Centerra Gold Reports Second Quarter 2026 Results; Strong Operational Performance Drives Increased Öksüt Production Guidance; The Company Expands Share Buybacks to $200 Million in 2026 and Continues Execution of its Self-Funded Growth Strategy

Centerra Gold Inc. (TSX: CG) (NYSE: CGAU) reported its second quarter 2026 operating and financial results.

President and CEO, Paul Tomory, commented, “We delivered another quarter of strong operational execution across our portfolio. Mount Milligan continued to perform in line with plan, and Öksüt delivered a strong first half of 2026, resulting in a 9% increase to its gold production guidance for the year. Both sites generated robust cash flow from operations during the quarter and we continued to see healthy operating margins which were supported by disciplined cost management and strong operational execution, even in the lower gold price environment.”

Paul Tomory continued, “During the second quarter, we completed $50 million in share buybacks and the Board of Directors approved up to $200 million in share repurchases for the full year 2026, reinforcing our commitment to shareholder returns. These actions reflect the strength of our balance sheet, our ability to generate cash flow and our disciplined approach to capital allocation. We also extended and upsized our revolving credit facility to $600 million, at better pricing, further enhancing our financial flexibility.”

Paul Tomory concluded, “Across our project development portfolio, we continue to make good progress. At Thompson Creek, we achieved our highest mining rate during the quarter, marking another important milestone since the project restarted in September 2024. We remain on track for first molybdenum production in mid-2027 and expect the project to be delivered within our capital cost estimate. Molybdenum prices continue to trend well above the assumptions used in our Feasibility Study, reinforcing the attractive economics of this project. We also continue to advance Goldfield towards first production in late 2028, the Kemess Pre-Feasibility Study towards completion in mid-2027, and the Öksüt Life of Mine Optimization study, which we expect to publish in early 2027 with our year-end disclosures. With a high-quality project pipeline, predominantly in North America, we remain focused on executing our self-funded growth strategy to deliver sustainable, long-term value for shareholders.”

Second Quarter 2026 Highlights

Operations

Production: In the second quarter 2026, consolidated gold production was 70,727 ounces, including 38,175 ounces from the Mount Milligan Mine and 32,552 ounces from the Öksüt Mine. The Company has increased its 2026 gold production guidance for Öksüt to between 120,000 and 135,000 ounces, from the previous range of 110,000 to 125,000 ounces. As a result, 2026 consolidated gold production guidance has been increased to 260,000 to 290,000 ounces, up from the previous range of 250,000 to 280,000 ounces. Copper production in the quarter was 13.1 million pounds. The Company remains on track to achieve its 2026 copper production guidance of 50 to 60 million pounds.
Sales: Second quarter 2026 gold sales were 72,114 ounces at an average realized gold price of $3,437 per ounce and copper sales were 13.4 million pounds at an average realized copper price of $5.30 per pound. The average realized gold and copper prices include the impact of the Mount Milligan streaming agreement with RGLD Gold AG and Royal Gold, Inc.
Costs: Second quarter 2026 consolidated gold production costs were $1,456 per ounce and all-in sustaining costs on a by-product basis^NG were $1,707 per ounce. The Company remains well positioned to achieve its 2026 guidance for consolidated AISC on a by-product basis^NG of $1,650 to $1,750 per ounce.
Capital expenditures^NG: Second quarter 2026 additions to property, plant, and equipment and capital expenditures^NG were $133.5 million and $120.3 million, respectively. Sustaining capital expenditures^NG in the second quarter 2026 were $39.3 million mainly related to construction at the existing tailings storage facility and equipment purchases at Mount Milligan. Non-sustaining capital expenditures^NG in the second quarter were $81.0 million related mainly to the development of the Thompson Creek Mine and the Goldfield Project.

