Condensed Consolidated Interim
Financial Statements

For the Three and Six Months Ended June 30, 2026 and 2025














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Centerra Gold Inc.
Condensed Consolidated Interim Statements of Financial Position
(Unaudited)
June 30, 2026December 31, 2025
(Expressed in thousands of United States dollars)
AssetsNotes
Current assets
Cash and cash equivalents$450,850 $528,931 
Amounts receivable119,218 137,516 
Inventories423,578 333,715 
Other current equity investments
162,253 11,967 
Other current financial assets
164,099 2,566 
Other current assets5105,670 55,382 
1,105,668 1,070,077 
Property, plant and equipment61,757,570 1,600,400 
Deferred income tax assets12— 24,899 
Non-current equity investments16146,532 105,870 
Other non-current financial assets
1677,173 113,555 
Other non-current assets78,157 43,849 
1,989,432 1,888,573 
Total assets$3,095,100 $2,958,650 
Liabilities and shareholders' equity
Current liabilities
Accounts payable and accrued liabilities$365,548 $369,694 
Income tax payable34,411 28,879 
Other current financial liabilities
1621,383 16,346 
Other current liabilities535,670 31,984 
457,012 446,903 
Provision for reclamation8296,409 294,452 
Deferred income tax liabilities1249,657 37,899 
Other non-current financial liabilities
1658,536 82,093 
Other non-current liabilities766,127 37,541 
470,729 451,985 
Shareholders' equity
Share capital13657,241 727,038 
Contributed surplus30,641 30,945 
Accumulated other comprehensive loss(3,116)(49,363)
Retained earnings1,482,593 1,351,142 
2,167,359 2,059,762 
Total liabilities and shareholders' equity$3,095,100 $2,958,650 
Commitments and contingencies (note 15)
Subsequent events (note 13 and 18)
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)2026 2025 20262025
(except per share amounts)Notes
Revenue9$442,712 $288,343 $927,406 $587,842 
Cost of sales
Production costs251,413 174,868 505,595 373,746 
Depreciation, depletion and amortization32,288 26,037 65,189 50,121 
Earnings from mine operations159,011 87,438 356,622 163,975 
Exploration and evaluation costs

10,761 9,650 23,457 16,825 
Corporate administration costs
8,497 7,664 21,093 17,145 
Share-based compensation expenses1,133 2,045 12,797 2,871 
Care and maintenance expenses5,405 3,601 10,034 9,630 
Reclamation expense (recovery) 83,800 (7,560)2,738 (2,755)
Other operating expenses108,904 15,553 57,212 20,874 
Earnings from operations120,511 56,485 229,291 99,385 
Gain on sale of Greenstone Partnership
4(2,071)(14,977)(18,185)(21,607)
Other non-operating (income) expenses11(8,874)960 (21,314)(8,658)
Finance costs5,155 4,084 9,860 7,954 
Earnings before income tax126,301 66,418 258,930 121,696 
Income tax expense (recovery)1254,183 (2,155)107,381 22,668 
Net earnings72,118 68,573 151,549 99,028 
Other Comprehensive Income
Items that may be subsequently reclassified to earnings:
Changes in fair value of hedge derivative instruments1673,964 10,696 30,935 8,686 
Items that will not be subsequently reclassified to earnings:
Changes in fair value of equity investments
16(10,989)5,832 15,312 5,162 
Other comprehensive income1662,975 16,528 46,247 13,848 
Total comprehensive income
$135,093 $85,101 $197,796 $112,876 
Earnings per share:
Basic13$0.37 $0.33 $0.76 $0.48 
Diluted13$0.35 $0.32 $0.76 $0.46 
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,
2026 2025 20262025
(Expressed in thousands of United States dollars)
Operating activitiesNotes
Net earnings$72,118 $68,573 $151,549 $99,028 
Adjustments:
Depreciation, depletion and amortization34,710 26,876 68,813 51,744 
Reclamation expense (recovery)83,800 (7,560)2,738 (2,755)
Share-based compensation, net of cash settlements1,133 2,045 (4,107)2,871 
Finance costs5,155 4,356 9,860 7,954 
Income tax expense (recovery)1254,183 (2,155)107,381 22,668 
Unrealized foreign exchange (gain) loss(3,469)12,411 (5,600)9,305 
Unrealized fair value (gain) loss on financial asset related to the Additional Royal Gold Agreement16(2,100)12,100 36,400 13,500 
Gain on sale of Greenstone Partnership4(2,071)(14,977)(18,185)(21,607)
Other(1,668)(1,004)(306)488 
Reclamation payments8(138)(2,224)(350)(3,813)
Cash provided by operating activities prior to changes in working capital and income taxes paid161,653 98,441 348,193 179,383 
Income taxes paid(53,925)(47,382)(78,549)(48,831)
Changes in working capital14(41,548)(25,754)(83,370)(46,636)
Cash provided by operating activities66,180 25,305 186,274 83,916 
Investing activities
Property, plant and equipment additions(89,139)(50,883)(160,223)(99,450)
Proceeds from disposition of equity investments6,961 — 12,962 — 
Proceeds from disposition of property, plant, and equipment214 245 214 245 
Purchase of equity investments16(12,957)(21,977)(18,249)(21,977)
Cash used in investing activities(94,921)(72,615)(165,296)(121,182)
Financing activities
Dividends paid13(9,977)(10,582)(20,098)(20,848)
Payment of borrowing and financing costs(724)(500)(1,234)(504)
Repayment of lease obligations(3,959)(1,797)(7,457)(4,010)
Proceeds from common shares issued 451 1,387 1,887 2,246 
Payment for common shares repurchased13(49,691)(27,032)(72,157)(41,951)
Cash used in financing activities(63,900)(38,524)(99,059)(65,067)
Decrease in cash and cash equivalents during the period(92,641)(85,834)(78,081)(102,333)
Cash and cash equivalents at beginning of the period543,491 608,174 528,931 624,673 
Cash and cash equivalents at end of the period$450,850 $522,340 $450,850 $522,340 

