Condensed Consolidated Interim
Financial Statements

For the Three and Six months ended June 30, 2025 and 2024














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Centerra Gold Inc.
Condensed Consolidated Interim Statements of Financial Position
(Unaudited)
June 30, 2025December 31, 2024
(Expressed in thousands of United States dollars)
AssetsNotes
Current assets
Cash and cash equivalents$522,340 $624,673 
Amounts receivable123,483 75,041 
Inventories241,680 234,249 
Current financial assets
167,027 3,755 
Other current assets
4, 5
72,684 55,344 
967,214 993,062 
Property, plant and equipment61,167,322 1,101,536 
Deferred income tax assets1252,080 60,133 
Non-current financial assets
16
93,732 77,002 
Other non-current assets
7
36,965 33,400 
1,350,099 1,272,071 
Total assets$2,317,313 $2,265,133 
Liabilities and shareholders' equity
Current liabilities
Accounts payable and accrued liabilities$250,463 $233,094 
Income tax payable4,518 18,731 
Current financial liabilities
16
3,556 12,707 
Other current liabilities
5
21,150 19,348 
279,687 283,880 
Provision for reclamation8288,948 266,195 
Deferred income tax liabilities124,319 18,400 
Non-current financial liabilities
16
3,757 5,208 
Other non-current liabilities
7
36,877 35,534 
333,901 325,337 
Shareholders' equity
Share capital
13
782,408 826,694 
Contributed surplus32,214 32,147 
Accumulated other comprehensive income (loss)
2,653 (11,195)
Retained earnings886,450 808,270 
1,703,725 1,655,916 
Total liabilities and shareholders' equity$2,317,313 $2,265,133 
Commitments and contingencies (note 15)
Subsequent events (notes 6, 13 and 16)

The accompanying notes form an integral part of these condensed consolidated interim financial statements.
1

Centerra Gold Inc.
Condensed Consolidated Interim Statements of Earnings and Comprehensive Income
(Unaudited)
Three months ended June 30,Six months ended June 30,
(Expressed in thousands of United States dollars)2025 2024 20252024
(except per share amounts)Notes
Revenue9$288,343 $282,310 $587,842 $588,189 
Cost of sales
Production costs174,868 162,487 373,746 336,332 
Depreciation, depletion and amortization26,037 27,511 50,121 60,845 
Earnings from mine operations87,438 92,312 163,975 191,012 
Exploration and evaluation costs

9,650 20,664 16,825 35,621 
Corporate administration costs
7,664 8,406 17,145 17,416 
Share-based compensation expenses
2,045 2,373 2,871 3,341 
Care and maintenance expenses3,601 5,214 9,630 11,106 
Reclamation recovery
8(7,560)(5,141)(2,755)(30,143)
Other operating expenses1015,553 13,155 20,874 22,348 
Earnings from operations56,485 47,641 99,385 131,323 
Gain on sale of Greenstone Partnership
4(14,977)— (21,607)— 
Other non-operating expenses (income)
11960 (11,583)(8,658)(27,553)
Finance costs4,084 3,790 7,954 7,151 
Earnings before income tax66,418 55,434 121,696 151,725 
Income tax (recovery) expense
12(2,155)17,764 22,668 47,625 
Net earnings68,573 37,670 99,028 104,100 
Other Comprehensive Income (Loss)
Items that may be subsequently reclassified to earnings:
Changes in fair value of hedge derivative instruments1610,696 (3,187)8,686 (10,421)
Items that will not be subsequently reclassified to earnings:
Changes in fair value of marketable securities
165,832 481 5,162 481 
Other comprehensive income (loss)
16,528 (2,706)13,848 (9,940)
Total comprehensive income$85,101 $34,964 $112,876 $94,160 
Earnings per share:
Basic13$0.33 $0.18 $0.48 $0.49 
Diluted13$0.32 $0.18 $0.46 $0.47 

The accompanying notes form an integral part of these condensed consolidated interim financial statements.
2

