Centerra Gold Inc. Mining Forum Americas 2026

Good to see you too.

The focus on the company over the last, I'd say three years, and it's been shifting in the last little while, but was on studies. We have a lot of metal in the ground, gold, copper, molybdenum, and we had assets that were on care and maintenance or were sitting idle. What we have to do is work through a number of studies on each of our assets, Mount Milligan, Kemess, Thompson Creek, Goldfield, to put together a cogent plan on where do these assets fit in the portfolio, and what is the value potential for each of them. Over the last year, we've transitioned from studies and visioning and determining the role of each asset in the portfolio into execution. This slide shows the portfolio on a page.

Our cornerstone asset is Mount Milligan, gold copper production for 20 years out to 2045 with potential for growth beyond there. We have the Öksüt Mine in Turkey, which we're looking at a mine life optimization study. In the case of Goldfield, we completed a study and are now executing on the project. It's a low-risk oxide heap leach project in Nevada. Kemess is going to be our second flagship asset. We completed a PEA there on a 15-year plus mine life gold copper. Again, British Columbia in a brownfield asset. In a nutshell, Ovais, it's been taking a portfolio of assets that have been sitting idle or on care and maintenance and coming up with a vision for each of them and now executing against it. We'll get into each of these.

At the bottom there, you see the molybdenum assets, which are a little bit of a separate part of the overall portfolio, but also where we see very significant value, particularly lately where molybdenum prices have been trading.

Yeah. It's something that has— You're right. We've had a good run here over the last year, but we still think we're undervalued. We have to ask ourselves, what were the causes of that undervaluation? I think that molybdenum was definitely something that weighed on the stock. When we were here at this conference three years ago, we had just daylighted our study on reopening Thompson Creek, and it did ask questions. What is a gold mining company doing reopening the molybdenum assets? But we've advanced that, and I think the perception on moly being potentially a liability and not an asset, that has faded, and I think that has helped drive our re-rate.

A second driver was we had performance at some of our assets, most notably Mount Milligan, which didn't always meet expectations. It was really critical to us to develop a plan at Mount Milligan that we'd execute against. I'm happy to say that we've now chalked up three consecutive quarters of meeting guidance, solid performance at Mount Milligan. We're about to finish another quarter here. We're doing very well, and we're looking to finish the year as per guidance. I think another valuation disconnect driver was as gold prices started to go up, there's an immediate trade into high free cash flow yield. Because of our development pipeline, three major projects, we don't screen high on free cash flow yield. That, I think, held us back at the start of the bull run.

Over the last year, like you said, we've had really great performance as each of those causes of underperformance is starting to fade. The one pitch I like to make here is the rightmost chart on this, is we are unbelievably undervalued, we believe, on an EV per resource ounce basis. We have a very significant resource, principally in British Columbia between Mount Milligan and Kemess. We just don't think that is fully valued. That's the point that I made is that we're advancing the projects, starting to deliver against plan, and we believe that as we continue to do that, market recognition will follow.

The line of credit was really us taking advantage of an attractive market for refinancing, and we took that opportunity. In terms of capital allocation, we have a robust development pipeline. We're building Thompson Creek. We're in the final stages of that. We're building Goldfield, making good progress. We plan to invest in the Kemess reopening. So that's a big share of our free cash flow and cash going to the projects. Even then, we still have a very strong balance sheet. Given our perspective, our own valuation, we've invested a lot of money also into the buyback. As you mentioned, the board approved up to CAD 200 million this year. We did CAD 50 million Q2. We're on track in Q3 for a number bigger than that.

I think that really underscores the belief that we have that our shares are one of the best places to invest our cash. Then just to round it out on capital allocation, we also have made a number of equity investments in juniors where we really think highly of the exploration teams or the development potential in the case of the two larger ones. So the capital allocation framework is really invest in the portfolio, continue to drive value in our projects. Number two, while we believe we are undervalued, impact the denominators or strategies to increase the value of the numerator on NAV, decrease the share count, drive those per share metrics, all the while delivering on the strategy.