Centerra Gold News 2022 Manufacturing, Concerns 2023 Mount

January 17, 2023

TORONTO, Jan. 16, 2023 (WORLD WIRE SERVICE)– Centerra Gold Inc. (” Centerra” or the “Business”) (TSX: CG and also NYSE: CGAU) records 2022 4th quarter and also full-year manufacturing, 2023 manufacturing and also price assistance for the Mount Milligan Mine and also gives an upgrade on procedures at the Öksüt Mine.

All numbers remain in USA bucks. All manufacturing numbers show payable steel amounts and also get on a 100%- basis, unless or else specified. For recommendations signified with NG, describe the “Non-GAAP and also Various Other Financial Actions” disclosure at the end of this press release for a summary of these steps.

2022 4th Quarter and also Yearly Manufacturing Emphasizes

  • Gold manufacturing in the 4th quarter of 2022 was 53,222 ounces entirely from the Mount Milligan Mine.
  • Complete year 2022 gold manufacturing was 243,868 ounces, consisting of 189,177 ounces of gold created by the Mount Milligan Mine and also 54,691 ounces created by the Öksüt Mine. In addition, about 100,000 recoverable ounces was refined right into gold-in-carbon kind in 2022 and also continues to be saved at the Öksüt Mine.
  • Copper manufacturing was 16.9 million extra pounds in the 4th quarter and also 73.9 million extra pounds for the complete year 2022
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2023 Mount Milligan Mine Support Emphasizes

  • 2023 assistance at the Mount Milligan Mine is anticipated as complies with:
    • Gold manufacturing of 160,000 to 170,000 ounces.
    • Copper manufacturing of 60 to 70 million extra pounds.
    • Gold manufacturing expenses per ou nce – $900 to $950.
    • All-in maintaining expenses (” AISC”) on a spin-off basis per ounce N G – $1,075 to $1,125.
    • All-in expenses (” AIC”) on a spin-off basis per ounce NG – $1,125 to $1,175.
    • Enhancements to PP&E – $65 to $70 million.
    • Overall capital investment N G – $65 to $70 million.

Update on Öksüt Mine Procedures

Gold doré bar manufacturing continues to be put on hold at the Öksüt Mine as a result of mercury discovered in the gold area at the ADR plant in March 2022. The Business is presently finishing building and construction of a mercury reduction system to permit handling of mercury bearing ores and also is arranged to be finished in late January. The complete funding expenses get on target at about $5 million. The Business is dealing with the appropriate authorities for the needed authorizations to reactivate gold area procedures at the ADR plant, which the Business anticipates will certainly happen quickly after the brand-new Atmosphere Effect Evaluation (” EIA”) for the Öksüt Mine is authorized.

The Business just recently sent its upgraded EIA. The Business is currently dealing with Turkish authorities on the regulative evaluation and also authorization of its EIA and also such various other authorizations that might be needed to permit a prompt complete reactivate of all procedures.

The Business is likewise participated in various other average program allowing issues and also in January 2023 it got notifications of authorization of its operating permit expansion application for a duration of ten years along with authorization of a bigger grazing land allow to permit development of the Keltepe and also Güneytepe pits as intended.

Paul Wright, Meantime Head Of State and also Ceo of Centerra, claimed: “Document yearly mill throughput highlighted the Mount Milligan Mine’s operating efficiency in 2022. We expect stable manufacturing at Mount Milligan in 2023, with monitoring remaining to concentrate on maximizing the life of mine prepare for future years. Price assistance for the Mount Milligan Mine in 2023 consists of the inflationary effect on expenses that prevailed around the world via 2022. I am likewise pleased to report that we have actually obtained a 10-year operating permit expansion for the Öksüt Mine, along with the authorization of a bigger grazing land authorization. Building and construction of the mercury reduction system is considerably total and also we are dealing with the relevant Turkish authorities on their evaluation and also authorization of the upgraded EIA.”

