Azimut Exploration Inc. press release

Centerra Gold Reports First Quarter 2026 Results; Strong Free Cash Flow Drives Increased Cash Balance, Supporting Self-Funded Growth Strategy and Shareholder Returns

2026-04-29

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This news release contains forward-looking information about expected future events that is subject to risks and assumptions set out in the “Cautionary Statement on Forward-Looking Information” below. All figures are in United States dollars. All production figures reflect payable metal quantities and are on a 100% basis, unless otherwise stated. For references denoted with NG, refer to the “Non-GAAP and Other Financial Measures” disclosure at the end of this news release for a description of these measures.

TORONTO, April 29, 2026 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) today reported its first quarter 2026 operating and financial results.

President and CEO, Paul Tomory, commented, “Centerra delivered a strong start to the year, with production performing in line with plan across our operations. Mount Milligan delivered results consistent with our recently published Pre-Feasibility Study and full-year guidance, while Öksüt delivered a strong quarter driven by higher than planned grades, supporting robust free cash flow generation across both sites. Our financial position strengthened this quarter, with our cash balance increasing to $543 million. This was achieved while we continued to invest in our internal growth pipeline, built working capital at Langeloth, and returned $33 million to shareholders through share buybacks and dividends in the quarter.”

Paul Tomory continued, “We remain focused on advancing our disciplined, self-funded growth strategy, leveraging the strength of our balance sheet and cash flow generation. In the first quarter, we announced the results of the Kemess Preliminary Economic Assessment, highlighting the long-term potential of the project which remains a cornerstone of our future growth pipeline. We also continue to progress key initiatives across our portfolio, including delivering on the Mount Milligan Pre-Feasibility Study, ongoing development work at both Thompson Creek and Goldfield, which are expected to achieve first production in mid-2027 and late 2028, respectively, and the Life of Mine Optimization study at Öksüt which is expected by the end of 2026. Together, these growth projects position Centerra to deliver sustainable value for shareholders over the long term.”

First Quarter 2026 Highlights

Operations

Production:In the first quarter 2026, consolidated gold production was 68,001 ounces, including 29,572 ounces from the Mount Milligan Mine (“Mount Milligan”) and 38,429 ounces from the Öksüt Mine (“Öksüt”). Copper production in the quarter was 14.2 million pounds. Sales:First quarter 2026 gold sales were 72,935 ounces at an average realized gold price of $4,172 per ounce and copper sales were 14.9 million pounds at an average realized copper price of $4.48 per pound. The average realized gold and copper prices include the impact of the Mount Milligan streaming agreement with RGLD Gold AG and Royal Gold, Inc. (collectively “Royal Gold”). Costs:First quarter 2026 consolidated gold production costs were $1,649 per ounce and all-in sustaining costs (“AISC”) on a by-product basisNGwere $1,705 per ounce. Recent increases in diesel prices did not have a material impact on Centerra’s costs in the first quarter. The diesel price volatility may impact costs in 2026, however, at current price levels, any such impact is not expected to be material. Capital expendituresNG: First quarter 2026 additions to property, plant, and equipment (“PP&E”) and capital expendituresNGwere $101.6 million and $69.4 million, respectively. Sustaining capital expendituresNGin the first quarter 2026 were $12.6 million mainly related to construction at the existing tailings storage facility (“TSF”) at Mount Milligan. Non-sustaining capital expendituresNGin the first quarter were $56.8 million related mainly to the development of the Thompson Creek Mine (“Thompson Creek”).