Centerra Gold Inc.
Condensed Consolidated Interim Statements of Cash Flows
(Unaudited)
Three months ended June 30,Six months ended June 30,
2025 2024 20252024
(Expressed in thousands of United States dollars)
Operating activitiesNotes
Net earnings$68,573 $37,670 $99,028 $104,100 
Adjustments:
Depreciation, depletion and amortization26,876 28,967 51,744 63,699 
Reclamation recovery8(7,560)(5,141)(2,755)(30,143)
Share-based compensation expenses2,045 1,521 2,871 2,676 
Finance costs4,356 3,790 7,954 7,151 
Income tax (recovery) expense12(2,155)17,764 22,668 47,625 
Unrealized foreign exchange loss (gain)12,411 4,700 9,305 (5,080)
Unrealized fair value loss on financial asset related to the Additional Royal Gold Agreement1612,100 7,400 13,500 8,900 
Gain on sale of Greenstone Partnership4(14,977)— (21,607)— 
Other(1,004)(2,969)488 (335)
Reclamation payments(2,224)— (3,813)— 
Cash provided by operating activities prior to changes in working capital and income taxes paid98,441 93,702 179,383 198,593 
Income taxes paid(47,382)(81,450)(48,831)(81,844)
Other changes in working capital14(25,754)(9,693)(46,636)(14,761)
Cash provided by operating activities25,305 2,559 83,916 101,988 
Investing activities
Property, plant and equipment additions(50,883)(29,634)(99,450)(47,846)
Proceeds from disposition of property, plant, and equipment245 875 245 875 
Cash settlement related to the Additional Royal Gold Agreement
16
— — — (24,500)
Payment of transactions costs related to the Additional Royal Gold Agreement— (2,521)— (2,521)
Purchase of marketable securities16(21,977)(4,285)(21,977)(4,285)
Cash used in investing activities(72,615)(35,565)(121,182)(78,277)
Financing activities
Dividends paid13(10,582)(10,895)(20,848)(21,999)
Payment of borrowing and financing costs(500)(514)(504)(1,053)
Repayment of lease obligations(1,797)(1,823)(4,010)(3,682)
Proceeds from common shares issued 1,387 904 2,246 2,310 
Payment for common shares repurchased
13
(27,032)(9,849)(41,951)(19,805)
Cash used in financing activities(38,524)(22,177)(65,067)(44,229)
Decrease in cash and cash equivalents during the period(85,834)(55,183)(102,333)(20,518)
Cash and cash equivalents at beginning of the period608,174 647,606 624,673 612,941 
Cash and cash equivalents at end of the period$522,340 $592,423 $522,340 $592,423 


The accompanying notes form an integral part of these condensed consolidated interim financial statements.
3

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
(Loss) Income
Retained
Earnings		Total
Balance at January 1, 2025210,031,280 $826,694 $32,147 $(11,195)$808,270 $1,655,916 
Net earnings— — — — 99,028 99,028 
Other comprehensive income
— — — 13,848 — 13,848 
Transactions with shareholders:
Repurchase of shares - Normal Course Issuer Bid (“NCIB”) (note 13)
(6,355,433)(42,771)— — — (42,771)
Related to the effect of share repurchase liability (note 13)
— (5,119)— — — (5,119)
Share-based compensation expense— — 1,292 — — 1,292 
Issued on exercise of stock options331,507 2,359 (657)— — 1,702 
Issued under the employee share purchase plan116,990 672 — — — 672 
Issued on redemption of restricted share units201,648 573 (568)— — 5 
Dividends declared and paid
(C$0.14 per share)
— — — — (20,848)(20,848)
Balance at June 30, 2025204,325,992 $782,408 $32,214 $2,653 $886,450 $1,703,725 
Balance at January 1, 2024215,497,133 $861,536 $33,869 $7,451 $771,386 $1,674,242 
Net earnings
— — — — 104,100 104,100 
Other comprehensive loss
— — — (9,940)— (9,940)
Transaction with shareholders:
Repurchase of shares - Normal Course Issuer Bid (“NCIB”) (note 13)
(3,223,500)(18,110)— — — (18,110)
Related to the effect of share repurchase liability (note 13)
— 1,155 — — — 1,155 
Share-based compensation expense— — 1,300 — — 1,300 
Issued on exercise of stock options376,491 2,667 (760)— — 1,907 
Issued under the employee share purchase plan82,295494— — — 494 
Issued on redemption of restricted share units443,545 2,587 (2,578)— — 9 
Dividends declared and paid
(C$0.14 per share)
— — — — (21,999)(21,999)
Balance at June 30, 2024213,175,964 $850,329 $31,831 $(2,489)$853,487 $1,733,158 
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
4
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2025
(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.
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 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, 2024.
These financial statements were authorized for issuance by the Board of Directors of the Company on August 6, 2025.
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, 2024 except for:

Marketable Securities

Marketable securities considered to be held for more than twelve months after end of the reporting period are classified as non-current financial assets, and an irrevocable election has been made to measure certain securities at fair value through other comprehensive income. The unrealized gains or losses related to changes in fair value of the these investments are reported through other comprehensive income (loss) line in the condensed consolidated interim statements of earnings and comprehensive income. The election is made on an investment-by-investment basis.