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, 2026199,806,355 $727,038 $30,945 $(49,363)$1,351,142 $2,059,762 
Net earnings— — — — 151,549 151,549 
Other comprehensive income (note 16)— — — 46,247 — 46,247 
Transactions with shareholders:
Repurchase of shares - Normal Course Issuer Bid (“NCIB”) (note 13)(4,178,300)(73,521)— — — (73,521)
Related to the effect of share repurchase liability (note 13)— 800 — — — 800 
Share-based compensation expense— — 541 — — 541 
Issued on exercise of stock options196,964 1,542 (416)— — 1,126 
Issued under the employee share purchase plan60,514 953 — — — 953 
Issued on redemption of restricted share units253,086 429 (429)— — — 
Dividends declared and paid
(C$0.14 per share)
— — — — (20,098)(20,098)
Balance at June 30, 2026196,138,619 $657,241 $30,641 $(3,116)$1,482,593 $2,167,359 
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 (note 16)— — — 13,848 — 13,848 
Transaction with shareholders:
Repurchase of shares - 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 plan116,990672— — 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 
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, 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 July 28, 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 identified Adjusted EBITDA and Adjusted Net Earnings as potential management-defined performance measures and continues to assess their impact on the disclosures in the financial statements upon
5
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2026
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
adoption. The Company is also evaluating the impact on the statement of profit or loss and the statement of cash flows arising from new subtotals and/or line items required under the new presentation structure, including operating profit, and changes in how certain existing subtotals are calculated.

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.

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.
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, January 1, 2025
$63,088 
Remeasurement gain
50,545 
Settlements during the period(41,044)
Balance, December 31, 2025
$72,589 
Remeasurement gain
18,185 
Balance, June 30, 2026 (note 5)$90,774 

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:

June 30, 2026December 31, 2025
Gold price per oz
$4,000 - $4,467 $3,430 - $3,520
Timing of receipt of remaining contingent payments
2026 to 2027
2026 to 2027
Discount rate5.56 %5.56 %




6
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2026
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
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.
5. Other current assets and liabilities
June 30, 2026December 31, 2025
Other current assets
Due from Equinox (1)
$90,774 $37,519 
Prepaid insurance expenses5,156 9,229 
Deposits for consumable supplies4,274 1,924 
Prepaid assets4,618 6,156 
Other848 554 
Total other current assets$105,670 $55,382 
Other current liabilities
Current portion of lease obligations$8,879 $7,924 
Current portion of provision for reclamation (note 8)3,395 — 
Share repurchase liability (note 13)20,933 21,733 
Other2,463 2,327 
Total other current liabilities$35,670 $31,984 
(1)Relates to the current portion of 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). See also Note 7 relating to non-current portion of amount due from Equinox.
7
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2026
(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, 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 June 30, 2026
$800,007 $535,860 $47,711 $373,992 $1,757,570 
(1)Includes exploration and evaluation assets related to the Goldfield Project and Kemess Project.

