Centerra Gold Q3 2026 net earnings fall 70%

Q: How did Centerra Gold (CGAU) perform in the third quarter of 2026?

Revenue was $500.3 million, up 27%, while net earnings were $88.7 million, down 70%, from the third quarter of 2025. Adjusted net earnings were $71.8 million, up 8%; cash provided by operating activities was $143.1 million, down 12%.

Q: What were Centerra Gold’s results for the first nine months of 2026?

Revenue was $1,427.7 million, up 45%, and adjusted net earnings were $239.3 million, up 65%, from the same period in 2025. Net earnings were $240.2 million, down 39%, while cash provided by operating activities was $329.4 million, up 34%.

Q: How many shares did Centerra Gold repurchase in Q3 2026?

Centerra repurchased 2,584,600 common shares for total consideration of $53.0 million at an average price of $20.52 per share during the three months ended September 30, 2026.

Q3 earnings from mine operations rose 29%; Centerra cited higher realized gold and copper prices and a higher molybdenum sales margin.

Filing Impact

(Moderate)

Filing Sentiment

(Negative)How Sentiment works

Sentiment and the balance of points

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How Sentiment works How the balance works

Form Type

6-K

Rhea-AI Filing Summary

Centerra Gold Inc. (CGAU) reported Q3 2026 revenue of $500.3 million, up 27% year over year, while net earnings were $88.7 million, down 70%. The prior-year quarter included a $193.5 million Goldfield Project impairment reversal; Q3 2026 adjusted net earnings were $71.8 million, up 8%.

For the nine months ended September 30, revenue rose 45% to $1,427.7 million and adjusted net earnings rose 65% to $239.3 million; net earnings fell 39% to $240.2 million. Q3 operating cash flow was $143.1 million, down 12%, and free cash flow was $17.1 million, down 83%.

During Q3, Centerra repurchased 2,584,600 common shares for $53.0 million and paid $9.8 million in dividends. It extended its revolving credit facility to a July 15, 2030 maturity and increased its size to $600 million. The Turkish Government announced an expected Öksüt corporate income tax rate reduction from 25% to 12.5%, effective January 1, 2027.

3 points · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 3 points

How the balance works

Positive

Moderate pointQ3 revenue increased 27% to $500.3 million.
Moderate pointNine-month adjusted net earnings rose 65% to $239.3 million.
Moderate pointQ3 earnings from mine operations increased 29% to $176.1 million.

Negative

Moderate pointQ3 net earnings fell 70% to $88.7 million; the prior-year quarter included a $193.5 million impairment reversal.
Moderate pointQ3 operating cash flow declined 12% to $143.1 million; free cash flow declined 83% to $17.1 million.
Minor pointNine-month net earnings fell 39% to $240.2 million.

Filing Explained

After quarter-end, the Greenstone milestone brought a forty-seven-point-eight-million-dollar receipt.

Form 6-K is a foreign private issuer’s interim report for material information published in its home market; this filing furnishes Centerra Gold’s third-quarter financial statements and MD&A. After Greenstone Mine reached its second production milestone in Q3, Equinox paid Centerra $47.8 million on October 2, 2026; the amount had been recorded as a receivable at September 30, 2026. The same milestone also led to settlement of the second $47.6 million deferred gold-consideration tranche with Royal Gold.

Key Figures

Revenue: $500.3 million; up 27% Net earnings: $88.7 million; down 70% Adjusted net earnings: $71.8 million; up 8% +5 more

8 metrics

Revenue $500.3 million; up 27% Three months ended September 30, 2026, compared with 2025

Net earnings $88.7 million; down 70% Three months ended September 30, 2026, compared with 2025

Adjusted net earnings $71.8 million; up 8% Three months ended September 30, 2026, compared with 2025

Cash provided by operating activities $143.1 million; down 12% Three months ended September 30, 2026, compared with 2025

Free cash flow $17.1 million; down 83% Three months ended September 30, 2026, compared with 2025

Revenue $1,427.7 million; up 45% Nine months ended September 30, 2026, compared with 2025

Net earnings $240.2 million; down 39% Nine months ended September 30, 2026, compared with 2025

Adjusted net earnings $239.3 million; up 65% Nine months ended September 30, 2026, compared with 2025

Key Terms

Adjusted EBITDA, All-in sustaining costs on a by-product basis, Normal Course Issuer Bid, Automatic Share Purchase Plan, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA (1)"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

All-in sustaining costs on a by-product basis financial

"All-in sustaining costs on a by-product basis"

Normal Course Issuer Bid financial

"Normal Course Issuer Bid (“NCIB”)"

A Normal Course Issuer Bid is when a company buys back its own shares from the stock market over time. This usually shows that the company believes its stock is undervalued and wants to support its price, which can be important for investors to watch.

provisionally-priced receivables financial

"provisionally-priced receivables are marked to market"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Centerra Gold (CGAU) perform in the third quarter of 2026?

Revenue was $500.3 million, up 27%, while net earnings were $88.7 million, down 70%, from the third quarter of 2025. Adjusted net earnings were $71.8 million, up 8%; cash provided by operating activities was $143.1 million, down 12%.

What were Centerra Gold’s results for the first nine months of 2026?

Revenue was $1,427.7 million, up 45%, and adjusted net earnings were $239.3 million, up 65%, from the same period in 2025. Net earnings were $240.2 million, down 39%, while cash provided by operating activities was $329.4 million, up 34%.

How many shares did Centerra Gold repurchase in Q3 2026?

Centerra repurchased 2,584,600 common shares for total consideration of $53.0 million at an average price of $20.52 per share during the three months ended September 30, 2026.

When is Öksüt’s corporate income tax rate expected to change?

The Turkish Government announced that Öksüt’s corporate income tax rate is expected to decrease from 25% to 12.5%, effective January 1, 2027.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 6-K: How Foreign Companies Report to the SEC →

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Available on EDGAR 10/29/2026 - 05:01 PM EDT Accepted by SEC EDGAR 10/29/2026 - 05:01 PM EDT

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of October 2026

Commission File Number: 001-40324

Centerra Gold Inc.
(Translation of registrant's name into English)

1 University Avenue, Suite 1800
Toronto, Ontario
M5J 2P1
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ ] Form 40-F [ X ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

EXHIBIT INDEX


Exhibit						Description

99.1						Condensed Consolidated Interim Financial Statements Third Quarter 2026
99.2						Management’s Discussion and Analysis For the Period Ended September 30, 2026
99.3						Form 52-109F2 CEO Certification of Interim Filings Third Quarter 2026
99.4						Form 52-109F2 CFO Certification of Interim Filings Third Quarter 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


						Centerra Gold Inc.
						(Registrant)


Date: October 29, 2026						/s/ Paul Tomory
						Paul Tomory
						President and CEO

Condensed Consolidated Interim

Financial Statements

For the Three and Nine Months Ended September 30, 2026 and 2025

Centerra Gold Inc.

Condensed Consolidated Interim Statements of Financial Position

(Unaudited)


		September 30, 2026		December 31, 2025
(Expressed in thousands of United States dollars)

Assets	Notes
Current assets
Cash and cash equivalents		$	397,892	$	528,931
Amounts receivable	5	200,441		137,516
Inventories		432,682		333,715

Other current financial assets	17	8,340		14,533
Other current assets	6	56,325		55,382
		1,095,680		1,070,077

Property, plant and equipment	7	1,855,864		1,600,400
Deferred income tax assets	13	730		24,899
Non-current equity investments	17	176,797		105,870
Other non-current financial assets	17	73,101		113,555
Other non-current assets	8	8,302		43,849
		2,114,794		1,888,573
Total assets		$	3,210,474	$	2,958,650

Liabilities and shareholders' equity
Current liabilities
Accounts payable and accrued liabilities		$	444,000	$	360,739
Income tax payable		42,929		28,879
Other current financial liabilities	17	13,416		16,346
Other current liabilities	6	29,922		31,984
		530,267		437,948

Provision for reclamation	9	270,444		294,452
Deferred income tax liabilities	13	37,400		37,899
Other non-current financial liabilities	17	73,767		82,093
Other non-current liabilities	8	81,026		46,496
		462,637		460,940
Shareholders' equity
Share capital	14	612,513		727,038
Contributed surplus		31,296		30,945
Accumulated other comprehensive income (loss)		12,292		(49,363)
Retained earnings		1,561,469		1,351,142
		2,217,570		2,059,762
Total liabilities and shareholders' equity		$	3,210,474	$	2,958,650
Commitments and contingencies (note 16)
Subsequent events (note 14)

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

Centerra Gold Inc.

Condensed Consolidated Interim Statements of Earnings and Comprehensive Income

(Unaudited)


		Three months ended September 30,				Nine months ended September 30,
(Expressed in thousands of United States dollars)		2026		2025		2026		2025
(except per share amounts)	Notes

Revenue	10	$	500,247	$	395,163	$	1,427,653	$	983,005

Cost of sales
Production costs		290,762		223,352		796,357		597,098
Depreciation, depletion and amortization		33,397		35,379		98,586		85,500
Earnings from mine operations		176,088		136,432		532,710		300,407

Exploration and evaluation costs		26,069		20,566		49,526		37,391
Corporate administration costs		9,559		6,955		30,652		24,100
Share-based compensation expenses		20,817		8,074		33,614		10,945
Care and maintenance expenses		7,289		4,676		17,323		14,306
Impairment reversal	18	—		(193,520)		—		(193,520)
Reclamation recovery	9	(7,214)		(207)		(4,657)		(2,962)
Other operating expenses (income)	11	12,792		(38,208)		70,185		(17,334)
Earnings from operations		106,776		328,096		336,067		427,481


Loss (gain) on sale of Greenstone Partnership	4	293		(16,264)		(17,892)		(37,871)
Other non-operating income	12	(6,341)		(10,397)		(27,655)		(19,055)
Finance costs		8,802		2,988		18,662		10,942
Earnings before income tax		104,022		351,769		362,952		473,465
Income tax expense	13	15,334		59,581		122,715		82,249
Net earnings		88,688		292,188		240,237		391,216



Other Comprehensive Income (Loss)

Items that may be subsequently reclassified to earnings:


Changes in fair value of hedge derivative instruments	17	(9,036)		(54,320)		21,899		(45,634)
Items that will not be subsequently reclassified to earnings:
Changes in fair value of equity investments	17	24,444		23,146		39,756		28,308
Other comprehensive income (loss)	17	15,408		(31,174)		61,655		(17,326)
Total comprehensive income		$	104,096	$	261,014	$	301,892	$	373,890

Earnings per share:
Basic	14	$	0.46	$	1.44	$	1.22	$	1.90
Diluted	14	$	0.45	$	1.43	$	1.21	$	1.87

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

Centerra Gold Inc.

Condensed Consolidated Interim Statements of Cash Flows

(Unaudited)


			Three months ended September 30,				Nine months ended September 30,
			2026		2025		2026		2025
(Expressed in thousands of United States dollars)

Operating activities		Notes
Net earnings			$	88,688	$	292,188	$	240,237	$	391,216

Adjustments:
	Depreciation, depletion and amortization		34,281		36,095		103,094		87,839
	Reclamation recovery	9	(7,214)		(207)		(4,657)		(2,962)
	Share-based compensation, net of cash settlements		20,460		8,074		16,353		10,945
	Finance costs		8,802		2,988		18,662		10,942

	Income tax expense	13	15,334		59,581		122,715		82,249
	Impairment reversal	18	—		(193,520)		—		(193,520)
	Unrealized foreign exchange (gain) loss		(3,046)		(5,520)		(8,646)		3,785
	Unrealized fair value loss (gain) on financial asset related to the Additional Royal Gold Agreement	17	4,100		(42,600)		40,500		(29,100)

	Loss or (gain) on sale of Greenstone Partnership	4	293		(16,264)		(17,892)		(37,871)

	Other		62		2,045		(63)		2,533
Reclamation payments		9	(873)		(641)		(1,223)		(4,454)
Cash provided by operating activities prior to changes in working capital and income taxes paid			160,887		142,219		509,080		321,602
	Income taxes paid		(25,540)		(7,958)		(104,089)		(56,789)
	Changes in working capital	15	7,788		27,392		(75,582)		(19,244)
Cash provided by operating activities			143,135		161,653		329,409		245,569



Investing activities
	Property, plant and equipment additions		(126,021)		(63,011)		(286,244)		(162,461)

	Proceeds from disposition of equity investments	17	1,911		—		14,873		—


	Proceeds from disposition of property, plant, and equipment		—		49		214		294





	Purchase of equity investments	17	(1,922)		(24,857)		(20,171)		(46,834)


Cash used in investing activities			(126,032)		(87,819)		(291,328)		(209,001)



Financing activities
	Dividends paid	14	(9,812)		(10,278)		(29,910)		(31,126)
	Payment of borrowing and financing costs		(4,014)		(505)		(5,248)		(1,009)
	Repayment of lease obligations		(3,970)		(2,229)		(11,427)		(6,239)
	Proceeds from common shares issued		778		684		2,665		2,930
	Payment for common shares repurchased	14	(53,043)		(22,050)		(125,200)		(64,001)
Cash used in financing activities			(70,061)		(34,378)		(169,120)		(99,445)
(Decrease) or increase in cash and cash equivalents during the period			(52,958)		39,456		(131,039)		(62,877)
Cash and cash equivalents at beginning of the period			450,850		522,340		528,931		624,673
Cash and cash equivalents at end of the period			$	397,892	$	561,796	$	397,892	$	561,796

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

Centerra Gold Inc.

Condensed Consolidated Interim Statements of Shareholders' Equity

(Unaudited)


(Expressed in thousands of United States dollars, except share information)
	Number of Common Shares	Share Capital		Contributed Surplus		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Total
Balance at January 1, 2026	199,806,355	$	727,038	$	30,945	$	(49,363)	$	1,351,142	$	2,059,762
Net earnings	—	—		—		—		240,237		240,237
Other comprehensive income (note 17)	—	—		—		61,655		—		61,655
Transactions with shareholders:
Repurchase of shares - Normal Course Issuer Bid (“NCIB”) (note 14)	(6,762,900)	(127,555)		—		—		—		(127,555)

Related to the effect of share repurchase liability (note 14)	—	8,348		—		—		—		8,348
Share-based compensation expense	—	—		1,822		—		—		1,822
Issued on exercise of stock options	266,845	2,063		(579)		—		—		1,484
Issued under the employee share purchase plan	92,536	1,476		—		—		—		1,476
Issued on redemption of restricted share units	268,973	1,143		(892)		—		—		251
Dividends declared and paid (C$0.21 per share)	—	—		—		—		(29,910)		(29,910)
Balance at September 30, 2026	193,671,809	$	612,513	$	31,296	$	12,292	$	1,561,469	$	2,217,570

Balance at January 1, 2025	210,031,280	$	826,694	$	32,147	$	(11,195)	$	808,270	$	1,655,916
Net earnings	—	—		—		—		391,216		391,216
Other comprehensive loss (note 17)	—	—		—		(17,326)		—		(17,326)



Transaction with shareholders:
Repurchase of shares - NCIB (note 14)	(9,195,416)	(65,211)		—		—		—		(65,211)
Related to the effect of share repurchase liability (note 14)	—	640		—		—		—		640
Share-based compensation expense	—	—		2,198		—		—		2,198
Issued on exercise of stock options	409,232	2,854		(816)		—		—		2,038
Issued under the employee share purchase plan	178,131	1,103				—		—		1,103
Issued on redemption of restricted share units	219,211	696		(692)		—		—		4
Dividends declared and paid (C$0.21 per share)	—	—		—		—		(31,126)		(31,126)
Balance at September 30, 2025	201,642,438	$	766,776	$	32,837	$	(28,521)	$	1,168,360	$	1,939,452

The accompanying notes form an integral part of these condensed consolidated interim financial statements.


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

1. Nature of operations

Centerra Gold Inc. (“Centerra” or the “Company”) was incorporated under the Canada Business Corporations Act on November 7, 2002. Centerra’s common shares are listed on the Toronto Stock Exchange under the symbol “CG” and on the New York Stock Exchange under the symbol “CGAU”. The Company is domiciled in Canada and its registered office is located at 1 University Avenue, Suite 1800, Toronto, Ontario, M5J 2P1. The Company is primarily focused on operating, developing, exploring and acquiring gold and copper properties in North America, Türkiye, and other markets worldwide. The Company also owns a vertically integrated US Molybdenum Business Unit (“US Moly”) and another molybdenum property in North America.

2. Basis of presentation

These unaudited condensed consolidated interim financial statements (“interim financial statements”) of the Company and its subsidiaries have been prepared in accordance with International Financial Reporting Standards (“IFRS”), International Accounting Standard (“IAS”) 34, Interim Financial Reporting (“IAS 34”), as issued by the International Accounting Standards Board (“IASB”). These interim financial statements do not contain all of the annual disclosures required by IFRS and should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2025.

These financial statements were authorized for issuance by the Board of Directors of the Company on October 29, 2026.

3. Summary of material accounting policies

These interim financial statements have been prepared using material accounting policies and critical accounting estimates and judgments consistent with those used in the Company’s audited consolidated financial statements as at and for the year ended December 31, 2025.

New standards and amendments issued and applicable to the Company are described below:

IFRS 18, Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18, the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:

–the structure of the statement of profit or loss;

–required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (that is, management-defined performance measures);

–enhanced principles on aggregation and disaggregation of totals and disclosures which apply to the primary financial statements and notes in general.

IFRS 18 will replace IAS 1, while many of the existing principles in IAS 1 are expected to be retained, with limited changes. IFRS 18 is not expected to impact the recognition or measurement of items in the financial statements; however, it may affect what an entity reports as its operating profit or loss.

The Company is actively evaluating the impact of IFRS 18 on its financial statements. The Company has determined that Adjusted EBITDA and Adjusted Net Earnings are management-defined performance measures and continues to assess their impact on the disclosures in the financial statements upon


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

adoption. The Company is also evaluating whether All-in Sustaining Cost on a By-product Basis (“AISC”) meets the definition of a management-defined performance measure as described in IFRS 18, in consultation with internal and external advisors and industry peers. The Company is evaluating against the definition of a management-defined performance measure as it extends to the concepts of being a subtotal of income and expenses and a measure of performance of the Company as a whole.

The Company expects that two new subtotals; i) operating income and ii) income before financing and income taxes will be included in the statement of profit or loss upon the adoption of IFRS 18. In addition, in the statement of cash flows, the starting point of the operating cash flows will be changed to operating profit as a result of the new standard.

IFRS 18 will apply to reporting periods beginning on or after January 1, 2027. Retrospective application is required, and so the comparative information for the financial year ending December 31, 2026 will be restated in accordance with IFRS 18. The Company does not intend to early adopt the standard prior to its effective date.

Comparative Figures

Certain figures in the consolidated financial statements have been reclassified from statements previously presented to conform to the presentation of these financial statements as at and for the year ended December 31, 2025.

4. Sale of Greenstone Partnership

In 2021, the Company sold its interest in the Greenstone Partnership for consideration which included contingent payments dependent on the Greenstone Mine achieving certain cumulative production milestones. In 2024, Equinox Gold Inc. (“Equinox”), the operator of the Greenstone Mine, announced that the mine had achieved commercial production which removed significant uncertainty constraining the cumulative production milestones. As a result, the Company recognized a contract asset, representing the amount due from Equinox under these payments contingent on achieving these production milestones. Subsequent to the initial recognition, the most likely value of the contract asset is re-measured at each reporting date with changes in expected value recorded as a gain or loss on the sale of Greenstone Partnership.

During the third quarter of 2026, the Greenstone Mine achieved the second production milestone removing the constraint on the second tranche of the amount due from Equinox. On October 2, 2026, Equinox paid $47.8 million to the Company which is recorded in amounts receivable as at September 30, 2026. See note 5.


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

The table below summarizes changes in the contract asset included in other current assets in the Company’s consolidated statements of financial position.






Balance, January 1, 2025	$	63,088
Remeasurement gain	50,545

Settlements during the period	(41,044)
Balance, December 31, 2025	$	72,589
Remeasurement gain	17,892
Amount reclassified to Amounts Receivable (note 5)	(47,846)
Balance, September 30, 2026 (note 6)	$	42,635

The most likely amount of the contract asset was determined using a discounted cash flow method. The key assumptions used in the measurement of the remaining contract asset are summarized in the table below:


	September 30, 2026		December 31, 2025
Gold price per oz	$4,000		$3,430 - $3,520
Timing of receipt of remaining contingent payment	First half of 2027		2026 to 2027
Discount rate	5.56	%	5.56	%

Key assumptions

The determination of the most likely amount of the contract asset was performed utilizing Level 3 inputs of the fair value hierarchy, and including the following key assumptions:

•Future commodity price estimates were determined using forecasts of future prices prepared by industry analysts, which were available as at or close to the valuation date. The Company applied the variable consideration constraint in accordance with IFRS 15 Revenue recognition from contracts with customers through developing an established range of data points between the minimum and median of available future price estimates to reduce the likelihood of future reversal of the gain recognized on the sale of Greenstone Partnership.

•Expected timing of receipt of contingent payments were determined using the most recent production and public guidance disclosures for the Greenstone Mine and recently issued technical reports to estimate when the timing of the contingent payment thresholds would be met.

•Discount rate was based on a credit-risk adjusted rate representing the broader mining industry. This discount rate is not subject to change as the asset is re-measured on a periodic basis.

Future commodity prices and discount rate were assumptions applicable to all components of the measurement of the contract asset while production levels were a key assumption in the timing of the receipt of the milestone payments.


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

5. Amounts receivable


	September 30, 2026		December 31, 2025
Gold and copper concentrate sales receivable(1)	$	43,404	$	53,324
Molybdenum sales receivable(1)	99,591		74,661
Consumption and income tax receivables	4,310		5,738
Receivable from Equinox (note 4)	47,846		—
Other receivables	5,290		3,793
Total amounts receivable	$	200,441	$	137,516

(1)Includes provisionally-priced receivables subject to mark-to-market adjustment (note 17c).

6. Other current assets and liabilities


	September 30, 2026		December 31, 2025
Other current assets
Due from Equinox (1)	$	42,635	$	37,519

Prepaid insurance expenses	5,446		9,229
Deposits for consumable supplies	4,003		1,924

Prepaid assets	3,624		6,156

Other	617		554
Total other current assets	$	56,325	$	55,382
Other current liabilities
Current portion of lease obligations	$	9,054	$	7,924
Current portion of provision for reclamation (note 9)	5,144		—


Share repurchase liability (note 14)	13,385		21,733


Other	2,339		2,327

Total other current liabilities	$	29,922	$	31,984

(1)Relates to the amount due from Equinox associated with the sale of its interest in the Greenstone Partnership expected to be received in the next twelve months (note 4).


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

7. Property, plant and equipment

The following is a summary of the carrying value of property, plant and equipment (“PP&E”):


	Buildings, Plant and Equipment		Mineral Properties(1)		Capitalized Stripping Costs		Construction in Progress		Total
Net book value
Balance January 1, 2025	$	707,369	$	254,701	$	52,276	$	87,190	$	1,101,536
Balance January 1, 2026	$	773,332	$	535,604	$	55,209	$	236,255	$	1,600,400
Balance September 30, 2026	$	815,999	$	511,866	$	42,353	$	485,646	$	1,855,864

(1)Includes exploration and evaluation assets related to the Goldfield Project and Kemess Project.

During the nine months ended September 30, 2026, $374.4 million of additions were capitalized to PP&E, including an $18.4 million reduction in capitalization to asset retirement obligation asset and $33.8 million additions on lease arrangements with right-of-use asset.

During the year ended December 31, 2025, $295.5 million of additions were capitalized to PP&E, including $19.0 million additions in capitalization to asset retirement obligation asset and $6.3 million additions in lease arrangements with right-of-use asset.

During the year ended December 31, 2025, an impairment reversal of $193.5 million was recognized on the Goldfield Project and impairment reversal of $147.6 million ($144.8 million, net of tax) was recognized on the Kemess Project. These impairment reversals represent the full reversal of prior impairments allocated to long-lived assets, as adjusted for depreciation, depletion and amortization.

8. Other non-current assets and liabilities


	September 30, 2026		December 31, 2025
Other non-current assets
VAT and other tax receivables(1)	$	6,025	$	6,413
Non-current supplies inventory	346		346
Due from Equinox(2)	—		35,070

Other	1,931		2,020
Total other non-current assets	$	8,302	$	43,849

Other non-current liabilities
Non-current portion of lease obligations(3)	$	33,982	$	10,867
Non-current portion of deferred revenue(4)	24,877		24,362
Post-retirement benefits	2,808		2,312
Non-current portion of share-based payment liability(5)	16,314		8,955
Other	3,045		—
Total other non-current liabilities	$	81,026	$	46,496

(1)Includes amounts related to the Öksüt Mine.

(2)Relates to the non-current portion of amount due from Equinox associated with the sale of its interest in the Greenstone Partnership (note 4).

(3)Relates to the additional leases at the Thompson Creek Mine and the Mount Milligan Mine.

(4)Relates to the Additional Royal Gold Agreement (note 17a).

(5)Relates to the non-current portion of the Restricted Share Unit (“RSU”) Plan and Performance Share Unit (“PSU”) Plan.


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

9. Reclamation

a.Reclamation provision

The following table reconciles the beginning and ending carrying amounts of the Company’s provision for reclamation.


	September 30, 2026		December 31, 2025


















Balance, beginning of year	$	294,452	$	271,308
Changes in cost estimates	8,437		18,475
Changes in discount rate	(29,947)		(8,859)
Accretion	9,080		11,210
Liabilities settled	(1,223)		(5,319)
Foreign exchange revaluation	(5,211)		7,637
Balance, end of period	$	275,588	$	294,452

Current portion of reclamation provision (note 6)	5,144		—
Non-current portion of reclamation provision	270,444		294,452
Total provision for reclamation	$	275,588	$	294,452

The range of the nominal risk-free interest rate used in discounting the reclamation provision are presented below:


	As at September 30, 2026			As at December 31, 2025
Range of nominal risk-free interest rate applied	4.03%	to	5.64%	3.56%	to	4.84%

b. Reclamation recovery

The recovery relating to the exploration and evaluation and care and maintenance sites are attributable to the following factors:


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Changes in cost estimates	$	2,110	$	(1,238)	$	3,110	$	1,795
Changes in discount rate	(9,324)		919		(7,767)		(5,012)
Other	—		112		—		255
Total reclamation recovery	$	(7,214)	$	(207)	$	(4,657)	$	(2,962)


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

10. Revenue

Total revenue consists of the following:


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Gold revenue	$	255,698	$	235,703	$	820,431	$	541,199
Copper revenue	68,696		48,627		204,773		131,895
Molybdenum revenue	155,916		85,241		370,638		243,697
Other by-product revenue(1)	9,327		7,609		33,361		19,116
Revenue from contracts with customers	$	489,637	$	377,180	$	1,429,203	$	935,907
Provisional and final pricing adjustment on concentrate sales(2)	9,508		18,547		554		48,213
Metal content adjustments on concentrate sales	1,102		(564)		(2,104)		(1,115)
Total revenue	$	500,247	$	395,163	$	1,427,653	$	983,005

(1)Includes silver, rhenium, toll and sulfuric acid sales.