Financial

Net earnings: Second quarter 2026 net earnings were $72.1 million, or $0.37 per share, and adjusted net earnings^NG were $79.3 million or $0.40 per share. Key adjustments to net earnings, net of tax, include $8.1 million of deferred income tax adjustments reflecting the impact of foreign exchange rate movements on deferred income taxes at Mount Milligan, and $2.1 million of unrealized gain on the re-measurement of the sale of the Company’s interest in the Greenstone Gold Mines Partnership in 2021. For additional adjustments refer to the “Non-GAAP and Other Financial Measures” disclosure at the end of this news release.
Cash provided by operating activities and free cash flow^NG: In the second quarter 2026, cash provided by operating activities before working capital and income taxes paid was $161.7 million. After working capital and income taxes paid, cash provided by operating activities was $66.2 million and free cash flow^NG deficit was $23.0 million. This includes $117.6 million of cash provided by mine operations and $89.1 million of free cash flow^NG at Mount Milligan and $15.8 million of cash provided by mine operations and $10.5 million of free cash flow^NG at Öksüt. This was partially offset by capital expenditures^NG at Thompson Creek. Lower free cash flow at Öksüt during the quarter was the result of routine statutory tax and annual royalty payments in Türkiye.
Cash and cash equivalents: As at June 30, 2026, total liquidity was $850.9 million, comprised of a cash balance of $450.9 million and $400.0 million available under an undrawn corporate credit facility. On July 15, 2026, Centerra amended its revolving credit facility, increasing the available commitment to $600 million and extending the maturity to July 2030. As a result, liquidity increased to $1,050 million, based on the June 30, 2026 cash balance.
Returning capital to shareholders: Under Centerra’s normal course issuer bid program, the Company repurchased 2,924,400 common shares in the second quarter 2026, for total consideration of $49.7 million. The Company’s board of directors has approved up to $200 million of share repurchases for the full year 2026, of which, $72.2 million has been completed in the first six months of the year. Centerra believes that the NCIB continues to provide the Company with flexibility to strategically deploy cash in line with its capital allocation priorities, subject to market conditions, while maintaining the financial capacity to invest in future growth. A quarterly dividend of C$0.07 per common share was declared for a total of $10.0 million in the second quarter.

Events Subsequent to Quarter End

Extension and increase of Centerra’s corporate credit facility: On July 15, 2026, Centerra amended its Credit Facility to increase its capacity to $600 million, up from $400 million previously, with an extended maturity date of July 15, 2030 and more favourable pricing. As at July 28, 2026, the Credit Facility remains undrawn and provides additional financial flexibility to support general corporate purposes, including working capital, investments, potential acquisitions, and capital expenditures. For additional details, refer to the news release published on July 15, 2026 titled “Centerra Gold Announces Extension and Increase of its Corporate Credit Facility”.
Appointment of Executive Vice President and Chief Operating Officer: Kelly Strong has been appointed Executive Vice President and Chief Operating Officer, effective August 17, 2026. Mike Sylvestre, who has served as Interim Chief Operating Officer since March 2026, will assist with an orderly transition into September 2026 before departing the Company. Mr. Strong has more than 30 years of global mining experience, having held senior operational leadership positions with The Mosaic Company, Nyrstar and Vale Inco, where he led large-scale mining, processing and integrated operations across North America and internationally. In this role, Mr. Strong will oversee Centerra’s global operating portfolio and advance the Company’s operational priorities and execute its long-term growth strategy.

