Centerra Gold Announces 2025 Year-End Mineral Reserves and Resources and Provides Exploration Update; Gold and Copper Reserves Increased 58% and 49%

2026-02-19

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All figures are in United States dollars unless otherwise stated. This news release contains forward-looking information that is subject to risk factors and assumptions as set out in the “Cautionary Note Regarding Forward-Looking Information” below.

TORONTO, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG) (NYSE: CGAU) announces its 2025 year-end estimates for mineral reserves and mineral resources. Proven and probable gold mineral reserves increased 58% year-over-year to 5.5 million ounces, and proven and probable copper mineral reserves increased 49% year-over-year to 1.7 billion pounds, as of December 31, 2025. Measured and indicated gold mineral resources inclusive of reserves were 10.8 million ounces and measured and indicated copper mineral resources inclusive of reserves were 3.6 billion pounds, as of December 31, 2025.

In 2025, Centerra continued to advance its organic growth pipeline and updated its mineral reserves and mineral resources estimates for the Goldfield project (“Goldfield”), the Mount Milligan mine (“Mount Milligan”) and the Kemess project (“Kemess). As a result, the 2025 year-end mineral reserve and mineral resource estimates for these assets are consistent with the figures disclosed in those respective technical updates with minor adjustments to Mount Milligan related to depletion in 2025 since the Pre-Feasibility Study (“PFS”).

Centerra Year-End Gold Mineral Reserves and Mineral Resources(1)

20252024(2)

Property

Tonnes

(kt)Grade

(g/t)Contained

Gold (koz)Tonnes

(kt)Grade

(g/t)Contained

Gold (koz)

Total Proven and Probable Gold Mineral Reserves

Mount Milligan470,3320.284,294264,5120.332,826

Öksüt15,3551.0250320,0801.03662

Goldfield33,3480.66706---

Total519,0340.335,504284,5910.383,488

Total Measured and Indicated Gold Mineral Resources, Inclusive of Reserves

Mount Milligan714,9920.276,262467,5100.304,457

Öksüt16,7690.9853022,9470.99734

Kemess Main - Open Pit170,5130.301,668111,6820.27980

Kemess South – Open Pit13,2040.37158---

Kemess UG - Underground33,2230.82877139,9200.502,265

Kemess East - Underground27,4910.6456593,4540.391,182

Goldfield37,0340.6779430,8330.71706

Total1,013,2250.3310,855866,3460.3710,324

Inferred Gold Mineral Resources

Mount Milligan27,9010.3733427,9240.44395

Öksüt---2360.887

Kemess Main - Open Pit237,0500.302,29913,6910.26116

Kemess South – Open Pit1980.342---

Kemess UG - Underground20,0940.74481---

Kemess East - Underground42,2520.57772---

Goldfield2,1210.33232,2670.4130

Total329,6160.373,91144,1180.38548

(1) As of December 31, 2025. Refer to the Table “Centerra Gold 2025 Year-End Mineral Reserve Summary” and “Centerra Gold 2025 Year-End Mineral Resource Summary” including their respective footnotes and the “Additional Footnotes” section below.

(2) Mineral resources inclusive of mineral reserves, as of December 31, 2024, is for comparative purposes only. See 2024 year-end mineral reserves and resources news release dated February 20, 2025, for mineral resources exclusive of mineral reserves as of December 31, 2024.

Centerra Year-End Copper Mineral Reserves and Mineral Resources(1)

20252024(2)

Property

Tonnes

(kt)Grade

(% Copper)Contained

Copper

(Mlbs)Tonnes

(kt)Grade

(% Copper)Contained

Copper

(Mlbs)

Proven and Probable Copper Mineral Reserves

Mount Milligan470,3320.171,716264,5120.201,150

Total470,3320.171,716264,5120.201,150

Measured and Indicated Copper Mineral Resources, Inclusive of Reserves

Mount Milligan714,9920.152,411467,5100.191,915

Kemess Main - Open Pit170,5130.15575111,6820.14337

Kemess South – Open Pit13,2040.1338---

Kemess UG - Underground33,2230.36265139,9200.25779

Kemess East - Underground27,4910.4426893,4540.30628

Total959,4220.173,556812,5660.213,659

Inferred Copper Mineral Resources

Mount Milligan27,9010.085027,9240.1274

Kemess Main - Open Pit237,0500.1368213,6910.1648

Kemess South – Open Pit1980.080---

Kemess Underground - UG20,0940.33148---

Kemess Underground - East42,2520.42393---

Total327,4950.181,27341,6150.13122

Exploration Update

Exploration activities in the fourth quarter of 2025 included drilling, surface rock and soil sampling, geological mapping, and geophysical surveying, targeting gold and copper mineralization at the Company’s projects and properties in Canada, Türkiye, and the United States.

