Centerra Gold

Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold and copper properties in North America, Türkiye, and other markets worldwide. Centerra operates two mines: the Mount Milligan Mine in British Columbia, Canada, and the Öksüt Mine in Türkiye.

The Company also owns the Kemess Project in British Columbia, Canada, the Goldfield District Project in Nevada, United States, and owns and operates the Molybdenum Business Unit in the United States and Canada.

Cash: US$543M (as at March 31, 2026)

Debt: Nil

Major shareholders: Van Eck Associates Corporation – 8.0% Donald Smith and Company – 7.1% Dimensional Fund Advisors – 6.3% The Vanguard Group – 4.1% Arrowstreet Capital – 3.7% Management ownership – 0.3%

Management Profile

Lisa Wilkinson, Vice President of Investor Relations & Corporate Communications at Centerra Gold. 

Lisa manages relationships with the capital markets community and acts as spokesperson to investors and analysts. She serves as a key liaison between the financial markets and Centerra’s senior leadership, providing insights on valuation trends and investor sentiment.

Lisa has over 20 years of experience in investor relations and communications, corporate development, and strategic capital planning and a track record of creating and leading best-in-class investor relations strategies and programs. Prior to joining Centerra in May 2023, she served as Vice President of Investor Relations at Eldorado Gold and TMAC Resources. Prior to that, she worked on capital allocation, business planning and capital projects at Kinross Gold and in equity research with RBC, Scotia, and Citigroup. Lisa is currently on the Board of Directors of Kuya Silver Corporation and is the Chair of the Audit Committee and a member of the Nominating, Compensation and Governance Committee.

Lisa has a Bachelor of Applied Science (Chemical Engineering) from the University of Waterloo and a Master of Business Administration from the Rotman School of Management at the University of Toronto. Lisa maintains a Professional Engineer designation in Ontario and is a certified Project Management Professional.

What are your key goals in 3 months, 6 months, 12 months?

3 Months:

Centerra is focused on operational execution across our sites and advancing our organic growth pipeline of projects. At Mount Milligan we are focused on delivering against the updated mine plan outlined in the PFS released in September 2025. Construction and development activities are progressing at Thompson Creek as the project continues to advance towards first production in mid-2027. Work also continues at the Goldfield project where early works procurement and construction activities will be ramping up over the coming months.

6 Months:

Life of Mine Optimization Study at Öksüt to evaluate the incremental production potential of residual leaching of the heap and the inclusion of low-grade oxide mineralization, outside of the current reserve pit, into the mine plan. The study is expected by the end of 2026.

12 Months:

Value realization of the US Moly operations via the restart of mining at Thompson Creek and a ramp up of production at the Langeloth Metallurgical Facility which is on track for mid-2027. Our team is also advancing engineering and technical work on the next phase of studies at Kemess, with a PFS expected in 2027.

What do you think makes your company such a compelling investment?

• Centerra Gold is a gold and copper producer, with a strong balance sheet and no debt, operating in favorable jurisdictions (Canada, USA, Türkiye).
• It is led by a strong, technically-focused management team and offers exposure to a growing North American production profile through our projects in Canada (Mount Milligan and Kemess) and in the US (Goldfield).
• Centerra has two long-life gold-copper assets in British Columbia, Canada (Mount Milligan and Kemess), both with meaningful exploration upside, giving us visibility on gold production well into the 2040’s and beyond.
• Centerra is trading at a discounted P/NAV multiple, backed by 5.5 Moz of gold and 1.7B lbs of copper reserves, 2026E production of 250-280kozs of gold and 50-60Mlbs of copper, and net cash of $543M
• Centerra has built a strong and balanced growth pipeline and as we continue to deliver on our operational plans and advance our project pipeline, we believe we have the potential to re-rate our valuation.