During the six months ended June 30, 2026, $235.2 million of additions were capitalized to PP&E, including $0.6 million capitalized to the asset retirement obligation asset and lease arrangements with right-of-use asset additions of $33.1 million mostly related to the concentrate storage facility at the Mount Milligan Mine.

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

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.
7. Other non-current assets and liabilities
June 30, 2026December 31, 2025
Other non-current assets
VAT and other tax receivables(1)
$5,814 $6,413 
Non-current supplies inventory346 346 
Due from Equinox(2)
— 35,070 
Other1,997 2,020 
Total other non-current assets$8,157 $43,849 
Other non-current liabilities
Non-current portion of lease obligations(3)
$36,883 $10,867 
Non-current portion of deferred revenue(4)
24,702 24,362 
Post-retirement benefits2,553 2,312 
Other
1,989 — 
Total other non-current liabilities$66,127 $37,541 
(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 16a).
8
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2026
(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, 2026December 31, 2025
Balance, beginning of year$294,452 $271,308 
Changes in cost estimates5,197 18,475 
Changes in discount rate(651)(8,859)
Accretion5,979 11,210 
Liabilities settled(350)(5,319)
Foreign exchange revaluation(4,823)7,637 
Balance, end of period$299,804 $294,452 
Current portion of reclamation provision (note 5)3,395 — 
Non-current portion of reclamation provision296,409 294,452 
Total provision for reclamation$299,804 $294,452 

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

As at June 30, 2026As at December 31, 2025
Range of nominal risk-free
interest rate applied		3.48%to4.91%3.56%to4.84%
b. Reclamation expense (recovery)
The expense (recovery) relating to the exploration and evaluation and care and maintenance sites are attributable to the following factors:

Three months ended June 30,Six months ended June 30,
2026202520262025
Changes in cost estimates$1,611 $(550)$999 $3,033 
Changes in discount rate2,119 (7,104)1,557 (5,931)
Other70 94 182 143 
Total reclamation expense (recovery)$3,800 $(7,560)$2,738 $(2,755)

9
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2026
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
9. Revenue
Total revenue consists of the following:
Three months ended June 30,Six months ended June 30,
2026 2025 2026 2025 
Gold revenue$263,302 $166,882 $564,733 $305,496 
Copper revenue66,083 42,248 136,077 83,268 
Molybdenum revenue116,358 66,805 214,722 158,456 
Other by-product revenue(1)
8,509 6,332 24,034 11,507 
Revenue from contracts with customers$454,252 $282,267 $939,566 $558,727 
Provisional and final pricing adjustment on concentrate sales(2)
(12,516)5,699 (8,954)29,666 
Metal content adjustments on concentrate sales976 377 (3,206)(551)
Total revenue$442,712 $288,343 $927,406 $587,842 
(1)Includes silver, rhenium, toll and sulfuric acid sales.
(2)Includes mark-to-market adjustment related to 12.8 million pounds of copper, 36,531 ounces of gold, and 119,266 pounds of molybdenum (June 30, 2025 - 13.8 million pounds of copper, 27,994 ounces of gold, and 36,821 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,
2026202520262025
Selling and marketing(1)
$3,769 $2,698 $6,793 $5,500 
Study costs(2)
6,0164626,5481,581
Unrealized (gain) or loss on financial asset related to the Additional Royal Gold Agreement (note 16a)
(2,100)12,10036,40013,500
Langeloth Facility standby costs(3)
1,219—7,307—
Other, net—293164293
Other operating expenses$8,904 $15,553 $57,212 $20,874 
(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.
(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. In April 2026, roasting operations of molybdenum concentrates provisionally resumed with controlled ramp-up.

