Centerra Gold Reports Second Quarter 2024 Results; Consistent Operating Performance; Continued Return of Capital to Shareholders
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, Aug. 01, 2024 (GLOBE NEWSWIRE) — Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) today reported its second quarter 2024 operating and financial results.

President and CEO, Paul Tomory, commented, “Centerra delivered another quarter of solid operating performance and maintained consistent cash flow from operations before changes in working capital and income taxes paid, with year-to-date production and costs in line with our guidance. We ended the second quarter with cash and cash equivalents of $592 million after making routine statutory tax and royalty payments in Türkiye totalling $105 million. We remained active on share buybacks and declared a quarterly dividend, delivering on our disciplined approach of returning capital to shareholders.

“Looking ahead, later this summer we expect to announce our integrated strategy for the Molybdenum Business Unit, including results of a feasibility study on the restart of the Thompson Creek mine and the details of an optimized commercial model at Langeloth. Additionally, we expect to publish an initial resource estimate at Goldfield by the end of 2024 and a preliminary economic assessment in the first half of 2025 illustrating future potential at Mount Milligan. Our production, cost and capital expenditure guidance for 2024 is unchanged. We continue to deliver on our value maximizing strategy, focused on realizing the full potential of each of Centerra’s assets,” concluded Mr. Tomory.

Second Quarter 2024 Highlights

Operations

Production: Consolidated gold production of 89,828 ounces, including 38,609 ounces from the Mount Milligan Mine (“Mount Milligan”) and 51,219 ounces from the Öksüt Mine (“Öksüt”). Copper production in the quarter was 13.5 million pounds.
Sales: Second quarter 2024 gold sales of 83,258 ounces at an average realized gold price NG of $2,097 per ounce and copper sales of 11.7 million pounds at an average realized copper price NG of $3.79 per pound. The average realized gold and copper prices include the impact of the Mount Milligan streaming agreement.

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Centerra Gold Announces Quarterly Dividend of C$0.07 per Common Share
TORONTO, Aug. 01, 2024 (GLOBE NEWSWIRE) — Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG) (NYSE: CGAU) announced today that its Board of Directors has approved a quarterly dividend of C$0.07 per common share – approximately C$14.9 million or US$10.9 million in aggregate. The quarterly dividend is payable on August 29, 2024, to shareholders of record as of the close of business on August 15, 2024. The dividend is an eligible dividend for Canadian income tax purposes.

In accordance with Centerra’s dividend policy, the timing and quantum of dividends are to be determined by the Board of Directors from time-to-time based on, among other things, the Company’s operating results, cash flow and financial conditions, current and anticipated capital requirements, and general business conditions.