(2)Includes mark-to-market adjustment related to 12.5 million pounds of copper, 42,040 ounces of gold, and 74,361 pounds of molybdenum (September 30, 2025 - 13.3 million pounds of copper, 32,279 ounces of gold, and 82,694 pounds of molybdenum) in the gold and copper concentrate and molybdenum product shipments subject to final pricing as at the period-end.

11. Other operating expenses (income)


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Selling and marketing(1)	$	3,487	$	3,216	$	10,280	$	8,716
Study costs(2)	5,282		402		11,830		1,983
Unrealized loss or (gain) on financial asset related to the Additional Royal Gold Agreement (note 17a)	4,100		(42,600)		40,500		(29,100)


Langeloth Facility standby costs(3)	(852)		—		6,455		—
Other, net	775		774		1,120		1,067
Other operating expenses (income)	$	12,792	$	(38,208)	$	70,185	$	(17,334)

(1)Primarily includes freight charges associated with the Mount Milligan Mine and the Langeloth Facility.

(2)Primarily relates to study costs at the Mount Milligan Mine and the Öksüt Mine.

(3)Includes costs, net of insurance proceeds, incurred at the Langeloth Facility that could not be capitalized to production inventory during the period of suspension of operations in February and March 2026. Most of the standby costs were expensed between February and May 2026 while insurance proceeds are received on a delayed basis.


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

12. Other non-operating income


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Interest income(1)	$	(2,773)	$	(5,252)	$	(11,022)	$	(16,324)

Foreign exchange gain(2)	(3,237)		(3,406)		(17,935)		(738)
Loss (gain) on equity investments (3)	112		(2,181)		(3,134)		(3,302)
Loss (gain) on sale of PP&E	—		19		(214)		(226)

Costs associated with the resolution of legal matter (4)	255		—		3,917		—
Other (income) expenses	(698)		423		733		1,535
Other non-operating income	$	(6,341)	$	(10,397)	$	(27,655)	$	(19,055)

(1)Primarily includes interest on bank term deposits.

(2)Primarily includes foreign exchange impact of the Turkish lira on the Company’s income tax and royalties and impact of the Canadian dollar on the reclamation provision at the Endako Mine and Kemess Project.

(3)Relates to short-term equity investments designated as fair value through profit and loss.

(4)Relates to the Langeloth labour matter, refer to note 16.

13. Income Taxes


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Current income tax expense	$	33,121	$	30,634	$	108,645	$	65,130
Deferred income tax (recovery) expense	(17,787)		28,947		14,070		17,119
Total income tax expense	$	15,334	$	59,581	$	122,715	$	82,249

In June 2026, the Turkish Government announced changes that are expected to reduce the corporate income tax rate for Öksüt from 25% to 12.5%, effective January 1, 2027. This change in tax rate resulted in the reduction of the deferred tax liabilities subject to Turkish tax for the nine months ended September 30, 2026.

During the period, the Company reassessed the expected future tax structure of certain legal entities operating within the same tax jurisdiction and concluded that an amalgamation of these entities is more likely than not. The Company determined that the criteria for offsetting the related deferred income tax assets and liabilities against each other were met. Accordingly, the Company has presented these deferred income tax balances on a net basis in the condensed consolidated interim statements of financial position.

14. Shareholder's equity

a.Repurchases and cancellation of shares

Normal Course Issuer Bid (“NCIB”)

On November 10, 2025, the Company announced that it had received approval from the Toronto Stock Exchange (”TSX”) to renew its NCIB program. Under the renewed NCIB, Centerra may purchase for cancellation up to an aggregate of 20,129,230 common shares in the capital of the Company during the twelve-month period commencing on November 10, 2025 and ending on November 9, 2026, representing approximately 10% of the public float.


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

During the three months ended September 30, 2026, the Company repurchased 2,584,600 common shares (2025 - 2,839,983 common shares) for total consideration of $53.0 million (2025 - $22.0 million) at an average price of $20.52 (C$28.61) (2025 - $7.76) per share. The total consideration paid for the cancelled shares, including transaction costs, was treated as a reduction to common share capital.

During the nine months ended September 30, 2026, the Company repurchased 6,762,900 common shares (2025 - 9,195,416 common shares) for total consideration of $125.2 million (2025 - $64.0 million) at an average price of $18.51 (C$25.75) (2025 - $6.96) per share. The total consideration paid for the cancelled shares, including transaction costs, was treated as a reduction to common share capital.

Automatic Share Purchase Plan

On September 24, 2026, the Company initiated an automatic share purchase plan (“ASPP”) under its NCIB by authorizing its independent broker to repurchase a fixed total value of Centerra common shares up to $13.4 million (December 31, 2025 - $21.7 million) with a certain share price limit during the period ending November 2, 2026.

The Company recognized a financial liability associated with the total maximum amount that may be repurchased during that period by the broker, with an offsetting entry in share capital.

b.Earnings per share

Computation for basic and diluted earnings per share:


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Net earnings	$	88,688	$	292,188	$	240,237	$	391,216

Dilutive impact related to the PSU plan(2)	—		1,991		—		(1,063)
Diluted earnings	$	88,688	$	294,179	$	240,237	$	390,153

Basic weighted average common shares (in thousands)	194,461		202,437		197,225		205,949
Dilutive impact of stock options (in thousands)	1,070		10		998		8
Dilutive impact related to the RSU plan (in thousands)(1)	791		1,071		795		966
Dilutive impact related to the PSU plan (in thousands)(2)	—		1,522		—		1,522

Diluted weighted average common shares (in thousands)	196,322		205,040		199,018		208,445

Earnings per share:
Basic	$	0.46	$	1.44	$	1.22	$	1.90
Diluted	$	0.45	$	1.43	$	1.21	$	1.87

(1)Relates to the Company’s Restricted Share Unit (“RSU”) Plan.

(2)Relates to the Company’s Performance Share Unit (“PSU”) Plan.


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

For the nine months ended September 30, 2026 and 2025, certain potentially anti-dilutive securities were excluded from the calculation of diluted earnings per share due to the exercise prices being greater than the average market price of the Company’s common shares for the respective periods.

Anti-dilutive securities excluded from the calculation are summarized below:


	Three months ended September 30,		Nine months ended September 30,
	2026	2025	2026	2025
RSUs and PSUs excluded from earnings per share (in thousands)	2,578	1,768	2,498	1,382
ASPP impact excluded from earnings per share (in thousands)(1)	614	649	614	649

(1)ASPP has an anti-dilutive impact on earnings per share by reducing the number of shares outstanding from the calculation.

c.Dividends

On October 29, 2026, the Board approved a quarterly dividend of C$0.07 per share to shareholders of record on November 16, 2026.

15. Supplemental cash flow disclosure

Changes in working capital


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Increase in amounts receivable	$	(81,206)	$	(38,286)	$	(63,610)	$	(76,557)
Increase in inventories	(4,201)		(43,737)		(97,654)		(50,183)
Decrease in other current assets	35,481		47,202		38,263		32,668
Increase in accounts payable and accrued liabilities	57,714		62,213		47,419		74,828

Changes in working capital	$	7,788	$	27,392	$	(75,582)	$	(19,244)

16. Commitments and contingencies

Commitments

As of September 30, 2026, the Company had entered into contracts related to PP&E totaling $131.3 million (September 30, 2025 - $43.1 million).

Contingencies

On an ongoing basis, the Company is subject to various claims, tax audits and other legal disputes, the outcomes of which cannot be assessed with a high degree of certainty. The Company has been audited and reassessed by the British Columbia Ministry of Finance in respect of British Columbia mineral tax filings for the 2013 to 2022 taxation years. The Company believes the tax position it has taken is supportable and is disputing the reassessments. The Company does not expect the outcome of the reassessments to have a material effect on the Company’s financial statements.


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

Mount Milligan Mine Royalty

The Company is subject of a claim made by H.R.S. Resources Corp. (“H.R.S.”), the holder of a 2% royalty at Mount Milligan, in the first quarter of 2020. H.R.S. claimed that since November 2016 (when the royalty became payable) the Company has incorrectly calculated amounts payable under the royalty agreement and has therefore underpaid amounts owing to H.R.S.

The B.C. Court of Appeal rendered a written decision on January 13, 2026, which determined that the Company should be calculating the royalty on the full amounts received from offtakers who purchase Mount Milligan concentrate, notwithstanding that under the Royal Gold Streaming Agreement, we are immediately required to use a portion of those proceeds to purchase gold and copper credits for delivery to Royal Gold. This decision overturned a previously written decision from the B.C. Supreme Court that stated, among other things, that the Company was correct to include the effect of the Royal Gold Streaming Agreement when calculating the royalty. The Company sought leave to appeal from the Supreme Court of Canada and is awaiting a decision. In the first quarter of 2026, the Company paid approximately $22.4 million to H.R.S. pursuant to the B.C. Court of Appeal decision, which was previously accrued as at December 31, 2025, and will make future royalty payments on that basis. If that appeal to the Supreme Court of Canada is successful, the Company may be entitled to recover some or all of the amounts paid to H.R.S. and revert to the previous royalty calculation.

Langeloth Labour Matter

Langeloth Metallurgical Company, LLC ("Langeloth") is involved in a historical labour-related proceeding filed by the International Union, United Automobile, Aerospace, and Agricultural Implement Workers of America (the “UAW”) at the U.S. National Labor Relations Board (“NLRB”) concerning the recall and reinstatement of former economic strikers. During 2026, the parties engaged in settlement discussions and have negotiated the terms of a settlement in July 2026. On August 7, 2026, the Company paid approximately $3.9 million in settlement of the matter.


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

17. Financial instruments

The Company’s principal financial instruments include the Mount Milligan Mine’s financial asset related to the Additional Royal Gold Agreement, equity investments and derivative financial instruments. Financial instruments also comprise amounts receivable (including embedded derivatives) and accounts payable. The Company’s principal financial instruments not inclusive of amounts receivable and accounts payable are summarized in the table below:


	September 30, 2026		December 31, 2025
Other current financial assets
Current derivative instrument assets (note 17b)	$	8,111	$	2,566
Current equity investments (note 17d)	229		11,967


	8,340		14,533
Other non-current financial assets
Royal Gold financial asset (note 17a)	$	72,800	113,300
Non-current derivative instrument assets (note 17b)	301		255

	73,101		113,555
Non-current equity investments (note 17d)	176,797		105,870
Total other financial assets	$	258,238	$	233,958

Other current financial liabilities

Current derivative instrument liabilities (note 17b)	$	13,416	$	16,346
	13,416		16,346
Other non-current financial liabilities
Non-current derivative instrument liabilities (note 17b)	73,767		82,093

	73,767		82,093
Total other financial liabilities	$	87,183	$	98,439

The table below provides a breakdown of the changes in the fair value of derivative financial instruments and equity investments recognized in other comprehensive income (“OCI”) and the portion of the fair value changes reclassified to the statements of earnings:


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
(Decrease) increase in fair value of derivative instrument liabilities	$	(7,296)	$	(52,892)	$	24,406	$	(39,772)
Increase in fair value of equity investments accounted through fair value through other comprehensive income	24,444		23,146		39,756		28,308
Reclassified to net earnings	(1,740)		(1,428)		(2,507)		(5,862)
Increase (decrease) in fair value of financial instruments and equity investments included in OCI(1)	$	15,408	$	(31,174)	$	61,655	$	(17,326)

(1)Includes tax expense of $4.8 million for the three months ended September 30, 2026 (three months ended September 30, 2025 - $(0.6) million tax (recovery)) and $9.6 million tax expense for the nine months ended September 30, 2026 (nine months ended September 30, 2025 - $5.2 million tax expense).


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

a.Mount Milligan Mine financial asset related to the Additional Royal Gold Agreement

The Mount Milligan Mine is subject to an arrangement with Royal Gold which entitles Royal Gold to purchase 35% and 18.75% of gold and copper produced, respectively, and requires Royal Gold to pay $435 per ounce of gold and 15% of the spot price per pound of copper delivered. The Company accounts for the Additional Royal Gold Agreement as a financial asset and the fair value of the financial asset is re-measured at each reporting date with changes in fair value recorded as a gain or loss in other operating expenses.

In 2024, the Company and its subsidiary, TCM, entered into an Additional Royal Gold Agreement relating to the Mount Milligan Mine to increase cash payments for the Mount Milligan Mine’s gold ounces and copper pounds delivered to Royal Gold dependent on specific delivery milestones. On September 11, 2025, the Company issued the Mount Milligan Mine pre-feasibility study (“MTM PFS”), confirming an extension of the life of mine. The fair value of the financial asset was re-measured at that time to incorporate the extension to the life of mine.

The following is a summary of the changes in the financial asset included in other assets in the Company’s consolidated statements of financial position:






Balance, January 1, 2025	$	67,200
Settlement of deferred gold consideration(1)	43,101
Fair value adjustments	2,999
Balance, December 31, 2025	$	113,300
Fair value adjustments	$	(40,500)
Balance, September 30, 2026	$	72,800

(1)Represents the value of the delivery of the first deferred gold consideration, settled in gold ounces.

The Company has also indemnified Royal Gold and its affiliates for up to $25 million of specified incremental taxes that may be assessed as a result of the Additional Royal Gold Agreement for a period of seven years. The Company considers the value associated with the indemnification to be nominal in its valuation of the financial asset based on remote probability of the cash outflow. The Company re-evaluates this assessment each period.

Subsequent to the period end, the second tranche of the $47.6 million deferred gold consideration was settled with Royal Gold as a result of the second production milestone for the Greenstone Mine being achieved. See note 4.


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

The key assumptions used in the measurement of the financial asset are summarized in the table below:


	September 30, 2026		December 31, 2025
Gold price per oz - short-term (1)	$4,300 - $4,500		$3,000 - $4,000
Gold price per oz - long-term	$3,600		$3,000
Copper price per lb - long term	$5.00		$4.50
Timing of delivery of deferred gold consideration (range of years)	2026 to 2034		2026 to 2034
Gold price volatility used in the Monte Carlo simulation	18.9	%	18.5	%
Discount rate	7.88% - 9.13%		6.25% - 7.63%

(1) Short-term represents the years 2026-2029 as at September 30, 2026 (2026-2029 as at December 31, 2025).

The fair value of the financial asset is most sensitive to the key assumptions summarized below:


	Hypothetical Change	Impact on Value
Gold price per oz	+/-$250/oz	+/- $2,625
Copper price per lb	+/-$0.50/lb	+/- $17,932
Discount rate	+/-1%	+/- $13,925

Key assumptions

The determination of the fair value of the financial asset was performed utilizing Level 3 inputs of the fair value hierarchy, and including the following key assumptions:

•Future commodity price estimates were determined using forecasts of future prices prepared by industry analysts, which were available as at or close to the valuation date and applying the Monte Carlo method to determine the applicable price for the additional cash payments for gold;

•Discount rate was based on the Company’s estimated weighted-average cost of capital, of which the two main components are the cost of equity and the after-tax cost of debt. Included in the weighted-average cost of capital is the incremental premium reflecting risk associated with permitting and construction of the second tailings storage facility;

•Timing of deferred gold consideration was determined based on the Company’s best estimate of the timing to receive the gold ounces in relation to the sale of Centerra’s 50% interest in the Greenstone Partnership;

•Gold price volatility used in the Monte Carlo simulation was determined by applying statistical methods to daily historical gold prices over the period equal to the life of Mount Milligan Mine; and

•Estimated future production profile, including production levels and operating and capital costs of the Mount Milligan Mine were determined with reference to the life of mine plan. The life of mine plan was updated in the third quarter of 2025 when the Company issued the MTM PFS. The production levels used were consistent with the volume of reserves developed as part of the Company’s process for the estimation of mineral reserves and resources.

Future commodity prices and discount rate were assumptions applicable to all components of the measurement of the financial asset while production levels were a key assumption in the valuation of threshold payments and free cash flows interest payments components of the financial asset. Gold price volatility was an assumption used specifically in the Monte Carlo method applied in the valuation of additional cash payments for gold.


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

b.Derivative financial instruments

The Company uses derivative financial instruments as part of its risk management program to mitigate exposures to various market risks including commodity prices, foreign exchange rates and diesel fuel prices. The Company’s derivative counterparties are syndicate members of the Company’s corporate credit facility. The Company monitors its derivative position exposures on an ongoing basis.


	September 30, 2026		December 31, 2025
Derivative instrument assets
Current
Foreign exchange contracts	$	—	$	1,752
Fuel contracts	8,023		—

Royal Gold deliverables(1)	88		814

	8,111		2,566
Non-current
Foreign exchange contracts	—		250
Fuel contracts	301		5

	301		255
Total derivative instrument assets	$	8,412	$	2,821

Derivative instrument liabilities
Current
Foreign exchange contracts	$	7,615	$	259
Fuel contracts	—		1,370
Royal Gold deliverables(1)	3,154		56

Gold contracts	2,647		14,661
	13,416		16,346
Non-current
Foreign exchange contracts	—		111
Fuel contracts	—		504
Gold contracts(2)	73,767		81,478

	73,767		82,093
Total derivative instrument liabilities	$	87,183	$	98,439

(1)Relates to Royal Gold deliverables, which are gold and copper forward contracts for gold ounces and copper pounds, respectively, payable to Royal Gold.

(2)Hedges associated with the Goldfield Project with floors at $3,200 for 2029 and 2030, with ceilings at an average of $4,438 and $4,706, respectively.


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

Hedge derivatives

The derivative instruments outstanding as at September 30, 2026 that are accounted for as cash flow hedges are summarized below:


		Average Strike Price				Total Position(2)
Instrument	Unit	2026	2027	2028+	Type
Diesel Contracts
ULSD zero-cost collars(1)	Litres	$0.59/$0.66	—	—	Fixed	716,000
ULSD swap contracts(1)	Litres	$0.62	$0.58	—	Fixed	16,064,000
Foreign exchange contracts
US$/C$ zero-cost collars	CAD	$1.38/$1.43	—	—	Fixed	12,000,000
US$/C$ forward contracts	CAD	$1.38	$1.36	—	Fixed	306,000,000
Gold Hedge Contracts
Öksüt Mine zero-cost collars	Ounces	$2,400/$3,696	—	—	Fixed	5,382
Goldfield Project zero-cost collars(3)	Ounces	—	—	$3,200/$4,575	Fixed	117,000

(1)Ultra-low sulfur diesel (“ULSD”).

(2)Total amounts expressed in the units identified.

(3)Hedges associated with the Goldfield Project with floors at $3,200 for 2029 and 2030, with ceilings at an average of $4,438 and $4,706, respectively.

Fuel contracts

The Company applies hedge accounting to derivative instruments it enters into to hedge a portion of its estimated future diesel fuel purchases at its Mount Milligan Mine operations and estimated future diesel fuel purchases at the Thompson Creek Mine, to manage the risk associated with changes in diesel fuel prices on the cost of operations. The fuel hedge contracts are expected to settle over time by the end of 2027.

Foreign exchange contracts

The Company applies hedge accounting to the foreign exchange contracts it enters into to hedge a portion of its future Canadian dollar denominated expenditures. The foreign exchange contracts are expected to settle over time by the end of 2027.

Gold contracts

In 2024, the Company entered into zero-cost collar contracts related to the Oksut Mine for 40,000 ounces in 2025 and 20,000 ounces in 2026. The derivatives expire evenly through each year.

In conjunction with the decision to proceed with the Goldfield Project on August 6, 2025, the Company entered into zero-cost collar contracts for 57,000 ounces in 2029 and 60,000 ounces in 2030 to protect project economics and support predictable cash flow during the ramp-up period. These contracts are expected to settle over time by the end of 2030.

The Company applies hedge accounting to gold contracts it enters to hedge a portion of the expected gold ounces sold to manage the risk associated with changes to the London Bullion Market Association (“LBMA”) gold price. The option collar contracts utilize a price floor, allowing for significant participation in


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

upward price movements. These hedges result in cash inflows or outflows only when the underlying LBMA gold price is below the collar floor, or above the collar ceiling, respectively, at the time of settlement.

Non-hedge derivatives

The non-hedge derivative instruments outstanding as at September 30, 2026, are expected to settle by the end of the fourth quarter of 2026, and are summarized as follows:


Instrument	Unit	Total Position(1)
Royal Gold deliverables
Gold forward contracts	Ounces	15,498
Copper forward contracts	Pounds	1,874,000

(1)Total amounts expressed in the units identified.

Royal Gold deliverables

For deliveries under the Mount Milligan Streaming Agreement, the Company delivers physical gold and copper warrants to Royal Gold based on a percentage of the gold ounces and copper pounds included in each final sale of concentrate to third party customers, including off-takers and traders (collectively, “MTM Customers”), within two days of receiving or making a final payment. If a final payment from the MTM Customers is not received or paid within five months of the bill of lading date, then the Company will deliver an estimated amount of gold ounces and copper warrants, based on the quantities from the provisional invoice, for an estimated 90% of the material they are due to pay, based on the provisional invoice quantities.

The Company receives payment from the MTM Customers in cash, thus requiring the purchase of physical gold and copper warrants in order to satisfy the obligation to pay Royal Gold. In order to hedge its gold and copper price risk, which arises from timing differences, when physical purchase and concentrate sales pricing periods do not match, the Company has entered into certain forward gold and copper purchase and sales contracts, pursuant to which it purchases gold and copper at an average price during a quotation period, and sells gold and copper at a spot price. These contracts are treated as derivatives and are not designated as hedging instruments. The Company records its forward commodity contracts at fair value using a market approach based on observable quoted market prices and specific contract terms.

c. Provisionally-priced contracts

Amounts receivable

Upon the shipment and sale of gold and copper concentrate to various off-takers, the Company typically receives a payment equal to an amount ranging from 90% to 95% of the contracted value of the contained metals, net of applicable treatment and refining charges, while the final settlement payment is not due for several months. The majority of molybdenum sales is not subject to provisional pricing; however, for a small number of shipments and sales of molybdenum products to customers, the Company receives a payment typically equal to an amount ranging from 90% to 100% of the contracted value of contained metal, net of applicable deductions, while the remaining payment, if any, is not due for several months.


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

Under the terms of these sales contracts, prices are subject to final adjustment, at the end of a future period, after control passes to the customer, based on quoted market prices during a quotation period and specific contract terms outlined in the contract. At the end of each reporting period, provisionally-priced receivables are marked to market based on the forward market price for the quotational period stipulated in the contract, with changes in fair value recognized in gold, copper and molybdenum revenue.

The amount of trade receivables related to the sales of gold and copper concentrate and molybdenum products prior to mark-to-market adjustment, the mark-to-market adjustment made during the period, and the fair value of provisionally-priced receivables as at September 30, 2026 and December 31, 2025, are summarized as follows:


	September 30, 2026		December 31, 2025
Trade receivables prior to mark-to-market adjustment	$	53,252	$	50,407
Mark-to-market adjustment related to gold and copper concentrate sold	(7,366)		11,500
Mark-to-market adjustment related to molybdenum products sold	9		697
Provisionally-priced trade receivables	$	45,895	$	62,604

As at September 30, 2026 and December 31, 2025, the Company’s net receivable position consists of copper, gold, and molybdenum sales contracts awaiting final pricing and is summarized as follows:


		Sales awaiting final pricing		Fair value price ($/unit)
	Unit	September 30, 2026	December 31, 2025	September 30, 2026	December 31, 2025
Copper	Pounds	12,496,188	11,478,789	6.55	5.64
Gold	Ounces	42,040	35,004	4,173	4,338
Molybdenum	Pounds	74,361	79,710	34.80	22.57

Trade payables

Upon the purchase of molybdenum concentrate from various vendors, the Company typically pays an amount ranging from 95% to 100% of the contracted value of contained metal, net of applicable deductions while the final settlement payment is not due for several months. Under the terms of these concentrate purchase contracts, prices are subject to final adjustment at the end of a future period, after control passes to the Company based on quoted market prices during the quotation period specified in the contract. At the end of each reporting period, provisionally-priced purchases are recorded at fair value based on the forward market price for the quotation period stipulated in the contract, with changes in fair value recognized in inventory or production costs, as applicable.


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

Accounts payable related to the purchase of molybdenum concentrate prior to fair value adjustment, the fair value adjustments made during the period, and the fair value of provisionally-priced payables as at September 30, 2026 and December 31, 2025, are summarized as follows:


	September 30, 2026		December 31, 2025
Accounts payable prior to fair value adjustment	$	33,316	$	61,433
Fair value adjustment to molybdenum concentrate	2,905		224
Provisionally-priced accounts payable	$	36,221	$	61,657

As at September 30, 2026 and December 31, 2025, the Company’s net position of molybdenum purchase contracts awaiting final pricing can be summarized as follows:


		Purchases awaiting final pricing		Fair value price ($/unit)
	Unit	September 30, 2026	December 31, 2025	September 30, 2026		December 31, 2025
Molybdenum	Pounds	1,338,310	1,155,206	$	31.39	$	21.49

d. Equity Investments


	September 30, 2026		December 31, 2025
Current portion of equity investments	$	229	$	11,967
Non-current portion of equity investments (1)	176,797		105,870
Total equity investments	$	177,026	$	117,837

(1)Relates to the shares of publicly traded entities, measured at fair value through OCI, including the investment in Thesis Gold Inc. of $61.5 million and investment in Liberty Gold Corp. of $78.7 million as at September 30, 2026.


