Centerra Gold Inc. (TSX: CG) (NYSE: CGAU) announces an updated mineral resource at Kemess, which includes results from the 2024 drilling campaign, and outlines a plan to advance studies on the project. In 2024, Centerra completed over 11,400 meters of core drilling for exploration, geotechnical, and metallurgical testing purposes. Those results have been included in the updated mineral resource as of April 15, 2025. Gold mineral resources at Kemess are estimated to contain 2.7 million ounces of indicated resources and 2.2 million ounces of inferred resources. Copper mineral resources are estimated to contain 971 million pounds of indicated resources and 821 million pounds of inferred resources (see the tables below for tonnage and grades).

President and CEO, Paul Tomory, commented, “We are pleased to be moving forward with studies on the Kemess project. The updated mineral resource published today demonstrates robust mineralization in the highly prospective Toodoggone district in the northern interior of British Columbia. In addition, we have doubled our 2025 exploration guidance at Kemess to between $10 and $12 million which is expected to focus on infill drilling for the open pit and underground targets and also to test high grade mineralization in the deeper Kemess Offset zone. We are moving forward with a Preliminary Economic Assessment on Kemess, using an open pit and longhole open stoping underground mining concept, which is expected to be completed by the end of 2025. The significant existing infrastructure already in place, is expected to lower the execution risk compared to typical greenfield projects of this scale.”

Paul Tomory concluded, “With the Kemess project, we are advancing the studies for a potential gold-copper mine with a possible 15-year operation in a top tier mining jurisdiction. We are targeting a project with a potential average annual production of approximately 250,000 gold equivalent ounces, which along with Mount Milligan, would give Centerra two long-life gold-copper assets in British Columbia. Recently, we supported Thesis Gold Inc. with a strategic equity investment. Given the proximity of Kemess to the Lawyers-Ranch Project, we see substantial opportunities for synergies, including the ability to leverage existing infrastructure to unlock regional potential.”

British Columbia’s Minister for Mining and Critical Minerals, The Honourable Jagrup Brar, commented, “Centerra’s latest results and expanded exploration at Kemess show what responsible development can achieve. Our government welcomes investments that help grow our economy, create well-paying jobs, and respect community and environmental values.”

Updated Kemess Gold and Copper Mineral Resources^(1,2,3)

NOTE: Numbers may not add due to rounding. (1) As of April 15, 2025. Refer to Tables “Centerra Gold Updated Kemess Resources Summary”, including the respective footnotes and the “Additional Footnotes” section below. (2) Mineral resources do not have demonstrated economic viability. (3) The updated resource is generally consistent with the Company’s previous understanding of the resource estimate.

• Kemess Concept: The Kemess updated mineral resources are based on a potential concept for the project which includes an open pit and underground operation using longhole open stoping and backfill.
• Kemess Open Pit: The Kemess Open Pit incorporates mineralized material previously considered part of a block cave concept for Kemess Underground, which has increased the size and quality of the resources considered for open pit mining. The Kemess Open Pit is assumed to be a traditional truck and shovel operation.
• Kemess Underground and Kemess East: The tonnages and mineral inventory in Kemess Underground have decreased due to Kemess Open Pit mining out a portion of the previous block cave, as well as the change of mining method to longhole open stoping. The tonnages in Kemess East also decreased, however the mineral inventory only declined slightly due to the higher grades and lower dilution of longhole open stoping compared with the previous block cave mining method. The grades of Kemess Underground and Kemess East have increased due to a change in the mining method, from block cave to longhole open stoping. The mining method considers paste backfill of the stopes for stability.
• Kemess Drilling Programs: In 2024, Centerra completed over 11,400 meters of core drilling for exploration, geotechnical, and metallurgical testing purposes. The drill program targeted the area between the known mineralization at Nugget and the upper portion of the Kemess Underground zones. Geological modeling and the updated resource estimate show continuous mineralization along the five-kilometre trend from Nugget to Kemess East. Those results have been included in the updated mineral resource as of April 15, 2025. Centerra has increased its 2025 exploration guidance at Kemess to between $10 and $12 million, up from $4 to $6 million previously, with a total of 28,500 meters of drilling planned. The focus is expected to be on infill drilling for Kemess Open Pit and Kemess Underground resources and to test high grade mineralization in the deeper Kemess Offset zone, which is currently not included in the stated mineral resource.

Kemess Study Plan

Centerra has initiated a Preliminary Economic Assessment on the Kemess project, which is expected to be completed by the end of 2025. The PEA will be based on a combined open pit and conventional underground mine concept, using a longhole open stoping underground mining method, rather than the previous block cave concept. This is expected to have improved economics as it is less capital intensive and reduces overall dilution of the higher underground grades.

The PEA is expected to focus on a subset of the mineral resources at Kemess Open Pit and Kemess Underground. Kemess East is expected to be evaluated as future upside potential.

