Published: August 12, 2025 |

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Centerra Gold has completed a technical study of its Goldfield Project in Nevada, which confirms attractive economics for the project. Centerra is proceeding with the project and will immediately commence detailed engineering and early procurement activities for construction.

“We are pleased to be advancing with development and construction at the Goldfield Project. Over the last several months, Centerra has undertaken additional technical work and project optimizations that have significantly enhanced Goldfield’s value proposition and have de-risked the project. Favorable gold prices combined with these recent developments have improved the project’s economics, enabling us to move forward with execution,” said President and CEO, Paul Tomory.

“We believe Goldfield is well positioned to deliver strong returns. The project is located in a top tier mining jurisdiction, with an approximate seven-year mine life, average annual gold production of around 100,000 ounces in peak production years at an all-in sustaining cost (AISC) of approximately $1,392 per ounce, and a competitive initial capital cost of about $250 million,” added Tomory.

“First production from Goldfield is expected by the end of 2028. We believe Goldfield to be ideally positioned in our project development pipeline, bringing gold production online as we continue to advance development of the longer-life Mount Milligan and Kemess gold-copper assets in British Columbia,” concluded Tomory.

PERMITTING AND COMMUNITY RELATIONS

Centerra continues to advance permitting activities for Goldfield in alignment with its staged development approach. The project has existing permits for the Gemfield deposit, which will require minor amendments. The modified plan of operations for the Gemfield deposit was submitted in early August 2025, with associated air and water pollution and control permits to follow shortly. Permit applications for Goldfield and McMahon Ridge are expected to be submitted in accordance with the approved mine plan sequence and align with projected development timelines.

The Goldfield project benefits from strong support from local communities, underpinned by an executed development agreement with Esmeralda County that reinforces Centerra’s commitments to community partnership and responsible development.

The project is expected to deliver substantial long-term benefits to the local communities and the broader region over the life of the mine. Centerra expects to invest more than $300 million on labor, supplies, and services over the life of the mine. The construction and operations will support a range of local employment opportunities, with a target to prioritize Nevada-based hiring and procurement where feasible. The company expects to create approximately 300 to 400 jobs during construction, and 250 to 300 jobs during operations.

In addition, the project will contribute approximately $100 million in direct taxes over its life. This includes state mining-specific taxes, federal income taxes, local property tax, sales tax on equipment and materials, and other operational levies. Strategic investments in community initiatives will also further enhance regional development, ensuring that the benefits of the project are shared broadly and sustainably through the life of the mine.

GOLDFIELD HIGHLIGHTS

• Attractive economics with low execution risk in a top tier mining jurisdiction. Goldfield is expected to yield an after-tax NPV of $245 million and after-tax IRR of 30 percent, using a long-term gold price of $2,500 per ounce, which includes the impact of gold hedges on a portion of production in 2029 and 2030 to lock in strong margins, safeguard project economics in the early years of the project, and expedite the capital payback period. The initial capital investment at Goldfield is $252 million, including approximately $40 million in pre-production stripping and other costs, and the project is expected to benefit from a short timeline to first production by the end of 2028 and low execution risk given its relatively simple process flowsheet. The project is located in a historic mining district of Nevada, one of the most reliable mining jurisdictions, offering a stable regulatory environment, skilled workforce, and strong support for resource development.

• Additional technical work on crushing strategy optimization resulted in a positive impact on project economics. Over the last several months, Centerra advanced technical work to evaluate hybrid processing alternatives which led to an optimized process flowsheet. High-grade material is expected to be processed through a three-stage semi-portable crushing circuit to maximize recovery, and lower-grade material is expected to be processed as run-of-mine to maintain low capital intensity. The selective routing of mineralized material to the most economically appropriate path substantially improved average recoveries, from mid-60 percent to approximately 76 percent, and resulted in a positive impact to the overall project returns.

• Goldfield is expected to grow Centerra’s near-term gold production profile, making it a strategic asset as the company continues to advance its longer-life gold-copper growth pipeline. The project is expected to provide an increase in gold production, which will help offset natural declines at Öksüt, and ensure continuity as Centerra advances its next phase of long-life, gold-copper, cornerstone organic growth projects in British Columbia at Mount Milligan and Kemess.

Centerra is expected to use contract mining at Goldfield to benefit from several strategic and economic advantages that align with the project’s scale and development timeline. By leveraging third-party mining contractors, Centerra’s plan has optimized initial capital requirements and mobilization timelines, and is expected to mitigate the execution risks during the early phases of operation.

Centerra Gold is a Canadian-based gold mining company focused on operating, developing, exploring, and acquiring gold and copper properties in North America, Türkiye, and other markets worldwide. Centerra operates two mines: the Mount Milligan Mine in British Columbia, Canada, and the Öksüt Mine in Türkiye. The company also owns the Kemess Project in British Columbia, Canada, the Goldfield Project in Nevada, United States, and owns and operates the Molybdenum Business Unit in the United States and Canada.

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