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

e. Fair value measurement

Classification and the fair value measurement by the level of financial assets and liabilities in the consolidated statements of financial position were as follows:


September 30, 2026
	Level 1		Level 2		Level 3		Total
Financial assets
Financial asset related to the Additional Royal Gold Agreement	$	—	$	—	$	72,800	$	72,800
Provisionally-priced trade receivables	—		45,895		—		45,895
Equity investments	177,026		—		—		177,026
Derivative financial instruments	—		8,412		—		8,412
	$	177,026	$	54,307	$	72,800	$	304,133

Financial liabilities
Provisionally-priced accounts payable	$	—	$	36,221	$	—	$	36,221

Derivative financial instruments	—		87,183		—		87,183
	$	—	$	123,404	$	—	$	123,404


December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial assets
Financial asset related to the Additional Royal Gold Agreement	$	—	$	—	$	113,300	$	113,300
Provisionally-priced trade receivables	—		62,604		—		62,604
Equity investments	117,837		—		—		117,837
Derivative financial instruments	—		2,821		—		2,821
	$	117,837	$	65,425	$	113,300	$	296,562

Financial liabilities
Provisionally-priced accounts payable	$	—	$	61,657	$	—	$	61,657

Derivative financial instruments	—		98,439		—		98,439
	$	—	$	160,096	$	—	$	160,096

During the nine months ended September 30, 2026, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements.

Valuation Techniques

Mount Milligan Mine financial asset related to the Additional Royal Gold Agreement

The fair value of the Mount Milligan Mine financial asset related to the Additional Royal Gold Agreement utilizes a combination of a Monte Carlo simulation method and discounted cash flow method. The fair value measurement requires management to make estimates and assumptions with respect to the metal prices, expected production, operating and capital costs from the Mount Milligan Mine’s life of mine


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

projections, expected timing of delivery of deferred gold consideration, gold price volatility used in the Monte Carlo simulation, probability of tax indemnity payments and a discount rate. As such, this financial asset is classified within Level 3 of the fair value hierarchy.

Equity investments

Equity investments representing shares of publicly traded entities are recorded at fair value using quoted market prices (classified within Level 1 of the fair value hierarchy).

Provisionally-priced receivables

The fair value of receivables arising from copper, gold and molybdenum sales contracts that contain provisional pricing mechanisms are determined using the appropriate quoted forward price from the exchange that is the principal active market for the particular metal. As such, these receivables, which meet the definition of an embedded derivative, are classified within Level 2 of the fair value hierarchy.

Provisionally-priced payables

The fair value of payables arising from molybdenum purchase contracts that contain provisional pricing mechanisms are determined using the appropriate quoted forward price from the exchange that is the principal active market for the particular metal. As such, these payables are classified within Level 2 of the fair value hierarchy.

Derivative financial instruments

The fair value of gold, copper, diesel and currency derivative financial instruments, classified within Level 2, are determined using derivative pricing models that utilize a variety of inputs that are a combination of quoted prices and market-corroborated inputs. The fair value of the Company’s derivative contracts includes an adjustment for credit risk.

18. Impairment Reversal

Goldfield Project

During the third quarter of 2025, the Company completed additional technical studies and project optimizations on the Goldfield Project which in conjunction with a significant increase in long-term gold prices, significantly improved the economics of the project. On August 6, 2025, the Company’s Board of Directors approved the construction of the Goldfield Project and the Company announced the results of a technical study outlining strong economics for the Goldfield Project. Concurrent with the construction decision, the Company entered into zero-cost gold collars to hedge a portion of the commodity price risk, protect margins, safeguard economics in the early years of the Goldfield Project, and expedite the capital payback period. The Company identified the construction decision as an indicator of impairment reversal for the Goldfield Project and completed an impairment reversal test in the third quarter of 2025. See note 17 for the details of the Company’s hedging program related to the Goldfield Project.

The estimated recoverable amount of the Goldfield Project as at August 6, 2025 was determined on the basis of fair value less costs of disposal (“FVLCD”) and calculated by discounting the estimated future net cash flows over the estimated life of the mine. Calculating the FVLCD required management to make estimates and assumptions with respect to future production levels and operating and capital costs in the life of mine plans, future metal prices, discount rate and estimates of the fair value attributable to mineralization in excess of life of mine plan. Changes in any of the assumptions or estimates used in


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

determining the fair values could have impacted the impairment reversal analysis and its conclusions. The key assumptions used in the impairment test for Goldfield Project are summarized in the table below:


	2025
Gold price per oz - medium term(1)	$2,850 - $3,050
Gold price per oz - long-term(1)	$2,650

Gold production (thousands of ounces)	533
Discount rate	8.5	%

(1)Gold prices represent anticipated realized metal prices as at June 30, 2025. Medium term represents the early production years 2028 to 2030, whereas long term represents years from 2031 to the end of life of mine. Prices selected for 2029 and 2030 were developed in consideration of real hedged floor price of the zero-cost collars entered into for hedging purposes.

As the Goldfield Project’s estimated recoverable amount exceeded the previous carrying amount less amortization that would have been recognized had the assets not been impaired, an impairment reversal of $193.5 million was recognized in the impairment reversal line item in the condensed consolidated interim statements of earnings and comprehensive income and reflected in the Goldfield category in the Company’s segment disclosure (note 19). This impairment reversal represents the full reversal of prior impairment allocated to long-lived assets, as adjusted for depreciation, depletion and amortization. The discounted cash flow approach uses significant unobservable inputs and is therefore considered Level 3 fair value measurement under the fair value hierarchy.

Key assumptions

The determination of the recoverable amount with Level 3 input of the fair value hierarchy, includes the following key applicable assumptions:

•Gold price estimates were determined using forecasts of future prices prepared by industry analysts, which were available as at or close to the valuation date;

•Estimated production levels, and future operating and capital costs are based on detailed life of mine plans and also take into account the Company’s expected development plans and development timeline to construct the necessary infrastructure and start production. The production levels used were consistent with the reserves volumes developed as part of the Company’s process for the estimation of mineral reserves and resources;

•A real after-tax discount rate was based on the Company’s estimated real weighted-average cost of capital, of which the two main components are the cost of equity and the after-tax cost of debt. The discount rate was adjusted for the specific risks associated with the Goldfield Project.


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

19. Segmented information

The Company bases its operating segments on the way information is reported and used by the Company's chief operating decision-maker (“CODM”). The results of operating segments are reviewed by the CODM in order to make decisions about resources to be allocated to the segments and to assess their respective performances.

During the first quarter of 2026, the Company revised its internal organizational structure as a result of changes and advancements within the business and to better reflect how the CODM evaluates performance and allocates resources. The Company identified the Goldfield Project as a separate standalone reportable segment to align with the CODM focus on the ongoing construction and development of the project. Additionally, the Company refined the US Moly segment to comprise of the Thompson Creek Mine and Langeloth Metallurgical Facility which are vertically integrated. The Endako mine is now being presented within Corporate and Other, aligned with the Company’s updated organizational structure.

The comparative segment information for prior period has been restated to reflect the revised reportable segments. The reclassification has no impact on the Company’s previously reported consolidated net earnings, total assets, or cash flows.


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

The following tables set forth operating results by reportable segment for the following periods:


Three months ended September 30, 2026
(Thousands of U.S. dollars)		Oksut	Mount Milligan		US Moly		Goldfield		Total Segments		Corporate and other		Total
Revenue		130,709	$	209,154	$	160,384	$	—	$	500,247	$	—	$	500,247
Cost of sales
	Production costs	52,077		95,147		143,538		—		290,762		—		290,762
	Depreciation	15,748		16,511		1,138		—		33,397		—		33,397
Earnings from mine operations		62,884	$	97,496	$	15,708	$	—	$	176,088	$	—	$	176,088
	Exploration and evaluation costs	4,585		2,797		117		313		7,812		18,257		26,069
	Corporate administration costs	—		—		—		—		—		9,559		9,559
	Share-based compensation expenses	—		—		—		—		—		20,817		20,817
	Care and maintenance expenses	—		—		—		—		—		7,289		7,289

	Reclamation recovery	—		—		—		—		—		(7,214)		(7,214)
	Other operating expenses	378		6,665		640		—		7,683		5,109		12,792
Earnings (loss) from operations		57,921	$	88,034	$	14,951		(313)	$	160,593			$	106,776
	Loss on sale of Greenstone Partnership											293		293
	Other non-operating income											(6,341)		(6,341)
	Finance costs											8,802		8,802
Earnings before income tax													$	104,022
	Income tax expense											15,334		15,334


Net earnings													$	88,688
Additions to PP&E		2,206	$	28,527	$	76,105		30,507	$	137,345	$	1,924	$	139,269


Three months ended September 30, 2025
(Thousands of U.S. dollars)		Öksüt	Mount Milligan		US Moly		Goldfield		Total Segments		Corporate and other		Total
Revenue		169,098	$	137,269	$	88,796		—	$	395,163	$	—	$	395,163
Cost of sales
	Production costs	59,141		77,344		86,867		—		223,352		—		223,352
	Depreciation	19,770		14,473		1,136		—		35,379		—		35,379
Earnings from mine operations		90,187	$	45,452	$	793		—	$	136,432	$	—	$	136,432
	Exploration and evaluation costs	157		2,028		—		2,012		4,197		16,369		20,566
	Corporate administration costs	—		—		—		—		—		6,955		6,955
	Share-based compensation expenses	—		—		—		—		—		8,074		8,074
	Care and maintenance expenses	—		—		—		—		—		4,676		4,676
	Impairment reversal	—		—		—		(193,520)		(193,520)		—		(193,520)
	Reclamation recovery	—		—		—		—		—		(207)		(207)
	Other operating expenses (income)	366		(40,200)		977		—		(38,857)		649		(38,208)
Earnings (loss) from operations		89,664	$	83,624	$	(184)		191,508	$	364,612			$	328,096
	Gain on sale of Greenstone Partnership											(16,264)		(16,264)
	Other non-operating income											(10,397)		(10,397)
	Finance costs											2,988		2,988
Earnings before income tax													$	351,769
	Income tax expense											59,581		59,581


Net earnings													$	292,188
Additions to PP&E		7,961	$	11,868	$	36,509		11	$	56,349	$	350	$	56,699


Centerra Gold Inc. Notes to the Condensed Consolidated Interim Financial Statements (Unaudited) September 30, 2026 (Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)


Nine months ended September 30, 2026
	Öksüt		Mount Milligan		US Moly		Goldfield		Total Segments		Corporate and other		Total
Revenue	$	455,722	$	587,094	$	384,837	$	—	$	1,427,653	$	—	$	1,427,653
Cost of sales
Production costs	164,488		275,732		356,137		—		796,357		—		796,357
Depreciation, depletion and amortization	47,974		47,193		3,419		—		98,586		—		98,586
Earnings from mine operations	$	243,260	$	264,169	$	25,281	$	—	$	532,710	$	—	$	532,710
Exploration and evaluation costs	5,258		3,852		117		3,754		12,981		36,545		49,526
Corporate administration costs	—		—		—		—		—		30,652		30,652
Share-based compensation expenses	—		—		—		—		—		33,614		33,614
Care and maintenance expenses	—		—		—		—		—		17,323		17,323



Reclamation recovery	—		—		—		—		—		(4,657)		(4,657)
Other operating expenses	1,396		50,857		10,101		—		62,354		7,831		70,185
Earnings (loss) from operations	$	236,606	$	209,460	$	15,063	$	(3,754)	$	457,375			$	336,067

Gain on sale of Greenstone Partnership											(17,892)		(17,892)
Other non-operating income											(27,655)		(27,655)
Finance costs											18,662		18,662
Earnings before income tax													$	362,952
Income tax expense											122,715		122,715


Net earnings													$	240,237
Additions to PP&E	$	13,837	$	109,885	$	195,105	$	49,199	$	368,026	$	6,415	$	374,441


Nine months ended September 30, 2025
	Öksüt		Mount Milligan		US Moly		Goldfield		Total Segments		Corporate and other		Total
Revenue	$	329,703	$	399,290	$	254,012	$	—	$	983,005	$	—	$	983,005
Cost of sales
Production costs	120,669		225,786		250,643		—		597,098		—		597,098
Depreciation, depletion and amortization	36,810		45,281		3,409		—		85,500		—		85,500
Earnings (loss) from mine operations	$	172,224	$	128,223	$	(40)	$	—	$	300,407	$	—	$	300,407
Exploration and evaluation costs	1,223		3,934		—		5,059		10,216		27,175		37,391
Corporate administration costs	—		—		—		—		—		24,100		24,100
Share-based compensation expenses	—		—		—		—		—		10,945		10,945
Care and maintenance expenses	—		—		—		—		—		14,306		14,306
Impairment reversal	—		—		—		(193,520)		(193,520)		—		(193,520)
Reclamation recovery	—		—		—		—		—		(2,962)		(2,962)
Other operating expenses (income)	717		(21,150)		2,148		—		(18,285)		951		(17,334)
Earnings (loss) from operations	$	170,284	$	145,439	$	(2,188)	$	188,461	$	501,996			$	427,481
Gain on sale of Greenstone Partnership											(37,871)		(37,871)
Other non-operating income											(19,055)		(19,055)
Finance costs											10,942		10,942
Earnings before income tax													$	473,465
Income tax expense											82,249		82,249
Net earnings													$	391,216


Additions to PP&E	$	31,820	$	52,194	$	95,732	$	47	$	179,793	$	582	$	180,375

Management’s

Discussion and

Analysis

For the Three and Nine Months Ended September 30, 2026 and 2025

This Management’s Discussion and Analysis (“MD&A”) has been prepared as of October 29, 2026 and is intended to provide a review of the financial position and results of operations of Centerra Gold Inc. (“Centerra” or the “Company”) for the three and nine months ended September 30, 2026 in comparison with the corresponding periods ended September 30, 2025. This discussion should be read in conjunction with the Company’s unaudited condensed consolidated interim financial statements and the notes thereto for the three and nine months ended September 30, 2026 and consolidated financial statements and notes thereto for the year ended December 31, 2025 prepared in accordance with International Accounting Standard 34, Interim Financial Reporting available at www.centerragold.com and on SEDAR+ (“SEDAR”) at www.sedarplus.ca and EDGAR at www.sec.gov/edgar. In addition, this discussion contains forward-looking information regarding Centerra’s business and operations. Such forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. See “Cautionary Statement on Forward-Looking Information” in the section below. All dollar amounts are expressed in United States dollars (“USD”), except as otherwise indicated. All references in this document denoted with NG indicate a “specified financial measure” within the meaning of National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure of the Canadian Securities Administrators. None of these measures are standardized financial measures under International Financial Reporting Standards (“IFRS”) and these measures may not be comparable to similar financial measures disclosed by other issuers. See section “Non-GAAP and Other Financial Measures” below for a discussion of the specified financial measures used in this document and a reconciliation to the most directly comparable IFRS measures.

TABLE OF CONTENTS


Overview			1
Overview of Consolidated Financial and Operational Highlights			2
Quarterly Highlights and Recent Events			4
Overview of Consolidated Results			6
Outlook			9


Liquidity and Capital Resources			19
Financial Performance			20
Financial Instruments			23
Balance Sheet Review			24


Operations and Development Projects			25
1) Mount Milligan Mine			25
2) Öksüt Mine			29
3) US Moly			32
4) Goldfield Project			35
Exploration			37



Quarterly Results – Previous Eight Quarters			38

Accounting Estimates, Policies and Changes			38
Disclosure Controls and Procedures and Internal Control Over Financial Reporting			38
Non-GAAP and Other Financial Measures			39

Qualified Person & QA/QC			47
Cautionary Statement on Forward-Looking Information			47

OVERVIEW & QUARTERLY RESULTS

OUTLOOK & GUIDANCE

LIQUIDITY & FINANCIAL PERFORMANCE

OPERATIONS, DEVELOPMENT & EXPLORATION

NON-GAAP & OTHER INFORMATION

Overview

Centerra’s Business

Centerra is a Canadian-based mining company focused on operating, developing, exploring, and acquiring gold and copper properties in North America, Türkiye, and other markets worldwide. Centerra’s principal operations are the Mount Milligan gold-copper mine located in British Columbia, Canada (the “Mount Milligan Mine”), and the Öksüt gold mine located in Türkiye (the “Öksüt Mine”). The Company also owns the Kemess project (the “Kemess Project”) in British Columbia, Canada, the Goldfield project (“Goldfield Project”) in Nevada, United States, as well as exploration properties in Canada, the United States of America (“USA”), and Türkiye. The Company also owns and operates a US Molybdenum Business Unit (“US Moly”), which includes the Langeloth metallurgical processing facility, operating in Pennsylvania, USA (the “Langeloth Facility”), and the Thompson Creek Mine in Idaho, USA. In addition, the Company owns a separate molybdenum property, the Endako Mine (75% ownership) in British Columbia, Canada.

As at September 30, 2026, Centerra’s significant subsidiaries were as follows:


Legal Entity	Property - Location	Current Status	Ownership
Thompson Creek Metals Company Inc.	Mount Milligan Mine - Canada	Operation	100%
	Endako Mine - Canada	Care and maintenance	75%
Öksüt Madencilik A.S.	Öksüt Mine - Türkiye	Operation	100%
Thompson Creek Mining Co.	Thompson Creek Mine - USA	Development	100%
Langeloth Metallurgical Company LLC	Langeloth Facility - USA	Operation	100%
Gemfield Resources LLC	Goldfield Project - USA	Development	100%
AuRico Metals Inc.	Kemess Project - Canada	Exploration and evaluation	100%

The Company’s common shares are listed on the Toronto Stock Exchange and the New York Stock Exchange and trade under the symbols “CG” and “CGAU”, respectively.

As at October 29, 2026, there are 193,499,721 common shares issued and outstanding, options to acquire 2,147,147 common shares outstanding under the Company’s stock option plan, and 800,187 restricted share units redeemable for common shares outstanding under the Company’s restricted share unit plan (redeemable on a 1:1 basis for common shares).

OVERVIEW & QUARTERLY RESULTS

OUTLOOK & GUIDANCE

LIQUIDITY & FINANCIAL PERFORMANCE

OPERATIONS, DEVELOPMENT & EXPLORATION

NON-GAAP & OTHER INFORMATION

Overview of Consolidated Financial and Operating Highlights


($millions, except as noted)	Three months ended September 30,				Nine months ended September 30,
	2026	2025	% Change		2026	2025	% Change
Financial Highlights
Revenue	500.3	395.2	27	%	1,427.7	983.0	45	%
Production costs	290.8	223.4	30	%	796.4	597.1	33	%
Depreciation, depletion, and amortization ("DDA")	33.4	35.4	(6)	%	98.6	85.5	15	%
Earnings from mine operations	176.1	136.4	29	%	532.7	300.4	77	%
Net earnings	88.7	292.2	(70)	%	240.2	391.2	(39)	%
Adjusted net earnings(1)	71.8	66.4	8	%	239.3	145.4	65	%
Adjusted EBITDA(1)	137.6	145.8	(6)	%	468.5	308.2	52	%
Cash provided by operating activities	143.1	161.7	(12)	%	329.4	245.6	34	%
Free cash flow(1)	17.1	98.7	(83)	%	43.2	83.1	(48)	%

Additions to property, plant and equipment (“PP&E”)	139.3	56.7	146	%	374.4	180.4	108	%
Capital expenditures - total(1)	150.9	58.3	159	%	340.5	159.1	114	%
Sustaining capital expenditures(1)	26.1	25.7	2	%	77.9	69.5	12	%
Non-sustaining capital expenditures(1)	124.8	32.6	283	%	262.6	89.6	193	%

Net earnings per common share - $/share basic(2)	0.46	1.44	(68)	%	1.22	1.90	(37)	%

Adjusted net earnings per common share - $/share basic(1)(2)	0.37	0.33	12	%	1.21	0.70	73	%
Operating highlights
Gold produced (oz)	75,429	81,773	(8)	%	214,157	204,463	5	%

Gold sold (oz)	74,387	80,598	(8)	%	219,436	203,064	8	%
Average market gold price ($/oz)	4,262	3,457	23	%	4,545	3,201	42	%
Average realized gold price ($/oz)(3)	3,483	3,178	10	%	3,697	2,874	29	%
Copper produced (000s lbs)	12,773	13,354	(4)	%	40,069	37,438	7	%
Copper sold (000s lbs)	13,189	13,244	0	%	41,434	37,488	11	%
Average market copper price ($/lb)	6.40	4.44	44	%	6.09	4.33	41	%
Average realized copper price ($/lb)(3)	5.74	3.73	54	%	5.15	3.72	38	%
Molybdenum roasted (000s lbs)	2,784	4,428	(37)	%	7,744	10,627	(27)	%
Molybdenum sold (000s lbs)	4,645	3,121	49	%	12,113	10,441	16	%
Average market molybdenum price ($/lb)	32.98	24.37	35	%	29.48	21.87	35	%
Average realized molybdenum price ($/lb)(3)	33.43	24.42	37	%	30.53	22.41	36	%
Unit costs
Gold production costs ($/oz)(4)	1,505	1,346	12	%	1,536	1,312	17	%
All-in sustaining costs on a by-product basis ($/oz)(1)(4)	1,775	1,652	7	%	1,729	1,604	8	%

Gold - All-in sustaining costs on a co-product basis ($/oz)(1)(4)	2,205	1,833	20	%	2,119	1,816	17	%
Copper production costs ($/lb)(4)	2.68	2.11	27	%	2.49	2.13	17	%
Copper - All-in sustaining costs on a co-product basis ($/lb)(1)(4)	3.32	2.63	26	%	3.08	2.57	20	%

(1)Non-GAAP financial measure. See discussion under “Non-GAAP and Other Financial Measures”.

(2)As at September 30, 2026, the Company had 193,671,809 common shares issued and outstanding.

(3)This supplementary financial measure, within the meaning of National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”), is calculated as a ratio of revenue from the consolidated financial statements and units of metal sold and includes the impact from the Mount Milligan Streaming Agreement (defined below), copper hedges and mark-to-market adjustments on metal sold not yet finally settled.

(4)All per unit cost metrics are expressed on a metal sold basis.

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NON-GAAP & OTHER INFORMATION

(1) Non-GAAP financial measure. See discussion under “Non-GAAP and Other Financial Measures”

(2) Mount Milligan and Öksüt amounts represent cash provided by mine operations

(3) Consolidated amounts include Mount Milligan Mine, Öksüt Mine, US Moly, Goldfield Project and Other

OVERVIEW & QUARTERLY RESULTS

OUTLOOK & GUIDANCE

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NON-GAAP & OTHER INFORMATION

Quarterly Highlights - Third Quarter 2026 compared to Third Quarter 2025

Third Quarter 2026 compared to Third Quarter 2025

Operational

•Produced 75,429 ounces of gold, including 44,070 ounces from Mount Milligan and 31,359 ounces from Öksüt (third quarter of 2025: 81,773 ounces, 32,539 ounces and 49,234 ounces, respectively) and sold 74,387 ounces of gold at an average realized gold price of $3,483 per ounce (third quarter of 2025: 80,598 ounces at $3,178 per ounce)

•Produced 12.8 million pounds of copper and sold 13.2 million pounds at an average realized copper price of $5.74 per pound (third quarter of 2025: 13.4 million pounds produced; 13.2 million pounds sold at $3.73 per pound)

•Sold 4.6 million pounds of molybdenum at an average realized molybdenum price of $33.43 per pound and roasted 2.8 million pounds (third quarter of 2025: 3.1 million pounds sold at $24.42 per pound; 4.4 million pounds roasted)

Financial

•Gold production costs of $1,505 per ounce and all-in sustaining costs on a by-product basisNG of $1,775 per ounce (third quarter of 2025: $1,346 and $1,652 per ounce, respectively)

•Net earnings of $88.7 million or $0.46 per share (basic) (third quarter of 2025: $292.2 million or $1.44 per share, including a $193.5 million impairment reversal at the Goldfield Project) and adjusted net earningsNG of $71.8 million or $0.37 per share (third quarter of 2025: $66.4 million or $0.33 per share)

•Cash provided by operating activities of $143.1 million and free cash flowNG of $17.1 million (third quarter of 2025: $161.7 million and $98.7 million, respectively)

•Returned $62.9 million to shareholders through $53.0 million of share repurchases under the NCIB

and $9.8 million of dividends (third quarter of 2025: $32.4 million, $22.0 million and $10.3 million, respectively)

•Cash and cash equivalents of $397.9 million and total liquidity of $998 million at September 30, 2026

Nine months ended September 30, 2026 compared to September 30, 2025

Operational

•Produced 214,157 ounces of gold, including 111,817 ounces from Mount Milligan and 102,340 ounces from Öksüt (2025: 204,463 ounces, 103,477 ounces and 100,986 ounces, respectively) and sold 219,436 ounces of gold at an average realized gold price of $3,697 per ounce (2025: 203,064 ounces at $2,874 per ounce)

•Produced 40.1 million pounds of copper and sold 41.4 million pounds at an average realized copper price of $5.15 per pound (2025: 37.4 million pounds produced; 37.5 million pounds sold at $3.72 per pound)

•Sold 12.1 million pounds of molybdenum at an average realized molybdenum price of $30.53 per pound and roasted 7.7 million pounds (2025: 10.4 million pounds sold at $22.41 per pound; 10.6 million pounds roasted)

Financial

•Gold production costs of $1,536 per ounce and all-in sustaining costs on a by-product basisNG of $1,729 per ounce (2025: $1,312 and $1,604 per ounce)

•Net earnings of $240.2 million or $1.22 per share (basic) (2025: $391.2 million or $1.90 per share, including the $193.5 million Goldfield impairment reversal) and adjusted net earningsNG of $239.3 million or $1.21 per share (2025: $145.4 million or $0.70 per share)

•Cash provided by operating activities of $329.4 million and free cash flowNG of $43.2 million (2025: $245.6 million and $83.1 million, respectively)

•Returned $155.1 million to shareholders through $125.2 million of share repurchases under the NCIB

and $29.9 million of dividends (2025: $95.1 million, $64.0 million and $31.1 million, respectively)

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Recent Events and Developments

Incident at the Langeloth Facility:

On January 29, 2026, Centerra temporarily suspended operations at the Langeloth Facility following an explosion adjacent to the acid plant. No fatalities, serious injuries or significant environmental releases were reported. In April 2026, roasting operations of molybdenum concentrates provisionally resumed with a controlled ramp-up, and by the end of the second quarter of 2026, the Langeloth Facility returned to steady-state production and sales levels.

