TORONTO, Ontario — January 19, 2026 — Leads & Copy — Centerra Gold Inc. has announced an updated mineral resource and the results of a preliminary economic assessment (PEA) for its Kemess project in British Columbia, showcasing robust economics with an after-tax net present value (5%) of $1.1 billion and an after-tax internal rate of return of 16%, based on long-term pricing of $3,000 per ounce of gold and $4.50 per pound of copper.
The Kemess PEA outlines a development approach that begins with open pit mining, followed by underground production approximately two years later. The two methods will operate concurrently for the remainder of the projected 15-year mine life. This integrated plan streamlines project execution, optimizes plant feed, and utilizes existing infrastructure, with the goal of first production in late 2031.
The study builds on a significant mineral endowment, outlining a de-risked restart plan that leverages substantial existing infrastructure and employs an integrated development strategy based on conventional open pit and longhole open stoping underground mining operation.
The updated mineral resource contains 3.3 million ounces of gold and 1.1 billion pounds of copper in the indicated category, and 3.6 million ounces of gold and 1.2 billion pounds of copper in the inferred category. The resource estimate reflects a comprehensive evaluation of available geological data across the site. The findings of this PEA are limited to the Kemess Main and Kemess Underground areas as a subset of the mineral resource.
At spot commodity prices of approximately $4,500 per ounce of gold and $6.00 per pound of copper, the after-tax NPV5% increases to $2.8 billion and the IRR increases to 29%.
Approximately $771 million in initial non-sustaining capital expenditures is required to achieve first production from the open pit, including open pit capital stripping, construction of the underground conveyor system from Kemess Main to the Kemess South process plant, and refurbishment of the process plant and camp. An additional $277 million in expansionary non-sustaining capital expenditures will be invested over the two years following open pit start-up to support the commencement of underground operations.
In 2025, a total of 28 kilometers of drilling was completed, focused on infill drilling at Kemess Main open pit, Kemess Underground and Nugget zones, as well as resource extension drilling at Kemess Offset. Exploration programs planned for 2026 will prioritize additional infill drilling of the Kemess Main zone, and delineating porphyry mineralization at the Kemess Offset zone to evaluate underground mineable grades and potential continuity with the Kemess East resource.
With an estimated initial 15-year mine life and average annual production of 171,000 ounces of gold and 61 million pounds of copper (approximately 267,000 gold equivalent ounces), Kemess has the scale and jurisdictional advantages to complement Mount Milligan as a cornerstone asset.
The PEA includes the construction of a leach plant at Kemess, planned as part of the expansionary capital program. The plant is expected to increase overall gold recovery by approximately 14%.
Kemess will initially produce a gold-copper concentrate that will be shipped to a British Columbia port and then transported to overseas refineries for final processing, similar to Mount Milligan. With the addition of the leach plant, Kemess is expected to produce both a gold-copper concentrate and gold doré bars, with 82% of production to be in the form of concentrate.
Premier of British Columbia, David Eby, noted the potential reopening of the Kemess mine will create thousands of jobs and generate billions of dollars for the economy.
Permitting for the Kemess project is well advanced, with some approvals already in place. Amendments to existing permits will be required to align with the updated development plan.
Centerra also benefits from established relationships with its First Nations partners through existing impact benefit and other agreements. Kemess is expected to provide consistent employment to more than 700 workers.
Kemess’s after-tax NPV5% is approximately $1.1 billion, based on long-term gold and copper price assumptions of $3,000 per ounce and $4.50 per pound, respectively.
Christopher Richings, Centerra’s Vice President, Technical Services, has reviewed and approved the scientific and technical information in the release.
Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold and copper properties in North America, Türkiye, and other markets worldwide. Centerra operates two mines: the Mount Milligan Mine in British Columbia, Canada, and the Öksüt Mine in Türkiye. The Company also owns the Kemess Project in British Columbia, Canada, the Goldfield Project in Nevada, United States, and owns and operates the Molybdenum Business Unit in the United States and Canada. Centerra’s shares trade on the Toronto Stock Exchange and on the New York Stock Exchange.
Lisa Wilkinson
Vice President, Investor Relations & Corporate Communications
(416) 204-3780
Lisa.Wilkinson@centerragold.com
Source: Centerra Gold