Overview of Consolidated Financial and Operating Highlights

*($millions, except as noted)*	Three months ended June 30,						Six months ended June 30,
	2026		2025		% Change		2026	2025		% Change
Financial Highlights
Revenue	442.7		288.3		54	%	927.4	587.8		58		%
Production costs	251.4		174.9		44	%	505.6	373.7		35		%
Depreciation, depletion, and amortization (“DDA”)	32.3		26.0		24	%	65.2	50.1		30		%
Earnings from mine operations	159.0		87.4		82	%	356.6	164.0		117		%
Net earnings	72.1		68.6		5	%	151.5	99.0		53		%
Adjusted net earnings⁽¹⁾	79.3		52.7		50	%	167.5	79.0		112		%
Adjusted EBITDA⁽¹⁾	157.5		86.8		81	%	327.3	162.5		101		%
Cash provided by operating activities	66.2		25.3		162	%	186.3	83.9		122		%
Free cash flow (deficit)⁽¹⁾	(23.0	)	(25.6	)	10	%	26.1	(15.5	)	268		%
Additions to property, plant and equipment (“PP&E”)	133.5		55.6		140	%	235.2	123.7		90		%
Capital expenditures – total⁽¹⁾	120.3		53.9		123	%	189.6	100.8		88		%
Sustaining capital expenditures⁽¹⁾	39.3		25.8		52	%	51.8	43.8		18		%
Non-sustaining capital expenditures⁽¹⁾	81.0		28.1		188	%	137.8	57.0		142		%
Net earnings per common share – $/share basic⁽²⁾	0.37		0.33		12	%	0.76	0.48		58		%
Adjusted net earnings per common share – $/share basic⁽¹⁾⁽²⁾	0.40		0.26		54	%	0.84	0.38		121		%
Operating highlights
Gold produced (oz)	70,727		63,311		12	%	138,728	122,690		13		%
Gold sold (oz)	72,114		61,335		18	%	145,049	122,466		18		%
Average market gold price ($/oz)	4,506		3,280		37	%	4,693	3,070		53		%
Average realized gold price ($/oz )⁽³⁾	3,437		2,793		23	%	3,807	2,674		42		%
Copper produced (000s lbs)	13,145		12,437		6	%	27,296	24,084		13		%
Copper sold (000s lbs)	13,373		12,103		10	%	28,245	24,244		17		%
Average market copper price ($/lb)	6.05		4.32		40	%	5.93	4.28		39		%
Average realized copper price ($/lb)⁽³⁾	5.30		3.62		46	%	4.87	3.71		31		%
Molybdenum roasted (000 lbs)	3,675		3,165		16	%	4,960	6,199		(20	)	%
Molybdenum sold (000s lbs)	3,761		3,076		22	%	7,468	7,320		2		%
Average market molybdenum price ($/lb)	29.63		20.72		43	%	26.90	20.62		30		%
Average realized molybdenum price ($/lb)⁽³⁾	29.73		21.43		39	%	27.53	21.52		28		%
Unit costs
Gold production costs ($/oz)⁽⁴⁾	1,456		1,308		11	%	1,553	1,290		20		%
All-in sustaining costs on a by-product basis ($/oz)⁽¹⁾⁽⁴⁾	1,707		1,652		3	%	1,705	1,572		8		%
Gold – All-in sustaining costs on a co-product basis ($/oz)⁽¹⁾⁽⁴⁾	2,021		1,866		8	%	2,077	1,804		15		%
Copper production costs ($/lb)⁽⁴⁾	2.59		2.06		26	%	2.40	2.15		12		%
Copper – All-in sustaining costs on a co-product basis ($/lb)⁽¹⁾⁽⁴⁾	3.61		2.53		43	%	2.98	2.54		17		%

⁽¹⁾	Non-GAAP financial measure. See discussion under “Non-GAAP and Other Financial Measures”.
⁽²⁾	As at June 30, 2026, the Company had 196,138,619 common shares issued and outstanding.
⁽³⁾	This supplementary financial measure within the meaning of National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 51-112”) is calculated as a ratio of revenue from the consolidated financial statements and units of metal sold and includes the impact from the Mount Milligan Streaming Agreement (defined below), copper hedges and mark-to-market adjustments on metal sold not yet finally settled
⁽⁴⁾	All per unit costs metrics are expressed on a metal sold basis.