2025 Exploration Highlights

The mineralization at Mount Milligan continued to expand to the west towards North Slope due to the significant drill intercepts at the Goldmark and Saddle West areas. During the year, a total of 56,835 metres of core drilling was completed across 200 holes. Drilling, model updates, and increased commodity prices resulted in an increase of approximately 2 million ounces of gold and 500 million pounds of copper to the mineral resource base.

At Kemess, a total of 31,940 metres of drilling was completed in the Kemess Main and Kemess South open pit areas. At Kemess Main, drilling throughout the year was carried out to infill the resource within the Kemess Main open pit and the Kemess Underground as well as to bridge the gap between the Kemess Underground and Kemess East resource at the Offset zone. Results confirm the grade and extent of mineralization within the resource pit and within the Nugget and Kemess Main open pit areas, supporting local upgrades to the resource classification. Results for the Kemess Offset drilling also indicate the potential to delineate the resource at the Offset zone. Material within the Offset Zone is an unclassified resource and is not included in the Kemess Main mineral resource.

At the Öksüt mine (“Öksüt”), 796 metres of drilling was completed during the first quarter of the year. In the United States, drilling at Goldfield and the Oakley project (“Oakley”) did not start until mid-December 2025.

Full year 2025 drilling totalled 113.5 kilometres (“km”), including greenfield projects.

2026 Exploration Outlook

Exploration expenditures in 2026 are expected to be $40 to $50 million, including $20 to $25 million of brownfield exploration focused on Mount Milligan, Kemess, and Öksüt, and $20 to $25 million of spending on greenfield and generative exploration programs.

Centerra is expected to continue to explore the western extension of the Mount Milligan deposit and perform infill drilling to upgrade the inferred resources to the indicated category. Approximately 20% of the total 2026 exploration expenditures are allocated to drilling programs at Mount Milligan to upgrade the inferred resources between Goldmark and North Slope and to expand the resources at Saddle West and South Boundary areas.

At Kemess, Centerra is expected to continue to perform infill drilling within the Preliminary Economic Assessment (“PEA”) resource areas and perform additional drilling to upgrade material at the Offset zone to inferred resources. Drilling is expected to continue to test the western extension of the Kemess South deposit. Approximately 15% of the total 2026 exploration expenditures are allocated to Kemess to drill approximately 14 km.

Centerra is expected to continue to advance greenfield exploration projects around Mount Milligan, including Cauldron and the Syndicate joint venture projects in British Columbia and at the optioned-deal agreement projects in northwestern Ontario.

In the United States, Centerra is expected to continue to explore for near surface oxide mineralization within the Goldfield district in Nevada and at Oakley in Idaho. Centerra is also expected to continue advancing exploration work at its greenfield projects, Cirrus in Nevada, Jones Creek in Utah, and at two new option-deal agreement projects in Idaho.

In Türkiye, as part of a life of mine optimization study, work is underway at Öksüt to identify potential targets that will be drilled during 2026. Centerra is expected to continue drilling at the Ulu joint venture project and at other early-stage joint venture projects that were identified in 2025.

Mount Milligan

In 2025, the Company increased its mineral resource inclusive of reserves by approximately 2 million ounces gold and 500 million pounds copper. The 2026 exploration drilling program at the site is focused on significantly expanding the mineral resource base to the west and southwest.

In 2025, a total of 48,372 metres of infill drilling was completed across 169 drillholes, and 8,462 metres of brownfield exploration drilling was completed across 31 drillholes. Brownfield exploration focused on targets west of the current ultimate pit margins including the North Slope, Goldmark, Saddle West, and Boundary zones.

