]** **[1854640_0e66dae7efbe440889eb2e13a7524607_1]** 
- Operations at MDN are performing well, with new investments in mining equipment increasing ore delivery to the leach pad at **300,000 tpm**, and initial higher-grade underground ore being fed to the mill.  **[1854640_0e66dae7efbe440889eb2e13a7524607_1]** 
- The primary goal is to **expand the mine life and potentially increase production levels** at MDN, aiming to demonstrate significant life-of-mine extension and growth potential by year-end.  **[1854640_0e66dae7efbe440889eb2e13a7524607_1]**

Centerra Gold (CGAU)