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.

5
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2025
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
IFRS 18 will replace IAS 1 while many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it might change what an entity reports as its ‘operating profit or loss’.

IFRS 18 will apply for reporting periods beginning on or after January 1, 2027 and also applies to comparative information. The Company is currently assessing the impact of this new standard on its financial statements prior to the effective date of January 1, 2027.
4. Sale of Greenstone Partnership
In 2021, the Company sold its interest in the Greenstone Partnership for a consideration which included contingent payments dependent on achieving certain cumulative production milestones. On November 6, 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 an additional gain on the sale of Greenstone Partnership of $62.3 million and 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. The most likely value of the financial asset as at June 30, 2025 was $84.7 million.

The table below summarizes changes in the contract asset included in other current assets and other non-current assets in the Company’s consolidated statements of financial position. The determination of other current and other non-current assets was based on the expected timing of receipt of contingent payments due from Equinox.

Balance, November 6, 2024
$62,280 
Remeasurement gain
808 
Balance, December 31, 2024
$63,088 
Remeasurement gain
21,607 
Balance, June 30, 2025
$84,695 
Current portion of amount due from Equinox (note 5)
$59,145 
Non-current portion of amount due from Equinox (note 7)
$25,550 

The most likely value of the contract asset was determined using a discounted cash flow method.

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

June 30, 2025December 31, 2024
Gold price per oz
$2,500 - $3,000
$2,000
Timing of receipt of contingent payments
2025 to 20262025 to 2026
Discount rate5.56 %5.56 %


Key assumptions
6
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2025
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

The determination of the most likely value 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 established a range of conservative data points between 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 data 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.
5. Other current assets and liabilities
June 30, 2025December 31, 2024
Other current assets
Due from Equinox (1)
$59,145 $42,638 
Prepaid insurance expenses4,498 8,496 
Deposits for consumable supplies4,203 2,655 
Prepaid assets4,068 1,001 
Other770 554 
Total other current assets$72,684 $55,344 
Other current liabilities
Current portion of lease obligations$6,444 $6,393 
Current portion of provision for reclamation (note 8)1,467 5,113 
Share repurchase liability (note 13)12,717 7,597 
Other522 245 
Total other current liabilities$21,150 $19,348 
(1)Relates to the current portion of amount due from Equinox related to the sale of its interest in the Greenstone Partnership expected to be received in the next twelve months (note 4).




7
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2025
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
6. 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, 2024
$692,592 $456,068 $35,093 $53,753 $1,237,506 
Balance January 1, 2025
$707,369 $254,701 $52,276 $87,190 $1,101,536 
Balance June 30, 2025
$700,258 $263,035 $59,329 $144,700 $1,167,322 
(1)Includes exploration and evaluation assets of $86.0 million related to the Goldfield Project and the Kemess Project.

During the six months ended June 30, 2025, $123.7 million of additions were capitalized to PP&E, including $14.1 million capitalized to the asset retirement obligation asset and lease arrangements with right-of-use asset additions of $2.4 million. During the six months ended June 30, 2025, $0.2 million of PP&E at its carrying value was disposed of.

During the year ended December 31, 2024, $174.8 million of additions were capitalized to PP&E, including $0.8 million capitalized to the asset retirement obligation asset and lease arrangements with right-of-use asset additions of $4.8 million. During the year ended December 31, 2024, PP&E with a carrying value of $0.3 million was disposed of.

On August 6, 2025, the Board of Directors approved the Goldfield project for development. In conjunction with the decision to proceed with the project, the Company entered into a gold hedging arrangement (see Note 16).
7. Other non-current assets and liabilities
June 30, 2025December 31, 2024
Other non-current assets
VAT and other tax receivables(1)
$10,283 $10,469 
Non-current supplies inventory346 1,732 
Due from Equinox(2)
25,550 20,450 
Other786 749 
Total other non-current assets$36,965 $33,400 
Other non-current liabilities
Non-current portion of lease obligations$13,113 $13,713 
Non-current portion of deferred revenue(3)
20,764 20,187 
Post-retirement benefits1,877 1,634 
Other
1,123 — 
Total other non-current liabilities$36,877 $35,534 
(1)Includes amounts related to the Öksüt Mine.
(2)Relates to the non-current portion of amount due from Equinox related to the sale of its interest in the Greenstone Partnership (note 4).
(3)Relates to the Additional Royal Gold Agreement (note 16a)