2026 Guidance – Gold and Copper Assets

	Units	2026 Guidance			Six Months Ended June 30, 2026	2026 Guidance – Previous
Production
Total gold production⁽¹⁾	(koz)	260	–	290	139	250 – 280
Mount Milligan Mine^(2)(3)(4)	(koz)	140	–	155	68
Öksüt Mine	(koz)	120	–	135	71	110 – 125
Total copper production^(2)(3)(4)	(Mlb)	50	–	60	27
Unit Costs⁽⁵⁾
Gold production costs⁽¹⁾	($/oz)	1,500	–	1,600	1,553
Mount Milligan Mine⁽²⁾	($/oz)	1,450	–	1,550	1,522
Öksüt Mine	($/oz)	1,650	–	1,750	1,584
All-in sustaining costs on a by-product basis^NG(1)(4)	($/oz)	1,650	–	1,750	1,705
Mount Milligan Mine⁽⁴⁾	($/oz)	1,200	–	1,300	1,172
Öksüt Mine	($/oz)	1,850	–	1,950	1,790
Capital Expenditures
Additions to PP&E	($M)	205	–	250	116.1	175 – 220
Mount Milligan Mine	($M)	130	–	150	81.4
Öksüt Mine	($M)	10	–	20	11.6
Goldfield Project	($M)	60	–	70	18.7	30 – 40
Kemess Project	($M)	5	–	10	4.4
Total Capital Expenditures^NG	($M)	185	–	230	96.3	155 – 200
Sustaining Capital Expenditures^NG	($M)	85	–	105	50.9
Mount Milligan Mine	($M)	80	–	90	44.2
Öksüt Mine	($M)	5	–	15	6.7
Non-sustaining Capital Expenditures^NG	($M)	100	–	125	45.4	70 – 95
Mount Milligan Mine	($M)	35	–	45	22.3
Goldfield Project	($M)	60	–	70	18.7	30 – 40
Kemess Project	($M)	5	–	10	4.4
Other Items
Current income tax and BC mineral tax expense⁽¹⁾	($M)	111	–	133	76.8
Mount Milligan Mine	($M)	6	–	8	6.3
Öksüt Mine	($M)	105	–	125	70.5
Depreciation, depletion and amortization	($M)	90	–	110	62.9
Mount Milligan Mine	($M)	40	–	50	30.7
Öksüt Mine	($M)	50	–	60	32.2
Evaluation Costs	($M)	18	–	25	7.4
Care and Maintenance – Kemess Project	($M)	13	–	15	7.2
Reclamation Costs – Kemess Project	($M)	2	–	4	—
Corporate and administration costs⁽⁶⁾	($M)	29	–	33	20.7

⁽¹⁾	Consolidated Centerra figures.
⁽²⁾	The Mount Milligan Mine is subject to an arrangement with Royal Gold which entitles Royal Gold to purchase 35% and 18.75% of gold and copper produced, respectively, and requires Royal Gold to pay $435 per ounce of gold and 15% of the spot price per metric tonne of copper delivered (“Mount Milligan Mine Streaming Agreement”). Using assumed market prices of $4,250 per ounce of gold and $6.00 per pound of copper for 2026, the Mount Milligan Mine’s average realized gold and copper price for 2026 would be $2,914 per ounce and $5.04 per pound, respectively, compared to average realized prices of $2,608 per ounce and $3.96 per pound in 2025, when factoring in the Mount Milligan Streaming Agreement and concentrate refining and treatment costs.
⁽³⁾	Gold production for 2026 at the Mount Milligan Mine assumes estimated recoveries of 60% to 62% and compares to actual gold recovery of 61.3% achieved in the six months ended June 30, 2026. Copper production for 2026 assumes recovery 75% to 77% for copper and compares to actual copper recovery of 74.4% achieved in the six months ended June 30, 2026.
⁽⁴⁾	Unit costs include a credit for forecasted copper sales treated as by-product for all-in sustaining costs^NG. Production for copper and gold reflects estimated metallurgical losses resulting from handling of the concentrate and metal deductions levied by smelters.
⁽⁵⁾	Units noted as ($/oz) relate to gold ounces.
⁽⁶⁾	Excludes share based compensation.