Extension of the Corporate Credit Facility:

On July 15, 2026, Centerra announced it had extended its revolving credit facility (the “Credit Facility”) with a renewed term of four years maturing on July 15, 2030 and an increase in size to $600 million. The Credit Facility provides future flexibility and may be used for general corporate purposes such as working capital, investments, acquisitions, and capital expenditures.

Öksüt — Turkish Corporate Tax Rate Reduction:

In June 2026, the Turkish Government announced changes that are expected to reduce the corporate income tax rate for Öksüt from 25% to 12.5%, effective January 1, 2027. This change in tax rate should enhance Öksüt’s long-term cash flow generation.

Executive Management:

Kelly Strong was appointed Executive Vice President and Chief Operating Officer, effective August 17, 2026. Mike Sylvestre, who had served as Interim Chief Operating Officer since March 2026, assisted with an orderly transition into September 2026 before departing the Company.

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Overview of Consolidated Results

Third Quarter 2026 compared to Third Quarter 2025

Net earnings of $88.7 million were recognized in the third quarter of 2026, compared to net earnings of $292.2 million in the third quarter of 2025. The decrease in net earnings was primarily due to:

•an impairment reversal of $193.5 million recognized in the third quarter of 2025, related to the Goldfield Project;

•other operating expenses of $12.8 million recognized in the third quarter of 2026 compared to other operating income of $38.2 million in the third quarter of 2025. The increase in other operating expenses is primarily attributable to an unrealized loss of $4.1 million recognized in the third quarter of 2026 compared to an unrealized gain of $42.6 million recognized in the third quarter of 2025 on the financial asset related to the additional agreement with RGLD Gold AG (together with Royal Gold, Inc., “Royal Gold”) dated February 13, 2024 to increase cash payments for the Mount Milligan Mine’s gold and copper delivered to Royal Gold based on the delivery of certain threshold amounts from shipments occurring after January 1, 2024 (“Additional Royal Gold Agreement”), and higher study costs, primarily at the Mount Milligan Mine;

•higher share-based compensation expenses of $20.8 million recognized in the third quarter of 2026 compared to $8.1 million in the third quarter of 2025, primarily attributable to a higher share price; and

•an unrealized loss of $0.3 million recognized in the third quarter of 2026 compared to an unrealized gain of $16.3 million in the third quarter of 2025 on the re-measurement of the amount due from Equinox Gold Corp. (“Equinox Gold”) in relation to the sale of Centerra’s 50% interest in the Greenstone Gold Mines Partnership in 2021.

The decrease in net earnings was partially offset by:

•higher earnings from mine operations of $176.1 million recognized in the third quarter of 2026 compared to $136.4 million in the third quarter of 2025. The increase in earnings from mine operations was primarily due to higher average realized gold prices at the Öksüt Mine, higher average realized gold and copper prices and higher ounces of gold sold at the Mount Milligan Mine, and a higher margin on the sale of molybdenum products at the Langeloth Facility, resulting from higher market prices and a relatively lower weighted average cost per pound of inventory sold. The increase was partially offset by lower ounces of gold sold at the Öksüt Mine and $17.7 million higher production costs at the Mount Milligan Mine; and

•lower income tax expense of $15.3 million recognized in the third quarter of 2026 compared to an income tax expense of $59.6 million in the third quarter of 2025. The decrease in income tax expense was primarily attributable to the impact of tax optimization initiatives which are expected to reduce future income taxes payable at the Mount Milligan Mine.

Adjusted net earningsNG of $71.8 million were recognized in the third quarter of 2026, compared to adjusted net earningsNG of $66.4 million in the third quarter of 2025. As discussed above, the increase in adjusted net earningsNG was primarily due to higher earnings from mine operations, partially offset by higher share-based compensation expenses.

The main adjusting items to net earnings, net of tax, in the third quarter of 2026 were:

•$10.2 million of deferred income tax adjustments reflecting primarily the impact of foreign exchange rate movements on deferred income taxes at the Öksüt Mine and the Mount Milligan Mine as well as the impact of tax optimization initiatives which are expected to reduce future income taxes payable at the Mount Milligan Mine;

•$7.2 million of reclamation provision revaluation recovery; and

•$2.6 million of unrealized loss, net of tax, on the financial asset related to the Additional Royal Gold Agreement.

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The main adjusting items to net earnings, net of tax, in the third quarter of 2025 were:

•$193.5 million related to the impairment reversal of the Goldfield Project;

•$27.4 million of unrealized gain, net of tax, on the financial asset related to the Additional Royal Gold Agreement;

•$14.0 million of deferred income tax adjustments reflecting primarily the impact of foreign exchange rate movements and changes in taxable differences on deferred tax assets at the Mount Milligan Mine; and

•$16.3 million of unrealized gain on the re-measurement of the amount due related to the sale of the Company’s interest in the Greenstone Gold Mines Partnership in 2021.

Cash provided by operating activities was $143.1 million in the third quarter of 2026, compared to $161.7 million in the third quarter of 2025. The decrease was primarily attributable to higher income tax payments of $25.5 million, compared to $8.0 million in the third quarter of 2025, primarily at the Öksüt Mine. These were partially offset by higher earnings from mine operations, as discussed above.

Free cash flowNG of $17.1 million was recognized in the third quarter of 2026, compared to free cash flowNG of $98.7 million in the third quarter of 2025. The decrease in free cash flowNG was primarily due to lower cash provided by operating activities as outlined above, and higher property, plant and equipment additions primarily related to $18.8 million increase in capital spending at the Thompson Creek Mine, $24.5 million increase in capital spending at the Mount Milligan Mine and $21.4 million increase in capital spending at the Goldfield Project.

Nine months ended September 30, 2026 compared to September 30, 2025

Net earnings of $240.2 million were recognized in 2026, compared to net earnings of $391.2 million in 2025. The decrease in net earnings was primarily due to:

•an impairment reversal of $193.5 million recognized in the third quarter of 2025, related to the Goldfield Project as outlined above;

•other operating expenses of $70.2 million recognized in 2026 compared to other operating income of $17.3 million in 2025. The increase in the other operating expenses is primarily attributable to an unrealized loss of $40.5 million in 2026 compared to an unrealized gain of $29.1 million in 2025 on the financial asset related to the Additional Royal Gold Agreement and higher study costs at the Mount Milligan Mine;

•higher income tax expense of $122.7 million recognized in 2026 compared to income tax expense of $82.2 million in 2025. The increase in income tax expense was attributable to an increase in taxable income at the Öksüt Mine and the Mount Milligan Mine, and higher withholding tax at the Öksüt Mine;

•higher share-based compensation expenses of $33.6 million recognized in 2026 compared to $10.9 million in 2025 primarily attributable to a higher share price; and

•a lower unrealized gain of $17.9 million recognized in 2026 compared to $37.9 million in 2025 due to the re-measurement of the amount due from Equinox Gold in relation to the sale of Centerra’s 50% interest in the Greenstone Gold Mines Partnership in 2021.

The decrease in net earnings was partially offset by higher earnings from mine operations of $532.7 million in 2026 compared to $300.4 million in 2025. The increase in earnings from mine operations was primarily due to higher average realized gold and copper prices and higher gold ounces and copper pounds sold. These impacts were partially offset by higher royalty expense and higher DDA at the Öksüt Mine and higher production costs at the Mount Milligan Mine.

Adjusted net earningsNG of $239.3 million were recognized in 2026, compared to adjusted net earningsNG of $145.4 million in 2025. The increase in adjusted net earningsNG was primarily due to higher earnings from mine operations, partially offset by higher income tax expense and share-based compensation, as outlined above.

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The main adjusting items to net earnings, net of tax, in 2026 were:

•$17.9 million of unrealized gain on the re-measurement of the amount due related to the sale of the Company’s interest in the Greenstone Partnership in 2021;

•$25.8 million of unrealized loss, net of tax, on the financial asset related to the Additional Royal Gold Agreement; and

•$9.2 million of unrealized gain on foreign exchange mainly from the effect of movement in foreign currency exchange rates on the reclamation provision at the Endako Mine and Kemess Project.

The main adjusting items to net earnings, net of tax, in 2025 were:

•$193.5 million related to the impairment reversal of the Goldfield Project;

•$37.9 million of unrealized gain on the re-measurement of the amount due related to the sale of the Company’s interest in the Greenstone Gold Mines Partnership in 2021; and

•$13.9 million of unrealized gain, net of tax, on the financial asset related to the Additional Royal Gold Agreement.

Cash provided by operating activities was $329.4 million in 2026 compared to $245.6 million in 2025. The increase in cash provided by operating activities was primarily due to $232.3 million higher earnings from mine operations, and a $71.1 million favourable working capital movement related to the timing of sales and cash collection from shipments at the Mount Milligan Mine. Partially offsetting the increase were a $138.3 million unfavourable working capital movement at the Langeloth Facility due to inventory build-up in anticipation of ongoing production capacity ramp-up and higher unit cost of the inventory from higher molybdenum prices, and a $47.3 million increase in income tax payments.

Free cash flowNG of $43.2 million was recognized in 2026 compared to free cash flowNG of $83.1 million in 2025. The decrease in free cash flowNG was primarily due to higher property, plant and equipment additions mainly related to a $49.7 million increase in capital spending at the Thompson Creek Mine, $38.9 million increase in capital spending at the Goldfield Project, and $45.4 million increase in capital spending at the Mount Milligan Mine, partially offset by higher cash provided by operating activities as outlined above.

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2026 Outlook

The Company has updated its 2026 outlook as follows:

•Mount Milligan Mine - lowering estimate for all-in sustaining costs on a by-product basisNG, driven by strong copper credits. Mount Milligan Mine has also adjusted anticipated tax expense upward to align with higher revenue resulting from favourable gold and copper prices. Lastly, the Mount Milligan Mine has increased its DDA estimate to better reflect the current mine plan.

•Langeloth Facility - raised its guidance for net earnings and adjusted EBITDANG as it expects to benefit from high molybdenum prices throughout 2026.

•Corporate - increased full year corporate G&A guidance to reflect a number of small factors including consulting and legal fees.

Except for the changes highlighted above, the Company’s outlook is unchanged as presented in the MD&A for the three and six months ended June 30, 2026. The Company’s full year 2026 outlook, and comparative actual results for the nine months ended September 30, 2026 of certain operating metrics are set out in the sections below. The Company notes that the ongoing shifts and uncertainty around the conflict in the Middle East and volatility of fuel prices may have an impact on the results of the Company’s operations in 2026, but at present these impacts are not expected to be material at the consolidated level.

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Gold and Copper Assets


	Units	2026 Guidance			Nine Months Ended September 30, 2026	2026 Guidance - Previous
Production
Total gold production(1)	(koz)	260	-	290	214
Mount Milligan Mine(2)(3)(4)	(koz)	140	-	155	112
Öksüt Mine	(koz)	120	-	135	102
Total copper production(2)(3)(4)	(Mlb)	50	-	60	40
Unit Costs(5)
Gold production costs(1)	($/oz)	1,500	-	1,600	1,536
Mount Milligan Mine(2)	($/oz)	1,450	-	1,550	1,474
Öksüt Mine	($/oz)	1,650	-	1,750	1,607
All-in sustaining costs on a by-product basisNG(1)(4)	($/oz)	1,650	-	1,750	1,729
Mount Milligan Mine(4)	($/oz)	1,100	-	1,200	1,103	1,200 - 1,300
Öksüt Mine	($/oz)	1,850	-	1,950	1,822









Capital Expenditures
Additions to PP&E	($M)	205	-	250	179.1
Mount Milligan Mine	($M)	130	-	150	109.9
Öksüt Mine	($M)	10	-	20	13.8
Goldfield Project	($M)	60	-	70	49.2
Kemess Project	($M)	5	-	10	6.2
Total Capital ExpendituresNG	($M)	185	-	230	164.2
Sustaining Capital ExpendituresNG	($M)	85	-	105	75.8
Mount Milligan Mine	($M)	80	-	90	66.6
Öksüt Mine	($M)	5	-	15	9.2
Non-sustaining Capital ExpendituresNG	($M)	100	-	125	88.4
Mount Milligan Mine	($M)	35	-	45	33.6
Goldfield Project	($M)	60	-	70	48.6
Kemess Project	($M)	5	-	10	6.2
Other Items
Current income tax and BC mineral tax expense(1)	($M)	117	-	139	110.2	111 - 133
Mount Milligan Mine	($M)	12	-	14	9.7	6 - 8
Öksüt Mine	($M)	105	-	125	100.5
Depreciation, depletion and amortization	($M)	105	-	125	95.2	90 - 110
Mount Milligan Mine	($M)	55	-	65	47.2	40 - 50
Öksüt Mine	($M)	50	-	60	48.0
Evaluation Costs	($M)	18	-	25	15.7

Care and Maintenance - Kemess Project	($M)	13	-	15	11.1
Reclamation Costs - Kemess Project	($M)	2	-	4	0.8
Corporate and administration costs(6)	($M)	34	-	38	30.1	29 - 33

1.Consolidated Centerra figures.

2.The Mount Milligan Mine is subject to an arrangement with Royal Gold which entitles Royal Gold to purchase 35% and 18.75% of gold and copper produced, respectively, and requires Royal Gold to pay $435 per ounce of gold and 15% of the spot price per metric tonne of copper delivered (“Mount Milligan Mine Streaming Agreement”). Using assumed market prices of $4,250 per ounce of gold and $6.25 per pound of copper for 2026, the Mount Milligan Mine’s average realized gold and copper prices for 2026 would be $2,915 per ounce and $5.25 per pound, respectively, compared to average realized prices of $2,608 per ounce and $3.96 per pound in 2025, when factoring in the Mount Milligan Streaming Agreement and concentrate refining and treatment costs.

3.Gold production for 2026 at the Mount Milligan Mine assumes estimated recoveries of 60% to 62% and compares to actual gold recovery of 60.3% achieved in the nine months ended September 30, 2026. Copper production for 2026 assumes recovery of 75% to 77% for copper and compares to actual copper recovery of 74.2% achieved in the nine months ended September 30, 2026.

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4.Unit costs include a credit for forecasted copper sales treated as a by-product for all-in sustaining costsNG. Production for copper and gold reflects estimated metallurgical losses resulting from handling of the concentrate and metal deductions levied by smelters.

5.Units noted as ($/oz) relate to gold ounces.

6.Excludes share based compensation.

Production Profile

In the nine months ended September 30, 2026, the Company reported consolidated production of 214,157 ounces of gold and 40.1 million pounds of copper. Centerra’s 2026 consolidated gold production is projected to be between 260,000 to 290,000 ounces with 2026 copper production expected to be between 50 to 60 million pounds.

Mount Milligan Mine

In the nine months ended September 30, 2026, the Mount Milligan Mine produced 111,817 ounces of gold and 40.1 million pounds of copper. In 2026, the Mount Milligan Mine’s gold production guidance is projected to be between 140,000 to 155,000 ounces and copper production guidance is projected to be between 50 to 60 million pounds. Mill throughput, gold grades, and copper grades in 2026 are expected to be similar to those in 2025 and in line with the 2025 Mount Milligan Mine’s pre-feasibility study (“MTM PFS”). The Mount Milligan plant completed a scheduled major shutdown in the first quarter of 2026 and completed another shutdown in the third quarter of 2026 for the relining of the SAG and one ball mill. The third quarter gold production was higher than second quarter production, increasing by 15%, reflecting planned mine sequencing. The mine remains on track to achieve full year gold production guidance and full year copper production guidance. Sales and monetization of gold ounces and copper pounds are dependent on the timing of ocean vessels and may result in some timing differences between produced and sold quantities.

Öksüt Mine

In the nine months ended September 30, 2026, the Öksüt Mine produced 102,340 ounces of gold. Production at the Öksüt Mine remains on track to meet the guidance range of 120,000 and 135,000 ounces for the year (increased in the second quarter report from 110,000 and 125,000 ounces). Ore mined in 2026 is planned to be sourced from phase 5 and phase 6 of the Keltepe Pit, and gold sales are expected to closely follow gold production.

Cost Profile

In the nine months ended September 30, 2026, the Company’s consolidated gold production costs amounted to $1,536 per ounce. In 2026, the Company anticipates its consolidated gold production costs to range from $1,500 to $1,600 per ounce.

Consolidated all-in sustaining costs on a by-product basisNG were $1,729 per ounce in the nine months ended September 30, 2026. In 2026, the Company expects its consolidated all-in sustaining costs on a by-product basisNG to be in the range of $1,650 to $1,750 per ounce for the full year. Consolidated all-in sustaining costs on a by-product basisNG in 2026 are driven by increased expected royalty costs at the Öksüt Mine and higher share-based compensation expense which are more than offset by higher expected by-product credits at the Mount Milligan Mine driven by strong copper and silver prices.

Mount Milligan Mine

In the nine months ended September 30, 2026, the Mount Milligan Mine reported gold production costs of $1,474 per ounce. Production costs in the third quarter were $1,392 per ounce where strong gold production offset moderate cost increases from diesel, tires, and camp facilities. Anticipated full year production costs at the Mount Milligan Mine remain within the guidance range of $1,450 to $1,550 per ounce.

Copper production costs at the Mount Milligan Mine were $2.49 per pound in the nine months ended September 30, 2026. In 2026, copper production costs are projected to be in the range of $2.00 to $2.50 per pound.

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At the Mount Milligan Mine, all-in sustaining costs on a by-product basisNG were $1,103 per ounce for the nine months ended September 30, 2026, below the low end of the original guidance range ($1,200 to $1,300 per ounce). The Mount Milligan Mine continues to benefit from high copper credits driven by strong copper prices. As a result, the Company has lowered the full year guidance range for all-in sustaining costs on a by-product basisNG of $1,100 to $1,200 per ounce in 2026.

Öksüt Mine

In the nine months ended September 30, 2026, the Öksüt Mine reported gold production costs of $1,607 per ounce. Lower gold production costs per ounce in the first three quarters of 2026 were driven by stronger than anticipated gold production. In 2026, the Company estimates the Öksüt Mine’s gold production costs to be in the range of $1,650 to $1,750 per ounce, with royalty costs expected to constitute between $600 to $700 per ounce of this cost (at an assumed market gold price of $4,250 per ounce).

The Öksüt Mine’s all-in sustaining costs on a by-product basisNG were $1,822 per ounce in the nine months ended September 30, 2026. In 2026, the Company expects the Öksüt Mine’s full year all-in sustaining costs on a by-product basisNG to be in the range of $1,850 to $1,950 per ounce.

Capital Expenditures

Additions to Property, Plant and Equipment (“PP&E”) include certain non-cash additions to PP&E such as changes in future reclamation costs and capitalization of leases. Capital expendituresNG, which comprise sustaining capital expendituresNG and non-sustaining capital expendituresNG, exclude such non-cash additions to PP&E. The reconciliation of additions to PP&E and capital expendituresNG is included in the Non-GAAP and Other Financial Measures section of this MD&A.

In the nine months ended September 30, 2026, additions to PP&E for gold and copper assets were $179.1 million and Total Capital ExpendituresNG for these assets were $164.2 million. In 2026, consolidated additions to PP&E are expected to be in the range of $205 million to $250 million and total capital expendituresNG in the range of $185 to $230 million for the gold and copper asset portfolio. Planned capital expendituresNG of note in 2026 include water management projects and buttress foundation construction at the Mount Milligan Mine as well as site preparation activities at the Goldfield Project.

The Mount Milligan Mine’s additions to PP&E in 2026 were $109.9 million and total capital expendituresNG were $100.2 million. The difference between additions to PP&E and capital expendituresNG was mainly due to costs capitalized into Right-of-Use (“ROU”) assets of $15.4 million, less a change to future reclamation costs of $5.4 million. In 2026, the Mount Milligan Mine is forecasted to have additions to PP&E in the range from $130 million to $150 million and total capital expendituresNG from $115 to $135 million. Total capital expendituresNG include sustaining capital expendituresNG in the range of $80 to $90 million and non-sustaining capital expendituresNG in the range of $35 to $45 million. Non-sustaining capital expendituresNG scheduled throughout 2026 include purchases of additional mining equipment to increase tonnes moved, ball mill upgrades, buttress foundation construction to allow for the successive tailings dam buttress raises over the course of the remaining life of the existing tailings storage facility (“TSF”), and exploration costs to continue testing for potential resource expansion to the west. A portion of the 2026 sustaining capital expendituresNG relates to capitalized TSF construction costs in the range of $25 to $30 million with the remaining sustaining capital expendituresNG largely related to water management projects to sustain water access and availability and major component and equipment replacements within the operating fleet. Total capital expendituresNG remain in line with the MTM PFS with the exception of increased capital expendituresNG related to water management projects and buttress foundation construction as mentioned above.

The Öksüt Mine’s additions to PP&E in the nine months ended September 30, 2026 were $13.8 million and total capital expendituresNG were $9.2 million. The difference between additions to PP&E and capital expendituresNG was due to a change in future reclamation costs of $2.1 million and the costs capitalized to ROU assets of $2.5 million. Additions to PP&E and total sustaining capital expendituresNG are expected to be

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low in 2026, in the range of $10 to $20 million and $5 to $15 million, respectively, reflecting ongoing support of production facilities.

In the nine months ended September 30, 2026, the Goldfield Project additions to PP&E and total capital expendituresNG were $49.2 and $48.6 million, respectively. In 2026, the Goldfield Project is expecting additions to PP&E and non-sustaining capital expendituresNG to be in the range of $60 million to $70 million, as the Company started to execute on its plan to build the project. The 2026 capital expendituresNG program primarily relates to advancing detailed engineering work, long-lead procurement activities, initial site general earthworks and preparation and down payments for power line upgrades. The increase reflects the advancement of a number of site preparation activities into 2026, including the water diversion channel, site platform development, overburden removal, and heap leach pad construction materials to support project execution and reduce execution risk. Engineering and procurement of key long-lead items, including the Adsorption, Desorption, and Recovery (“ADR”) plant, crushing circuit, heap leach liner, pumps and piping, and power infrastructure, have also been advanced to secure 2026 pricing. The overall project capital cost estimate remains consistent with the August 2025 technical study.

There were $6.2 million in additions to PP&E and non-sustaining capital expendituresNG for the Kemess Project in the nine months ended September 30, 2026. In 2026, the Kemess Project is expecting additions to PP&E and total capital expendituresNG to be in the range of $5 to $10 million. The 2026 capital expendituresNG program primarily relates to costs needed to restart the water treatment plant and completion of certain camp accommodation facility upgrades. As the Kemess Project remains focused on project evaluation activities, the majority of the project costs are expensed and recorded within exploration and evaluation or care and maintenance as further outlined below.

Depreciation, Depletion and Amortization

In the nine months ended September 30, 2026, the Company’s DDA expense included in the cost of sales for gold and copper producing assets was $95.2 million. The Öksüt Mine’s DDA expense over this period was $48.0 million and the Mount Milligan Mine’s DDA expense was $47.2 million. The guidance range for the Mount Milligan Mine’s DDA expense was increased to $55 to $65 million (previously $40 to $50 million) in order to more accurately reflect the current mine plan. In 2026, the Company estimates DDA expense at the Öksüt Mine to be in the range of $50 to $60 million, for a combined DDA expense of $105 to $125 million (previously $90 to $110 million).

Current Taxes and Tax Payments

The Mount Milligan Mine’s current British Columbia mineral tax expense in the nine months ended September 30, 2026, was $9.7 million and the cash taxes paid were $9.0 million. The cash taxes paid included $2.6 million in payments for 2020, 2021, and 2022 audits. The remaining difference between current tax expense and cash taxes paid is due to timing of tax payments. In 2026, Mount Milligan Mine’s current British Columbia mineral tax expense and tax payments are each expected to be in the range of $12 to $14 million, up from the earlier guidance range of $6 to $8 million, as a result of increased gold and copper revenues.

The Öksüt Mine’s current income tax expense in the nine months ended September 30, 2026 was $100.5 million, including a withholding tax of $16.0 million on the repatriation of Öksüt Mine’s earnings. Total cash taxes paid by the Öksüt Mine in the nine months ended September 30, 2026 were $95.1 million, including withholding tax of $22.5 million on the repatriation of Öksüt Mine’s earnings. The difference between current tax expense and cash taxes paid is due to timing of tax payments. In 2026, the Öksüt Mine income tax expense is expected to be in the range of $105 to $125 million. The Öksüt Mine income tax expense reflects a 25% income tax rate on taxable income and a 10% withholding tax rate on repatriation of a portion of the Öksüt Mine’s retained earnings. On June 4, 2026, an amendment to income tax legislation was published in Türkiye which will reduce the corporate income tax rate from 25% to 12.5%, beginning January 1, 2027 and applicable for subsequent taxation periods. The Company expects qualifying production income generated by the Öksüt Mine to benefit from the reduced rate.

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Kemess Project Costs (excluding capital expendituresNG and exploration outlined in other sections)

The work program at the Kemess Project continues to be focused on project evaluation activities including resource in-fill and exploration drilling as well as technical studies. In the nine months ended September 30, 2026, the Kemess Project’s expenditures amounted to $25.5 million, comprised of $11.1 million for care and maintenance costs, along with $14.4 million of pre-development and technical works focused on the pre-feasibility study (“Kemess PFS”). Reclamation costs of $0.8 million related to the decommissioning of the Kemess South diversion dam and diversion conduit were incurred in the third quarter, with work planned to continue throughout the remainder of the year.

In 2026, the Kemess Project’s expenditures are projected to be in the range of $13 to $15 million on care and maintenance, $17 to $23 million on pre-development and technical works focused on the Kemess PFS expected to be issued in mid-2027, and $2 to $4 million on reclamation costs. The Company continues to evaluate concepts for the property as provided in the results of the Preliminary Economic Assessment (“Kemess PEA”) released on January 19, 2026.

Life of Mine (“LOM”) Extension Study, Engineering, and Permitting Costs

At the Mount Milligan Mine, the Company continues to progress engineering and other studies to support future permit authorizations which will be required to achieve the recently announced mine life extension of Mount Milligan to 2045 as outlined in a pre-feasibility study. For the nine months ended September 30, 2026, these expenditures associated with the Mount Milligan Mine amounted to $9.0 million. At the Öksüt Mine, work continues on the LOM optimization study, which is expected to be published in early 2027. For the nine months ended September 30, 2026, expenditures associated with this work at the Öksüt Mine amounted to $1.2 million. LOM optimization study, engineering and permitting costs across the sites are projected to be in the range of $20 to $25 million in 2026.