Kemess has significant infrastructure already in place, including: a 380 kilometer, 230 kilovolt power line; a 50,000 tonnes per day nameplate processing plant in need of some refurbishment and equipment replacements; “mothballed” site infrastructure including a water treatment plant, camp, administration facilities, air strip, truck shop and warehouse which will require some refurbishment; and tailings storage using the previously mined pit as well as an existing tailings facility, which is capable of expansion. To complement this existing infrastructure, it is anticipated that new crushing, conveying, and mine infrastructure will be required for the open pit and underground operations. The existing infrastructure is expected to lower the execution risk for the project when compared to typical greenfield projects of this scale.

With the Kemess project, Centerra is advancing the studies for a potential gold-copper mine with a possible 15-year operation in a top tier mining jurisdiction. The Company is targeting a project with a potential average annual production of approximately 250,000 gold equivalent ounces, which along with Mount Milligan, would give Centerra two long-life gold-copper assets in British Columbia.

Kemess Study Technical Concept

Figure 1: A long sectional view of the Kemess deposit. Centerra has increased 2025 exploration guidance at Kemess to between $10 and $12 million, with a total of 28,500 meters of drilling planned.

Figure 2: An isometric view of the open pit and conventional underground mine concept, using a longhole open stoping underground mining method.

Kemess Existing Infrastructure

Figure 3: Aerial photo of the existing infrastructure at Kemess, including a processing plant, truck shop and warehouse.

Figure 4: 50,000 tonnes per day nameplate processing plant in need of some refurbishment and equipment replacements.

Figure 5: Kemess camp.

Figure 6: Kemess tailings storage using the previously mined pit as well as an existing tailings facility, which is capable of expansion.

Figure 7: Kemess water treatment plant.

(1) Mineral resources are stated in accordance with CIM (2014) Definitions as incorporated by reference into NI 43-101. Mineral Resources are estimated and have an effective date of April 15, 2025.
(2) Mineral resources do not have demonstrated economic viability.
(3) Inferred mineral resources have a lower level of confidence as to their existence and as to whether they can be mined economically. It cannot be assumed that all or part of the inferred mineral resources will ever be upgraded to a higher category.
(4) Centerra’s equity interests as of this news release are as follows: Kemess Open Pit, Kemess Underground and Kemess East 100%.
(5) Numbers may not add due to rounding.

Additional Footnotes

General

• A conversion factor of 31.1035 grams per troy ounce of gold is used in the mineral resource estimates.
• The mineral resources are reported based on a gold price of $2,000 per ounce, copper price of $4.00 per pound and an exchange rate of 1USD:1.33CAD.
• Samples were prepared and analyzed by independent, ISO-accredited laboratories. Quality control programs include the insertion of blanks, certified reference materials, duplicate samples, internal and external reviews and checks by umpire laboratories.
• Development of geological and mineralized domains, geostatistical analysis, block model construction and grade estimates were done using industry standard methods and commercially available software packages. Grade estimates used ordinary kriging with capped and composited assay grades.

Kemess Open Pit

• The mineral resources are reported within a constraining pit shell and a NSR cut-off value of C$14.60 per tonne that takes into consideration metallurgical recoveries, concentrate grades, transportation costs, and smelter treatment charges.

Kemess Underground

• Underground resources are reported with an NSR cut-off value of C$54.10 per tonne that takes into consideration metallurgical recoveries, concentrate grades, transportation costs, and smelter treatment charges.
• The mineral resources are reported within a constraining volume of software-generated stope shapes including “must take”, subeconomic material. An orphan analysis was performed to remove isolated and discontinuous blocks from the resource.
• Dilution factors applied to all stope shapes were 1.25 meters for in-situ side walls, 0.25 meters for filled floor/back and 1.0 meters for walls against fill. A mining recovery factor of 93% was assumed for all volumes.

Kemess East

• The mineral resources are reported within a constraining volume of software-generated stope shapes. An orphan analysis was performed to remove isolated and discontinuous blocks from the resource.
• Dilution factors applied to all stope shapes were 1.25 meters for in-situ side walls, 0.25 meters for filled floor/back and 1.0 meters for walls against fill. A mining recovery factor of 93% was assumed for all volumes.
• Underground resources are reported with an NSR cut-off value of C$54.10 per tonne that takes into consideration metallurgical recoveries, concentrate grades, transportation costs, and smelter treatment charges.

Mineral reserve and mineral resource estimates are forward-looking information and are based on key assumptions and are subject to material risk factors. If any event arising from these risks occurs, the Company’s business, prospects, financial condition, results of operations or cash flows, and the market price of Centerra’s shares could be adversely affected. Additional risks and uncertainties not currently known to the Company, or that are currently deemed immaterial, may also materially and adversely affect the Company’s business operations, prospects, financial condition, results of operations or cash flows, and the market price of Centerra’s shares. See the section entitled “Risk That Can Affect Centerra’s Business” in the Company’s Management’s Discussion and Analysis (MD&A) for the three months ended March 31, 2025, available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar and see also the discussion below under the heading “Cautionary Statement on Forward-Looking Information”.

About Centerra Gold

Centerra Gold Inc. is a Canadian-based gold 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.