2026 Guidance – US Moly

	Units	2026 Guidance			Six Months Ended June 30, 2026
Production – Langeloth Facility
Total molybdenum roasted	Mlbs	11	–	13	5.0
Total molybdenum sold	Mlbs	15	–	17	7.5
Costs and Profitability – Langeloth Facility
Net earnings	($M)	2	–	7	(3.4)
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)^NG	($M)	7	–	12	2.4
Capital Expenditures
Additions to PP&E	($M)	208	–	240	119.0
Thompson Creek Mine	($M)	205	–	235	118.1
Langeloth Facility	($M)	3	–	5	0.9
Total capital expenditures^NG	($M)	193	–	225	93.3
Non-sustaining capital expenditures^NG – Thompson Creek Mine	($M)	190	–	220	92.4
Sustaining capital expenditures^NG– Langeloth Facility	($M)	3	–	5	0.9
Other Items
Depreciation, depletion and amortization – Langeloth Facility	($M)	4	–	6	2.3

2026 Guidance – Global Exploration and Evaluation Projects

	Units	2026 Guidance			Six Months Ended June 30, 2026
Project Exploration and Evaluation Costs
Exploration Costs	($M)	40	–	50	15.1
Brownfield Exploration	($M)	20	–	25	5.7
Greenfield and Generative Exploration	($M)	20	–	25	9.4

Mount Milligan

Mount Milligan produced 38,175 ounces of gold in the second quarter of 2026, a 29% increase over last quarter and in line with the production profile previously disclosed. Mount Milligan produced 13.1 million pounds of copper, slightly less than last quarter due to mine sequencing. Year-to-date gold and copper production is in line with the Pre-Feasibility Study (“PFS”) mine plan and the Company remains on track to achieve its 2026 production guidance of between 140,000 and 155,000 ounces of gold and 50 to 60 million pounds of copper. As previously disclosed, gold production and sales are expected to be higher in the third quarter of 2026, reflecting planned mine sequencing. During the quarter, a total of 11.9 million tonnes were mined from phases 5, 6, 7 and 10 of the open pit. Process plant throughput was 5.5 million tonnes, averaging 60,214 tonnes per day. Gold sales were 39,580 ounces and copper sales were 13.4 million pounds.

Gold production costs in the second quarter 2026 were $1,314 per ounce. AISC on a by-product basis^NG was $1,269 per ounce, higher quarter-over-quarter as a result of higher sustaining capital expenditures^NG. The Company reaffirms its 2026 Mount Milligan AISC on a by-product basis^NG guidance of $1,200 to $1,300 per ounce.

Sustaining capital expenditures^NG at Mount Milligan in the second quarter of 2026 were $33.4 million, focused on the existing TSF dam construction and equipment purchases. Non-sustaining capital expenditures^NG in the second quarter of 2026 were $14.5 million. The Company continues to expect 2026 sustaining and non-sustaining capital expenditures^NG at Mount Milligan to be within the previously disclosed ranges of $80 to $90 million and $35 to $45 million, respectively.

In the second quarter of 2026, Mount Milligan generated $117.6 million of cash flow from mine operations and free cash flow^NGof $89.1 million.

The September 2025 PFS extended Mount Milligan’s mine life to 2045, supported by an optimized mine plan, and outlined a fully funded growth capital program designed to support long-term production and cash flow. The study also supports a planned 10% increase in plant throughput beginning in 2028, enhancing production over the life of the operation. Mount Milligan remains Centerra’s cornerstone asset, with 20 years of mine life, meaningful gold and copper production, and significant future exploration potential in British Columbia. For additional details, refer to the news release published on September 11, 2025 titled “Centerra Gold’s Mount Milligan PFS Outlines Mine Life to 2045, Delivering Growth with a Fully Funded, Disciplined $186 Million Growth Capital Plan”.

In January 2026, Mount Milligan received an amended environmental assessment certificate and all related permits to allow for the continuation of operations through 2035. These authorizations also included the permits for the 10% expansion in plant throughput beginning in 2028 and increased stockpile capacity needed for plant feed flexibility.

