Centerra Gold, Inc. Q3 FY2024 earnings call

Paul Tomory's Overview - Continues to deliver consistent operating performance, on track to meet consolidated production and cost guidance for the year. - Progressed on strategic plan, secured agreement with Royal Gold for Mount Milligan, work on PEA continues. - Announced restart of Thompson Creek and ramp-up of Langeloth, U.S. molybdenum operations have robust project economics. - Focused on growing gold exposure with projects like Goldfield and Kemess. - ESG achievements: cost benefit analysis of decarbonization, social programs at Mount Milligan, collaboration with First Nation partners, Öksüt winning social responsibility awards. ### Paul Chawrun's Operational Performance - Mount Milligan safety performance improved, production in Q4 expected to be slightly higher. Gold production trending to lower end of guidance range. All-in sustaining costs expected lower in Q4. - Öksüt production consistent with last quarter, fourth quarter production from lower grade areas. Cost guidance ranges unchanged but could slightly exceed due to higher royalties. - Thompson Creek site team transitioned to full startup, work focused on capitalized stripping, equipment refurbishment, etc. ### Ryan Snyder's Financial Highlights - Adjusted net earnings $39 million or $0.19 per share in Q3. Sales up due to timing of shipments. Average realized prices for gold and copper provided. Molybdenum sales details. - Strong free cash flow generation in Q3, cash flow from operations $104 million, free cash flow $37 million. Mount Milligan and Öksüt cash flow details. Interest income $7.5 million. Share buybacks and dividend declared.

Mount Milligan produced almost 43,000 ounces of payable gold and 13.7 million pounds of payable copper in the third quarter. Gold and copper sales were up 46% and 21% quarter-over-quarter. Öksüt produced over 50,000 ounces in the third quarter. In the molybdenum business unit, approximately 2.4 million pounds of molybdenum was sold at the Langeloth facility in the third quarter. Adjusted net earnings in the third quarter were $39 million or $0.19 per share. Sales were 96,736 ounces of gold and 14.2 million pounds of copper, up 16% and 21% respectively from last quarter. Consolidated all-in sustaining costs on a by-product basis in the third quarter were $1,302 per ounce.

Production and Cost - On track to meet consolidated production and cost guidance for the year. - Mount Milligan production guidance unchanged, but gold production trending to lower end of the range. - Öksüt cost guidance ranges unchanged, but could slightly exceed due to higher royalties driven by elevated gold prices. ### Thompson Creek CapEx - Capital investment required to restart operations at Thompson Creek is $397 million, expected to be spent over next 3 years with first production in second half of 2027. 2024 CapEx guidance $75 million to $85 million.

Turkey Inflation - Turkey is highly inflationary, devaluation of lira usually offset inflation in past, but lira stabilized, inflation now outpacing devaluation, could impact Öksüt costs. ### Royalty in Turkey - Royalty cap at $2,100 for Öksüt, metal prices above cap, no current buzz about revisiting royalty ranges but monitoring.

Q: On your recovery at Mount Milligan, whether Q4 recovery will continue due to oxidized material, mining cost increase, and inventory levels at Mount Milligan.

A: Recovery impacted by peripheral parts of deposit in Phase 6 and 9 due to oxides and grade, mine plan changed from 2022 report. Mining cost increase due to timing of equipment refurbishment. Inventory build due to timing of shipments, expected to normalize in Q4.

Q: On optimization at Mount Milligan for gold recoveries, potential with capital investment, Goldfield resource update, and capital return via share buyback.

A: Can get several percent improvement via Float IQ and optimizing concentrate blend, upper 60% recovery expected without major capital. Intend to put out Goldfield resource with development path. Intend to continue and augment share buyback depending on capital allocation for projects and M&A.

Q: On inflation in Turkey, thoughts on government approaches regarding royalty.

A: No current buzz about revisiting royalty ranges, government getting more from higher metal prices as royalty is percentage-based above cap.

Q: On Öksüt grades in Q4 and Thompson Creek CapEx spend.

A: Q4 grades in Öksüt are about remainder of deposit, consistent with 2023 press release. Thompson Creek CapEx guidance consistent with restart decision, no true revision, 2024 spend $75 million to $85 million.