About Centerra Gold

Centerra Gold Inc. (Centerra) operates as a gold mining company in Canada. The company focuses on operating, developing, exploring, and acquiring gold properties in North America, Türkiye, and other markets worldwide. The company owns a 100% interest in each of the following properties except for the Endako Mine in which it owns a 75% joint venture interest (the remaining 25% is held by Sojitz Moly Resources, Inc., a subsidiary of Sojitz Corporation) (the Endako Mine Joint Venture), and optioned interests in various exploration projects which it is still in the process of earning. The company has two operating properties: the Mount Milligan Mine in British Columbia, Canada and the Öksüt Mine in Türkiye. The Öksüt Mine achieved its first gold pour in January 2020 and declared commercial production as of May 31, 2020. The company also has the Goldfield Project, a pre-development project in Nevada, United States. The Kemess Project is on care and maintenance. The company’s wholly owned subsidiary, Thompson Creek Metals Company Inc., is the holder of the rights to the Mount Milligan Mine. The company’s end products are copper/gold concentrate. The Mount Milligan Mine is a conventional truck-shovel open-pit copper and gold mine and process plant. The Mount Milligan Mine is permitted by the Province of British Columbia to operate at an average of 60,000 tpd over a calendar year. The Mount Milligan Mine is located within the Omenica Mining Division in North Central British Columbia, Canada. The Mount Milligan Mine includes 119 claims and one mining lease (120 total mineral titles) with a combined area of 58,847.5 hectares (ha). The company’s wholly owned subsidiary (indirectly held), Öksüt Madencilik Sanayi ve Ticaret Anonim Sirketi (OMAS), is the holder of the rights to mining and exploration for the Öksüt Mine. The Öksüt Mine is located in south-central Türkiye. The Öksüt Mine is located in the Develi Mountains on a north-south trending topographic high. The Keltepe Deposit is elongated NNW-SSE and is approximately 600 metres long and 350 metres wide with a minimum known vertical extent of 450 metres. The Güneytepe Deposit is located approximately 600 metres to the south-southeast of the Keltepe Deposit. The Öksüt Mine includes several other exploration targets in addition to the Keltepe and Güneytepe Deposits. All of these (Keltepe N, Keltepe NW, Keltepe NNW, Yelibelen, Büyüktepe, Boztepe, Boztepe W, Keltepe E, and Tombak) have received exploratory work since 2008. In 2022, approximately 40,000 metres of drilling was completed. The drilling program was designed to expand oxide gold resources around the Keltepe and Güneytepe deposits and develop oxide gold resources at Keltepe N, Keltepe NW, Keltepe NNW, Büyüktepe, Yelibelen, and Boztepe prospects via exploration and resource expansion drilling. In total, there has been over 199,000 metres of drilling at the Öksüt Mine in 836 holes, the vast majority of which was diamond drilling. Just over 162,000 metres of core samples from 758 diamond holes have been obtained to date. In 2023, the exploration program will continue to test peripheral prospects, including Yelibelen, Büyüktepe and Boztepe, mainly for their oxide gold potential. Atuo’s wholly owned subsidiary, Gemfield Resources LLC, is the holder of the rights to the Goldfield Project. The Goldfield Project is located in Esmeralda County near the historic gold mining town of Goldfield. The Goldfield Project is an underexplored property in a historic mining jurisdiction that has been largely unexplored by modern systematic exploration methodologies. The company’s wholly owned subsidiary (directly held), AuRico is the holder of the rights to the Kemess Project. The Kemess Project is located in a mountainous area of north-central British Columbia, Canada. The Kemess Project consists of 53 mining claims totaling 29,178 hectares. AuRico also has an additional four mining leases totaling 3,483 hectares. In 2020, Thompson Creek Metals Company Inc., the owner of the Mount Milligan Mine, received a notice of civil claim from H.R.S. Resources Corp. (HRS), the holder of a 2% production royalty at the Mount Milligan Mine. In January 2022, the company obtained an amendment to its provincial environmental assessment certificate that has authorized a long-term water supply for the Mount Milligan Mine. On October 4, 2022, the company announced a mine life extension for the Mount Milligan Mine by over four years extending operations into 2033 and an increase in proven and probable gold mineral reserves from the 2021 year-end mineral reserve and resources summary by 1.1 million contained ounces (from 1.8 million to 2.9 million) and copper mineral reserves by 260 million contained pounds (from 736 million to 996 million). The Mount Milligan Technical Report was filed on November 7, 2022, with an effective date of December 31, 2021. On February 22, 2022, Centerra announced that it had entered into an agreement to acquire Gemfield Resources LLC, owner of the Goldfield Project, from Waterton Nevada Splitter, LLC. The company announced the closing of its acquisition of the Goldfield Project on February 28, 2022. The company also owns a molybdenum business, which includes its Thompson Creek Mine (TC Mine) in Idaho, United States, the Endako Mine (it owns a 75% interest) in British Columbia, Canada and the Langeloth Metallurgical Processing Facility in Pennsylvania, United States. Both the TC Mine and the Endako Mine are on care and maintenance. The company has exploration interests in Canada, the United States and Türkiye, which are owned (directly or indirectly) by Centerra, and properties in Canada, Finland, Türkiye and the United States in which it is earning interests pursuant to option agreements with the respective property owners. Marketing and Distribution The company’s principal products are gold, copper, and to a lesser extent, molybdenum and ferromolybdenum products. The company’s Öksüt Mine produces gold dore bars. The company’s Mount Milligan Mine produces a copper-gold concentrate, and its Langeloth Metallurgical Processing Facility provides tolling roasting services for customers and purchases molybdenum concentrates from third parties to convert to upgraded products, which are then sold into the metallurgical and chemical markets. Copper/Gold Concentrate Produced at Mount Milligan Mine Concentrate Sales Copper/gold concentrate produced by the Mount Milligan Mine in Canada is sold to various smelters and off-take purchasers. The company is a party to three multi-year concentrate sales agreements for the sale of copper/gold concentrate produced at the Mount Milligan Mine. Pursuant to these agreements, the company has agreed to sell an aggregate of approximately 100,000 tonnes in 2023, 110,000 tonnes in 2024 and 60,000 tonnes in each of 2025, 2026 and 2027. History Centerra Gold Inc. was incorporated under the Canada Business Corporations Act in 2002.