Mount Milligan Mine 2023 Support

Support Actuals
Systems 2023 Q3 YTD 2022 Q4 2022 2022
Manufacturing
Unstreamed gold manufacturing 104-111 88 35 123
Streamed gold manufacturing 56-59 48 18 66
Gold manufacturing( 1 )( 2) ( Koz) 160-170 136 53 189
Unstreamed copper manufacturing 49-57 46 14 60
Streamed copper manufacturing 11-13 11 3 14
Copper manufacturing( 1 )( 2 ) ( Mlb) 60-70 57 17 74
Prices( 3)
Gold manufacturing expenses ($/ oz) 900-950 759
AISC on a spin-off basis NG ($/ oz) 1,075-1,125 629
AIC on a spin-off basis NG ($/ oz) 1,125-1,175 713
AISC on a co-product basis NG ($/ oz) 1,150-1,200 958
Copper manufacturing expenses ($/ pound) 1.90-2.15 1.63
AISC on a co-product basis NG ($/ pound) 2.75-3.00 2.04
Capital Investment
Enhancements to PP&E ($ M) 65-70 34.6
Total Amount Capital Investment NG ($ M) 65-70 44.7
Maintaining NG ($ M) 65-70 43.2
Non-sustaining NG ($ M) 1.5
( 1 ) The Mount Milligan Mine goes through a plan with RGLD Gold AG and also Royal Gold, Inc. (with each other, “Royal Gold”) which qualifies them to buy 35% and also 18.75% of gold and also copper created, specifically, and also calls for Royal Gold to pay $435 per ounce of gold and also 15% of the area rate per statistics tonne of copper supplied (” Mount Milligan Streaming Plan”). Utilizing an assumed market gold rate of $1,600 per ounce and also a mixed copper rate of $3.55 per extra pound for 2023, the Mount Milligan Mine’s typical recognized gold and also copper rate would certainly be $1,192 per ounce and also $2.98 per extra pound, specifically, when considering the Mount Milligan Streaming Plan. The mixed copper rate of $3.55 per extra pound consider 2023 copper bushes and also a market value of $3.25 per extra pound for the unhedged part.
( 2 ) Gold and also copper manufacturing at the Mount Milligan Mine presumes recuperations of 66% and also 81%, specifically. 2023 gold ounces and also copper extra pounds offered are anticipated to be regular with manufacturing.
( 3 ) Product presumptions made use of for price assistance consists of a currency exchange rate of $1USD:$ 1.30 CAD and also a gasoline rate of $1.00/ litre (CAD$ 1.30/ litre) after showing the influence of existing diesel bushes in location. In this table, devices kept in mind as ($/ oz) associates with gold ounces and also ($/ pound) associates with copper extra pounds.

The Mount Milligan Mine’s 2023 copper manufacturing is anticipated to be back-end heavy with about 35% of concentrate sales anticipated to happen in the 4th quarter of 2023.

The 2023 price assistance and also capital investment metrics are greater when contrasted to the Mount Milligan Mine’s December 31, 2021 NI 43-101 Technical Record (” Mount Milligan Mine TR”) and also results for 9 months finished September 30, 2022, driven by the inflationary atmosphere throughout 2022. Inflationary price stress have actually been kept in mind in numerous locations of the Mount Milligan Mine’s procedures, generally work, power and also consumables such as grinding media, tires, tools components and also gasoline.

The Business remains to maximize the life of mine prepare for the Mount Milligan Mine and also expects boosts in both gold and also copper manufacturing for 2024 and also 2025 when contrasted to the yearly numbers consisted of in the Mount Milligan Mine TR.

Expedition Expenses
Expedition expenses for 2023 are anticipated to be $35 to $45 million, consisting of $10 million in the direction of the Goldfield Job, about $13 to $17 million for brownfield expedition (Mount Milligan – $10 to $12 million and also Öksüt – $3 to $5 million), and also the equilibrium for greenfield and also generative expedition programs.

Various Other Product Assumptions
Various other product presumptions made use of in projecting manufacturing and also expenses for 2023 can be discovered under the heading “Care Relating to Forward-Looking Info” in this file. Manufacturing, price, and also funding projections for 2023 are progressive details and also are based upon crucial presumptions and also based on product danger variables that can create real outcomes to vary materially, and also which are talked about under the heading “Product Dangers” in the Business’s newest Yearly Info Kind.