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US Moly


	Units	2026 Guidance			Nine Months Ended September 30, 2026	2026 Guidance - Previous

















Production - Langeloth Facility
Total molybdenum roasted	Mlbs	11	-	13	7.7
Total molybdenum sold	Mlbs	15	-	17	12.1
Costs and Profitability - Langeloth Facility
Net earnings	($M)	12	-	17	11.7	2 - 7
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)NG	($M)	17	-	22	18.9	7 - 12
Capital Expenditures
Additions to PP&E	($M)	208	-	240	195.1
Thompson Creek Mine	($M)	205	-	235	193.0
Langeloth Facility	($M)	3	-	5	2.1

Total Capital ExpendituresNG	($M)	193	-	225	175.7


Non-sustaining Capital ExpendituresNG, Thompson Creek Mine	($M)	190	-	220	173.6
Sustaining Capital ExpendituresNG, Langeloth Facility	($M)	3	-	5	2.1
Other Items


Depreciation, depletion and amortization, Langeloth Facility	($M)	4	-	6	3.4

Thompson Creek Mine

The Thompson Creek Mine’s additions to PP&E and total capital expendituresNG in the nine months ended September 30, 2026 were $193.0 million and $173.6 million, respectively. The difference between additions to PP&E and capital expendituresNG was primarily due to capitalized ROU assets of $15.9 million comprised of mining equipment and capitalized DDA of $14.4 million.

Since the restart decision in September 2024, non-sustaining capital expendituresNG have totaled $337.3 million including capitalized stripping costs of $162.3 million, equipment refurbishments and capital equipment purchases of $82.3 million, mill refurbishments, mill engineering studies and TSF engineering costs of $47.4 million and other capitalized costs of $45.3 million.

In 2026, the Thompson Creek Mine’s additions to PP&E are expected to be in the range of $205 to $235 million (inclusive of capitalized DDA) and total capital expendituresNG are expected to be in the range of $190 to $220 million. The Thompson Creek Mine is focused on the following major deliverables in 2026:

•Maintain high utilization of an additional production shovel to increase tons moved and perform mobilization of a mining contractor in certain mining areas to de-risk execution of the mine plan.

•Substantially complete mill construction and transition to commissioning readiness.

•Progress tailings and water‑management infrastructure to support start‑up, including the tailings dam rock toe buttress construction.

•Ramp up of operating and commissioning teams and staff critical roles, specifically in the mill area.

•Finalize operations‑readiness and continue training, procedures, and cross‑functional coordination.

The Company expects the total project spending will be in the range of $425 to $450 million through to first production. The project remains on track for first production in mid-2027.

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The Company estimates that the majority of costs at the Thompson Creek Mine will relate to goods and services sourced domestically within the United States and, as such, does not anticipate a material impact from import tariffs at this time. The Company has continued a diesel hedging program at the Thompson Creek Mine in order to manage the risk associated with changes in fuel prices. The Company does not expect material impact to project spending from the rise in global fuel prices in 2026.

Langeloth Facility

The Langeloth Facility maintained full operations in the third quarter and the Company has increased the guidance ranges for net earnings and adjusted EBITDANG in 2026 due to strong molybdenum prices.

In the nine months ended September 30, 2026, the Langeloth Facility roasted and sold 7.7 million and 12.1 million pounds of molybdenum, respectively. The Langeloth Facility is projected to roast 11 to 13 million pounds of molybdenum and sell 15 to 17 million pounds in 2026. Sales are expected to exceed production in 2026 as a result of the temporary suspension of operations in the first quarter of 2026 that constrained roasting activities. The Company continued to purchase third party molybdenum concentrates and molybdenum products during the shutdown period to support customer deliveries which contributed to higher sales volumes.

In the nine months ended September 30, 2026, Langeloth Facility’s net earnings were $11.7 million, including DDA of $3.4 million, and adjusted EBITDANG was $18.9 million. In 2026, expected net earnings at the Langeloth Facility have been increased to $12 to $17 million (previously $2 to $7 million) and anticipated adjusted EBITDANG has been increased to $17 to $22 million (previously $7 to $12 million), due to a higher margin on the sale of molybdenum products as a result of higher market prices and a relatively lower weighted average cost per pound of inventory sold. The Company expects the current production cost structure to remain relatively stable for the remainder of the year. The difference between net earnings and adjusted EBITDANG was primarily due to $3.9 million to settle a legacy labour-related proceeding before the U.S. National Labor Relations Board (“NLRB”).

The Langeloth Facility reported approximately $138.3 million in incremental working capital investment in the nine months ended September 30, 2026, primarily due to a build-up of inventory volumes and the increase in the average molybdenum market prices. In the nine months ended September 30, 2026, the cash used by operations at the Langeloth Facility was primarily driven by changes in working capital. The working capital requirements at the Langeloth Facility are highly dependent on market molybdenum prices. A $5 per pound change in molybdenum price has an approximate $25 million impact on working capital invested. The average molybdenum market price increased from $22.11 per pound at the end of the fourth quarter of 2025 to $29.48 per pound at the end of the third quarter of 2026.

In the nine months ended September 30, 2026, the Langeloth Facility’s additions to PP&E and total capital expendituresNG were $2.1 million. For the full year of 2026, the Langeloth Facility is projecting sustaining capital expendituresNG to be in the range of $3 to $5 million.

Global Exploration Projects


(Expressed in millions of United States dollars)	Units	2026 Guidance			Nine Months Ended September 30, 2026
Project Exploration	($M)	40	-	50	35.9
Brownfield Exploration	($M)	20	-	25	20.6
Greenfield and Generative Exploration	($M)	20	-	25	15.3

In the nine months ended September 30, 2026, total exploration expenditures were $35.9 million. In 2026, exploration expenditures are expected to range from $40 to $50 million. The exploration expenditures include $20 to $25 million of brownfield exploration and $20 to $25 million of greenfield and generative exploration programs. Over 90% of exploration expenditures are expected to be expensed. The exploration targets for brownfield projects in 2026 are expected to include continued drilling and testing at the Mount Milligan Mine

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and the Kemess Project. At the Mount Milligan Mine, programs are expected to focus on the western extension of the deposit and on in‑fill drilling to upgrade inferred resources to the indicated category, including work between Goldmark and North Slope, and to expand resources at Saddle West and Boundary areas. At Kemess, work will continue to in‑fill drill within the resource areas outlined in the PEA, and advance drilling at the Kemess Offset zone.

Other Items

In the nine months ended September 30, 2026, corporate and administration expenses were $30.1 million, excluding share-based compensation expense of $33.6 million and corporate depreciation of $0.6 million. Guidance for corporate and administration expenses, excluding share-based compensation expense and corporate depreciation, has been increased to reflect a number of small factors including consulting fees, legal fees, insurance, and travel. Corporate and administration expenses excluding share-based compensation are expected to be in the range of $34 to $38 million (previously $29 to $33 million) in 2026.

In the nine months ended September 30, 2026, the Company's share of cash expenditures at the Endako Mine totaled $4.1 million primarily related to care and maintenance. In 2026, the Company’s share of care and maintenance expenditures at the Endako Mine are expected to be between $6 and $8 million.

As a result of the attainment of certain production thresholds at the Greenstone Mine, the Company is entitled to receive 33,333 additional contingent gold ounces (or equivalent cash payments) from Equinox Gold in relation to the sale of Centerra’s 50% interest in the Greenstone Gold Mines Partnership in 2021. Such contingent gold ounces are required to be delivered by the Company to Royal Gold as part of the Additional Royal Gold Agreement. The first contingent payment occurred in 2025, the second contingent payment occurred in early October 2026 and the Company anticipates the third payment in 2027.

2026 Material Assumptions

Other material assumptions or factors not mentioned above but used to estimate production and costs in 2026, after giving effect to the hedges in place as at September 30, 2026, include the following:

•market gold price of $4,250 per ounce and an average realized gold price at the Mount Milligan Mine of $2,915 per ounce after reflecting the Mount Milligan Streaming Agreement (35% of the Mount Milligan Mine’s gold is sold to Royal Gold for $435 per ounce) and gold refining costs;

•market price of $6.25 per pound ($6.00 per pound in the previous guidance) for copper and an average realized copper price at the Mount Milligan Mine of $5.25 per pound after reflecting the Mount Milligan Streaming Agreement (18.75% of the Mount Milligan Mine’s copper is sold to Royal Gold at 15% of the spot price per metric tonne), and copper treatment and refining costs;

•market price of $65 per ounce for silver;

•molybdenum price of $32.00 per pound ($30 per pound in the previous guidance);

•exchange rates are as follows: $1USD:$1.37 CAD, and $1USD:48.00 Turkish lira ($1USD:47.00 Turkish lira in previous guidance); and

•diesel fuel price of $1.25/litre or CAD$1.71/litre at the Mount Milligan Mine and $3.35/gallon ($3.15/gallon previously) at the Thompson Creek Mine.

The Additional Royal Gold Agreement is not expected to have a significant impact on these assumptions in 2026 as the increases in payments received by the Company for gold ounces and copper pounds delivered to Royal Gold are not expected to commence until approximately 2030.

Mount Milligan Streaming Agreement

Production at the Mount Milligan Mine is subject to the Mount Milligan Streaming Agreement. To satisfy its obligations under the Mount Milligan Streaming Agreement, the Company purchases refined gold and copper warrants and arranges for their delivery to Royal Gold. The difference between the cost of the purchases of

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refined gold and copper warrants, and the corresponding amounts payable to the Company under the Mount Milligan Streaming Agreement is recorded as a reduction of revenue and not a cost of operating the mine.

Other Material Assumptions

Production, cost, and capital expenditure forecasts for 2026 are forward-looking information and are based on key assumptions and subject to material risk factors that could cause actual results to differ materially from those estimated. Material assumptions used in forecasting production and costs for 2026, and related risk factors can be found under the heading “Cautionary Statement on Forward-Looking Information” in this document and under the heading “Risk Factors” in the Company’s most recent Annual Information Form (“AIF”).

2026 Sensitivities

Centerra’s costs and cash flows for the remaining three months of 2026 are sensitive to changes in certain key inputs. The Company has estimated the impact of any such changes on its net income, capital costs and cash flows as follows:


		Impact on ($ millions)
		Production Costs & Taxes	Capital Costs	Revenues	Cash flows	All-in sustaining costs on a by-product basis per ounceNG
Gold price(1)	$250/oz	1.0 - 3.0	—	6.5 - 11.5	5.0 - 9.5	9 - 33
Copper price(1)	10%	0.5 - 1.0	—	4.5 - 10.0	4.0 - 9.0	110 - 140
Diesel fuel(2)	10%	1.7 - 2.2	0.2 - 0.3	—	1.9 - 2.5	34 - 49
Canadian dollar(2),(3)	10 cents	6.0 - 7.0	1.5 - 2.0	—	7.5 - 9.0	120 - 200
Turkish lira(3)	10 liras	2.5 - 3.5	0.0 - 0.5	—	7.0 - 11.0	3 - 6

(1)Includes the impact of hedging of 5,382 ounces for the Öksüt Mine’s gold sales in the fourth quarter of 2026. Excludes the effect of 42,040 ounces of gold with an average mark-to-market price of $4,173 per ounce and 12.5 million pounds of copper with an average mark-to-market price of $6.55 per pound outstanding under the Mount Milligan Mine’s contracts awaiting final settlement in future months as of September 30, 2026.

(2)Includes the effect of the Company’s diesel fuel and Canadian dollar hedging programs, with current exposure coverage as of September 30, 2026 of approximately 46% and 44%, respectively.

(3)Appreciation of the currency against the US dollar results in higher costs and lower cash flow and earnings. Depreciation of the currency against the US dollar results in decreased costs and increased cash flow and earnings.

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Liquidity and Capital Resources

As of September 30, 2026, the Company’s total liquidity position was $997.9 million, representing a cash balance of $397.9 million and no amounts drawn under its $600.0 million corporate credit facility. On July 15, 2026, Centerra announced it had extended its revolving credit facility with a renewed term of four years maturing on July 15, 2030 and an increase in size to $600.0 million.

Third Quarter 2026 compared to Third Quarter 2025

See the Overview of Consolidated Results section in this MD&A for the discussion of cash provided by operating activities.

Cash used in investing activities of $126.0 million was recognized in the third quarter of 2026 compared to $87.8 million in the third quarter of 2025. The increase is primarily related to $18.8 million higher capital spending at the Thompson Creek Mine, $24.5 million higher capital spending at the Mount Milligan Mine and $21.4 million higher capital spending at the Goldfield Project in the third quarter of 2026, partially offset by $22.9 million lower equity investment purchases. In the third quarter of 2026, the Company also received proceeds of $1.9 million from the disposition of equity investments related to the sale of the Company’s remaining shares in Surge Copper Corp. (“Surge Copper”) which was considered a non-strategic investment.

Cash used in financing activities in the third quarter of 2026 was $70.1 million compared to $34.4 million in the third quarter of 2025. The increase is primarily due to higher consideration paid to repurchase and cancel Centerra common shares. Consideration paid for the repurchase and cancellation of 2,584,600 Centerra common shares under the Company’s NCIB program was $53.0 million at an average price of $20.52 (C$28.61) per share in the third quarter of 2026 compared to consideration of $22.0 million at an average price of $7.76 (C$10.70) per share paid for the repurchase and cancellation of 2,839,983 Centerra common shares under the Company’s NCIB program in the third quarter of 2025.

Nine months ended September 30, 2026 compared to September 30, 2025

See the Overview of Consolidated Results section in this MD&A for the discussion of cash provided by operating activities.

Cash used in investing activities of $291.3 million was recognized in 2026 compared to $209.0 million in 2025. The increase is primarily related to $49.7 million higher capital spending at the Thompson Creek Mine in 2026, $38.9 million higher capital spending at the Goldfield Project and $45.4 million higher capital spending at the Mount Milligan Mine, partially offset by $26.7 million lower equity investment purchases and $14.9 million of proceeds from the disposition of equity investments. The proceeds primarily reflect the sale of the Company’s remaining shares in Surge Copper.

Cash used in financing activities of $169.1 million was recognized in 2026 compared to $99.4 million in 2025. The increase was primarily due to higher consideration paid to repurchase and cancel Centerra common shares. Consideration paid for the repurchase and cancellation of 6,762,900 Centerra common shares under the Company’s NCIB program was $125.2 million at an average price of $18.51 (C$25.75) per share in 2026 compared to consideration of $64.0 million paid for the repurchase and cancellation of 9,195,416 Centerra common shares under the Company’s NCIB program at an average price of $6.96 (C$9.69) per share in 2025.

Financial Performance

Third Quarter 2026 compared to Third Quarter 2025

Revenue of $500.3 million was recognized in the third quarter of 2026 compared to $395.2 million in the third quarter of 2025. The increase in revenue was primarily due to higher average realized gold, copper and molybdenum prices, and higher molybdenum pounds sold, partially offset by lower ounces of gold sold.

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Gold production was 75,429 ounces in the third quarter of 2026 compared to 81,773 ounces in the third quarter of 2025. Gold production in the third quarter of 2026 included 31,359 ounces of gold produced at the Öksüt Mine compared to 49,234 ounces produced in the third quarter of 2025. The overall decrease was primarily driven by lower ounces stacked as a result of lower grade at the Öksüt Mine. There were 44,070 ounces of gold produced from the Mount Milligan Mine in the third quarter of 2026 compared to 32,539 ounces in the third quarter of 2025. The increase in gold production was primarily driven by higher head grade and higher mill throughput.

Copper production at the Mount Milligan Mine was 12.8 million pounds in the third quarter of 2026, compared to 13.4 million pounds in the third quarter of 2025. The decrease in copper production was primarily due to lower head grades processed and lower recovery, partially offset by higher mill throughput.

The Langeloth Facility roasted 2.8 million pounds and sold 4.6 million pounds of molybdenum in the third quarter of 2026, compared to 4.4 million pounds roasted and 3.1 million pounds sold in the third quarter of 2025. Molybdenum sold increased due to the continued ramp-up of operations in line with plans to progressively increase volumes. The decrease in molybdenum roasted in the third quarter of 2026, compared to the third quarter of 2025, was primarily due to the timing of concentrate purchases between the periods as well as a higher proportion of molybdenum products purchased that do not require roasting in order to produce end products required for certain customer orders.

Cost of sales of $324.2 million was recognized in the third quarter of 2026 compared to $258.7 million in the third quarter of 2025. The increase was primarily due to $56.7million higher production costs at the Langeloth Facility attributable to higher molybdenum prices and higher molybdenum pounds sold, and $17.7million higher production costs at the Mount Milligan Mine primarily due to higher mining, processing and administrative costs. This was partially offset by $7.1 million lower production costs at the Öksüt Mine mainly attributable to lower ounces of gold sold.

Gold production costs were $1,505 per ounce in the third quarter of 2026 compared to $1,346 per ounce in the third quarter of 2025. The increase was primarily driven by the Öksüt Mine due to fewer ounces of gold sold and increased royalty costs per ounce with higher realized gold prices. These increases were partially offset by higher ounces of gold sold at the Mount Milligan Mine.

Capital expendituresᴺᴳ were $150.9 million in the third quarter of 2026, compared to $58.3 million in the third quarter of 2025. Sustaining capital expendituresᴺᴳ were $26.1 million, consistent with $25.7 million in the third quarter of 2025, and mainly related to construction at the existing TSF and equipment replacement purchases at the Mount Milligan Mine. Non-sustaining capital expendituresᴺᴳ increased to $124.8 million from $32.6 million in the third quarter of 2025, primarily due to $49.8 million higher spending at the Thompson Creek Mine as restart activities advanced, $29.9 million at the Goldfield Project following the start of early earthworks and site preparation, and $10.6 million higher spending at the Mount Milligan Mine on the mining fleet expansion and TSF buttress foundation construction.

All-in sustaining costs on a by-product basisNG were $1,775 per ounce in the third quarter of 2026 compared to $1,652 per ounce in the third quarter of 2025. The increase in all-in sustaining costs on a by-product basisNG was primarily due to higher gold production costs per ounce as noted above and higher share-based compensation costs due to the Company’s higher share price, partially offset by higher copper credits from increased copper prices.

Share-based compensation expenses of $20.8 million were recognized in the third quarter of 2026 compared to $8.1 million in the third quarter of 2025. The increase was primarily attributable to the Company’s higher share price.

No impairment or impairment reversal was recognized in the third quarter of 2026. In the third quarter of 2025, the Company recognized an impairment reversal of $193.5 million related to the Goldfield Project, as additional technical studies and project optimizations, together with higher long-term gold prices, significantly improved the economics of the project resulting in the decision to proceed.

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Other operating expenses of $12.8 million were recognized in the third quarter of 2026 compared to other operating income of $38.2 million in the third quarter of 2025. The change was primarily attributable to a $4.1 million unrealized loss on the financial asset related to the Additional Royal Gold Agreement, compared to an unrealized gain of $42.6 million in the third quarter of 2025, and $5.3 million of study costs, primarily at the Mount Milligan Mine and Öksüt Mine.

The Company recognized income tax expense of $15.3 million in the third quarter of 2026, comprising current income tax expense of $33.1 million and deferred income tax recovery of $17.8 million, compared to income tax expense of $59.6 million in the third quarter of 2025, comprising current income tax expense of $30.6 million and deferred income tax expense of $28.9 million. The decrease in income tax expense in the third quarter of 2026 was primarily attributable to the impact of tax optimization initiatives which are expected to reduce future income taxes payable at the Mount Milligan Mine.

Nine months ended September 30, 2026 compared to September 30, 2025

Revenue of $1,427.7 million was recognized in 2026 compared to $983.0 million in 2025. The increase was primarily driven by higher average realized prices for gold, copper and molybdenum, as well as higher gold ounces, copper pounds and molybdenum pounds sold.

Gold production was 214,157 ounces in 2026 compared to 204,463 ounces in 2025. Gold production in 2026 included 111,817 ounces of gold from the Mount Milligan Mine compared to 103,477 ounces in 2025. The increase at the Mount Milligan Mine was primarily due to higher gold head grades and higher throughput, partially offset by lower gold recoveries. The Öksüt Mine produced 102,340 ounces of gold in 2026 compared to 100,986 ounces of gold in 2025.

Copper production at the Mount Milligan Mine was 40.1 million pounds in 2026 compared to 37.4 million pounds in 2025. The increase in copper production was primarily attributed to higher throughput and higher copper grades, partially offset by lower recoveries.

The Langeloth Facility roasted 7.7 million pounds and sold 12.1 million pounds of molybdenum in 2026 compared to 10.6 million pounds roasted and 10.4 million pounds sold in 2025. The decrease in molybdenum roasted was due to the temporary suspension of operations following the January 29, 2026 incident. The increased sales volume in 2026 was in line with the Company’s strategy to progressively ramp up volumes at the Langeloth Facility over time.

Cost of sales of $894.9 million was recognized in 2026 compared to $682.6 million recognized in 2025. The increase was primarily due to $43.8 million higher production costs at the Öksüt Mine related to higher royalty costs due to higher realized gold prices and higher royalty rates, $105.6 million higher production costs at the Langeloth Facility resulting from higher pounds of molybdenum sold and higher cost of molybdenum purchased due to higher molybdenum prices, and a $51.9 million increase in production costs at the Mount Milligan Mine due to timing of inventory sales, higher mining, milling, administrative and freight costs.

Gold production costs were $1,536 per ounce in 2026 compared to $1,312 per ounce in 2025. The increase in gold production costs per ounce was primarily due to higher royalty costs at the Öksüt Mine and higher direct production costs at the Mount Milligan Mine as noted above, partially offset by higher gold ounces sold.

Capital expendituresᴺᴳ were $340.5 million in 2026, compared to $159.1 million in 2025. Sustaining capital expendituresᴺᴳ increased to $77.9 million in 2026 from $69.5 million in 2025, primarily due to $23.1 million higher spending at the Mount Milligan Mine on construction at the existing TSF and major overhauls of the mining fleet and mill, partially offset by $15.9 million lower spending at the Öksüt Mine, mainly from lower capitalized deferred stripping costs. Non-sustaining capital expendituresᴺᴳ increased to $262.6 million in 2026 from $89.6 million in 2025, primarily due to $89.9 million higher spending at Thompson Creek as restart activities advanced, $48.6 million at Goldfield following the start of early earthworks and site preparation, and $28.2 million higher spending at the Mount Milligan Mine on the mining fleet expansion and TSF buttress foundation construction.

All-in sustaining costs on a by-product basisNG were $1,729 per ounce in 2026 compared to $1,604 per ounce in 2025. The increase was primarily due to higher gold production costs per ounce as discussed above,

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higher share-based compensation costs and higher sustaining capital expendituresNG, partially offset by higher copper credits as a result of higher realized copper prices.

Share-based compensation expenses of $33.6 million were recognized in 2026 compared to $10.9 million in 2025. The increase was primarily due to a higher share price impacting cash-settled awards.

Other operating expenses of $70.2 million were recognized in 2026 compared to other operating income of $17.3 million in 2025. The change in other operating expenses was primarily attributable to a $40.5 million unrealized loss on the financial asset related to the Additional Royal Gold Agreement compared to an unrealized gain of $29.1 million in 2025, $11.8 million of study costs, primarily at the Mount Milligan Mine and the Öksüt Mine, and $6.5 million of standby costs at the Langeloth Facility related to the temporary suspension of operations compared to nil in 2025.

The Company recognized income tax expense of $122.7 million in 2026, comprising current income tax expense of $108.6 million and deferred income tax expense of $14.1 million, compared to income tax expense of $82.2 million in 2025, comprising current income tax expense of $65.1 million and deferred income tax expense of $17.1 million. The increase in income tax expense was attributable to an increase in taxable income at the Öksüt Mine and at the Mount Milligan Mine and higher withholding tax at the Öksüt Mine.

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Financial Instruments

The Company seeks to manage its exposure to fluctuations in diesel fuel prices, commodity prices and foreign exchange rates by entering into derivative financial instruments from time-to-time. The hedge positions for each of these programs as at September 30, 2026 are summarized as follows:


			Average Strike Price					Settlements (% of exposure hedged)(1)			As at September 30, 2026
Instrument	Unit	Type	2026		2027		2028+	2026	2027	2028+	Total position(2)	Fair value ($'000's)

FX Hedges
USD/CAD zero-cost collars	CAD	Fixed	$1.38/$1.43		—		—	$12.0M (4%)	—	—	$12.0M	(19)
USD/CAD forward contracts	CAD	Fixed	$	1.38	$	1.36	—	$108.0M (40%)	$198.0M	—	$306.0M	(7,596)
Total								$120.0M (44%)	$198.0M	—	$318.0M	(7,615)

Diesel Fuel Hedges(2)
ULSD zero-cost collars	Litres	Fixed	$0.59/$0.66		—		—	716 (5%)	—	—	716	380
ULSD swap contracts	Litres	Fixed	$	0.62	$	0.58	—	6,413 (41%)	9,651	—	16,064	7,944
Total								7,129 (46%)	9,651	—	16,780	8,324


Gold Hedges
Öksüt Mine zero-cost collars	Ounces	Fixed	$2,400/$3,696		—		—	5,382 (21%)	—	—	5,382	(2,647)
Goldfield Project zero-cost collars(3)	Ounces	Fixed	—		—		$3,200/$4,575	—	—	117,000	117,000	(73,767)
Total								5,382 (21%)	—	117,000	122,382	(76,414)

Gold/Copper Hedges (Royal Gold deliverables)(4):
Gold forward contracts	Ounces	Float	N/A		—		—	15,498	—	—	15,498	(3,151)
Copper forward contracts	Pounds	Float	N/A		—		—	1.9M	—	—	1.9M	85

(1)Percentage of exposure hedged is calculated with reference to the expected expenditure to be incurred in Canadian dollars, fuel consumed and Öksüt Mine gold ounces sold as outlined in the “Outlook” section and is subject to change.

(2)Ultra-low-sulfur diesel. Units are in thousands of litres. Includes hedges covering exposure of both the Mount Milligan Mine and the Thompson Creek Mine.