Öksüt

Öksüt produced 32,552 ounces of gold in the second quarter of 2026, higher than planned due to higher grades and enhanced operating practices. Reflecting Öksüt’s strong operational performance in the first half of 2026, the Company has increased its 2026 gold production guidance for the mine by 9%, at the midpoint, to 120,000 to 135,000 ounces, from its previous range of 110,000 to 125,000 ounces. During the quarter, mining activities were focused on phase 5 and phase 6 of the Keltepe pit. A total of 4.7 million tonnes of ore and waste were mined in the quarter and 1.2 million tonnes were stacked at an average grade of 1.25 g/t.

At Öksüt, gold production costs and AISC on a by-product basis^NG for the second quarter 2026 were $1,628 per ounce and $1,952 per ounce, respectively. AISC on a by-product basis^NG was higher compared to last quarter driven by lower gold ounces produced and sold, and higher sustaining capital expenditures^NG, partially offset by lower royalty expense per ounce due to lower gold prices. The Company continues to expect Öksüt’s 2026 AISC on a by-product basis^NG to be within the previously disclosed guidance range of $1,850 and $1,950 per ounce.

In the second quarter 2026, sustaining capital expenditures^NG at Öksüt were $5.3 million. The Company reaffirms its 2026 guidance for sustaining capital expenditures^NG of $5 to $15 million at Öksüt.

Öksüt delivered cash flow from mine operations of $15.8 million and free cash flow^NG of $10.5 million in the second quarter of 2026. As planned, the Company made an annual government royalty payment of $45.7 million and statutory tax payments of $50.2 million during the quarter.

In June 2026, the Turkish Government announced changes that are expected to reduce the corporate income tax rate for Öksüt from 25% to 12.5%, effective January 1, 2027. This change in tax rate should enhance Öksüt’s long-term cash flow generation and overall value.

Centerra continues work on a Life of Mine Optimization study at Öksüt to evaluate the asset’s full potential, including the incremental production potential of residual leaching of the heap leach facility and the inclusion of low-grade oxide mineralization, outside of the current reserve pit, into the mine plan. The study will explore options to extend gold recovery from existing leach pads through improved solution management, which may enhance residual metal extraction efficiency. The study is expected in early 2027 with the Company’s year-end disclosures and will support updates to the mine’s long-term reclamation and site management plan, ensuring the operation continues to maximize metal recovery in a safe and responsible manner.

US Moly

US Moly used $45.0 million of cash in operations and recorded a free cash flow deficit^NGof $88.5 million, in the second quarter of 2026, reflecting capital spending on the restart of Thompson Creek and working capital increases at Langeloth primarily due to an increase in molybdenum prices during the quarter.

Thompson Creek Mine

The restart of Thompson Creek continues to advance as planned, with approximately 52% of the infrastructure refurbishment complete. Progress is being made in construction, pre-commissioning, tailings and operational readiness activities, including ball mill refurbishment, completion of tailings dam engineering, legacy system pre-commissioning, and the recruitment of key operating personnel. This quarter, Thompson Creek achieved its highest mining rate since the project restarted in September 2024, with 12.4 million tons mined during the quarter, a 33% increase compared to the first quarter of 2026.

In the second quarter of 2026, non-sustaining capital expenditures^NG were $51.6 million. Since the restart decision in September 2024, non-sustaining capital expenditures^NG have totaled $256.1 million. The Company expects the 2026 non-sustaining capital expenditures^NG for Thompson Creek to be within the previously disclosed guidance range of $190 to $220 million.

The project remains in line with the total capital estimate of $425 to $450 million and is on track for first production in mid-2027.

Langeloth Metallurgical Facility

In the second quarter of 2026, commissioning activities continued at Langeloth following the provisional restart of operations in April 2026 and achieved normal operational levels by the end of the quarter. During the quarter, Langeloth roasted and sold 3.7 million pounds and 3.8 million pounds of molybdenum, respectively, recorded adjusted EBITDA^NG of $5.1 million, and used $45.0 million of cash flow from operations, primarily related to an increase in working capital due to higher molybdenum prices.