8
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2025
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
8. Reclamation
a.Reclamation provision
The following table reconciles the beginning and ending carrying amounts of the Company’s provision for reclamation.
June 30, 2025December 31, 2024
Development, exploration, care and maintenance sites (1)
Balance, beginning of year$176,579 $218,330 
Changes in cost estimates3,463 (3,905)
Changes in discount rate(5,881)(26,755)
Accretion3,544 7,240 
Liabilities settled(3,813)(9,539)
Foreign exchange revaluation6,239 (8,792)
Balance, end of period$180,131 $176,579 
Operating sites (1)
Balance, beginning of year$94,729 $82,323 
Changes in cost estimates10,414 15,185 
Changes in discount rate346 (2,700)
Accretion1,971 3,052 
Foreign exchange revaluation2,824 (3,131)
Balance, end of period$110,284 $94,729 
Current portion of reclamation provision (2)
1,467 5,113 
Non-current portion of reclamation provision288,948 266,195 
Total provision for reclamation$290,415 $271,308 
(1)Development, exploration and care and maintenance sites include the Endako Mine, Thompson Creek Mine, Kemess project and Goldfield project. Operating sites include the Mount Milligan Mine and Öksüt Mine.
(2)Relates to the Endako Mine.

The range of the nominal risk-free interest rate used in discounting the reclamation provision at the Endako Mine, Thompson Creek Mine and the Kemess Project are presented below:

As at June 30, 2025
As at December 31, 2024
Range of nominal risk-free
interest rate applied		3.56%to4.78%3.34%to4.78%
9
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2025
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
b. Reclamation recovery
The recovery relating to the development, exploration and care and maintenance sites are attributable to the following factors:

Three months ended June 30,Six months ended June 30,
2025202420252024
Changes in cost estimates$(550)$(184)$3,033 $(9,803)
Changes in discount rate(7,104)(5,228)(5,931)(21,619)
Other94 271 143 1,279 
Total reclamation recovery
$(7,560)$(5,141)$(2,755)$(30,143)
9. Revenue
Total revenue consists of the following:
Three months ended June 30,Six months ended June 30,
2025 2024 2025 2024 
Gold revenue$166,882 $172,770 $305,496 $363,711 
Copper revenue42,248 40,410 83,268 89,187 
Molybdenum revenue66,805 58,236 158,456 118,471 
Other by-product revenue(1)
6,332 3,807 11,507 8,614 
Revenue from contracts with customers$282,267 $275,223 $558,727 $579,983 
Provisional pricing adjustment on concentrate sales(2)
5,699 10,059 29,666 14,834 
Metal content adjustments on concentrate sales377 (2,972)(551)(6,628)
Total revenue$288,343 $282,310 $587,842 $588,189 
(1)Includes silver, rhenium, toll and sulfuric acid sales.
(2)Includes mark-to-market adjustment related to 13.8 million pounds of copper, 27,994 ounces of gold, and 36,821 pounds of molybdenum (June 30, 2024 - 12.4 million pounds of copper, 26,900 ounces of gold, and 53,705 pounds of molybdenum) in the gold and copper concentrate and molybdenum product shipments subject to final pricing as at the period-end.

10. Other operating expenses
Three months ended June 30,Six months ended June 30,
2025202420252024
Selling and marketing(1)
$2,698 $2,352 $5,500 $4,754 
Study costs(2)
4622,7091,5815,184
Unrealized loss on financial asset related to the Additional Royal Gold Agreement (note 16a)
12,1007,40013,5008,900
Transaction costs related to the Additional Royal Gold Agreement (note 16a)
———2,512
Other, net293694293998 
Other operating expenses$15,553 $13,155 $20,874 $22,348 
(1)Primarily includes freight charges associated with the Mount Milligan Mine and the Langeloth Facility.
(2)Relates mostly to the site studies at the Mount Milligan Mine.
10
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2025
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
11. Other non-operating expenses (income)
Three months ended June 30,Six months ended June 30,
2025202420252024
Interest income(1)
$(5,701)$(7,867)$(11,072)$(15,957)
Foreign exchange loss (gain) (2)
6,129 (2,174)2,668 (12,175)
Unrealized (gain) loss on marketable securities(525)(975)(1,121)160 
Gain on sale of PP&E(245)(517)(245)(517)
Other expenses (income)
1,302 (50)1,112 936 
Other non-operating expenses (income)$960 $(11,583)$(8,658)$(27,553)
(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.
12. Income taxes

