Centerra Gold's Mount Milligan PFS Outlines Mine Life to 2045, Delivering Growth with a Fully Funded, Disciplined $186 Million Growth Capital Plan

Executive Summary

• Centerra Gold released a PFS confirming a ~10‑year life‑of‑mine extension for Mount Milligan to 2045, adding roughly $186 M of non‑sustaining capital that is fully funded from existing liquidity.
• The updated reserve base rises 56 % to 4.4 Moz Au and 1.7 B lb Cu (483 Mt at 0.28 g/t Au, 0.16 % Cu).
• Projected average annual production 2026‑2042: ~150,000 oz Au and 69 M lb Cu; after‑tax NPV5 % of $1.5 B (rising to $2.1 B at spot prices), with an AISC on a by‑product basis of $950/oz Au.

Key Details

• Life‑of‑Mine Extension: LOM now 20 years total, extending to 2045 (+10 yr).
• Capital Expenditures:
• Total non‑sustaining capex $186 M (fully funded).
  • $114 M – second tailings storage facility (TSF) – phased 2032‑33.
  • $36 M – ball‑mill motor & flotation upgrades to raise throughput ~10 % to 66,300 tpd (2029).
  • $28 M – five new haul trucks for longer hauls and larger stockpiles.
• Sustaining capex over LOM: $739 M.
• Reserve Update: Proven & probable reserves 483.2 Mt; 4.4 Moz Au, 1.7 B lb Cu (56 % ↑ Au, 52 % ↑ Cu vs. 2024).
• Production Forecast (2026‑2042):
• Gold: ~150 koz/yr (average grade 0.31 g/t).
• Copper: ~69 M lb/yr (average grade 0.18 %).
• Cost Profile:
• Mining cost $2.50/tonne mined.
• Processing cost $5.57/tonne processed.
• G&A $2.11/tonne processed.
• Gold production cost $1,312/oz; AISC (by‑product) $950/oz.
• Economic Highlights:
• After‑tax NPV5 % = $1.492 B (base case).
• At spot gold $3,500/oz & copper $4.50/lb, NPV5 % rises to $2.127 B.
• Royal Gold Streaming – Additional Agreement:
• Gold stream payments: $435/oz (2024‑29), then tiered up to max $1,050/oz after 665k oz delivered.
• Copper stream payments: 15 % of spot price (2024‑29) rising to 66 % of spot after thresholds.
• Exploration Upside: 200+ new drill holes in 2025 (Phase 1 & 2); infill drilling shows mineralization open west of current pit and potential extensions not yet modelled.
• Permitting: Designated a BC provincial priority project; amendment for extended permits filed March 2025, decision expected H1 2026. Second TSF permitting to begin 2027.
• Employment & Community Impact: Extended LOM to support >1,000 jobs and additional business opportunities for First Nations and local communities.

Notable Quotes

“Mount Milligan’s LOM extension marks a key milestone in advancing Centerra’s organic gold growth strategy… the PFS outlines a 10‑year LOM extension, to 2045, supported by phased, manageable non‑sustaining capital expenditures totaling $186 million, most of which is not required until the early‑to‑mid‑2030s, that we expect to fully fund from available liquidity.” – Paul Tomory, President & CEO