A $46 million investment in working capital was made at Langeloth during the second quarter of 2026, primarily related to higher molybdenum prices. This investment is not expected to unwind in the near term as the Company plans to maintain higher inventory levels while Langeloth ramps up production as part of its commercial optimization strategy. Assuming stable molybdenum prices, the Company does not expect inventory value to increase further over the balance of 2026.

The Company has established 2026 operating guidance for Langeloth of 11 to 13 million pounds of roasted molybdenum production and 15 to 17 million pounds of molybdenum sold. Sales are expected to exceed production in 2026 as a result of the temporary suspension of operations in the first quarter. During the shutdown period, the Company continued to purchase third party concentrate and produce certain finished molybdenum products to support customer deliveries. In 2026, earnings from operations at Langeloth are expected to be $2 to $7 million and adjusted EBITDA^NG is expected to be $7 to $12 million.

Goldfield Project

Centerra continued to advance development activities at Goldfield during the quarter, with engineering and early mobilization activities ongoing, and early works progressing. Non-sustaining capital expenditures^NG at Goldfield in the second quarter of 2026 were $12.1 million. The Company has updated its previously disclosed 2026 non-sustaining capital expenditures^NG guidance for Goldfield to be $60 to $70 million, from the previous range of $30 to $40 million. The increase reflects the acceleration of a number of site preparation activities into 2026, including the water diversion channel, site platform development, overburden removal and overliner stockpiling, to support project execution and reduce execution risk. Engineering and procurement of key long-lead items, including the Adsorption, Desorption, and Recovery (“ADR”) plant, crushing circuit, heap leach liner, pumps and piping, and power infrastructure, have also been advanced to secure 2026 pricing. The overall project capital cost estimate remains unchanged at $252 million, consistent with the August 2025 technical study.

In August 2025, Centerra completed a technical study of the Goldfield project in Nevada and approved the project to proceed with development and construction. Goldfield is expected to become the Company’s next gold-producing operation, with first production targeted by the end of 2028, supporting Centerra’s self-funded growth strategy and future production profile. For additional details on Goldfield, refer to the news release published on August 6, 2025 titled “Centerra Gold Announces Attractive Economics on the Goldfield Project; Proceeding with Project Development and Construction Activities”.

Kemess Project

In January 2026, Centerra published a Preliminary Economic Assessment (“PEA”) for the Kemess project in British Columbia, demonstrating strong project economics, including an after-tax net present value (5%) (“NPV_5%”) of approximately $1.1 billion, using long-term pricing of $3,000 per ounce of gold and $4.50 per pound of copper. Kemess has the potential to become Centerra’s second long-life gold-copper asset in British Columbia and remains unencumbered by gold or copper streams, providing greater exposure to future metal prices. The Company continues to advance the Kemess PFS, which remains on track for completion in mid-2027. For additional details, refer to the news release published on January 19, 2026 titled “Centerra Gold’s Kemess Preliminary Economic Assessment Highlights Strong Economics that Support the Company’s Long-Term Growth Pipeline”.

About Centerra

Centerra Gold Inc. is a Canadian-based gold and copper producer and developer headquartered in Toronto, Ontario. The Company operates two mines: the Mount Milligan Mine, a long-life gold-copper asset in British Columbia, Canada, and the Öksüt Mine, a gold asset in Türkiye. Centerra has a self-funded organic growth pipeline in North America, including the Kemess gold-copper project in British Columbia, Canada, the Goldfield gold project in Nevada, United States. The Company also owns and operates US Moly, a vertically integrated molybdenum business in the United States comprising the Thompson Creek Mine in Idaho and the Langeloth Metallurgical Facility in Pennsylvania. Centerra’s shares trade on the Toronto Stock Exchange and on the New York Stock Exchange.

Posted July 29, 2026

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