Three months ended June 30,Six months ended June 30,
2025202420252024
Current income tax expense $5,186 $9,072 $34,496 $46,473 
Deferred income tax (recovery) expense
(7,341)8,692 (11,828)1,152
Total income tax (recovery) expense
$(2,155)$17,764 $22,668 $47,625 

13. Shareholders' equity
a.Repurchases and cancellation of shares

NCIB
On November 5, 2024, 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 18,800,929 common shares in the capital of the Company during the twelve-month period commencing on November 7, 2024 and ending on November 6, 2025, representing approximately 10% of the public float.

During the six months ended June 30, 2025, the Company repurchased 6,355,433 common shares (2024 - 3,223,500 common shares), for the total consideration of $42.0 million (2024 - $19.8 million) at an average price of $6.60 (C$9.23) (2024 - $6.14) 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 June 26, 2025, 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 $12.7 million (December 31, 2024 - $7.6 million) with a certain share price limit during the period ending August 8, 2025.

11
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2025
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
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 the share capital line.
b.Earnings per share

Computation for basic and diluted earnings per share:
Three months ended June 30,Six months ended June 30,
2025202420252024
Net earnings$68,573 $37,670 $99,028 $104,100 
   Dilutive impact related to the RSU plan(1)
(394)224 513 153 
   Dilutive impact related to the PSU plan(2)
(1,458)(211)(3,042)(1,051)
Diluted earnings$66,721 $37,683 $96,499 $103,202 
Basic weighted average common shares (in thousands)206,080 211,352 207,705 214,472 
   Dilutive impact of stock options (in thousands)10 64 8 45 
   Dilutive impact related to the RSU plan (in thousands)(1)
2,846 2,320 2,481 2,102 
   Dilutive impact related to the PSU plan (in thousands)(2)
1,512 1,288 1,512 1,288 
Diluted weighted average common shares (in thousands)210,448 215,024 211,706 217,907 
Earnings per share:
Basic$0.33 $0.18 $0.48 $0.49 
Diluted$0.32 $0.18 $0.46 $0.47 
(1)Relates to the Company’s Restricted Share Unit (“RSU”) Plan.
(2)Relates to the Company’s Performance Share Unit (“PSU”) Plan.
For the six months ended June 30, 2025 and 2024, 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 June 30,Six months ended June 30,
2025202420252024
ASPP impact excluded from earnings per share (in thousands)(1)
1,764605 1,764605
(1) ASPP has an anti-dilutive impact on earnings per share by reducing the number of shares outstanding from the calculation.
c.Dividends

On August 6, 2025, the Board approved a quarterly dividend of C$0.07 per share to shareholders of record on August 21, 2025.
14. Supplemental cash flow disclosures
12
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2025
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
Changes in working capital
Three months ended June 30,Six months ended June 30,
2025202420252024
Increase in amounts receivable$(5,684)$(1,236)$(38,271)$(1,098)
Increase in inventories(15,617)(10,725)(6,446)(12,053)
Increase in other current assets(11,130)(1,110)(14,534)(2,423)
Increase in accounts payable and accrued liabilities 6,677 3,378 12,615 813 
Changes in working capital$(25,754)$(9,693)$(46,636)$(14,761)
15. Commitments and contingencies
Commitments
As of June 30, 2025, the Company had entered into contracts to acquire PP&E totaling $43.9 million (June 30, 2024 - $33.8 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.
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. Supreme Court rendered a written decision on October 8, 2024, which determined that the Company was correct to include the effect of the Royal Gold Streaming Agreement in its calculation of revenue subject to the royalty but that such revenue (for purposes of the royalty agreement) should have included amortized amounts relating to advance payments made by Royal Gold to TCM. H.R.S has formally filed an appeal of this decision with the Court of Appeal for British Columbia, and TCM has submitted a cross-appeal in response. The Company believes the potential exposure in relation to this claim from what the Company has accrued is not materially different.
13
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2025
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
16. Financial instruments
The Company’s financial instruments include the Mount Milligan Mine’s financial asset related to the Additional Royal Gold Agreement, marketable securities, amounts receivable (including embedded derivatives), derivative financial instruments and accounts payable, other current and non-current assets and other current liabilities.
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 and Royal Gold, Inc. 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.
On February 13, 2024, the Company and its subsidiary, TCM, entered into an additional agreement with Royal Gold (the “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.