Certified Individual & & QA/QC– Manufacturing Info
The manufacturing details and also various other clinical and also technological details provided in this file, consisting of the manufacturing price quotes, were prepared according to the requirements of the Canadian Institute of Mining, Metallurgy and also Oil and also National Tool 43-101 Criteria of Disclosure for Mineral Projects (” NI 43-101″) and also were prepared, evaluated, confirmed, and also put together by Centerra’s geological and also mining personnel under the guidance of Paul Chawrun, P.Eng that belongs to the Specialist Designers Ontario and also Centerra’s Vice Head of state and also Principal Operating Police Officer, that is a certified individual for the function of NI 43-101.

The Mount Milligan down payment is explained in a NI 43-101 technological record dated November 7, 2022 and also submitted on SEDAR at www.sedar.com. The technological record explains, amount various other points, the expedition background, geology, and also design of gold mineralization at the Mount Milligan down payment.

Non-GAAP and also Various Other Financial Actions
This file has “defined monetary action”, signified with NG, within the significance of National Tool 52-112 Non-GAAP and also Various Other Financial Actions Disclosure of the Canadian Stocks Administrators, especially the non-GAAP monetary steps. None of these defined monetary steps are standard monetary steps under International Financial Coverage Criteria (” IFRS”) and also these defined monetary steps may not approach comparable monetary steps divulged by various other companies.

Administration thinks that making use of these non-GAAP steps aids experts, financiers and also various other stakeholders of the Business in comprehending the expenses related to generating gold and also copper, comprehending the business economics of gold and also copper mining, examining operating efficiency, the Business’s capability to produce cost-free capital from existing procedures and also on a general Business basis, and also for preparation and also projecting of future durations. Nonetheless, the steps have constraints as logical devices as they might be affected by the factor in the life process of a particular mine and also the degree of added expedition or various other expenses a firm needs to make to totally create its residential or commercial properties. The defined monetary steps made use of in this file do not have any kind of standard significance recommended by IFRS and also might not approach comparable steps provided by various other companies, also as contrasted to various other companies that might be using the Globe Gold Council (” WGC”) standards. As necessary, these defined monetary steps must not be thought about alone, or as a replacement for, evaluation of the Business’s acknowledged steps provided according to IFRS.

Meanings

The complying with is a summary of the non-GAAP steps made use of in this press release:

  • All-in maintaining expenses on a spin-off basis per ounce is a non-GAAP proportion computed as all-in maintaining expenses on a spin-off basis separated by ounces of gold offered. All-in maintaining expenses on a spin-off basis is a non-GAAP monetary action computed as the accumulation of manufacturing expenses as tape-recorded in the combined declarations of incomes, refining and also transportation expenses, capitalized removing and also maintaining capital investment, lease repayments associated with maintaining properties, business basic and also management costs, increase costs, possession retired life exhaustion costs, copper and also silver earnings and also the linked influence of bushes of spin-off sales earnings (included the existing duration and also used retrospectively to the previous duration). When determining all-in maintaining expenses on a spin-off basis, all earnings obtained from the sale of copper from the Mount Milligan Mine, as minimized by the result of the copper stream, is dealt with as a decrease of expenses sustained. A settlement of all-in maintaining expenses on a spin-off basis to the nearby IFRS action is laid out listed below. Administration utilizes these steps to keep track of the price monitoring efficiency of each of its operating mines.
  • All-in maintaining expenses on a co-product basis per ounce of gold or per extra pound of copper, is a non-GAAP proportion computed as all-in maintaining expenses on a co-product basis separated by ounces of gold or extra pounds of copper offered, as relevant. All-in maintaining expenses on a co-product basis is a non-GAAP monetary action based upon an appropriation of manufacturing expenses in between copper and also gold based upon the conversion of copper manufacturing to equal ounces of gold. The Business utilizes a conversion proportion for determining gold equal ounces for its copper sales computed by increasing the copper extra pounds offered by approximated typical recognized copper rate and also splitting the resulting number by approximated typical recognized gold rate. For 2023, based upon the presumed copper rate of $3.25 per extra pound and also presumed gold rate of $1,600 per ounce, 492 extra pounds of copper amounted one ounce of gold. A settlement of all-in maintaining expenses on a co-product basis to the nearby IFRS action is laid out listed below. Administration utilizes these steps to keep track of the price monitoring efficiency of each of its operating mines.
  • All-in expenses on a spin-off basis per ounce is a non-GAAP proportion computed as all-in expenses on a spin-off basis separated by ounces offered. All-in expenses on a spin-off basis is a non-GAAP monetary action that includes all-in maintaining expenses on a spin-off basis. expedition and also research expenses, non-sustaining capital investment, treatment and also upkeep and also predevelopment expenses. A settlement of all-in expenses on a spin-off basis to the nearby IFRS steps is laid out listed below. Administration utilizes these steps to keep track of the price monitoring efficiency of each of its operating mines.
  • Maintaining capital investment and also Non-sustaining capital investment are non-GAAP monetary steps. Maintaining capital investment are specified as those expenses needed to maintain existing procedures and also omit all expenses sustained at brand-new procedures or significant jobs at existing procedures where these jobs will materially profit the procedure. Non-sustaining capital investment are largely expenses sustained at ‘brand-new procedures’ and also expenses associated with ‘significant jobs at existing procedures’ where these jobs will materially profit the procedure. A product advantage to an existing procedure is thought about to be a minimum of a 10% rise in yearly or life of mine manufacturing, internet existing worth, or gets contrasted to the staying life of mine of the procedure. A settlement of maintaining capital investment and also non-sustaining capital investment to the nearby IFRS steps is laid out listed below. Administration utilizes the difference of the maintaining and also non-sustaining capital investment as an input right into the estimation of all-in maintaining expenses per ounce and also all-in expenses per ounce.
9 months finished
September 30, 2022
( Unaudited – $millions, unless or else defined) Mount Milligan
Manufacturing sets you back attributable to gold 104.8
Manufacturing sets you back attributable to copper 94.3
Overall manufacturing expenses as reported 199.1
Readjust for:
3rd party smelting, refining and also transportation expenses 8.4
Byproduct and also co-product credit histories ( 169.5 )
Modified manufacturing expenses 37.9
Business basic management and also various other expenses 0.6
Improvement and also removal – increase 1.3
Maintaining capital investment 43.2
Maintaining lease repayments 3.9
All-in maintaining expenses on a spin-off basis 86.9
Expedition and also research expenses 10.1
Non-sustaining capital investment 1.5
All-in expenses on a spin-off basis 98.5
Ounces offered (000s) 138.0
Pounds offered (millions) 58.0
Gold manufacturing expenses ($/ oz) 759
All-in maintaining expenses on a spin-off basis ($/ oz) 629
All-in expenses on a spin-off basis ($/ oz) 713
Gold – All-in maintaining expenses on a co-product basis ($/ oz) 958
Copper manufacturing expenses ($/ pound) 1.63
Copper – All-in maintaining expenses on a co-product basis ($/ pound) 2.04
9 months finished
September 30, 2022
( Unaudited – $millions, unless or else defined) Mount Milligan
Enhancements to PP&E 34.6
Readjust for:
Prices taken advantage of to the ARO properties 9.9
Various Other( 1) 0.2
Capital investment 44.7
Maintaining capital investment 43.2
Non-sustaining capital investment 1.5

( 1 ) Consists of reclassification of insurance policy and also funding spares from materials stock to PP&E.

