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

• Like a smaller Barrick Gold, but concentrating specifically on gold and copper extraction.
• A regional Newmont or Barrick Gold, specializing in gold and copper mining in North America and Turkey.

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• Gold: A precious metal extracted from its mining operations and sold globally.
• Copper: An industrial metal primarily co-produced from its Mount Milligan mine.
• Molybdenum: A metal explored for and potentially produced from its deposits.

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Centerra Gold Inc. (CGAU) is a gold and copper mining company that extracts raw materials. As such, it does not typically have "major customers" in the traditional sense like companies selling finished products or services to other businesses or individuals.

Instead, Centerra Gold sells its commodities (gold and copper concentrate, or gold doré) into global markets. Its primary buyers are generally:

• Metal Refiners: Companies that process the raw gold doré or copper concentrate into pure metals.
• Smelters: Companies that process copper concentrate to extract the raw copper metal.
• Commodity Traders: Large trading houses that buy and sell metals on international markets.

These transactions are typically arms-length and based on prevailing market prices for the commodities. Mining companies like Centerra Gold generally do not disclose specific names of these intermediate buyers, as their output is a fungible commodity sold into a broad market rather than to a limited set of named end-users.

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Paul Tomory, President and Chief Executive Officer

Paul Tomory joined Centerra Gold Inc. in May 2023 and is responsible for leading the strategic direction, growth, and operations of the company. He brings over 25 years of experience in mining, engineering, and construction. Prior to his appointment at Centerra, he served as Executive Vice President and Chief Technical Officer at Kinross Gold Corporation for over 14 years. His earlier career also includes experience as a consultant at Bain & Company and Golder Associates.

Ryan Snyder, Executive Vice President and Chief Financial Officer

Ryan Snyder was promoted to Executive Vice President and Chief Financial Officer in April 2024, having joined Centerra Gold Inc. in 2022 as Vice President, Finance. He leads Centerra's global finance function and has over 15 years of experience in financial management within the mining industry. Before joining Centerra, he was the 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 with Inmet Mining Corporation and began his career with KPMG in Toronto.

David Hendriks, Executive Vice President and Chief Operating Officer

David Hendriks joined Centerra Gold Inc. in April 2025. He is a mining engineer with over 30 years of extensive industry experience, having held leadership roles at Calibre Mining and Kinross Gold. Most recently, he served as Senior Vice President of Nicaraguan Operations at Calibre Mining, where he managed multi-site operations and drove production growth. His prior experience at Kinross Gold involved managing large-scale gold mining operations in Nevada and Mauritania.

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

Claudia D'Orazio possesses over 30 years of experience as a Senior Executive, with a comprehensive background in human resources, risk management, internal audit, information technology, supply chain management, integrations, accounting, treasury, and finance. Before Centerra, she held various executive positions at Pembina Pipeline Corporation and prior to that, progressive senior roles with the Royal Bank and KPMG.

Hélène Timpano, Executive Vice President, Strategy & Corporate Development

Hélène Timpano joined Centerra Gold Inc. in May 2023. She is an experienced mining executive and former management consultant with multinational expertise in operations and development projects. At Centerra, she is responsible for overseeing the company's long-term growth strategies, mergers and acquisitions, and key partnerships. Her most recent executive position before Centerra was as Senior Vice President, Operations at Kinross Gold Corporation, where she directed operations and technical strategy.

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Centerra Gold's main products are gold and copper. The addressable markets for these products are global.

Gold Market

The global gold market size was valued at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030, exhibiting a compound annual growth rate (CAGR) of 6.51% from 2025 to 2030. In terms of volume, the global gold market stood at 4,890.0 tons in 2025 and is expected to grow to 7,424.4 tons by 2034, recording a CAGR of 4.70% during the forecast period.

Copper Market

The global copper market size was valued at USD 261.93 billion in 2025. This market is projected to grow from USD 279.29 billion in 2026 to USD 466.67 billion by 2034, exhibiting a CAGR of 6.63% during the forecast period. Another estimate places the global copper market size at USD 291.12 billion in 2025, anticipating growth to USD 442.04 billion by 2034, with a CAGR of 4.75% from 2026 to 2034.