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, February 13, 2024$19,200 
Settlements during the period(1)
24,500 
Fair value adjustments23,500 
Balance, December 31, 2024
$67,200 
Fair value adjustments(13,500)
Balance, June 30, 2025$53,700 
(1)Represents the initial $24.5 million cash payment made during the period.

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 considered 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 will continue to re-evaluate this assessment each period.

14
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2025
(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:

June 30, 2025December 31, 2024
Gold price per oz - short-term (1)
$2,761 - $3,024
$2,400 - $2,625
Gold price per oz - long-term$2,350$2,100
Copper price per lb - long term$4.25$4.25
Timing of delivery of Deferred Gold Consideration (range of years)2025 to 20342025 to 2034
Gold price volatility used in the Monte Carlo simulation15.0 %12.0 %
Discount rate6.63 %6.75 %
(1) Short-term represents the years 2025-2028 as at June 30, 2025 (2024-2028 as at December 31, 2024).

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;
•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 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 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.
15
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2025
(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.
June 30, 2025December 31, 2024
Derivative instrument assets
Current
Foreign exchange contracts$1,565 $— 
Fuel contracts3428
Royal Gold deliverables(1)
1,178597
2,777 625 
Non-current
Foreign exchange contracts1,989—
Fuel contracts8917
2,07817
Total derivative instrument assets$4,855 $642 
Derivative instrument liabilities
Current
Foreign exchange contracts$396 $11,948 
Fuel contracts1,154583
Royal Gold deliverables(1)
99176
Gold contracts
1,907 — 
3,556 12,707 
Non-current
Foreign exchange contracts214,896
Fuel contracts1,718312
Gold contracts
2,018 —
3,7575,208
Total derivative instrument liabilities$7,313 $17,915 
(1)Relates to Royal Gold deliverables, which are gold and copper forward contracts for gold ounces and copper pounds, respectively, payable to Royal Gold.
16
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2025
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
Hedge derivatives

The derivative instruments outstanding as at June 30, 2025 that are accounted for as cash flow hedges are summarized below:
Average Strike Price
Total
Position(2)
InstrumentUnit202520262027Type
Diesel Contracts
ULSD zero-cost collars(1)
Litres
$0.60/$0.67
$0.60/$0.67
$0.50/$0.57Fixed6,362,939
ULSD swap contracts(1)
Litres$0.65$0.60$0.58Fixed41,090,804
Foreign exchange contracts
US$/C$ zero-cost collarsCAD
$1.34/$1.39
$1.34/$1.39
N/AFixed168,000,000
US$/C$ forward contractsCAD$1.35$1.37$1.35Fixed291,250,000
Gold Hedge Contracts
Gold zero-cost collarsOunces
$2,400/$3,400
$2,400/$3,696
N/AFixed40,750
(1)Ultra-low sulfur diesel (“ULSD”).
(2)Total amounts expressed in the units identified.
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 for 40,000 ounces in 2025 and 20,000 ounces in 2026. The derivatives will expire evenly through each year.
Subsequent the period-end, 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 contract 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 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.
17
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2025
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
The table below provides a breakdown of the changes in the fair value of these derivative contracts recognized in other comprehensive loss (“OCI”) and the portion of the fair value changes reclassified to the statements of earnings:
Three months ended June 30,Six months ended June 30,
2025202420252024
Increase (decrease) in fair value of derivative financial instruments
$11,851 $(1,632)$13,120 $(8,753)
Reclassified to net earnings(1,155)(1,555)(4,434)(1,668)
Increase in fair value of equity securities
5,832 481 5,162 481 
Increase (decrease) in fair value of derivative instruments included in OCI(1)
$16,528 $(2,706)$13,848 $(9,940)
(1)Includes tax expense of $5.2 million tax expense for the three months ended June 30, 2025 (three months ended June 30, 2024 - $0.2 million tax recovery) and $5.8 million for the six months ended June 30, 2025 (six months ended June 30, 2024 - $nil tax expense).
Non-hedge derivatives
The non-hedge derivative instruments outstanding as at June 30, 2025 are expected to settle by the end of the third quarter of 2025, and are summarized as follows:
InstrumentUnitType
Total
Position(1)
Royal Gold deliverables
Gold forward contractsOuncesFloat17,773 
Copper forward contractsPoundsFloat3,968,000 
(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.
18
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2025
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
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.
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 specified 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 June 30, 2025 and December 31, 2024, are summarized as follows:
June 30, 2025December 31, 2024
Trade receivables prior to mark-to-market adjustment$44,990 $27,199 
Mark-to-market adjustment related to gold and copper concentrate sold188 (2,727)
Mark-to-market adjustment related to molybdenum products sold39 (31)
Provisionally-priced trade receivables$45,217 $24,441 
As at June 30, 2025 and December 31, 2024, the Company’s net receivable position consists of copper, gold, and molybdenum sales contracts awaiting final pricing and is summarized as follows:
Sales awaiting final pricingMark-to-market average price
($/unit)
UnitJune 30, 2025December 31, 2024June 30, 2025December 31, 2024
CopperPounds13,760,990 20,099,765 4.49 4.00 
GoldOunces27,994 48,541 3,309 2,641 
MolybdenumPounds36,821 49,572 21.49 21.39 