Care Pertaining To Forward-Looking Info
Info had in this press release which is not a declaration of historic truth, and also the papers included by referral here, might be “progressive details” for the functions of Canadian protections legislations and also within the significance of the USA Private Stocks Lawsuits Reform Act of 1995. Such progressive details entails dangers, unpredictabilities and also various other variables that can create real outcomes, efficiency, leads and also possibilities to vary materially from those shared or suggested by such progressive details. Words “expect”, “presume”, “think”, “budget plan”, “ponder”, “proceed”, “price quote”, “anticipate”, “means”, “life of mine” or “LOM”, “might”, “strategy”, “timetable”, “recognize”, “will certainly”, and also comparable expressions recognize progressive details. These progressive declarations connect to, to name a few points: the Business’s assumptions relating to 2023 and also future gold and also copper manufacturing; gold manufacturing expenses per ounce, all-in maintaining expenses on a spin-off basis per ounce NG; all-in expenses on a spin-off basis per ounce NG; enhancements to PP&E, complete capital expense and also various other declarations made under the headings “Update on Öksüt Mine Procedures”, “Mount Milligan Mine 2023 Support” and also “Expedition Expenditures” consisting of assumptions relating to the impacts of rising cost of living on the Business’s expenses; entries associating with the EIA change for the Öksüt Mine and also more conversations and also regulative evaluation thereof; conclusion of mercury reduction, control and also safety and security operate in the gold area of the ADR plant at the Öksüt Mine, consisting of building and construction progression; the anticipated reactivate of gold area procedures, relevant regulative authorizations and also the anticipated timing thereof; 2023 capital investment; and also 2023 expedition expenses.

Progressive details is always based upon a variety of price quotes and also presumptions that, while thought about sensible by Centerra, are naturally based on substantial technological, political, organization, financial and also affordable unpredictabilities and also backups. Understood and also unidentified variables can create real outcomes to vary materially from those predicted in the progressive details. Elements and also presumptions that can create real outcomes or occasions to vary materially from existing assumptions consist of, to name a few points: (A) tactical, lawful, preparation and also various other dangers, consisting of: political dangers related to the Business’s procedures in Türkiye, the U.S.A. and also Canada, consisting of prospective unpredictability developed by upcoming governmental political elections in Türkiye and also their prospective to interrupt or postpone Turkish governmental procedures and also choice production; source nationalism consisting of the monitoring of exterior stakeholder assumptions; the influence of modifications in, or to the much more hostile enforcement of, legislations, guidelines and also federal government methods, consisting of unjustified civil or criminal activity versus the Business, its associates, or its existing or previous staff members; dangers that neighborhood advocacy might cause raised contributing needs or organization disruptions; the dangers associated with impressive lawsuits influencing the Business; dangers of activities taken by the Kyrgyz Republic, or any one of its agencies, about the Business’s previous possession of the Kumtor Mine or the Worldwide Plan Arrangement; consisting of unjustified civil or criminal activity versus the Business, its associates, or its existing or previous staff members; the influence of constitutional modifications or political occasions or political elections in Türkiye; dangers that Turkish regulatory authorities go after hostile enforcement of the Öksüt Mine’s existing EIA and also allows or that the Business experiences hold-up or disturbance in its applications for brand-new or modified EIA or various other authorizations; the influence of any kind of assents enforced by Canada, the USA or various other territories versus numerous Russian and also Turkish people and also entities; prospective flaws of title in the Business’s residential or commercial properties that are not recognized since the day hereof; the failure of the Business and also its subsidiaries to impose their lawful civil liberties in specific conditions; dangers associated with anti-corruption regulation; Centerra not having the ability to change mineral gets; Native cases and also consultatory problems associating with the Business’s residential or commercial properties which remain in closeness to Native areas; and also, prospective dangers associated with kidnapping or acts of terrorism; (B) dangers associating with monetary issues, consisting of: level of sensitivity of the Business’s organization to the volatility of gold, copper and also various other mineral costs; making use of provisionally-priced sales agreements for manufacturing at the Mount Milligan Mine; dependence on a couple of crucial consumers for the gold-copper concentrate at the Mount Milligan Mine; use product by-products; the inaccuracy of the Business’s mineral gets and also sources price quotes and also the presumptions they depend on; the precision of the Business’s manufacturing and also price price quotes; the influence of limiting commitments in the Business’s credit score centers which might, to name a few points, limit the Business from going after specific organization tasks or making circulations from its subsidiaries; modifications to tax obligation routines; the Business’s capability to get future funding; the influence of worldwide monetary problems; the influence of money changes; the result of market problems on the Business’s temporary financial investments; the Business’s capability to pay, consisting of any kind of repayments of principal and also rate of interest on the Business’s financial debt centers, which depends upon the capital of its subsidiaries; and also (C) dangers associated with functional issues and also geotechnical problems and also the Business’s proceeded capability to effectively handle such issues, consisting of the security of the pit wall surfaces at the Business’s procedures; the stability of tailings storage space centers and also the monitoring thereof, consisting of regarding security, conformity with legislations, guidelines, licenses and also authorizations, regulating infiltrations and also storage space of water where relevant; the danger of having enough water to proceed procedures at the Mount Milligan Mine and also attain anticipated mill throughput; modifications to, or hold-ups in the Business’s supply chain and also transport paths, consisting of cessation or disturbance in rail and also delivery networks whether brought on by choices of third-party companies or pressure majeure occasions (consisting of, yet not restricted to, flooding, wildfires, COVID-19, or various other worldwide occasions such as battles); the success of the Business’s future expedition and also growth tasks, consisting of the monetary and also political dangers fundamental in performing expedition tasks; fundamental dangers related to making use of salt cyanide in the mining procedures; the competence of the Business’s insurance policy to minimize functional and also business dangers; mechanical malfunctions; the incident of any kind of work discontent or disruption and also the capability of the Business to effectively renegotiate cumulative contracts when needed; the danger that Centerra’s labor force and also procedures might be revealed to extensive epidemic consisting of, yet not restricted to, the COVID-19 pandemic; seismic task; wildfires; lengthy lead-times needed for tools and also materials offered the remote place of several of the Business’s operating residential or commercial properties and also disturbances brought on by worldwide occasions and also disturbances brought on by worldwide occasions; dependence on a restricted variety of vendors for sure consumables, tools and also elements; the capability of the Business to deal with physical and also change dangers from environment modification and also adequately handle stakeholder assumptions on climate-related problems; the Business’s capability to properly anticipate deactivating and also improvement expenses; the Business’s capability to bring in and also keep certified workers; competitors for mineral purchase possibilities; dangers related to the conduct of joint ventures/partnerships; and also the Business’s capability to handle its jobs successfully and also to minimize the prospective absence of schedule of professionals, budget plan and also timing overruns and also task sources. For added danger variables, please see area labelled “Danger Elements” in the Business’s most just recently submitted Yearly Info Kind readily available on SEDAR at www.sedar.com and also EDGAR at www.sec.gov/edgar