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Here are 3-5 expected drivers of future revenue growth for Centerra Gold (CGAU) over the next 2-3 years:

1. Mount Milligan Mine Life Extension and Increased Throughput: Centerra Gold's flagship Mount Milligan mine has received regulatory approval to extend operations through 2035, including an 11% production boost to 66,500 tonnes of ore per day and an 80-hectare expansion for construction materials. A Pre-Feasibility Study (PFS) outlines average annual production from 2026 to 2042 of approximately 150,000 ounces of gold and 69 million pounds of copper. The PFS also indicates a 10% increase in process plant capacity by 2029. Furthermore, proven and probable gold reserves at Mount Milligan increased by 56% and copper reserves by 52% from year-end 2024, extending the mine life to 2045.
2. Restart of Thompson Creek Molybdenum Mine: Centerra Gold is actively planning the restart of its Thompson Creek molybdenum mine. This project is a key component of the company's self-funded growth strategy and is expected to enhance production visibility and margin potential.
3. Advancement of the Goldfield Project: The Goldfield Project in Nevada is anticipated to significantly boost gold production by late 2028. A technical study completed in August 2025 indicated strong economics for the project, positioning it as a key near-term growth opportunity for the company.
4. Optimization and Consistent Performance at Öksüt Gold Mine: The Öksüt Gold Mine in Turkey has consistently delivered strong operational performance, often exceeding internal forecasts due to advantageous mine sequencing and access to higher-grade ore zones. Centerra Gold is currently progressing with a life-of-mine optimization study for the asset, which could lead to further efficiencies and sustained production.
5. Potential Development of the Kemess Project: Centerra Gold released a Preliminary Economic Assessment (PEA) for its Kemess Project in British Columbia in the first quarter of 2026. The PEA revealed substantial economic potential with an after-tax Net Present Value (NPV) of $1.1 billion, highlighting Kemess's potential to become a meaningful long-life gold and copper asset for Centerra Gold.

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Share Repurchases

• In 2025, Centerra Gold's Board of Directors approved repurchases of up to $75 million of its common shares, with $94 million ultimately repurchased for the full year.
• In the first half of 2025, the company repurchased $42 million worth of shares.
• In 2024, Centerra returned $88 million to shareholders through buybacks and dividends and renewed its Normal Course Issuer Bid (NCIB) to purchase up to 18,800,929 common shares (10% of public float).

Share Issuance

• No significant share issuances were reported for Centerra Gold within the 2021-2025 period.

Inbound Investments

• In 2023, Centerra Gold received a $25 million milestone payment from a subsidiary of the Orion Mine Finance Group, related to the 2021 sale of its 50% interest in the Greenstone Gold Mines Partnership.

Outbound Investments

• In April 2025, Centerra Gold acquired a 9.9% stake in Thesis Gold for C$24.2 million (approximately $17.6 million USD), citing potential growth and synergy with its Kemess project.
• In July 2025, Centerra Gold acquired Midland Exploration Inc. to expand its exploration capabilities in Quebec; financial details were undisclosed.
• In November 2025, Centerra Gold acquired a 9.9% stake in critical minerals explorer Metal Energy through a C$9.3 million financing (approximately $6.75 million USD) to fund drilling at the NIV copper-gold-molybdenum project.

Capital Expenditures

• In 2025, total non-sustaining capital expenditures were planned at $140-$160 million, primarily for the restart of the Thompson Creek molybdenum mine. The Thompson Creek restart project had a targeted 2025 capital expenditure program of $75 million for mill optimization.
• For 2026, sustaining capital expenditures are projected at $85 million to $105 million, and non-sustaining capital expenditures are estimated at $260 million to $350 million. These non-sustaining expenditures include $30 million to $40 million for the Goldfield project and $5 million to $10 million for the Kemess project.
• Total capital expenditures (additions to property, plant, and equipment) were $121.7 million in 2023 and $174.8 million in 2024. Sustaining capital expenditures for 2023 were $83.5 million, focused on the Mount Milligan (water pumping system, tailings storage facility) and Öksüt (deferred stripping, heap leach expansion) mines.