(3)The ceiling prices applicable to the gold hedge contracts are $4,438/oz for 2029 and $4,706/oz for 2030.

(4)Royal Gold hedging program with a market price determined on settlement of the contract.

The realized (loss) gain recorded in the statements of earnings was as follows:


	Three months ended September 30,				Nine Months Ended September 30,
($'000's)	2026	2025	% Change		2026	2025	% Change
Foreign exchange hedges	(1,793)	(685)	162	%	(2,236)	(4,830)	(54)	%
Fuel hedges	4,070	31	13029	%	7,815	(232)	(3468)	%

Gold Hedges	(2,791)	(748)	100	%	(13,257)	(748)	1672	%

In conjunction with the decision to proceed with the Goldfield Project, the Company entered into zero-cost collar contracts for 57,000 ounces in 2029 and 60,000 ounces in 2030, representing 50% of annual production in each year, to protect project economics and support predictable cash flow during the ramp-up period. These zero-cost option collars are settled monthly, against the London Bullion Market Association gold price and have a gold price floor of $3,200 per ounce and an average gold price cap of $4,438 per ounce in

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2029 and $4,706 per ounce in 2030. The current fair value of these instruments reflects an unrealized loss from the significant upward movement in the underlying gold price since entering into these contracts.

In the first quarter of 2025, the Company initiated a diesel hedging program associated with the restart of operations at the Thompson Creek Mine in order to manage the risk associated with changes in diesel fuel prices. The hedge contracts cover a portion of estimated future diesel fuel purchases as part of the restart and are expected to settle over time by mid-2027.

As at September 30, 2026, Centerra has not entered into any off-balance sheet arrangements with special purpose entities, nor does it have any unconsolidated affiliates.

Balance Sheet Review


($ millions)	September 30, 2026	December 31, 2025





Total Assets	3,210.5	2,958.7



Total Liabilities	992.9	898.9
Current Liabilities	530.3	438.0
Non-current Liabilities	462.6	460.9
Total Equity	2,217.6	2,059.8

Total assets as at September 30, 2026 were $3,210.5 million compared to $2,958.7 million as at December 31, 2025. The Company’s asset base is primarily comprised of non-current assets such as property, plant and equipment. Other significant assets include inventories, amounts receivable and equity investments, as well as cash and cash equivalents. The increase was primarily due to property, plant and equipment additions at the Thompson Creek Mine, the Goldfield Project and the Mount Milligan Mine, and higher molybdenum inventory at the Langeloth Facility as a result of higher inventory quantities associated with the production ramp-up and higher molybdenum prices, and higher equity investments, partially offset by lower cash and cash equivalents. Non-current equity investments increased to $176.8 million from $105.9 million as at December 31, 2025, primarily due to purchases of equity investments of $20.2 million and a $39.8 million unrealized gain recorded in other comprehensive income (“OCI”) from the increase in the market value of the equity investments portfolio.

Total liabilities as at September 30, 2026 were $992.9 million compared to $898.9 million as at December 31, 2025. The increase was primarily due to higher accounts payable and accrued liabilities and higher lease obligations, partially offset by a lower provision for reclamation. Accounts payable and accrued liabilities increased by $83.3 million to $444.0 million, mainly reflecting higher accrued capital expenditures at the Thompson Creek Mine as restart activities accelerated, timing of payments at the Mount Milligan Mine and higher accrued royalties at the Öksüt Mine.

Total equity as at September 30, 2026 was $2,217.6 million compared to $2,059.8 million as at December 31, 2025. The increase was primarily due to net earnings of $240.2 million and other comprehensive income of $61.7 million, partially offset by the repurchase and cancellation of shares for $125.2 million under the NCIB program and dividends paid of $29.9 million.

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Operations and Development Projects

Mount Milligan Mine

The Mount Milligan Mine is an open-pit mine located in north central British Columbia, Canada, producing a gold and copper concentrate. The Mount Milligan Mine is subject to the Mount Milligan Mine Streaming Agreement. To satisfy its current obligations under the Mount Milligan Mine Streaming Agreement, the Company purchases refined gold ounces and copper warrants and arranges for delivery to Royal Gold. The difference between the cost of the purchases of refined gold ounces and copper warrants and the corresponding amounts payable to the Company under the Mount Milligan Streaming Agreement is recorded as a reduction of revenue rather than a cost of operating the mine. On February 13, 2024, the Company entered into the Additional Royal Gold Agreement, relating to the Mount Milligan Mine.

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Mount Milligan Mine Financial and Operating Results


	Three months ended September 30,						Nine months ended September 30,
($millions, except as noted)	2026		2025		% Change		2026		2025		% Change
Financial Highlights:
Gold revenue	128.3		82.8		55	%	357.2		249.6		43	%
Copper revenue	75.7		49.4		53	%	213.3		139.4		53	%
Other by-product revenue	5.1		5.1		—	%	16.6		10.3		61	%
Total revenue	209.1		137.3		52	%	587.1		399.3		47	%
Production costs	95.1		77.4		23	%	275.7		225.8		22	%
Depreciation, depletion, and amortization ("DDA")	16.5		14.5		14	%	47.2		45.3		4	%
Earnings from mine operations	97.5		45.4		115	%	264.2		128.2		106	%
Earnings from operations(1)	88.0		83.6		5	%	209.5		145.4		44	%
Cash provided by mine operations	106.8		64.1		67	%	349.0		160.7		117	%
Free cash flow from mine operations(2)	62.8		44.6		41	%	257.7		114.8		124	%
Additions to property, plant and equipment	28.5		11.9		140	%	109.9		52.2		111	%
Capital expenditures - total(2)	33.7		20.3		66	%	100.2		48.9		105	%
Sustaining capital expenditures(2)	22.4		19.6		14	%	66.6		43.5		53	%
Non-sustaining capital expenditures(2)	11.3		0.7		nm		33.6		5.4		nm
Operating Highlights:
Tonnes mined (000s)	12,323		12,256		1	%	36,485		35,723		2	%
Tonnes ore mined (000s)	5,764		5,726		1	%	17,110		17,124		0	%
Tonnes processed (000s)	5,556		5,294		5	%	15,899		15,331		4	%
Process plant head grade gold (g/t)	0.43		0.34		26	%	0.37		0.35		6	%
Process plant head grade copper (%)	0.15	%	0.16	%	(6)	%	0.16	%	0.15	%	7	%
Gold recovery (%)	58.8	%	58.6	%	0	%	60.3	%	60.9	%	(1)	%
Copper recovery (%)	73.7	%	75.6	%	(3)	%	74.2	%	76.7	%	(3)	%
Concentrate produced (dmt)	37,538		37,447		0	%	117,095		107,482		9	%
Gold produced (oz)(3)	44,070		32,539		35	%	111,817		103,477		8	%
Gold sold (oz)(3)	43,005		32,102		34	%	117,100		102,456		14	%
Average realized gold price - combined ($/oz)(3)(4)	2,985		2,712		10	%	3,051		2,478		23	%
Copper produced (000s lbs)(3)	12,773		13,354		(4)	%	40,069		37,438		7	%
Copper sold (000s lbs)(3)	13,189		13,244		0	%	41,434		37,488		11	%
Average realized copper price - combined ($/lb)(3)(4)	5.74		3.73		54	%	5.15		3.72		38	%
Unit Costs:
Gold production costs ($/oz)	1,392		1,540		(10)	%	1,474		1,423		4	%
All-in sustaining costs on a by-product basis ($/oz)(2)(5)	985		1,461		(33)	%	1,103		1,298		(15)	%

Gold - All-in sustaining costs on a co-product basis ($/oz)(2)(5)	1,728		1,916		(10)	%	1,833		1,719		7	%
Copper production costs ($/lb)	2.68		2.11		27	%	2.49		2.13		17	%
Copper - All-in sustaining costs on a co-product basis ($/lb)(2)(5)	3.32		2.63		26	%	3.08		2.57		20	%
Mining costs per tonne mined ($/tonne)(2)	3.05		2.66		15	%	3.08		2.67		15	%
Milling costs per tonne processed ($/tonne)(2)	7.13		6.41		11	%	6.63		6.20		7	%
Site G&A costs per tonne processed ($/tonne)(2)	2.86		2.59		10	%	2.92		2.65		10	%
On site costs per tonne processed ($/tonne)(2)	16.76		15.16		11	%	16.61		15.09		10	%

(1)Includes exploration and evaluation costs and other operating costs, including non-cash unrealized loss on the financial asset related to the Additional Royal Gold Agreement.

(2)Non-GAAP financial measure. See discussion under “Non-GAAP and Other Financial Measures”.

(3)Mount Milligan production and sales are presented on a 100%-basis. Under the Mount Milligan Streaming Agreement, Royal Gold is entitled to 35% of gold ounces sold and 18.75% of copper pounds sold. Royal Gold paid $435 per ounce of gold delivered and 15% of the spot price per metric tonne of copper delivered in the periods presented.

(4)This supplementary financial measure, within the meaning of NI 52-112, is calculated as a ratio of revenue from the consolidated financial statements and units of metal sold and includes the impact from the Mount Milligan Streaming Agreement, copper hedges and mark-to-market adjustments on metal sold that had not yet settled under contract.

(5)Includes the impact from the Mount Milligan Streaming Agreement and the impact of copper hedges.

(6)“nm” represents a percentage change that is not meaningful.

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Third Quarter 2026 compared to Third Quarter 2025

Earnings from mine operations of $97.5 million were recognized in the third quarter of 2026 compared to $45.4 million in the third quarter of 2025. The increase in earnings from mine operations was primarily due to higher average realized gold and copper prices, and higher gold ounces sold, partially offset by higher production costs.

Cash provided by mine operations of $106.8 million was recognized in the third quarter of 2026 compared to $64.1 million in the third quarter of 2025. The increase was primarily due to higher earnings from mine operations as noted above.

Free cash flow from mine operationsNG of $62.8 million was recognized in the third quarter of 2026 compared to $44.6 million in the third quarter of 2025. The increase was due to higher cash provided by mine operations as noted above, partially offset by higher non-sustaining capital expendituresNG. Non-sustaining capital expendituresNG were related to mining fleet expansion and TSF buttress foundation construction.

During the third quarter of 2026, mining activities were carried out in phases 5, 6, 7 and North Borrow of the open pit. Total tonnes mined were 12.3 million tonnes in the third quarter of 2026 compared to 12.3 million tonnes in the third quarter of 2025.

Total process plant throughput in the third quarter of 2026 was 5.6 million tonnes, averaging 60,388 tonnes per calendar day compared to 5.3 million tonnes, averaging 57,541 tonnes per calendar day in the third quarter of 2025. During the third quarter of 2025, several operational issues led to lower throughput, including unplanned crusher downtime for rebuilds, stockpile conveyor bearing failure, and downtime in the rougher flotation banks. The higher mill throughput in the third quarter of 2026 was primarily driven by a combination of softer ore and increased reliability due to the additional planned maintenance work completed during the July 2026 extended shutdown, which allowed the mill to run at increased throughput levels.

Gold production was 44,070 ounces in the third quarter of 2026 compared to 32,539 ounces in the third quarter of 2025. The increase in gold production was primarily driven by higher head grade and throughput. During the third quarter of 2026, the average gold head grade and recovery were 0.43 g/t and 58.8%, respectively, compared to 0.34 g/t and 58.6% in the third quarter of 2025.

Copper production was 12.8 million pounds in the third quarter of 2026 compared to 13.4 million pounds in the third quarter of 2025. The decrease in copper production was primarily due to lower copper head grade and recovery, partially offset by increased throughput. During the third quarter of 2026, the average copper head grade and recovery were 0.15% and 73.7%, respectively, compared to 0.16% and 75.6% in the third quarter of 2025.

Gold production costs were $1,392 per ounce in the third quarter of 2026 compared to $1,540 per ounce in the third quarter of 2025. The decrease was primarily due to higher gold ounces sold, partially offset by higher mining, processing and administrative costs. Higher mining costs were due to pit dewatering activities, higher diesel fuel costs due to increased prices and consumption, and reverse circulation (“RC”) drilling activities to improve geological and mine plan confidence. Higher processing costs were due to additional SAG liner costs. Higher administrative costs were primarily due to increased camp operating costs.

Copper production costs were $2.68 per pound in the third quarter of 2026 compared to $2.11 per pound in the third quarter of 2025. The increase was primarily due to higher direct production costs.

All-in sustaining costs on a by-product basisNG were $985 per ounce in the third quarter of 2026 compared to $1,461 per ounce in the third quarter of 2025. The decrease was primarily due to lower production costs per ounce, and higher copper credits from higher realized copper prices, partially offset by higher sustaining capital expendituresNG. Higher sustaining capital expendituresNG in the third quarter of 2026 were primarily driven by differences in the timing of spending on the mining fleet and mill major overhauls compared to the third quarter of 2025.

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Nine months ended September 30, 2026 compared to September 30, 2025

Earnings from mine operations of $264.2 million were recognized in 2026 compared to $128.2 million in 2025. The increase in earnings from mine operations was primarily due to higher average realized gold and copper prices, higher gold ounces and copper pounds sold, and higher realized silver prices, partially offset by higher production costs.

Cash provided by mine operations of $349.0 million was recognized in 2026 compared to $160.7 million in 2025. The increase was primarily due to higher average realized gold and copper prices, higher gold ounces and copper pounds sold, and a favourable working capital change, partially offset by higher production costs. The favourable working capital change in 2026 compared to 2025 was primarily related to the timing of sales and cash collection from shipments.

Free cash flow from mine operationsNG of $257.7 million was recognized in 2026 compared to $114.8 million in 2025. The increase was primarily due to higher cash provided by mine operations as explained above, partially offset by higher capital expendituresNG. Non-sustaining capital expendituresNG increased in 2026 compared to 2025 due to spending on mining fleet expansion and TSF buttress foundation construction.

During 2026, mining activities were carried out in phases 5, 6, 7 and North Borrow of the open pit. Total tonnes mined were 36.5 million tonnes in 2026 compared to 35.7 million tonnes mined in 2025. The increase in tonnage was attributable to the addition of incremental haulage capacity in 2026.

The process plant throughput was 15.9 million tonnes in 2026, averaging 58,237 tonnes per calendar day compared to 15.3 million tonnes in 2025, averaging 56,157 tonnes per calendar day. Higher throughput was driven by increased equipment reliability, resulting in fewer significant slowdown events.

Gold production was 111,817 ounces in 2026 compared to 103,477 ounces in 2025. The increase was primarily due to higher head grade and increased throughput, partially offset by lower recoveries. During 2026, the average gold grade was 0.37 g/t and recoveries were 60.3% compared to 0.35 g/t and 60.9%, respectively, in 2025.

Total copper production was 40.1 million pounds in 2026 compared to 37.4 million pounds in 2025. The increase was primarily due to higher head grade and throughput, partially offset by lower recovery. During 2026, the average copper head grade was 0.16% and recoveries were 74.2% compared to 0.15% and 76.7%, respectively, in 2025. Lower recovery was mainly due to complex mineralogy, specifically finer grain size in the feed, which reduced recovery earlier in the year.

Gold production costs were $1,474 per ounce in 2026 compared to $1,423 per ounce in 2025. The increase was primarily due to higher direct production costs, partially offset by higher gold ounces sold. Production costs increased primarily due to higher mining, milling and freight costs. Higher mining costs were driven by increased pit dewatering activities, higher diesel fuel costs due to higher prices and consumption, and RC drilling activities. Higher milling costs were attributable to the extended shutdown in July and higher cyclone rental costs. Freight costs increased due to higher concentrate volumes transported and higher freight rates.

Copper production costs were $2.49 per pound in 2026 compared to $2.13 per pound in 2025. The increase was primarily due to higher production costs and higher allocation of costs to copper production costs due to relative changes in the market price of gold and copper, partially offset by higher copper pounds sold.

All-in sustaining costs on a by-product basisNG were $1,103 per ounce in 2026 compared to $1,298 per ounce in 2025. The decrease was primarily due to higher copper credits from higher realized copper prices and copper pounds sold, partially offset by higher production costs per ounce and higher sustaining capital expendituresNG. Higher sustaining capital expendituresNG in 2026 were primarily driven by higher spending on mining and mill major overhauls compared to 2025.

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Öksüt Mine

The Öksüt Mine is located in Türkiye approximately 300 kilometres southeast of Ankara and 48 kilometres south of Kayseri, the provincial capital. The nearest administrative centre is at Develi, located approximately 10 kilometres north of the mine site.

Öksüt Mine Financial and Operating Results


	Three months ended September 30,				Nine months ended September 30,
($millions, except as noted)	2026	2025	% Change		2026	2025	% Change
Financial Highlights:
Revenue	130.7	169.1	(23)	%	455.7	329.7	38	%
Production costs(1)	52.1	59.1	(12)	%	164.5	120.7	36	%
Depreciation, depletion, and amortization ("DDA")	15.7	19.8	(21)	%	48.0	36.8	30	%
Earnings from mine operations	62.9	90.2	(30)	%	243.3	172.2	41	%
Earnings from operations(2)	57.9	89.7	(35)	%	236.6	170.3	39	%
Cash provided by mine operations	68.3	139.4	(51)	%	217.9	172.2	27	%
Free cash flow from mine operations(3)	65.8	133.6	(51)	%	208.7	147.1	42	%
Additions to property, plant and equipment	2.2	8.0	(73)	%	13.8	31.8	(57)	%
Capital expenditures - total(3)	2.5	5.8	(57)	%	9.2	25.1	(63)	%
Sustaining capital expenditures(3)	2.5	5.8	(57)	%	9.2	25.1	(63)	%

Operating Highlights:
Tonnes mined (000s)	4,967	4,882	2	%	12,774	12,654	1	%
Tonnes ore mined (000s)	1,730	1,618	7	%	3,603	3,863	(7)	%
Ore mined - grade (g/t)	0.79	1.71	(54)	%	1.06	1.20	(12)	%
Ore crushed (000s)	1,500	1,457	3	%	3,622	3,599	1	%
Tonnes of ore stacked (000s)	1,499	1,476	2	%	3,678	3,714	(1)	%
Heap leach grade (g/t)	0.85	1.82	(53)	%	1.08	1.22	(11)	%
Heap leach contained ounces stacked	41,003	86,422	(53)	%	128,058	145,552	(12)	%
Gold produced (oz)	31,359	49,234	(36)	%	102,340	100,986	1	%

Gold sold (oz)	31,382	48,496	(35)	%	102,336	100,608	2	%
Average realized gold price ($/oz)(4)	4,165	3,487	19	%	4,436	3,277	35	%
Unit Costs:
Gold production costs ($/oz)	1,659	1,219	36	%	1,607	1,199	34	%
All-in sustaining costs on a by-product basis ($/oz)(3)	1,893	1,473	29	%	1,822	1,573	16	%

Mining costs per tonne mined ($/tonne)(3)	3.52	3.16	11	%	3.67	3.28	12	%
Processing costs per tonne processed ($/tonne)(3)	6.26	6.22	1	%	6.74	6.27	7	%
Site G&A costs per tonne processed ($/tonne)(3)	8.18	7.39	11	%	9.16	8.70	5	%
On site costs per tonne processed ($/tonne)(3)	26.09	24.07	8	%	28.67	26.13	10	%

(1)Includes government royalties of $20.4 million and $68.9 million (includes a $4.6 million 2025 royalty cost adjustment) during three and nine months ended September 30, 2026 and $24.2 million and $39.7 million during three and nine months ended September 30, 2025, respectively.

(2)Includes exploration and evaluation costs.

(3)Non-GAAP financial measure. See discussion under “Non-GAAP and Other Financial Measures”.

(4)This supplementary financial measure, within the meaning of NI 52-112, is calculated as a ratio of revenue from the consolidated financial statements and units of metal sold.

OVERVIEW & QUARTERLY RESULTS

OUTLOOK & GUIDANCE

LIQUIDITY & FINANCIAL PERFORMANCE

OPERATIONS, DEVELOPMENT & EXPLORATION

NON-GAAP & OTHER INFORMATION

Third Quarter 2026 compared to Third Quarter 2025

Earnings from mine operations were $62.9 million in the third quarter of 2026 compared with $90.2 million in the third quarter of 2025. The decrease was primarily due to lower ounces of gold sold, partially offset by higher average realized gold prices and lower production costs and DDA mainly attributable to lower ounces of gold sold.

Cash provided by mine operations was $68.3 million in the third quarter of 2026, compared to $139.4 million in the third quarter of 2025. The decrease was primarily due to lower ounces of gold sold and higher cash taxes paid, partially offset by higher average realized gold prices.

Free cash flow from mine operationsNG was $65.8 million in the third quarter of 2026, compared to $133.6 million in the third quarter of 2025. The decrease in free cash flow from mine operationsNG was primarily due to a decrease in cash provided by mine operations as noted above, partially offset by lower sustaining capital expendituresNG.

Mining activities in the third quarter of 2026 were carried out in phase 5 and phase 6 of the Keltepe pit. Total tonnes mined were 5.0 million tonnes in the third quarter of 2026, compared to 4.9 million tonnes in the third quarter of 2025.

The Öksüt Mine stacked 1.5 million tonnes at an average grade of 0.85 g/t, containing 41,003 ounces of gold in the third quarter of 2026, compared to 1.5 million tonnes stacked at an average grade of 1.82 g/t, containing 86,422 ounces of gold in the third quarter of 2025. The decrease in heap leach grade was primarily due to lower mining grades in the third quarter of 2026 as a result of mining lower grade areas in phase 5 of the Keltepe pit.

Gold production in the third quarter of 2026 was 31,359 ounces compared to 49,234 ounces in the third quarter of 2025. The decrease in gold production was primarily driven by lower ounces stacked reflecting lower grade in the third quarter of 2026.

Gold production costs per ounce were $1,659 in the third quarter of 2026 compared to $1,219 in the third quarter of 2025. The increase was primarily due to fewer ounces of gold sold, higher royalty rates as a result of higher average realized gold prices and the net inflation impact in Türkiye between the periods, which increased labour and contractor costs.

All-in sustaining costs on a by-product basisNG in the third quarter of 2026 were $1,893 per ounce compared to $1,473 per ounce in the third quarter of 2025. The increase was primarily due to higher gold production costs, as noted above, partially offset by lower sustaining capital expendituresNG.

OVERVIEW & QUARTERLY RESULTS

OUTLOOK & GUIDANCE

LIQUIDITY & FINANCIAL PERFORMANCE

OPERATIONS, DEVELOPMENT & EXPLORATION

NON-GAAP & OTHER INFORMATION

Nine months ended September 30, 2026 compared to September 30, 2025

Earnings from mine operations were $243.3 million in 2026 compared with $172.2 million in 2025. The increase was primarily due to higher average realized gold prices and higher ounces of gold sold, partially offset by higher production costs and DDA driven by higher weighted average inventory cost per ounce.

Cash provided by mine operations was $217.9 million in 2026 compared with $172.2 million in 2025. The increase in cash provided by mine operations was primarily due to higher average realized gold prices and higher ounces of gold sold, partially offset by higher cash taxes paid, higher production costs, a realized hedge loss and higher royalty payments.

Free cash flow from mine operationsNG was $208.7 million in 2026 compared with $147.1 million in 2025. The increase in free cash flow from mine operationsNG was primarily due to an increase in cash provided by mine operations as noted above and lower sustaining capital expendituresNG mainly driven by lower capitalized deferred stripping costs.

Mining activities in 2026 were carried out in phase 5 and phase 6 of the Keltepe pit. Total tonnes mined were 12.8 million tonnes in 2026, consistent with 12.7 million tonnes mined in 2025.

The Öksüt Mine stacked 3.7 million tonnes at an average grade of 1.08 g/t containing 128,058 ounces of gold in 2026, compared with 3.7 million tonnes stacked at an average grade of 1.22 g/t containing 145,552 ounces of gold in 2025. The decrease in heap leach grades was primarily the result of mining lower grade areas in phase 5 of the Keltepe pit.

Gold production was 102,340 ounces in 2026 compared to 100,986 ounces in 2025. The increase in gold production was primarily driven by enhanced operating practices and solution management.

Gold production costs were $1,607 per ounce in 2026 compared with $1,199 per ounce in 2025. The increase was primarily due to higher royalty costs, lower costs allocated to deferred stripping and higher production costs. Royalty costs increased by $29.2 million between the periods as a result of higher ounces of gold sold and higher royalty rates attributable to higher average realized gold prices. Higher production costs were mainly due to higher labour and contractor costs, driven by net inflation in Türkiye.

All-in sustaining costs on a by-product basisNG were $1,822 per ounce in 2026 compared with $1,573 per ounce in 2025. The increase was primarily due to higher gold production costs as noted above, partially offset by lower sustaining capital expendituresNG.

OVERVIEW & QUARTERLY RESULTS

OUTLOOK & GUIDANCE

LIQUIDITY & FINANCIAL PERFORMANCE

OPERATIONS, DEVELOPMENT & EXPLORATION

NON-GAAP & OTHER INFORMATION

US Moly

US Moly includes the Thompson Creek Mine in Idaho, a molybdenum mine, which is currently in the process of being restarted with expected first production mid-2027, and the Langeloth Facility in Pennsylvania.

US Moly Financial Results


	Three months ended September 30,				Nine months ended September 30,
($millions, except as noted)	2026	2025	% Change		2026	2025	% Change
Financial Highlights:


Total revenue	160.4	88.8	81	%	384.8	254.0	51	%
Production costs	143.6	86.9	65	%	356.1	250.6	42	%
Depreciation, depletion, and amortization ("DDA")	1.1	1.1	0	%	3.4	3.4	0	%
Earnings from mine operations	15.7	0.8	nm		25.3	—	nm



Other operating and non-operating expenses(2)(3)	0.6	1.0	(40)	%	13.6	2.1	nm
Net earnings (loss)	15.1	—	nm		11.7	(1.8)	nm




Cash provided by (used in) operations	2.9	(13.6)	121	%	(117.5)	(15.2)	nm



Free cash flow deficit from operations(1)	(53.5)	(51.2)	4	%	(258.5)	(106.5)	(143)	%



Additions to property, plant and equipment	76.1	36.5	108	%	195.1	95.7	104	%



Total capital expenditures(1)	82.4	31.7	160	%	175.7	84.6	108	%

(1)Non-GAAP financial measure. See discussion under “Non-GAAP and Other Financial Measures”.

