Here are 1-3 brief analogies to describe Centerra Gold (CGAU):

• A smaller-scale version of gold mining giants like **Barrick Gold** or **Newmont**.
• Like an **ExxonMobil**, but instead of oil and gas, its business is digging up gold.

• Gold: A precious metal commodity extracted and sold from their mining operations primarily in Canada and Turkey.
• Copper: An industrial metal commodity produced and sold as a significant byproduct from their Mount Milligan mine in Canada.

Centerra Gold (CGAU) sells its products primarily to other companies rather than individuals. As a gold and copper mining company, its output consists of commodities (gold doré bars and copper/molybdenum concentrates) that are sold into the global market.

Based on Centerra Gold's public filings, including its annual reports (10-K), no single customer accounts for 10% or more of its revenue. Consequently, the company does not disclose specific major customer names or their stock symbols. Instead, it describes the categories of companies that purchase its products:

• Independent third-party refiners: These companies purchase gold doré bars produced by Centerra Gold for further processing, purification, and distribution.
• Independent third-party smelters: These companies purchase copper and molybdenum concentrates from Centerra Gold for processing to extract the pure metals.
• Independent third-party traders: These companies act as intermediaries, buying copper and molybdenum concentrates for onward sale to smelters or other industrial end-users.

Due to the commodity nature of its products and the absence of any single dominant customer, Centerra Gold does not identify specific major customers by name or stock symbol in its public disclosures.

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Paul Tomory, President and Chief Executive Officer

Paul Tomory joined Centerra Gold Inc. in May 2023, bringing over 25 years of experience in mining, engineering, and construction. Before his appointment at Centerra Gold, he served as Executive Vice President and Chief Technical Officer at Kinross Gold Corporation for more than 14 years. He also worked as a consultant at Bain & Company and Golder Associates.

Ryan Snyder, Executive Vice President and Chief Financial Officer

Ryan Snyder became Centerra Gold Inc.'s Executive Vice President and Chief Financial Officer in April 2024, having joined the company in 2022 as Vice President, Finance. He has over 15 years of financial management experience in the mining industry. Prior to Centerra, Mr. Snyder was CFO of Electra Battery Materials Corporation from 2018 to 2022 and CFO of Primero Mining Corporation from 2017 to 2018. He also held key financial roles at various resource companies, including five years in operations finance with Inmet Mining Corporation, and began his career with KPMG in Toronto in 2005.

David Hendriks, Executive Vice President and Chief Operating Officer

David Hendriks joined Centerra Gold Inc. in April 2025 as Executive Vice President and Chief Operating Officer. He is a mining engineer with over 30 years of extensive experience in the industry, having held leadership roles at Calibre Mining and Kinross Gold. Before joining Centerra, he was Senior Vice President of Nicaraguan Operations at Calibre Mining and held senior leadership positions at Kinross Gold, where he managed large-scale gold mining operations in Nevada and Mauritania.

Claudia D'Orazio, Executive Vice President, People, Technology and Supply Chain

Claudia D'Orazio has over 30 years of experience as a Senior Executive, with an extensive background spanning human resources, risk management, internal audit, information technology, supply chain management, integrations, accounting, treasury, and finance. Prior to joining Centerra Gold Inc., she held several executive roles at Pembina Pipeline Corporation. She also held various progressive senior roles with the Royal Bank and KPMG.

Yousef Rehman, Executive Vice President, Legal and Public Affairs

Yousef Rehman serves as the Executive Vice President, Legal and Public Affairs for Centerra Gold Inc.

The increasing adoption and acceptance of cryptocurrencies, particularly Bitcoin, as an alternative store of value and hedge against inflation poses an emerging threat. As these digital assets gain further legitimacy and market capitalization, they could divert investor capital that would traditionally flow into physical gold, potentially leading to subdued gold prices and reduced long-term demand for gold mining output. This shift represents a challenge to gold's historical role as a primary safe-haven asset.

Gold

Copper

• Mount Milligan Mine Life Extension and Increased Production: Centerra Gold's Mount Milligan mine in British Columbia is a significant driver of future revenue growth. A Pre-Feasibility Study (PFS) announced in September 2025 extended the mine's life by approximately 10 years to 2045. The optimized mine plan projects average annual production of approximately 150,000 ounces of gold and 69 million pounds of copper from 2026 to 2042, representing an approximate 12% increase in output from 2029, alongside a roughly 10% increase in plant throughput.
• Advancement of the Kemess Project: The Kemess gold-copper project in British Columbia is a key potential future revenue source. Centerra Gold is advancing a Preliminary Economic Assessment (PEA), which is expected to be completed in the first quarter of 2026. The company is targeting a potential average annual production of approximately 250,000 gold equivalent ounces from Kemess, aiming to establish it as another long-life gold-copper asset.
• Development and Initial Production from the Goldfield Project: Centerra Gold is progressing with the development of its Goldfield project in Nevada. A technical study completed in August 2025 confirmed robust project economics. First production from Goldfield is targeted by the end of 2028, with an aim to produce approximately 100,000 ounces of gold per year during peak years, contributing a new stream of gold revenue.
• Thompson Creek Mine Restart: The restart of the Thompson Creek molybdenum mine is currently advancing, with approximately 29% of the total capital investment completed as of Q3 2025. This project is anticipated to begin its first production in the second half of 2027, introducing a new revenue stream from molybdenum.
• Öksüt Mine Optimization and Potential Expansion: Centerra Gold has initiated a life of mine optimization study at its Öksüt mine in Turkey. This study focuses on maximizing metal recovery, including the incremental production potential from residual leaching of the heap leach facility and a potential expansion of the pit to access additional mineralization. This optimization could lead to extended or increased gold production within the next 2-3 years.

Share Repurchases

• Centerra Gold announced a renewed Normal Course Issuer Bid (NCIB) to purchase for cancellation up to 20,129,230 common shares (approximately 9.9% of outstanding shares) from November 10, 2025, to November 9, 2026.
• Under the previous NCIB, which expired on November 6, 2025, the company repurchased 9,613,246 shares at a volume-weighted average price of $9.68 per share.
• For 2025, the board of directors approved up to $75 million for share repurchases, with $64.0 million completed year-to-date as of the third quarter.

Share Issuance

• Centerra Gold has seen a net reduction in outstanding shares over the last few years, indicating no significant share issuances. For example, the number of shares outstanding decreased by 2.94% from 2024 to 2025, following a 1.86% decrease from 2023 to 2024, and a 1.88% decrease from 2022 to 2023.

Outbound Investments

• In July 2025, Centerra Gold acquired a 9.9% stake in Midland Exploration through a private placement.
• Over the past year leading up to July 2025, Centerra also made strategic investments, acquiring 9.9% stakes in other junior gold explorers including Kenorland Minerals, Dryden Gold, Thesis Gold, and Azimut Exploration.
• Centerra acquired the Goldfield project in Nevada in 2022 and has made a final investment decision to build the mine, with production anticipated to commence in 2028.

Capital Expenditures

• Expected sustaining capital expenditures for 2025 are projected to be between $98 million and $120 million, while non-sustaining capital expenditures are expected to be between $140 million and $160 million, primarily for the restart of operations at Thompson Creek.
• The initial capital investment to restart the Thompson Creek Mine, decided in September 2024, is approximately $397 million, which is largely expected to be funded from the cash flows of the Mount Milligan and Öksüt Mines.
• For the Mount Milligan mine's life of mine extension to 2045, approximately $186 million in non-sustaining capital expenditures are planned for a second Tailings Storage Facility, process plant modifications, and new haul trucks, with most of these funds not required until the early-to-mid-2030s.