19
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2025
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
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 fair valued 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.
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 June 30, 2025 and December 31, 2024, are summarized as follows:
June 30, 2025December 31, 2024
Accounts payable prior to fair value adjustment$22,768 $10,298 
Fair value adjustment to molybdenum concentrate3,180 202 
Provisionally-priced accounts payable$25,948 $10,500 
As at June 30, 2025 and December 31, 2024, the Company’s net position of molybdenum purchase contracts awaiting final pricing can be summarized as follows:
Purchases awaiting final pricingFair value price
($/unit)
UnitJune 30, 2025December 31, 2024June 30, 2025December 31, 2024
MolybdenumPounds1,035,067 1,275,577 $20.11 $20.09 
d. Marketable Securities
June 30, 2025December 31, 2024
Current portion of marketable securities
$4,250 $3,130 
Non-current portion of marketable securities (1)
37,954 9,785 
Total marketable securities
$42,204 $12,915 
(1) Relates to the shares of publicly traded entities, measured at fair value through OCI, including the investment in Thesis Gold Inc made during the three months ended June 30, 2025 of $17.4 million.

1
20
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2025
(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:
June 30, 2025
Level 1Level 2Level 3Total
Financial assets
Financial asset related to the Additional Royal Gold Agreement
$— $— $53,700 $53,700 
Provisionally-priced trade receivables— 45,217 — 45,217 
Marketable securities42,204 — — 42,204 
Derivative financial instruments— 4,855 — 4,855 
$42,204 $50,072 $53,700 $145,976 
Financial liabilities
Provisionally-priced accounts payable$— $25,948 $— $25,948 
Derivative financial instruments— 7,313 — 7,313 
$— $33,261 $— $33,261 
December 31, 2024
Level 1Level 2Level 3Total
Financial assets
Financial asset related to the Additional Royal Gold Agreement
$— $— $67,200 $67,200 
Provisionally-priced trade receivables— 24,441 — 24,441 
Marketable securities12,915 — — 12,915 
Derivative financial instruments— 642 — 642 
$12,915 $25,083 $67,200 $105,198 
Financial liabilities
Provisionally-priced accounts payable$— $10,500 $— $10,500 
Derivative financial instruments— 17,915 — 17,915 
$— $28,415 $— $28,415 
During the year ended June 30, 2025, 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
21
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2025
(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.
Marketable securities
Marketable securities 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.
17. 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.
22
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2025
(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 June 30, 2025
(Thousands of U.S. dollars)ÖksütMount MilliganMolybdenumTotal
Segments		Corporate and otherTotal
Revenue$90,976 $126,822 $70,545 $288,343 $— $288,343 
Cost of sales
Production costs34,514 70,672 69,682 174,868 — 174,868 
Depreciation9,574 15,324 1,139 26,037 — 26,037 
Earnings (loss) from mine operations$46,888 $40,826 $(276)$87,438 $— $87,438 
Exploration and evaluation costs525 1,264 — 1,789 7,861 9,650 
Corporate administration costs— — — — 7,664 7,664 
Share-based compensation expenses— — — — 2,045 2,045 
Care and maintenance expenses— — 282 282 3,319 3,601 
Reclamation recovery— — (5,305)(5,305)(2,255)(7,560)
Other operating expenses207 14,457 587 15,251 302 15,553 
Earnings from operations$46,156 $25,105 $4,160 $75,421 $56,485 
Gain on sale of Greenstone Partnership(14,977)(14,977)
Other non-operating expenses960 960 
Finance costs4,084 4,084 
Earnings before income tax$66,418 
Income tax recovery(2,155)(2,155)
Net earnings$68,573 
Additions to PP&E$11,939 $16,660 $26,817 $55,416 $200 $55,616 