Financial

Net earnings:First quarter 2026 net earnings were $79.4 million, or $0.40 per share, and adjusted net earningsNGwere $88.2 million or $0.44 per share. Key adjustments to net earnings, net of tax, include $24.5 million of unrealized loss on the financial assets related to an agreement with RGLD Gold AG dated February 13, 2024 to increase cash payments for Mount Milligan’s gold and copper delivered to Royal Gold based on the delivery of certain threshold amounts from shipments occurring after January 1, 2024 (“Additional Royal Gold Agreement”), and $16.1 million of unrealized gain on the re-measurement of the sale of the Greenstone Gold Mines Partnership in 2021. For additional adjustments refer to the “Non-GAAP and Other Financial Measures” disclosure at the end of this news release. Cash provided by operating activities and free cash flowNG:In the first quarter 2026, cash provided by operating activities was $120.1 million and free cash flowNGwas $49.0 million. This includes $124.6 million of cash provided by mine operations and $105.8 million of free cash flowNGat Mount Milligan and $133.9 million of cash provided by mine operations and $132.4 million of free cash flowNGat Öksüt. This was partially offset by capital expendituresNGat Thompson Creek. Cash and cash equivalents:As at March 31, 2026, total liquidity was $943.5 million, comprised of a cash balance of $543.5 million and $400.0 million available under an undrawn corporate credit facility. Returning capital to shareholders: Under Centerra’s normal course issuer bid (“NCIB”) program, the Company repurchased 1,253,900 common shares in the first quarter 2026, for total consideration of $22.5 million. Centerra believes that the NCIB provides the Company with flexibility to strategically deploy cash in line with its capital allocation priorities, subject to market conditions, while maintaining the financial capacity to invest in future growth. A quarterly dividend of C$0.07 per common share was declared for a total of $10.1 million in the first quarter.

Strategic Growth Initiatives

Kemess Preliminary Economic Assessment (“PEA”) demonstrates the potential to become Centerra’s second long-life gold-copper asset in British Columbia: In January 2026, Centerra published an updated mineral resource and the results of a PEA for the Kemess project (“Kemess”), reinforcing its potential as a significant, large-scale gold-copper development project. Located in the highly attractive Toodoggone region in British Columbia, and unencumbered by a gold or copper stream, the Kemess PEA shows strong economics and the project is well positioned to complement Mount Milligan as a cornerstone asset within Centerra’s portfolio. Work is underway on a Pre-Feasibility Study (“PFS”), expected in 2027, supporting the progression of Kemess within the Company’s development pipeline. Mount Milligan Life of Mine (“LOM”) extension to 2045 reinforces its position as a long-term cornerstone asset: The September 2025 PFS extended the mine life to 2045 and outlined a disciplined, fully funded growth capital plan. The study showed robust economics and highlights Mount Milligan’s attractive cost structure, long-term operating plan and continued exploration potential. In January 2026, Mount Milligan received permits to allow for the continuation of its operations through 2035, including a 10% expansion in plant throughput beginning in 2028 and increased stockpile capacity needed for plant feed flexibility. Goldfield Project advancement supports near-term gold exposure and production growth: Centerra continues to advance development and construction activities at the Goldfield Project (“Goldfield”). The project is expected to deliver a streamlined, low-risk development path and complement Centerra’s existing operations while contributing to the Company’s near-term growth profile. Early works, procurement and initial development activities are progressing on plan, supporting advancement towards first production in late 2028.

Events Subsequent to Quarter End

Langeloth Metallurgical Facility (“Langeloth”) provisionally resumes operations; Commissioning progressing with additional testing required: Operations at Langeloth have provisionally resumed in April 2026 following the temporary suspension on January 29, 2026. During the restart, the Company identified items requiring additional testing and validation, which is typical of bringing a processing facility back to stable operations, and commissioning continues to progress. A total of $1.9 million for repairs was incurred in the first quarter of 2026, including both expensed and capitalized costs, with the remaining costs expected to be incurred over the balance of the year, in line with the total estimated repair costs of $5 to $10 million. A $73 million investment in working capital was made at Langeloth in the first quarter related to building inventory during the temporary shutdown of operations. This investment is not expected to unwind in the near term as the Company plans to hold higher inventory levels through 2026 while operations and shipments normalize and as Langeloth ramps up production as part of its commercial optimization plan. Centerra expects to publish 2026 operating guidance for Langeloth with its second quarter 2026 results.