(2)Includes standby costs, net of insurance proceeds, of $6.5 million during the nine months ended September 30, 2026 at the Langeloth Facility due to the temporary suspension of roasting operations.

(3)Includes costs of $0.3 million and $3.9 million during the three and nine months ended September 30, 2026, respectively, related to the settlement of a legacy labour matter at the Langeloth Facility.

(4)“nm” represents a percentage change that is not meaningful.

Thompson Creek Mine


	Three months ended September 30,				Nine months ended September 30,
($millions, except as noted)	2026	2025	% Change		2026	2025	% Change
Financial Highlights:

Free cash flow deficit from operations(1)	(55.2)	(37.3)	(48)	%	(138.9)	(90.6)	(53)	%
Additions to property, plant and equipment	74.9	36.2	107	%	193.0	94.8	104	%
Total capital expenditures(1)	81.2	31.4	159	%	173.6	83.7	107	%
Operating Highlights:
Tons mined (000s)	12,062	8,265	46	%	33,986	19,910	71	%

(1)Non-GAAP financial measure. See discussion under “Non-GAAP and Other Financial Measures”.

Third Quarter 2026 compared to Third Quarter 2025

In the third quarter of 2026, Thompson Creek Mine moved 12.1 million tons compared to 8.3 million tons in the third quarter of 2025. In the third quarter of 2026, the mining rate achieved an average of 4.0 million tons per month and mining activities focused on stripping on the western side of the pit and the Union Gap area in the north. Mining rates remained relatively consistent between the second and third quarter of 2026. As tons increased over the course of 2026, cost per ton continued to decline and stabilize in 2026 compared to prior periods. In the third quarter of 2026, the Thompson Creek Mine was not significantly impacted by the rise in global fuel prices, supported by its diesel hedging program.

OVERVIEW & QUARTERLY RESULTS

OUTLOOK & GUIDANCE

LIQUIDITY & FINANCIAL PERFORMANCE

OPERATIONS, DEVELOPMENT & EXPLORATION

NON-GAAP & OTHER INFORMATION

The key milestones completed in the third quarter of 2026 included:

•Procurement: shipped most long-lead equipment packages that have now arrived at site;

•Installation: installed two-thirds of the flotation bank tanks and agitators, set the Jameson Cell quadrants and launder, and received the thickener on site, with remaining installation continuing;

•Refurbishment: progressed conveyor, motor and gearbox refurbishment and the crusher shaft rebuild to support restart readiness;

•Power: completed the E-house concrete piers and structural steel and six of seven mill motor cable pulls, with the variable frequency drives at the E-house fabrication shop and E-house shipment on track;

•Tailings: substantially completed the toe berm and the SRD HDPE pipeline installation, completed other dam remediation activities, and advanced sand distribution pipeline installation and jacking header refurbishment to approximately 80% complete; and

•Readiness: advanced pre-commissioning and operational readiness, including legacy system testing, training planning and operating procedures.

As of September 30, 2026, $337.3 million had been spent on the restart of the Thompson Creek Mine, with approximately 65% of physical infrastructure completed. The project remains on track for first production in mid-2027, consistent with the Thompson Creek feasibility study published in 2024. In the third quarter of 2026, the Company incurred non-sustaining capital expendituresNG of $81.2 million.

In the third quarter of 2026, additions to PP&E were $74.9 million compared to $36.2 million in the third quarter of 2025, and non-sustaining capital expendituresNG were $81.2 million in the third quarter of 2026 compared to $31.4 million in the third quarter of 2025. The difference between additions to PP&E and non-sustaining capital expendituresNG in the third quarter of 2026 primarily reflects movements in the asset retirement obligation and capitalized DDA. The increase in both categories was due to the higher capital spending on mill refurbishments, the tailings distribution system, and expenditures related to pre-stripping activities in the main open pit area and other general costs during the third quarter of 2026.

Free cash flow deficit from operationsNG of $55.2 million was recognized in the third quarter of 2026, compared to $37.3 million in the third quarter of 2025. The increase was due to higher capital expendituresNG as outlined above.

Nine months ended September 30, 2026 compared to September 30, 2025

In 2026, the Thompson Creek Mine moved 34.0 million tons compared to 19.9 million tons in 2025. The mining rate increased to an average of 3.8 million tons per month, compared to 2.2 million tons per month in 2025. The increase in total tons moved was primarily due to improved mining equipment availability and utilization, as well as the addition of a new shovel to the fleet in 2026.

Additions to PP&E were $193.0 million in 2026 compared to $94.8 million in 2025, and non-sustaining capital expendituresNG were $173.6 million in 2026 compared to $83.7 million in 2025. The difference between additions to PP&E and non-sustaining capital expendituresNG in 2026 primarily reflects movements in the asset retirement obligation, ROU assets and capitalized DDA. The increase in both categories was due to higher capital spending on mill refurbishments, the tailings distribution system, and expenditures related to pre-stripping activities in the main open pit area and other general costs in 2026.

Free cash flow deficit from operationsNG of $138.9 million was recorded in 2026 compared to $90.6 million in 2025. The increase was due to higher additions to PP&E, as outlined above.

OVERVIEW & QUARTERLY RESULTS

OUTLOOK & GUIDANCE

LIQUIDITY & FINANCIAL PERFORMANCE

OPERATIONS, DEVELOPMENT & EXPLORATION

NON-GAAP & OTHER INFORMATION

Langeloth Facility


	Three months ended September 30,				Nine months ended September 30,
($millions, except as noted)	2026	2025	% Change		2026	2025	% Change
Financial Highlights:


Total revenue	160.4	88.8	81	%	384.8	254.0	51	%
Production costs	143.6	86.9	65	%	356.1	250.6	42	%
Depreciation, depletion, and amortization ("DDA")	1.1	1.1	0	%	3.4	3.4	0	%
Earnings (loss) from mine operations	15.7	0.8	nm		25.3	—	nm
Other operating and non-operating expenses	0.6	0.8	(25)	%	13.6	2.1	548	%
Net earnings (loss)	15.1	—	nm		11.7	(1.8)	nm
Adjusted EBITDA(1)	16.5	1.1	nm		18.9	1.4	nm
Cash provided by (used in) operations(1)	2.9	(13.6)	nm		(117.5)	(15.2)	nm
Free cash flow (deficit) from operations(1)	1.7	(13.9)	nm		(119.6)	(16.1)	nm
Additions to property, plant and equipment	1.2	0.3	nm		2.1	0.9	133	%
Total capital expenditures(1)	1.2	0.3	nm		2.1	0.9	133	%
Operating Highlights:
Mo purchased (000's lbs)	3,843	5,092	(25)	%	14,043	12,437	13	%
Mo roasted (000’s lbs)	2,784	4,428	(37)	%	7,744	10,627	(27)	%
Mo sold (000’s lbs)	4,645	3,121	49	%	12,113	10,441	16	%
Mo inventory (000’s lbs) at period end	6,884	4,592	50	%	6,884	4,592	50	%
Average market molybdenum price ($/lb)	32.98	24.37	35	%	29.48	21.87	35	%
Average realized molybdenum price ($/lb)	33.43	24.42	37	%	30.53	22.41	36	%

(1)Non-GAAP financial measure. See discussion under “Non-GAAP and Other Financial Measures”.

(2)“nm” represents a percentage change that is not meaningful.

Third Quarter 2026 compared to Third Quarter 2025

The Langeloth Facility roasted 2.8 million pounds and sold 4.6 million pounds of molybdenum in the third quarter of 2026, compared to 4.4 million pounds roasted and 3.1 million pounds sold in the third quarter of 2025. The increase in molybdenum sold was in line with plans to progressively increase volumes. The decrease in molybdenum roasted in the third quarter of 2026, compared to the third quarter of 2025, was primarily due to the timing of concentrate purchases between the periods as well as a higher proportion of molybdenum products purchased that do not require roasting in order to produce end products required for certain customer orders.

Net earnings were $15.1 million in the third quarter of 2026 compared to nil in the third quarter of 2025. The increase was primarily due to higher pounds of molybdenum sold and a higher margin on the sale of molybdenum products, resulting from higher market prices and a relatively lower weighted average cost per pound of inventory sold. The lower weighted average cost per pound reflects inventory accumulated at lower market prices in prior periods.

Adjusted EBITDANG of $16.5 million was recognized in the third quarter of 2026 compared to $1.1 million in the third quarter of 2025. The increase was primarily due to the higher margin on the sale of molybdenum products and higher pounds sold, as discussed above.

Cash provided by operations was $2.9 million in the third quarter of 2026 compared to cash used in operations of $13.6 million in the third quarter of 2025, even after accounting for costs of $0.3 million related to the settlement of a legacy labour matter. The increase was primarily due to the higher margin on the sale of molybdenum products as discussed above.

OVERVIEW & QUARTERLY RESULTS

OUTLOOK & GUIDANCE

LIQUIDITY & FINANCIAL PERFORMANCE

OPERATIONS, DEVELOPMENT & EXPLORATION

NON-GAAP & OTHER INFORMATION

Free cash flow from operationsNG was $1.7 million in the third quarter of 2026 compared to a free cash flow deficit from operationsNG of $13.9 million in the third quarter of 2025. The increase was primarily due to higher cash provided by operations, discussed above.

Nine months ended September 30, 2026 compared to September 30, 2025

The Langeloth Facility roasted 7.7 million pounds and sold 12.1 million pounds of molybdenum in 2026 compared to 10.6 million pounds roasted and 10.4 million pounds sold in 2025. The increase in molybdenum sold was in line with plans to progressively increase volumes. Molybdenum roasted was lower mainly due to the temporary suspension of operations following the January 29, 2026 incident. The suspension of roasting operations limited the Company’s ability to convert molybdenum concentrate into molybdenum products. While the Langeloth Facility continued to sell finished molybdenum products during the period, the suspension of roasting operations constrained overall production capacity.

Net earnings were $11.7 million in 2026 compared to a net loss of $1.8 million in 2025. The increase in net earnings was primarily due to a higher margin on the sale of molybdenum products, resulting from higher market prices and a relatively lower weighted average cost per pound of inventory sold. The lower weighted average cost per pound reflects inventory accumulated at lower market prices in prior periods. This was partially offset by $6.5 million of standby costs, net of insurance proceeds, during the temporary suspension of roasting operations and cost of $3.9 million to settle a legacy labour matter.

Adjusted EBITDANG of $18.9 million was recognized in 2026 compared to $1.4 million in 2025. The increase was primarily due to the higher margin on the sale of molybdenum products and higher by-product sales.

Cash used in operations was $117.5 million in 2026 compared to $15.2 million in 2025. The increase was primarily due to an unfavourable working capital movement, reflecting an inventory build-up needed to sustain current operations and current sales levels and a higher unit cost of inventory, as molybdenum prices increased from $21.87 per pound as at September 30, 2025 to $29.48 per pound as at September 30, 2026. A $5 per pound change in molybdenum price has an approximate $25 million impact on working capital invested. At September 30, 2026, there were 6.9 million (December 31, 2025 - 5.4 million) pounds of molybdenum included in inventory.

Free cash flow deficit from operationsNG was $119.6 million in 2026 compared to $16.1 million in 2025. The increase was primarily due to higher cash used in operations, as outlined above.

Goldfield Project


	Three months ended September 30,				Nine months ended September 30,
($millions, except as noted)	2026	2025	% Change		2026	2025	% Change

Cash used in operations	(0.5)	(2.0)	77	%	(5.6)	(3.6)	(58)	%
Free cash flow deficit from operations(1)	(21.9)	(2.0)	nm		(44.5)	(3.6)	nm
Additions to property, plant and equipment	30.5	—	100	%	49.2	—	100	%
Total capital expenditures(1)	29.9	—	100	%	48.6	—	100	%

(1)Non-GAAP financial measure. See discussion under “Non-GAAP and Other Financial Measures”.

(2)“nm” represents a percentage change that is not meaningful.

OVERVIEW & QUARTERLY RESULTS

OUTLOOK & GUIDANCE

LIQUIDITY & FINANCIAL PERFORMANCE

OPERATIONS, DEVELOPMENT & EXPLORATION

NON-GAAP & OTHER INFORMATION

Third Quarter 2026 compared to Third Quarter 2025

In the third quarter of 2026, additions to PP&E and non-sustaining capital expendituresNG were $30.5 million and $29.9 million, respectively, compared to nil in the third quarter of 2025. The increase reflects the start of capital works at the Goldfield Project, primarily related to advancing detailed engineering work, long-lead procurement activities, and initial earthworks related to the storm water diversion channels, overburden stockpiling and excavating in borrow sources. Contractors continue to be mobilized for early works construction with further construction and site-preparation to occur in the remainder of 2026.

Cash used in operations was $0.5 million in the third quarter of 2026 compared to $2.0 million in the third quarter of 2025. The decrease was primarily due to lower pre-development and exploration costs as the project shifted to construction and site-preparation in 2026.

Free cash flow deficit from operationsNG was $21.9 million in the third quarter of 2026 compared to $2.0 million in the third quarter of 2025. The increase was primarily due to higher non-sustaining capital expendituresNG, as discussed above.

Nine months ended September 30, 2026 compared to September 30, 2025

In 2026, additions to PP&E and non-sustaining capital expendituresNG were $49.2 million and $48.6 million, respectively, compared to nil in 2025. The increase reflects the start of capital works at the Goldfield Project. The 2026 capital expenditures program primarily relates to advancing detailed engineering work, long-lead procurement activities, and initial earthworks related to the storm water diversion channels, overburden stockpiling and excavating in borrow sources.

Cash used in operations was $5.6 million in 2026 compared to $3.6 million in 2025. The increase was primarily due to higher pre-development costs related to engineering works ahead of the start of construction in 2026 as well as higher exploration costs.

Free cash flow deficit from operationsNG was $44.5 million in 2026 compared to $3.6 million in 2025. The increase was primarily due to higher non-sustaining capital expendituresNG, as discussed above.

OVERVIEW & QUARTERLY RESULTS

OUTLOOK & GUIDANCE

LIQUIDITY & FINANCIAL PERFORMANCE

OPERATIONS, DEVELOPMENT & EXPLORATION

NON-GAAP & OTHER INFORMATION

Exploration

Exploration activities during the quarter included drilling, surface rock and soil sampling, geological mapping, and geophysical surveying across the Company’s projects and earn‑in properties, targeting gold and copper mineralization in Canada, Türkiye, and the United States. Work was primarily concentrated at the Mount Milligan Mine and the Kemess Project in British Columbia, the Goldfield Project in Nevada, the Öksüt Mine in Türkiye, and early‑stage greenfield projects in Canada, USA and Türkiye. Project evaluation expenditures during the quarter were mainly directed toward the Goldfield Project in Nevada and the Kemess Project in British Columbia.

Mount Milligan:

At the Mount Milligan Mine, the 2026 drilling program continued, with a total of 31,822 metres completed across 100 diamond drill holes. The program is focused on infill drilling within the current ultimate open-pit boundary, while also continuing to evaluate targets with potential for shallower porphyry-style gold-copper mineralization and high-grade gold, low-copper mineralization peripheral to the existing pits.

Partial and complete assay results received to date continue to confirm gold-copper mineralization within the pit area, including significant intercepts from the northern zones (Oliver and EMBX) and along the western margins of the current ultimate pit (Goldmark and Saddle West).

Öksüt Mine:

As part of the Life of Mine Optimization Study, an infill drilling program was designed to evaluate potential mineralization extensions within pit shells optimized at a higher gold price assumption. The program comprises approximately 22,700 metres of planned drilling across 67 drill hole locations. To date, 49 drill holes totaling 16,254 metres have been completed. The program is ongoing with six drill rigs currently operating and additional drill holes in progress. In parallel, a detailed geological review has identified several priority targets that will be tested following completion of the infill drilling phase.

Goldfield:

During the third quarter of 2026, exploration activities at the Goldfield Project focused on planning for the fourth quarter drilling program across several priority targets and advancing permitting efforts. Additional short-wave infrared sampling and alteration characterization of surface samples and drill core were also conducted to support target refinement and geological interpretation.

Kemess Project:

At the Kemess Project, for the nine months ended September 30, 2026, a total of 13,317 metres from 55 drill holes were completed. The drilling campaign forms part of an integrated infill and exploration program focused on upgrading resource classifications within the proposed Kemess Main open-pit area.

OVERVIEW & QUARTERLY RESULTS

OUTLOOK & GUIDANCE

LIQUIDITY & FINANCIAL PERFORMANCE

OPERATIONS, DEVELOPMENT & EXPLORATION

NON-GAAP & OTHER INFORMATION

Quarterly Results – Previous Eight Quarters


$millions, except per share data	2026			2025				2024
Quarterly data unaudited	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4
Revenue	500	443	485	402	395	288	299	302
Net earnings (loss)	89	72	79	193	292	69	30	(52)
Basic earnings (loss) per share	0.46	0.37	0.40	0.96	1.44	0.33	0.15	(0.25)
Adjusted net earnings per share - basicNG	0.37	0.40	0.44	0.41	0.33	0.26	0.13	0.17
Diluted net earnings (loss) per share	0.45	0.35	0.39	0.95	1.43	0.32	0.13	(0.25)
Adjusted net earnings per share - dilutedNG	0.37	0.39	0.44	0.41	0.32	0.25	0.12	0.17

Revenue has increased since the fourth quarter of 2024 primarily due to higher average realized gold, copper and molybdenum prices, higher molybdenum sold, and higher copper sold at the Mount Milligan Mine.

Net earnings (loss) have fluctuated since the fourth quarter of 2024 due to a variety of factors ranging from impairment losses (reversals) to reclamation expense (recovery) and unrealized losses and gains on financial instruments. Net earnings in the third quarter of 2026 benefited from higher gold, copper and molybdenum prices, higher molybdenum pounds sold, and lower income tax expense, partially offset by higher production costs and lower ounces of gold sold.

Accounting Estimates, Policies and Changes

Accounting Estimates

The preparation of the Company’s consolidated financial statements in accordance with IFRS requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes.

Management’s estimates and underlying assumptions are reviewed on an ongoing basis. Any changes or revisions to estimates and underlying assumptions are recognized in the period in which the estimates are revised and in any future periods affected. Changes to these critical accounting estimates could have a material impact on the consolidated financial statements.

The key sources of estimation uncertainty and judgment used in the preparation of the consolidated financial statements that might have a significant risk of causing a material adjustment to the carrying value of assets and liabilities and earnings are outlined in note 4 of the consolidated financial statements for the year ended December 31, 2025.

Accounting Policies and Changes

The accounting policies applied in the unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2026 are consistent with those used in the Company’s consolidated financial statements for the year ended December 31, 2025.

Disclosure Controls and Procedures and Internal Control Over Financial Reporting

Pursuant to regulations adopted by the U.S. Securities and Exchange Commission, under the U.S. Sarbanes-Oxley Act of 2002 and those of the Canadian Securities Administrators, the Company’s management evaluates the effectiveness of the design and operation of the Company's disclosure controls and procedures, and internal control over financial reporting. This evaluation is done under the supervision of, and with the participation of, the Chief Executive Officer and the Chief Financial Officer.

For the three and nine months ended September 30, 2026, the Chief Executive Officer and the Chief Financial Officer concluded that the Company’s disclosure controls and procedures, and internal control over

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financial reporting are designed to provide reasonable assurance regarding the reliability of information disclosed in its filings, including its interim financial statements prepared in accordance with IFRS. In making this assessment, management used the criteria specified in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

There has been no change in the Company’s internal control over financial reporting during the three and nine months ended September 30, 2026, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

The Company’s management, including the Chief Executive Officer and the Chief Financial Officer, believes that any disclosure controls and procedures and internal control over financial reporting, no matter how well designed and operated, can have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance that the objectives of the control system are met.

Non-GAAP and Other Financial Measures

This MD&A contains “specified financial measures” within the meaning of NI 52-112, specifically the non-GAAP financial measures, non-GAAP ratios and supplementary financial measures described below. Management believes that the use of these measures assists analysts, investors and other stakeholders of the Company in understanding the costs associated with producing gold and copper, understanding the economics of gold and copper mining, assessing operating performance, the Company’s ability to generate free cash flow from current operations and on an overall Company basis, and for planning and forecasting of future periods. However, the measures have limitations as analytical tools as they may be influenced by the point in the life cycle of a specific mine and the level of additional exploration or other expenditures a company has to make to fully develop its properties. The specified financial measures used in this MD&A do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other issuers, even as compared to other issuers who may be applying the World Gold Council (“WGC”) guidelines. Accordingly, these specified financial measures should not be considered in isolation, or as a substitute for analysis of the Company’s recognized measures presented in accordance with IFRS.

Definitions

The following is a description of the non-GAAP financial measures, non-GAAP ratios and supplementary financial measures used in this MD&A:

•All-in sustaining costs on a by-product basis per ounce is a non-GAAP ratio calculated as all-in sustaining costs on a by-product basis divided by ounces of gold sold. All-in sustaining costs on a by-product basis is a non-GAAP financial measure calculated as the aggregate of production costs as recorded in the consolidated statements of earnings, refining and transport costs, the cash component of capitalized stripping and sustaining capital expenditures, lease payments related to sustaining assets, corporate general and administrative expenses, accretion expenses, asset retirement depletion expenses, copper and silver revenue and the associated impact of hedges of by-product sales revenue. When calculating all-in sustaining costs on a by-product basis, all revenue received from the sale of copper from the Mount Milligan Mine, as reduced by the effect of the copper stream, is treated as a reduction of costs incurred. A reconciliation of all-in sustaining costs on a by-product basis to the nearest IFRS measure is set out below. Management uses these measures to monitor the cost management effectiveness of each of its operating mines.

•All-in sustaining costs on a co-product basis per ounce of gold or per pound of copper is a non-GAAP ratio calculated as all-in sustaining costs on a co-product basis divided by ounces of gold or pounds of copper sold, as applicable. All-in sustaining costs on a co-product basis is a non-GAAP financial measure based on an allocation of production costs between copper and gold based on the conversion of copper production to equivalent ounces of gold. The Company uses a conversion ratio for calculating gold equivalent ounces for its copper sales calculated by multiplying the copper pounds sold by estimated average realized copper price and dividing the resulting figure by estimated average realized gold price. For the three and nine months ended September 30, 2026, 520 and 593 pounds of copper were equivalent to one ounce of gold. A reconciliation of all-in sustaining costs on a

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co-product basis to the nearest IFRS measure is set out below. Management uses these measures to monitor the cost management effectiveness of each of its operating mines.

•Sustaining capital expenditures and Non-sustaining capital expenditures are non-GAAP financial measures. Sustaining capital expenditures are defined as those expenditures required to sustain current operations and exclude all expenditures incurred at new operations or major projects at existing operations where these projects will materially benefit the operation. Non-sustaining capital expenditures are primarily costs incurred at ‘new operations’ and costs related to ‘major projects at existing operations’ where these projects will materially benefit the operation. A material benefit to an existing operation is considered to be at least a 10% increase in annual or life of mine production, net present value, or reserves compared to the remaining life of mine of the operation. A reconciliation of sustaining capital expenditures and non-sustaining capital expenditures to the nearest IFRS measures is set out below. Management uses the distinction of the sustaining and non-sustaining capital expenditures as an input into the calculation of all-in sustaining costs per ounce and all-in costs per ounce.

•Adjusted net earnings is a non-GAAP financial measure calculated by adjusting net earnings as recorded in the consolidated statements of earnings for items not associated with ongoing operations. The Company believes that this generally accepted industry measure allows the evaluation of the results of income-generating capabilities and is useful in making comparisons between periods. This measure adjusts for the impact of items not associated with ongoing operations. A reconciliation of adjusted net earnings to the nearest IFRS measures is set out below. Management uses this measure to monitor and plan for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS.

•Adjusted EBITDA is a non-GAAP financial measure calculated by adjusting net earnings as recorded in the consolidated statements of earnings by depreciation, amortization, interest, taxes and items not associated with ongoing operations. The Company believes that this generally accepted industry measure allows the evaluation of the results of income-generating capabilities and is useful in making comparisons between periods. A reconciliation of adjusted EBITDA to the nearest IFRS measures is set out below. Management uses this measure to monitor and plan for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS.

•Free cash flow (deficit) is a non-GAAP financial measure calculated as cash provided by operating activities less property, plant and equipment additions. A reconciliation of free cash flow to the nearest IFRS measures is set out below. Management uses this measure to monitor the amount of cash available to reinvest in the Company and allocate for shareholder returns.

•Mining costs per tonne mined is a non-GAAP financial measure calculated by dividing the mining costs by the number of tonnes mined. Management uses these measures to monitor the cost management effectiveness of the mining process for each of its operating mines.

•Processing costs per tonne is a non-GAAP financial measure calculated by dividing the processing costs by the number of tonnes milled or stacked. Management uses these measures to monitor the cost management effectiveness of the mine processing for each of its operating mines.

•Site G&A costs per tonne processed is a non-GAAP financial measure calculated by dividing the site G&A costs by the number of tonnes milled or stacked. Management uses these measures to monitor the cost management effectiveness of the site G&A process for each of its operating mines.

•On site costs per tonne processed is a non-GAAP financial measure calculated by dividing the operating expenses less changes in inventories, royalties and other costs by the number of tonnes milled or stacked. Management uses these measures to monitor the cost management effectiveness of the relevant production costs for each of its operating mines.

•Average realized gold price is a supplementary financial measure calculated by dividing the different components of gold sales (including third party sales, mark-to-market adjustments, final pricing adjustments and the fixed amount received under the Mount Milligan Mine Streaming Agreement) by the number of ounces sold. Management uses this measure to monitor its sales of gold ounces against the average market gold price.

•Average realized copper price is a supplementary financial measure calculated by dividing the different components of copper sales (including third party sales, mark-to-market adjustments, final pricing adjustments and the fixed amount received under the Mount Milligan Mine Streaming Agreement) by the number of pounds sold. Management uses this measure to monitor its sales of copper pounds against the average market copper price.

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•Average realized molybdenum price is a supplementary financial measure calculated by dividing the different components of molybdenum sales (including third party sales, mark-to-market adjustments and final pricing adjustments) by the number of pounds sold. Management uses this measure to monitor its sales of molybdenum pounds against the average market molybdenum price.