There can be no guarantees that progressive details and also declarations will certainly show to be exact as lots of variables and also future occasions, both recognized and also unidentified, can create real outcomes, efficiency, or success to differ or vary materially from the outcomes, efficiency, or success that are or might be shared or suggested by such progressive declarations had here or included by referral. As necessary, all such variables must be thought about very carefully when choosing relative to Centerra, and also potential financiers must not position excessive dependence on progressive details. Progressive details is since January 16, 2023. Centerra presumes no commitment to upgrade or change progressive details to show modifications in presumptions, modifications in conditions, or any kind of various other occasions influencing such progressive details, other than as needed by relevant legislation.

Regarding Centerra Gold

Centerra Gold Inc. is a Canadian-based mining business concentrated on operating, establishing, checking out and also obtaining gold and also copper residential or commercial properties in The United States and Canada, Türkiye, and also various other markets worldwide. Centerra runs 2 mines: the Mount Milligan Mine in British Columbia, Canada, and also the Öksüt Mine in Türkiye. The Business likewise has the Goldfield Area Job in Nevada, USA, the Kemess Underground Job in British Columbia, Canada, and also has and also runs the Molybdenum Service System in the USA and also Canada. Centerra’s shares trade on the Toronto Stock Market (” TSX”) under the icon CG and also on the New York Supply Exchange (” NYSE”) under the icon CGAU. The Business is based in Toronto, Ontario, Canada.

To learn more:

Added details on Centerra Gold is readily available on the Business’s web site at www.centerragold.com and also on SEDAR at www.sedar.com and also EDGAR at www.sec.gov/edgar

A PDF accompanying this news is readily available at:
http://ml.globenewswire.com/Resource/Download/2e1b9757-a549-4a13-a17a-c12eb14fc8a2