Overview of Consolidated Financial and Operating Highlights

| ($millions, except as noted) | Three months ended March 31, | | | | | | 2026 | 2025 | % Change | | | Financial Highlights | | | | | | Revenue | 484.7 | 299.5 | 62 | % | | Production costs | 254.2 | 198.9 | 28 | % | | Depreciation, depletion, and amortization ("DDA") | 32.9 | 24.1 | 37 | % | | Earnings from mine operations | 197.6 | 76.5 | 158 | % | | Net earnings | 79.4 | 30.5 | 160 | % | | Adjusted net earnings(1) | 88.2 | 26.4 | 234 | % | | Adjusted EBITDA(1) | 169.7 | 75.8 | 124 | % | | Cash provided by operating activities | 120.1 | 58.6 | 105 | % | | Free cash flow(1) | 49.0 | 10.0 | 390 | % | | Additions to property, plant and equipment (“PP&E”) | 101.6 | 68.1 | 49 | % | | Capital expenditures - total(1) | 69.4 | 46.9 | 48 | % | | Sustaining capital expenditures(1) | 12.6 | 18.0 | (30 | )% | | Non-sustaining capital expenditures(1) | 56.8 | 28.9 | 97 | % | | Net earnings per common share - $/share basic(2) | 0.40 | 0.15 | 167 | % | | Adjusted net earnings per common share - $/share basic(1)(2) | 0.44 | 0.13 | 238 | % | | Operating highlights | | | | | | Gold produced (oz) | 68,001 | 59,379 | 15 | % | | Gold sold (oz) | 72,935 | 61,132 | 19 | % | | Average market gold price ($/oz) | 4,875 | 2,860 | 70 | % | | Average realized gold price ($/oz )(3) | 4,172 | 2,554 | 63 | % | | Copper produced (000s lbs) | 14,151 | 11,647 | 21 | % | | Copper sold (000s lbs) | 14,872 | 12,141 | 22 | % | | Average market copper price ($/lb) | 5.83 | 4.24 | 38 | % | | Average realized copper price ($/lb)(3) | 4.48 | 3.80 | 18 | % | | Molybdenum roasted (000 lbs) | 1,285 | 3,034 | (58 | )% | | Molybdenum sold (000s lbs) | 3,707 | 4,244 | (13 | )% | | Average market molybdenum price ($/lb) | 25.73 | 20.53 | 25 | % | | Average realized molybdenum price ($/lb)(3) | 26.11 | 21.59 | 21 | % | | Unit costs | | | | | | Gold production costs ($/oz)(4) | 1,649 | 1,271 | 30 | % | | All-in sustaining costs on a by-product basis ($/oz)(1)(4) | 1,705 | 1,491 | 14 | % | | Gold - All-in sustaining costs on a co-product basis ($/oz)(1)(4) | 2,121 | 1,742 | 22 | % | | Copper production costs ($/lb)(4) | 2.23 | 2.23 | 0 | % | | Copper - All-in sustaining costs on a co-product basis ($/lb)(1)(4) | 2.44 | 2.54 | (4) % | |

(1)Non-GAAP financial measure. See discussion under “Non-GAAP and Other Financial Measures”. (2)As at March 31, 2026, the Company had 199,016,241 common shares issued and outstanding. (3)This supplementary financial measure within the meaning of National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure (“NI 51-112”) is calculated as a ratio of revenue from the consolidated financial statements and units of metal sold and includes the impact from the Mount Milligan Streaming Agreement (defined below), copper hedges and mark-to-market adjustments on metal sold not yet finally settled (4)All per unit costs metrics are expressed on a metal sold basis.