•Total liquidity is a supplementary financial measure calculated as cash and cash equivalents and the amount available under the corporate credit facility. Credit facility availability is reduced by outstanding letters of credit. Management uses this measure to determine if the Company can meet all of its commitments, execute on the business plan, and to mitigate the risk of economic downturns.

Certain unit costs, including all-in sustaining costs on a by-product basis (including and excluding revenue-based taxes) per ounce, are non-GAAP ratios which include as a component certain non-GAAP financial measures including all-in sustaining costs on a by-product basis which can be reconciled as follows:


	Three months ended September 30,
	Consolidated		Mount Milligan		Öksüt
($millions, unless otherwise specified)	2026	2025	2026	2025	2026	2025
Production costs attributable to gold	112.0	108.5	59.9	49.4	52.1	59.1
Production costs attributable to copper	35.3	28.0	35.3	28.0	—	—
Total production costs excluding US Moly segment, as reported	147.3	136.5	95.2	77.4	52.1	59.1
Adjust for:
Third party smelting, refining and transport costs	2.7	2.7	2.5	2.5	0.2	0.2
By-product and co-product credits	(80.8)	(54.5)	(80.8)	(54.5)	—	—

Adjusted production costs	69.2	84.7	16.9	25.4	52.3	59.3
Corporate general administrative and other costs	9.4	7.0	—	—	—	0.4
Share-based compensation costs	20.8	8.1	—	—	—	—
Reclamation and remediation - accretion (operating sites)	4.3	5.9	0.5	0.6	3.8	5.3
Sustaining capital expenditures	24.9	25.4	22.4	19.6	2.5	5.8
Sustaining lease payments	3.4	2.0	2.6	1.4	0.8	0.6
All-in sustaining costs on a by-product basis	132.0	133.1	42.4	47.0	59.4	71.4





Ounces sold (000s)	74.4	80.6	43.0	32.1	31.4	48.5
Pounds sold (millions)	13.2	13.2	13.2	13.2	—	—
Gold production costs ($/oz)	1,505	1,346	1,392	1,540	1,659	1,219
All-in sustaining costs on a by-product basis ($/oz)	1,775	1,652	985	1,461	1,893	1,473

Gold - All-in sustaining costs on a co-product basis ($/oz)	2,205	1,833	1,728	1,916	1,893	1,473
Copper production costs ($/pound)	2.68	2.11	2.68	2.11	n/a	n/a
Copper - All-in sustaining costs on a co-product basis ($/pound)	3.32	2.63	3.32	2.63	n/a	n/a

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	Nine months ended September 30,
	Consolidated		Mount Milligan		Öksüt
($millions, unless otherwise specified)	2026	2025	2026	2025	2026	2025
Production costs attributable to gold	337.2	266.5	172.7	145.8	164.5	120.7
Production costs attributable to copper	103.0	80.0	103.0	80.0	—	—
Total production costs excluding US Moly segment, as reported	440.2	346.5	275.7	225.8	164.5	120.7
Adjust for:
Third party smelting, refining and transport costs	8.7	7.8	7.7	7.2	1.0	0.6
By-product and co-product credits	(231.6)	(149.7)	(229.9)	(149.7)	(1.7)	—

Adjusted production costs	217.3	204.6	53.5	83.3	163.8	121.3
Corporate general administrative and other costs	30.1	24.2	—	—	0.2	0.7
Share-based compensation costs	33.6	10.9	—	—	—	—
Reclamation and remediation - accretion (operating sites)	12.6	11.9	1.6	2.2	11.0	9.7
Sustaining capital expenditures	76.2	68.6	66.6	43.5	9.2	25.1
Sustaining lease payments	9.7	5.5	7.5	4.0	2.2	1.5
All-in sustaining costs on a by-product basis	379.5	325.7	129.2	133.0	186.4	158.3





Ounces sold (000s)	219.4	203.1	117.1	102.5	102.3	100.6
Pounds sold (millions)	41.4	37.5	41.4	37.5	—	—
Gold production costs ($/oz)	1,536	1,312	1,474	1,423	1,607	1,199
All-in sustaining costs on a by-product basis ($/oz)	1,729	1,604	1,103	1,298	1,822	1,573

Gold - All-in sustaining costs on a co-product basis ($/oz)	2,119	1,816	1,833	1,719	1,822	1,573
Copper production costs ($/pound)	2.49	2.13	2.49	2.13	n/a	n/a
Copper - All-in sustaining costs on a co-product basis ($/pound)	3.08	2.57	3.08	2.57	n/a	n/a

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Adjusted net earnings are a non-GAAP financial measure and can be reconciled as follows:


	Three months ended September 30,				Nine months ended September 30,
($millions, except as noted)	2026		2025		2026		2025
Net earnings	$	88.7	$	292.2	$	240.2	$	391.2
Adjust for items not associated with ongoing operations (net of tax):

Unrealized loss (gain) on financial assets relating to the Additional Royal Gold Agreement	2.6		(27.4)		25.8		(13.9)
Costs associated with the resolution of legal matter	0.3		—		3.9		—

Other deferred income tax adjustments(1)	(10.2)		14.0		4.3		1.8
Loss (gain) on equity investments and other losses	0.1		(2.2)		(3.1)		(1.9)
Reclamation recovery at the Endako and Kemess Projects	(7.2)		(0.3)		(4.7)		(3.2)
Other (gain) loss(2)	(2.8)		(0.1)		(9.2)		2.8
Unrealized loss (gain) on sale of Greenstone Partnership	0.3		(16.3)		(17.9)		(37.9)
Goldfield Impairment reversal	—		(193.5)		—		(193.5)


Adjusted net earnings	$	71.8	$	66.4	$	239.3	$	145.4

Net earnings per share - basic	$	0.46	$	1.44	$	1.22	$	1.90
Net earnings per share - diluted	$	0.45	$	1.43	$	1.21	$	1.87
Adjusted net earnings per share - basic	$	0.37	$	0.33	$	1.21	$	0.70
Adjusted net earnings per share - diluted	$	0.37	$	0.32	$	1.20	$	0.70

(1)Income tax adjustments primarily reflect the impact of foreign currency translation on deferred income taxes at the Öksüt Mine and Mount Milligan Mine as well as the impact of tax optimization initiatives which are expected to reduce future income taxes payable at the Mount Milligan Mine.

(2)Relates primarily to the effect of movement in foreign currency exchange rates on the Öksüt royalty liability and the reclamation provision at the Endako Mine and the Kemess Project.

Consolidated Adjusted EBITDA is a non-GAAP performance measure and can be reconciled as follows:


	Three months ended September 30,				Nine months ended September 30,
($millions, except as noted)	2026		2025		2026		2025
Net earnings	$	88.7	$	292.2	$	240.2	$	391.2
Adjustments (net of tax):
Income tax expense (recovery)	15.3		59.6		122.7		82.2
Depreciation, depletion and amortization	34.3		36.1		103.1		87.8
Interest income	(2.8)		(5.3)		(11.0)		(16.3)
Finance costs	8.8		3.0		18.7		10.9

Goldfield Impairment reversal	—		(193.5)		—		(193.5)
Unrealized loss (gain) on sale of Greenstone Partnership	0.3		(16.3)		(17.9)		(37.9)
Unrealized loss (gain) on financial assets relating to the Additional Royal Gold Agreement	2.6		(27.4)		25.8		(13.9)
Reclamation recovery at the Endako and Kemess Projects	(7.2)		(0.3)		(4.7)		(3.2)
Loss (gain) on equity investments and other losses	0.1		(2.2)		(3.1)		(1.9)
Costs associated with the resolution of legal matter	0.3		—		3.9		—
Other (gain) loss (1)	(2.8)		(0.1)		(9.2)		2.8


Adjusted EBITDA	$	137.6	$	145.8	$	468.5	$	308.2

(1) Relates primarily to the effect of movement in foreign currency exchange rates on the Öksüt royalty liability and the reclamation provision at the Endako Mine and the Kemess Project.

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Adjusted EBITDA at the Langeloth Facility is a non-GAAP measure and can be reconciled as follows:


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Net earnings (loss)	$	15.1	$	—	$	11.7	$	(1.8)
Adjustments:
Depreciation, depletion and amortization ("DDA”)	1.1		1.1		3.4		3.4

Interest Income	(0.1)		—		(0.3)		(0.3)
Finance costs	0.1		—		0.2		0.1
Other(1)	0.3		—		3.9		—
Adjusted EBITDA	$	16.5	$	1.1	$	18.9	$	1.4

(1) Includes the costs to settle a legacy labour matter of $0.3 million and $3.9 million during the three and nine months ended September 30, 2026.

Free cash flow (deficit) is a non-GAAP financial measure and can be reconciled as follows:


	Three months ended September 30,
	Consolidated				Mount Milligan				Öksüt				US Moly				Goldfield				Other
	2026		2025		2026		2025		2026		2025		2026		2025		2026		2025		2026		2025
Cash provided by (used in) operating activities(1)	$	143.1	$	161.7	$	106.8	$	64.1	$	68.3	$	139.4	$	2.9	$	(13.6)	$	(0.5)	$	(2.0)	$	(34.4)	$	(26.2)
Deduct:
Property, plant & equipment additions(1)	(126.0)		(63.0)		(44.0)		(19.5)		(2.5)		(5.8)		(56.4)		(37.6)		(21.4)		—		(1.7)		(0.1)
Free cash flow (deficit)	$	17.1	$	98.7	$	62.8	$	44.6	$	65.8	$	133.6	$	(53.5)	$	(51.2)	$	(21.9)	$	(2.0)	$	(36.1)	$	(26.3)

(1)As presented in the Company’s condensed consolidated interim statements of cash flows.


	Nine months ended September 30,
	Consolidated				Mount Milligan				Öksüt				US Moly				Goldfield				Other
	2026		2025		2026		2025		2026		2025		2026		2025		2026		2025		2026		2025
Cash provided by (used in) operating activities(1)	$	329.4	$	245.6	$	349.0	$	160.7	$	217.9	$	172.2	$	(117.5)	$	(15.2)	$	(5.6)	$	(3.6)	$	(114.4)	$	(68.6)
Deduct:
Property, plant & equipment additions(1)	(286.2)		(162.5)		(91.3)		(45.9)		(9.2)		(25.1)		(141.0)		(91.3)		(38.9)		—		(5.9)		(0.2)
Free cash flow (deficit)	$	43.2	$	83.1	$	257.7	$	114.8	$	208.7	$	147.1	$	(258.5)	$	(106.5)	$	(44.5)	$	(3.6)	$	(120.2)	$	(68.8)

(1)As presented in the Company’s condensed consolidated interim statements of cash flows.

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Sustaining capital expenditures and non-sustaining capital expenditures are non-GAAP measures and can be reconciled as follows:


	Three months ended September 30,
	Consolidated				Mount Milligan				Öksüt				US Moly				Goldfield				Other
	2026		2025		2026		2025		2026		2025		2026		2025		2026		2025		2026		2025
Additions to PP&E(1)	$	139.3	$	56.7	$	28.5	$	11.9	$	2.2	$	8.0	$	76.1	$	36.5	$	30.5	$	—	$	2.0	$	0.4
Adjust for:
Costs capitalized to the ARO assets	18.9		5.5		4.4		8.4		1.0		(1.8)		13.4		(1.2)		0.1		—		—		—
Costs capitalized to the ROU assets	(0.7)		(0.6)		—		—		(0.7)		(0.5)		—		—		—		—		—		(0.1)
Costs relating to capitalized DDA	(5.4)		(2.8)		—		—		—		—		(5.4)		(2.8)		—		—		—		—
Other(2)	(1.2)		(0.5)		0.8		—		—		0.1		(1.7)		(0.8)		(0.7)		—		0.4		0.2
Capital expenditures	$	150.9	$	58.3	$	33.7	$	20.3	$	2.5	$	5.8	$	82.4	$	31.7	$	29.9	$	—	$	2.4	$	0.5
Sustaining capital expenditures	26.1		25.7		22.4		19.6		2.5		5.8		1.2		0.3		—		—		—		—
Non-sustaining capital expenditures	124.8		32.6		11.3		0.7		—		—		81.2		31.4		29.9		—		2.4		0.5

(1)As presented in note 19 of the Company’s condensed consolidated interim financial statements.

(2)Primarily includes reclassification of insurance and capital spares from supplies inventory to PP&E.


	Nine months ended September 30,
	Consolidated				Mount Milligan				Öksüt				US Moly				Goldfield				Other
	2026		2025		2026		2025		2026		2025		2026		2025		2026		2025		2026		2025
Additions to PP&E(1)	$	374.4	$	180.4	$	109.9	$	52.2	$	13.8	$	31.8	$	195.1	$	95.7	$	49.2	$	—	$	6.4	$	0.7
Adjust for:
Costs capitalized to the ARO assets	18.3		(8.7)		5.4		(1.9)		(2.1)		(5.1)		14.9		(1.6)		0.1		—		—		(0.1)
Costs capitalized to the ROU assets	(33.8)		(2.9)		(15.4)		(0.9)		(2.5)		(1.7)		(15.9)		—		—		—		—		(0.3)
Costs relating to capitalized DDA	(14.4)		(7.3)		—		—		—		—		(14.4)		(7.3)		—		—		—		—
Other(2)	(4.0)		(2.4)		0.3		(0.5)		—		0.1		(4.0)		(2.2)		(0.7)		—		0.4		0.2
Capital expenditures	$	340.5	$	159.1	$	100.2	$	48.9	$	9.2	$	25.1	$	175.7	$	84.6	$	48.6	$	—	$	6.8	$	0.5
Sustaining capital expenditures	77.9		69.5		66.6		43.5		9.2		25.1		2.1		0.9		—		—		—		—
Non-sustaining capital expenditures	262.6		89.6		33.6		5.4		—		—		173.6		83.7		48.6		—		6.8		0.5

(1)As presented in note 19 of the Company’s condensed consolidated interim financial statements.

(2)Primarily includes reclassification of insurance and capital spares from supplies inventory to PP&E.

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Costs per tonne are non-GAAP measures and can be reconciled as follows:


	Three months ended September 30,								Nine months ended September 30,
	Mount Milligan				Öksüt				Mount Milligan				Öksüt
(in millions of US dollars, except where noted)	2026		2025		2026		2025		2026		2025		2026		2025
Mining costs	$	37.6	$	32.6	$	17.5	$	15.5	$	112.2	$	95.6	$	47.0	$	41.5
Allocation of mining costs(1)	(5.0)		(4.5)		—		(0.9)		(13.6)		(13.2)		(1.7)		(12.0)
Milling costs	39.6		34.0		9.4		9.2		105.4		95.1		24.8		23.3
Site G&A costs	15.9		13.8		12.2		10.9		46.5		40.7		33.6		32.3
Change in inventory, royalties and other	7.0		1.5		13.0		24.4		25.2		7.6		60.8		35.6
Production costs	$	95.1	$	77.4	$	52.1	$	59.1	$	275.7	$	225.8	$	164.5	$	120.7
Ore and waste tonnes mined (000's tonnes)	12,323		12,256		4,967		4,882		36,485		35,723		12,774		12,654
Ore processed (000's tonnes)	5,556		5,294		1,499		1,476		15,899		15,331		3,678		3,714
Mining costs per tonne mined ($/tonne)	3.05		2.66		3.52		3.16		3.08		2.67		3.67		3.28
Processing costs per tonne processed ($/tonne)	7.13		6.41		6.26		6.22		6.63		6.20		6.74		6.27
Site G&A costs per tonne processed ($/tonne)	2.86		2.59		8.18		7.39		2.92		2.65		9.16		8.70
On site costs per tonne processed ($/tonne)	16.76		15.16		26.09		24.07		16.61		15.09		28.67		26.13

(1)Allocation of mining costs represents allocation to TSF for the Mount Milligan Mine and capitalized stripping for the Öksüt Mine.

OVERVIEW & QUARTERLY RESULTS

OUTLOOK & GUIDANCE

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OPERATIONS, DEVELOPMENT & EXPLORATION

NON-GAAP & OTHER INFORMATION

Qualified Person & QA/QC

Richard Adofo, Member of the Association of Professional Geoscientists Ontario and Centerra’s Vice President, Exploration & Resource, has reviewed and approved the scientific and technical information contained in this news release. Mr. Adofo is a “qualified person” within the meaning of the Canadian Securities Administrators’ NI 43-101 Standards of Disclosure for Mineral Projects.

The Mount Milligan Mine is described in the Company’s most recent AIF and in a technical report pursuant to NI 43-101 dated October 17, 2025 (with an effective date of June 30, 2025), and both are filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar. The technical report, among other things, describes the exploration history, geology, and style of gold mineralization of the Mount Milligan deposit. Sample preparation, analytical techniques, laboratories used, and quality assurance and quality control protocols used during the exploration drilling programs are done consistent with industry standards while independent certified assay labs are used.

The Öksüt Mine is described in the Company’s most recent AIF and in a technical report pursuant to NI 43-101 dated September 3, 2015 (with an effective date of June 30, 2015), and both are filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar. The technical report, among other things, describes the exploration history, geology, and style of gold mineralization at the Öksüt deposit. Sample preparation, analytical techniques, laboratories used, and quality assurance and quality control protocols used during the exploration drilling programs are done consistent with industry standards while independent certified assay labs are used.

The Thompson Creek Mine is described in the Company’s most recent AIF and in a technical report pursuant to NI 43-101 dated September 27, 2024 (with an effective date of September 1, 2024), and both are filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar. The technical report, among other things, describes the exploration history, geology, and style of mineralization at the Thompson Creek Mine deposit. Sample preparation, analytical techniques, laboratories used, and quality assurance and quality control protocols used during the exploration drilling programs are done consistent with industry standards while independent certified assay labs are used.

Cautionary Statement on Forward-Looking Information

All statements, other than statements of historical fact contained or incorporated by reference in this document, which address events, results, outcomes or developments that the Company expects to occur are, or may be deemed to be, forward-looking information or forward-looking statements within the meaning of certain securities laws, including the provisions of the Securities Act (Ontario) and the provisions for “safe harbor” under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this document. Such forward-looking information involves risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking statements are generally, but not always, identified by the use of forward-looking terminology such as “aimed”, “anticipate”, “believe”, “beyond”, “commenced”, “continue”, “expect”, “extend”, “evaluate”, “finalizing”, “focused”, “forecast”, “goal”, “intend”, “in line”, “ongoing”, “optimistic”, “on track”, “plan”, “potential”, “preliminary”, “project”, “pursuing”, “target”, or “update”, or variations of such words and phrases and similar expressions or statements that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved or the negative connotation of such terms.

Such statements include, but may not be limited to: statements regarding 2026 guidance, outlook and expectations, including, but not limited to, production (including planned mining zones), sales, costs, capital expenditures, grades and recoveries, reclamation costs, recoveries, depreciation, depletion and amortization, taxes and royalty payments and life of mine, engineering and permitting costs; exploration programs and targets gold, copper (including expected credits) and molybdenum prices; the declaration, payment and sustainability of the Company’s dividends; the continuation of the Company’s normal course issuer bid (“NCIB”) , the timing, methods and quantity of any purchases of Shares under the NCIB and an intention to renew the NCIB; the nature and timing of construction, permitting and first production of Goldfield; the timing

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and results of the Kemess Pre-Feasibility Study; the results and timing of the Life of Mine Optimization Study at Öksüt; the nature and timing and capital required for the restart of Thompson Creek; royalty and tax rates in Türkiye; working capital levels and costs at Langeloth; financial hedges; share based compensation expenses; the timing of additional contingent payments from Equinox Gold; and other statements that express management’s expectations or estimates of future plans and performance, operational, geological or financial results, estimates or amounts not yet determinable and assumptions of management.

The Company cautions that forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company at the time of making such statements, are inherently subject to significant business, economic, technical, legal, geopolitical and competitive uncertainties and contingencies, which may prove to be incorrect. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information.

Risk factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements in this document include, but are not limited to: (A) strategic, legal, planning and other risks, including: political risks associated with the Company’s operations in Türkiye, the USA and Canada; risks related to geopolitical instability, including ongoing conflicts in the Middle East and elsewhere, which may adversely affect global economic conditions, commodity prices, energy costs, supply chains and transportation routes; resource nationalism including the management of external stakeholder expectations; the impact of changes in, or to the more aggressive enforcement of, laws, government royalties, tariffs, regulations and government practices, including unjustified civil or criminal action against the Company, its affiliates, or its current or former employees; risks that community activism may result in increased contributory demands or business interruptions; the risks related to outstanding or potential litigation, tax audits, examinations and other administrative or regulatory proceedings affecting the Company; the risk of claims, investigations or regulatory proceedings, particularly at the Langeloth Metallurgical Facility, arising from operational incidents, including potential third-party claims for personal injury, property damage or business interruption and regulatory enforcement actions, orders, penalties, remediation obligations or operational restrictions, as well as the ability to obtain any necessary regulatory approvals, agreements or accommodations to maintain operations pending the completion of required repairs or corrective measures; the impact of any sanctions or tariffs imposed by Canada, the United States or other jurisdictions; potential defects of title in the Company’s properties that are not known as of the date hereof; risks relating to permitting and development of our projects, including tailings facilities, being consistent with the Company’s expectations; the inability of the Company and its subsidiaries to enforce their legal rights in certain circumstances; risks related to anti-corruption legislation; Centerra not being able to replace mineral reserves; Indigenous claims and consultative issues relating to the Company’s properties which are in proximity to Indigenous communities; and potential risks related to kidnapping or acts of terrorism; (B) risks relating to financial matters, including: sensitivity of the Company’s business to the volatility of gold, copper, molybdenum and other mineral prices; the use of provisionally-priced sales contracts for production at the Mount Milligan Mine; reliance on a few key customers for the gold-copper concentrate at the Mount Milligan Mine; use of commodity derivatives; the imprecision of the Company’s mineral reserves and resources estimates and the assumptions they rely on; the accuracy of the Company’s production and cost estimates; persistent inflationary pressures on key input prices; the impact of restrictive covenants in the Company’s credit facilities, the Royal Gold Streaming Agreement and the Additional Royal Gold Agreement which may, among other things, restrict the Company from pursuing certain business activities, including paying dividends or repurchasing shares under its NCIB, or making distributions from its subsidiaries; the Company’s ability to obtain future financing; sensitivity to fuel price volatility; the impact of global financial conditions; the impact of currency fluctuations; the effect of market conditions on the Company’s short-term investments and equity investment portfolio; the Company’s ability to make payments, including any payments of principal and interest on the Company’s debt facilities, which depends on the cash flow of its subsidiaries; the ability to obtain adequate insurance coverage; changes to taxation laws or royalty structures in the jurisdictions where the Company operates, and (C) risks related to operational matters and geotechnical issues and the Company’s continued ability to successfully manage such matters, including: unanticipated ground and water conditions; the stability of the pit walls at the Company’s operations leading to structural cave-ins, wall failures or rock-slides; the integrity of tailings storage facilities and the management thereof, including as to stability, compliance with laws, regulations, licenses and permits, controlling seepages and storage of water, where

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applicable; there being no significant disruptions affecting the activities of the Company whether due to extreme weather events or other related natural disasters, labour disruptions, supply disruptions, power disruptions, damage to equipment or other force majeure events; the risk of having sufficient water to continue operations at the Mount Milligan Mine and achieve expected mill throughput; changes to, or delays in the Company’s supply chain and transportation routes, including cessation or disruption in rail and shipping networks, whether caused by decisions of third-party providers or force majeure events; lower than expected ore grades or recovery rates; the success of the Company’s future exploration and development activities, including the financial and political risks inherent in carrying out exploration activities; inherent risks associated with the use of sodium cyanide in the mining operations; the adequacy of the Company’s insurance to mitigate operational and corporate risks; mechanical breakdowns, including the risk of further breakdowns; the ability of the Company to successfully renegotiate collective agreements when required; the risk that Centerra’s workforce and operations may be exposed to widespread epidemic or pandemic; seismic activity, including earthquakes; wildfires; long lead-times required for equipment and supplies given the remote location of some of the Company’s operating properties and disruptions caused by global events; reliance on a limited number of suppliers for certain consumables, equipment and components; the ability of the Company to address physical and transition risks from climate change and sufficiently manage stakeholder expectations on climate-related issues; regulations regarding greenhouse gas emissions and climate change; significant volatility of molybdenum prices resulting in material working capital changes and unfavourable pressure on viability of the molybdenum business; the Company’s ability to accurately predict decommissioning and reclamation costs and the assumptions they rely upon; the Company’s ability to attract and retain qualified personnel; competition for mineral acquisition opportunities; risks associated with the conduct of joint ventures/partnerships; risk of cyber incidents such as cybercrime, malware or ransomware, data breaches, fines and penalties; and the Company’s ability to manage its projects effectively and to mitigate the potential lack of availability of contractors, budget and timing overruns, and project resources.

There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. All of the forward-looking statements made in this document are qualified by these cautionary statements and those made in our other filings with the securities regulators of Canada and the United States including, but not limited to, those set out in the Company’s latest Annual Report on Form 40-F/Annual Information Form and Management’s Discussion and Analysis, each under the heading “Risk Factors”, which are available on SEDAR+ (www.sedarplus.ca) or on EDGAR (www.sec.gov/edgar). The foregoing should be reviewed in conjunction with the information, risk factors and assumptions found in this document.

The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether written or oral, or whether as a result of new information, future events or otherwise, except as required by applicable law.

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Paul Tomory, President and Chief Executive Officer of Centerra Gold Inc., certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Centerra Gold Inc. (the “issuer”) for the interim period ended September 30, 2026.

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

a. designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

i. material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

ii. information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

b. designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1 Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the Committee of Sponsoring Organizations Internal Control Framework.

5.2 ICFR – material weakness relating to design:

N/A

5.3 Limitation on scope of design:

N/A

6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2026 and ended on September 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: October 29, 2026

(Signed) “Paul Tomory”

Paul Tomory

President and Chief Executive Officer

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Ryan Snyder, Executive Vice President, Chief Financial Officer of Centerra Gold Inc., certify the following:

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

a. designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

i. material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

5.2 ICFR – material weakness relating to design:

N/A

5.3 Limitation on scope of design:

N/A

Date: October 29, 2026

(Signed) “Ryan Snyder”

Ryan Snyder

Executive Vice President, Chief Financial Officer

Source: View Original Filing on SEC EDGAR

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