The 2025 exploration drilling at Goldmark returned significant gold assay results from the upper portions of the holes and increased porphyry mineralization at depth, resulting in the extension of the resource shell towards the North Slope area.

Drilling of the South Boundary area identified high-grade gold, low copper vein mineralization supporting a previous interpretation that the zone represents a gold rich cap of an underlying porphyry deposit, similar to the geometry of the 66 zone and the MBX stock. Continued drilling within the area has the potential to identify a gold-copper mineralization northwest towards the Boundary zone area.

Approximately 20% of the total 2026 exploration expenditures are allocated to drilling programs at Mount Milligan to upgrade the inferred resources between Goldmark and North Slope and to expand the resources at Saddle West and South Boundary areas.

Ongoing exploration continues to highlight the potential to further expand mineral resources and extend mine life beyond the updated 2025 PFS mine plan. Mount Milligan remains a strategic cornerstone asset in Centerra’s portfolio, with 20 years of mine life, meaningful low-cost gold and copper production, strong cash flow generation, and significant opportunity for future exploration potential in a top tier mining jurisdiction

Figure 1: Plan view of the Mount Milligan deposit showing the 2025 resource shell and reserve pit with planned 2026 drillholes

Figure 2: East-West cross section of the Mount Milligan 2025 resource shells and reserve pit (looking north), showing gold modeled blocks

The Goldmark zone is directly west of the current Mount Milligan pit design, situated above the high grade DWBX zone. In 2025, drilling continued to test and infill the western extent of the Goldmark mineralization that had been intersected in previous drill programs. Shallow porphyry-style gold and copper mineralization is hosted at the margins of dykes and the Goldmark stock. High gold-low copper (“HGLC”) style mineralization occurs throughout the zone above the gold-copper porphyry mineralization. The results show potential for shallow resource additions and the extension of mineralization west of the existing pit boundary. Significant results include:

Hole #25-1706: 17.0m @ 9.39 g/t gold ("Au"), 0.132% copper ("Cu") from 72 metres ("m")

Hole #25-1706: 42.0m @ 1.95 g/t Au, 0.154% Cu from 186m

Hole #25-1705: 48.3m @ 2.60 g/t Au, 0.176% Cu from 66.7m

Hole #25-1701: 42.0m @ 1.39 g/t Au, 0.100% Cu from 121m

Hole #25-1692: 24.0m @ 1.60 g/t Au, 0.142% Cu from 236m

Hole #25-1725: 2.4m @ 15.97 g/t Au, 0.075% Cu from 69.6m

Hole #25-1746: 12.0m @ 3.08 g/t Au, 0.184% Cu from 27m

Hole #25-1715: 66.8m @ 0.53 g/t Au, 0.192% Cu from 241m

Hole #25-1685: 23.0m @ 1.45 g/t Au, 0.475% Cu from 123m

Hole #25-1710: 98.9m @ 0.23 g/t Au, 0.217% Cu from 185m

The North Slope zone lies approximately 300 to 800 metres west of the Mount Milligan pit design, adjacent to the Goldmark zone. Assays show multiple localized shallow zones of HGLC style mineralization, with higher-grade porphyry-style gold and copper mineralization related to the North Slope stock intersected at depth. Significant results include:

Hole #25-1750: 10.0m @ 3.93 g/t Au, 0.077% Cu from 99m

Hole #25-1733: 24.0m @ 1.47 g/t Au, 0.061% Cu from 158m

Hole #25-1750: 49.6m @ 0.67 g/t Au, 0.03% Cu from 114m

Hole #25-1749: 3.0m @ 9.00 g/t Au, 0.304% Cu from 90m

Hole #25-1751: 12.0m @ 1.89 g/t Au, 0.086% Cu from 35m

Hole #25-1756: 24.0m @ 0.55 g/t Au, 0.045% Cu from 74m

Hole #25-1737: 9.3m @ 1.63 g/t Au, 0.034% Cu from 140m

Hole #25-1751: 7.3m @ 2.03 g/t Au, 0.018% Cu from 176m

The Saddle West (including King Richard) zone extends to approximately 800 metres west of the existing Mount Milligan ultimate pit boundary and south of the Goldmark zone. It is interpreted to be the down-dip extension of the Saddle zone in the central part of the deposit. Mineralization is associated with margins of monzonite porphyry dykes, and with transitional to late-stage veins with sericite alteration overprinting early-stage potassic alteration. Results show potential for shallow resource additions and the extension of mineralization west of the existing pit boundary. Significant results include:

Hole #25-1717: 81.7m @ 0.13 g/t Au, 0.214% Cu from 174m

Hole #25-1717: 35.8m @ 0.12 g/t Au, 0.142% Cu from 297m

Hole #25-1724: 61.0m @ 0.16 g/t Au, 0.136% Cu from 345m

Hole #25-1711: 42.6m @ 0.17 g/t Au, 0.122% Cu from 178m

Hole #25-1771: 12.0m @ 0.54 g/t Au, 0.071% Cu from 20m

Hole #25-1771: 28.9m @ 0.21 g/t Au, 0.101% Cu from 38m

The Boundary zone is directly south of the Saddle West zone and west of the Mount Milligan pit design within 200 metres of the current pit operations. Assays show both shallow and deep porphyry-style gold and copper mineralization in the shallow Boundary zone and underlying northwestern extension of the Southern Star composite stock. Mineralization is hosted within dykes and at dyke margins in potassic and within inner propylitic altered andesite tuffs, often overprinted by quartz-sericite-pyrite alteration, with early quartz veins and chalcopyrite ± pyrite veins. Results show potential for shallow resource additions and the extension of mineralization west of the existing pit boundary. Significant results include:

Hole #25-1770: 64.5m @ 0.44 g/t Au, 0.224% Cu from 117m

Hole #25-1767: 27.4m @ 1.00 g/t Au, 0.134% Cu from 37m

Hole #25-1767: 4.8m @ 4.79 g/t Au, 0.153% Cu from 69m

Hole #25-1767: 20.8m @ 0.39 g/t Au, 0.118% Cu from 216m

Hole #25-1763: 8.0m @ 2.18 g/t Au, 0.054% Cu from 294m

Hole #25-1763: 1.6m @ 9.02 g/t Au, 0.114% Cu from 83m

Hole #25-1755: 101.5m @ 0.18 g/t Au, 0.224% Cu from 455m

Hole #25-1755: 39.1m @ 0.28 g/t Au, 0.158% Cu from 83m

Hole #25-1755: 30.0m @ 0.36 g/t Au, 0.048% Cu from 222m

Hole #25-1765: 43.9m @ 0.23 g/t Au, 0.162% Cu from 307m

Hole #25-1765: 26.4m @ 0.31 g/t Au, 0.050% Cu from 259m

Hole #25-1765: 32.9m @ 0.19 g/t Au, 0.109% Cu from 65m

The South Boundary zone is directly west of the current Mount Milligan Southern Star pit, extending up to 600 metres southwest of the current mining operations. Mineralization is associated with transitional to late-stage veins including pyrite stringers and semi-massive pyrite ± magnetite veins spatially related to narrow faults and breccia in volcanic rocks with quartz-sericite-pyrite-carbonate (“QSPC”) alteration. Mineralization is also hosted in narrow faulted and brecciated monzonite porphyry dykes with early stage potassic alteration and associated veins that have been overprinted by the QSPC assemblage and later stage veins. Drill results at the South Boundary zone show series of high-grade gold values. This relatively shallow HGLC-style mineralization has the potential to support a satellite pit west of the current operation. Significant results include:

Hole #25-1604: 13.8m @ 7.19 g/t Au, 0.162% Cu from 192m

Hole #25-1604: 5.0m @ 3.59 g/t Au, 0.013% Cu from 316m

Hole #25-1604: 15.2m @ 0.72 g/t Au, 0.060% Cu from 156m

Hole #25-1597: 24.7m @ 1.29 g/t Au, 0.020% Cu from 13m

Hole #25-1579: 13.7m @ 1.36 g/t Au, 0.038% Cu from 8m

Hole #25-1579: 6.6m @ 1.85 g/t Au, 0.070% Cu from 48m

Hole #25-1601: 13.0m @ 1.62 g/t Au, 0.041% Cu from 163m

Hole #25-1590: 18.0m @ 1.02 g/t Au, 0.017% Cu from 238m

Hole #25-1644: 14.0m @ 1.27 g/t Au, 0.081% Cu from 226m

Hole #25-1644: 5.0m @ 2.45 g/t Au, 0.073% Cu from 207m

Hole #25-1595: 55.0m @ 0.27 g/t Au, 0.086% Cu from 20m

Hole #25-1595: 33.9m @ 0.36 g/t Au, 0.031% Cu from 173m

Hole #25-1647: 35.2m @ 0.39 g/t Au, 0.060% Cu from 69m

Hole #25-1592: 5.0m @ 2.69 g/t Au, 0.013% Cu from 131m

Hole #25-1582: 11.9m @ 1.10 g/t Au, 0.097% Cu from 18m

Hole #25-1639: 24.0m @ 0.48 g/t Au, 0.021% Cu from 283m

Hole #25-1639: 7.5m @ 1.38 g/t Au, 0.023% Cu from 52m

Hole #25-1587: 18.4m @ 0.56 g/t Au, 0.071% Cu from 24m

The plan for 2026 is to continue to infill the northern and western rims of the reserve pit and explore the western margins of the resource shell to upgrade inferred resources to indicated between Goldmark and North Slope and to expand resources at Goldmark, Saddle West and Boundary areas.

Kemess Project

In 2025, 83 drillholes over 27,757 metres were completed in the proposed Kemess Main open pit area. The holes were planned to infill resources areas within the Kemess Main open pit and Kemess Underground and to expand the resource within Nugget, Central Ridge and Offset zones. Results indicate the continuation of mineralization within the resource pit and within the Nugget and Kemess Main open pit areas. Results from the Offset drilling also show the potential to delineate a resource at Offset.

The western end of the Kemess South pit was drilled to test for potential mineralization west of the Kemess South bounding fault. A total of 4,178 metres across 10 holes was completed. Core logging confirmed the previously interpreted location of the north and west faults.

Centerra is encouraged by extensive mineralization at Kemess and believes that it can be a future source of gold and copper production with a long mine life. The PEA results, published on January 19, 2026, only evaluated the Kemess Main and Kemess Underground area which represent approximately 47% of the total indicated and inferred resource tonnes.

Figure 3: A long sectional view of the Kemes deposit showing a 0.2 g/t Au shell. The dotted line in the figure represents approximately 47% of the total resource that used for the Kemess PEA

The Kemess Main Open Pit and Kemess Underground areas extend over 2.5 kilometres east-west, and 600 metres north-south. The deposit consists of a low-grade mineralized zone that extends from surface to a depth of zero to 300 metres below the surface on its western flank, including the Nugget zone and Kemess Open Pit, and a higher-grade zone with values greater than 0.5% grams gold per tonne and 0.5% copper from 300 to 550 metres below surface on the eastern side, which is the focus of the Kemess Underground deposit. The highest-grade mineralization of the Kemess Underground deposit is centered on a Black Lake suite porphyritic monzodiorite to diorite intrusion that dips shallow to moderately south. Assay results from 2025 infill drilling show wide intervals of shallow gold and copper mineralization. In the western portion of the deposit, the upper approximately 300 metres comprises phyllic altered volcanic rocks with underlying potassically altered volcanic rocks, both domains host copper-gold mineralization. Significant results received from the 2025 drilling include:

Hole #KN-25-011: 297.0m @ 0.33 g/t Au, 0.154% Cu from 5m

Hole #KN-25-014: 225.0m @ 0.39 g/t Au, 0.169% Cu from 2m

Hole #KN-25-016: 222.1m @ 0.42 g/t Au, 0.210% Cu from 5m

Hole #KN-25-020: 267.0m @ 0.49 g/t Au, 0.234% Cu from 8m

Hole #KN-25-023: 222.0m @ 0.32 g/t Au, 0.163% Cu from 5m

Hole #KN-25-026: 273.0m @ 0.32 g/t Au, 0.146% Cu from 5m

Hole #KN-25-027: 264.0m @ 0.24 g/t Au, 0.132% Cu from 12m

Centerra Gold Announces 2025 Year-End Mineral Reserves and Resources and Provides Exploration Update; Gold and Copper Reserves Increased 58% and 49%

Earlier from Azimut Exploration Inc.