2026Guidance – Gold and Copper Assets

| | Units | 2026 Guidance | Three Months Ended March 31, 2026 | | | | Production | | | | | | | Total gold production(1) | (koz) | 250 | - | 280 | 68 | | Mount Milligan Mine(2)(3)(4) | (koz) | 140 | - | 155 | 30 | | Öksüt Mine | (koz) | 110 | - | 125 | 38 | | Total copper production(2)(3)(4) | (Mlb) | 50 | - | 60 | 14 | | Unit Costs(5) | | | | | | | Gold production costs(1) | ($/oz) | 1,500 | - | 1,600 | 1,649 | | Mount Milligan Mine(2) | ($/oz) | 1,450 | - | 1,550 | 1,762 | | Öksüt Mine | ($/oz) | 1,650 | - | 1,750 | 1,547 | | All-in sustaining costs on a by-product basisNG(1)(4) | ($/oz) | 1,650 | - | 1,750 | 1,705 | | Mount Milligan Mine(4) | ($/oz) | 1,200 | - | 1,300 | 1,060 | | Öksüt Mine | ($/oz) | 1,850 | - | 1,950 | 1,653 | | Capital Expenditures | | | | | | | Additions to PP&E | ($M) | 175 | - | 220 | 44.5 | | Mount Milligan Mine | ($M) | 130 | - | 150 | 33.1 | | Öksüt Mine | ($M) | 10 | - | 20 | 3.2 | | Goldfield Project | ($M) | 30 | - | 40 | 6.6 | | Kemess Project | ($M) | 5 | - | 10 | 1.6 | | Total Capital ExpendituresNG | ($M) | 155 | - | 200 | 28.3 | | Sustaining Capital ExpendituresNG | ($M) | 85 | - | 105 | 12.3 | | Mount Milligan Mine | ($M) | 80 | - | 90 | 10.8 | | Öksüt Mine | ($M) | 5 | - | 15 | 1.5 | | Non-sustaining Capital ExpendituresNG | ($M) | 70 | - | 95 | 16.0 | | Mount Milligan Mine | ($M) | 35 | - | 45 | 7.8 | | Goldfield Project | ($M) | 30 | - | 40 | 6.6 | | Kemess Project | ($M) | 5 | - | 10 | 1.6 | | Other Items | | | | | | | Current income tax and BC mineral tax expense(1) | ($M) | 111 | - | 133 | 51.3 | | Mount Milligan Mine | ($M) | 6 | - | 8 | 3.9 | | Öksüt Mine | ($M) | 105 | - | 125 | 47.3 | | Depreciation, depletion and amortization | ($M) | 90 | - | 110 | 31.8 | | Mount Milligan Mine | ($M) | 40 | - | 50 | 15.5 | | Öksüt Mine | ($M) | 50 | - | 60 | 16.3 | | Evaluation Costs | ($M) | 18 | - | 25 | 3.8 | | Care and Maintenance - Kemess Project | ($M) | 13 | - | 15 | 3.4 | | Corporate and administration costs(6) | ($M) | 29 | - | 33 | 12.5 |

(1)Consolidated Centerra figures. (2)The Mount Milligan Mine is subject to an arrangement with RGLD Gold AG and Royal Gold Inc. (together, “Royal Gold”) which entitles Royal Gold to purchase 35% and 18.75% of gold and copper produced, respectively, and requires Royal Gold to pay $435 per ounce of gold and 15% of the spot price per metric tonne of copper delivered (“Mount Milligan Mine Streaming Agreement”). Using assumed market prices of $4,500 per ounce of gold and $5.00 per pound of copper for 2026, the Mount Milligan Mine’s average realized gold and copper price for 2026 would be $3,077 per ounce and $4.20 per pound, respectively, compared to average realized prices of $2,608 per ounce and $3.96 per pound in 2025, when factoring in the Mount Milligan Streaming Agreement and concentrate refining and treatment costs. (3)Gold production for 2026 at the Mount Milligan Mine assumes estimated recoveries of 60% to 62% and compares to actual gold recovery of 62.8% achieved in Q1 2026. Copper production for 2026 assumes recovery 75% to 77% for copper and compares to actual copper recovery of 73.7% achieved in Q1 2026. (4)Unit costs include a credit for forecasted copper sales treated as by-product for all-in sustaining costsNG. Production for copper and gold reflects estimated metallurgical losses resulting from handling of the concentrate and metal deductions levied by smelters. (5)Units noted as ($/oz) relate to gold ounces.