Three months ended June 30, 2024
(Thousands of U.S. dollars)ÖksütMount MilliganMolybdenumTotal
Segments		Corporate and otherTotal
Revenue$121,331 $99,824 $61,155 $282,310 $— $282,310 
Cost of sales
Production costs37,787 63,414 61,286 162,487 — 162,487 
Depreciation12,573 14,140 798 27,511 — 27,511 
Earnings (loss) from mine operations$70,971 $22,270 $(929)$92,312 $— $92,312 
Exploration and evaluation costs205 2,540 6,804 9,549 11,115 20,664 
Corporate administration costs— — — — 7,438 7,438 
Share-based compensation expenses— — — — 3,341 3,341 
Care and maintenance expenses— — 2,492 2,492 2,722 5,214 
Reclamation recovery— — (3,127)(3,127)(2,014)(5,141)
Other operating expenses235 10,962 486 11,683 1,472 13,155 
Earnings (loss) from operations$70,531 $8,768 $(7,584)$71,715 $47,641 
Other non-operating income(11,583)(11,583)
Finance costs3,790 3,790 
Earnings before income tax$55,434 
Income tax expense17,764 17,764 
Net earnings$37,670 
Additions to PP&E$8,955 $18,793 $9,624 $37,372 $543 $37,915 
23
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2025
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)


Six months ended June 30, 2025
ÖksütMount
Milligan		MolybdenumTotal SegmentsCorporate
and other		Total
Revenue$160,605 $262,021 $165,216 $587,842 $— $587,842 
Cost of sales
Production costs61,528 148,442 163,776 373,746 — 373,746 
Depreciation, depletion and amortization17,040 30,808 2,273 50,121 — 50,121 
Earnings (loss) from mine operations$82,037 $82,771 $(833)$163,975 $— $163,975 
Exploration and evaluation costs1,066 1,906 — 2,972 13,853 16,825 
Corporate administration— — — — 17,145 17,145 
Share-based compensation expenses— — — — 2,871 2,871 
Care and maintenance— — 3,229 3,229 6,401 9,630 
Reclamation recovery— — (989)(989)(1,766)(2,755)
Other operating expenses
351 19,050 1,171 20,572 302 20,874 
Earnings (loss) from operations$80,620 $61,815 $(4,244)$138,191 $99,385 
  Gain on sale of Greenstone Partnership
(21,607)(21,607)
  Other non-operating income(8,658)(8,658)
  Finance costs7,954 7,954 
Earnings before income tax$121,696 
 Income tax expense22,668 22,668 
Net earnings$99,028 
Additions to PP&E$23,859 $40,326 $59,223 $123,408 $268 $123,676 

Six months ended June 30, 2024
ÖksütMount
Milligan		MolybdenumTotal SegmentsCorporate
and other		Total
Revenue$243,366 $220,278 $124,545 $588,189 $— $588,189 
Cost of sales
Production costs72,549 136,411 127,372 336,332 — 336,332 
Depreciation, depletion and amortization26,819 32,405 1,621 60,845 — 60,845 
Earnings (loss) from mine operations$143,998 $51,462 $(4,448)$191,012 $— $191,012 
Exploration and evaluation costs408 3,037 13,709 17,154 18,467 35,621 
Corporate administration— — — — 17,416 17,416 
Share-based compensation expenses— — — — 3,341 3,341 
Care and maintenance— — 5,440 5,440 5,666 11,106 
Reclamation recovery
— — (18,674)(18,674)(11,469)(30,143)
Other operating expenses363 16,026 791 17,180 5,168 22,348 
Earnings (loss) from operations$143,227 $32,399 $(5,714)$169,912 $131,323 
  Other non-operating income(27,553)(27,553)
  Finance costs7,151 7,151 
Earnings before income tax$151,725 
 Income tax expense47,625 47,625 
Net earnings$104,100 
Additions to PP&E$21,569 $19,563 $10,518 $51,650 $1,530 $53,180 
24