2026 Guidance – US Moly

| | Units | 2026 Guidance | Three Months Ended March 31, 2026 | | | | Capital Expenditures | | | | | | | Additions to PP&E | ($M) | 205 | - | 235 | 56.7 | | Thompson Creek Mine | ($M) | 205 | - | 235 | 56.7 | | Total capital expendituresNG | ($M) | 190 | - | 220 | 40.8 | | Non-sustaining capital expendituresNG- Thompson Creek Mine | ($M) | 190 | - | 220 | 40.8 |

2026 Guidance – Global Exploration and Evaluation Projects

| | Units | 2026 Guidance | Three Months Ended March 31, 2026 | | | | Project Exploration and Evaluation Costs | | | | | | | Exploration Costs | ($M) | 40 | - | 50 | 8.6 | | Brownfield Exploration | ($M) | 20 | - | 25 | 2.6 | | Greenfield and Generative Exploration | ($M) | 20 | - | 25 | 6.0 |

Mount Milligan

Mount Milligan produced 29,572 ounces of gold in the first quarter of 2026, representing approximately 20% of full-year guidance, and in line with the production profile previously outlined, and 14.2 million pounds of copper. This was in line with the recently announced PFS mine plan and on track with full year 2026 guidance. During the quarter, a total of 12.3 million tonnes were mined from phases 5, 7 and 10 of the open pit. Process plant throughput was 4.9 million tonnes, averaging 54,039 tonnes per day. Gold sales were 34,515 ounces and copper sales were 14.9 million pounds. Gold and copper sales exceeded production in the quarter, reflecting the impact of weather-related logistics disruptions towards the end of December 2025 that deferred sales into 2026. As previously disclosed, gold production and sales are expected to be higher in the second and third quarters of 2026, reflecting planned mine sequencing.

Gold production costs in the first quarter 2026 were $1,762 per ounce. AISC on a by-product basisNGwas $1,060 per ounce benefiting from higher by-product credits driven by elevated copper and silver prices. Recent increases in diesel prices did not have a material impact on Mount Milligan’s cost structure in the first quarter of 2026.

Sustaining capital expendituresNGat Mount Milligan in the first quarter of 2026 were $10.8 million, focused on the existing TSF dam construction. Non-sustaining capital expendituresNGin the first quarter of 2026 were $7.8 million.

In the first quarter of 2026, Mount Milligan generated $124.6 million of cash flow from mine operations and free cash flowNG of $105.8 million.

In September 2025, Centerra announced the results of a PFS for Mount Milligan which extends the LOM by approximately 10 years to 2045, supported by an optimized mine plan. The study outlines disciplined non-sustaining capital expendituresNGof approximately $186 million, most of which are not required until the early-to-mid-2030s, all fully funded from available liquidity and future cash flow from operations. The PFS reaffirms Mount Milligan’s strong economics, with an after-tax NPV5%of approximately $1.5 billion at long-term gold and copper price assumptions of $2,600 per ounce and $4.30 per pound, respectively, increasing to approximately $3.6 billion at commodity prices of $4,500 per ounce gold and $6.00 per pound copper. Mount Milligan remains a strategic cornerstone asset in Centerra’s portfolio, with 20 years of mine life, meaningful gold and copper production, strong cash flow generation, and significant opportunity for future exploration potential in a top tier mining jurisdiction. For additional details, refer to the news release published on September 11, 2025 titled “_Centerra Gold’s Mount Milligan PFS Outlines Mine Life to 2045, Delivering Growth with a Fully Funded, Disciplined $186 Million Growth Capital Plan_”.

In January 2026, Mount Milligan received an amended environmental assessment certificate and all related permits to allow for the continuation of operations through 2035. These authorizations included a 10% expansion in plant throughput beginning in 2028 and increased stockpile capacity needed for plant feed flexibility.

Öksüt

Öksüt produced 38,429 ounces of gold in the first quarter of 2026, higher than planned due to higher than expected grades. During the quarter, mining activities were focused on phase 5 and phase 6 of the Keltepe pit. A total of 3.1 million tonnes of ore and waste were mined in the quarter and 1.0 million tonnes were stacked at an average grade of 1.23 g/t. Full year 2026 production guidance at Öksüt remains in the range of 110,000 to 125,000 ounces, with production in the remaining quarters of 2026 expected to be more evenly weighted and lower than first quarter production.