10
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2026
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
11. Other non-operating (income) expense
Three months ended June 30,Six months ended June 30,
2026202520262025
Interest income(1)
$(4,055)$(5,701)$(8,249)$(11,072)
Foreign exchange (gain) or loss (2)
(7,437)6,129 (14,698)2,668 
Gain on equity investments (3)
(646)(525)(3,246)(1,121)
Gain on sale of PP&E(214)(245)(214)(245)
Costs associated with the expected resolution of legal matter (4)
3,662 — 3,662 — 
Other (income) expenses(184)1,302 1,431 1,112 
Other non-operating (income) expense$(8,874)$960 $(21,314)$(8,658)
(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 15.
12. Income Taxes

Three months ended June 30,Six months ended June 30,
2026202520262025
Current income tax expense $25,494 $5,186 $75,524 $34,496 
Deferred income tax expense (recovery)28,689 (7,341)31,857 (11,828)
Total income tax expense (recovery)$54,183 $(2,155)$107,381 $22,668 

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 as of June 30, 2026.
13. 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.

During the six months ended June 30, 2026, the Company repurchased 4,178,300 common shares (2025 - 6,355,433 common shares) for total consideration of $72.2 million (2025 - $42.0 million) at an average price of $17.27 (C$23.97) (2025 - $6.60) per share. The total consideration paid for the cancelled shares, including transaction costs, was treated as a reduction to common share capital.

11
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2026
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
Automatic Share Purchase Plan

On June 26, 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 $20.9 million (December 31, 2025 - $21.7 million) with a certain share price limit during the period ending July 30, 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 June 30,Six months ended June 30,
2026202520262025
Net earnings$72,118 $68,573 $151,549 $99,028 
   Dilutive impact related to the RSU plan(1)
(96)(394)— 513 
   Dilutive impact related to the PSU plan(2)
(1,775)(1,458)— (3,042)
Diluted earnings$70,247 $66,721 $151,549 $96,499 
Basic weighted average common shares (in thousands)197,544 206,080 198,576 207,705 
   Dilutive impact of stock options (in thousands)989 10 992 8 
   Dilutive impact related to the RSU plan (in thousands)(1)
2,151 2,846 817 2,481 
   Dilutive impact related to the PSU plan (in thousands)(2)
1,266 1,512 — 1,512 
Diluted weighted average common shares (in thousands)201,950 210,448 200,385 211,706 
Earnings per share:
Basic$0.37 $0.33 $0.76 $0.48 
Diluted$0.35 $0.32 $0.76 $0.46 
(1)Relates to the Company’s Restricted Share Unit (“RSU”) Plan.
(2)Relates to the Company’s Performance Share Unit (“PSU”) Plan.







12
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2026
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
For the six months ended June 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 June 30,Six months ended June 30,
2026202520262025
RSUs and PSUs excluded from earnings per share (in thousands)——2,525—
ASPP impact excluded from earnings per share (in thousands)(1)
1,3211,764 1,3211,764
(1)ASPP has an anti-dilutive impact on earnings per share by reducing the number of shares outstanding from the calculation.
c.Dividends

On July 28, 2026, the Board approved a quarterly dividend of C$0.07 per share to shareholders of record on August 19, 2026.
14. Supplemental cash flow disclosure
Changes in working capital
Three months ended June 30,Six months ended June 30,
2026202520262025
Decrease (increase) in amounts receivable$14,913 $(5,684)$17,596 $(38,271)
Increase in inventories(42,903)(15,617)(93,453)(6,446)
Decrease (increase) in other current assets704 (11,130)2,782 (14,534)
(Decrease) increase in accounts payable and accrued liabilities (14,262)6,677 (10,295)12,615 
Changes in working capital$(41,548)$(25,754)$(83,370)$(46,636)
15. Commitments and contingencies
Commitments
As of June 30, 2026, the Company had entered into contracts related to PP&E totaling $164.1 million (June 30, 2025 - $43.9 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 2021 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.
13
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 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 providing for aggregate payments of approximately $3.7 million. The settlement remains subject to execution by the parties, approval by the Regional Director of the NLRB and remand of the proceeding by the NLRB. As at June 30, 2026, the Company recognized a provision of $3.7 million representing management's best estimate of the probable cost to resolve the matter. The ultimate amount paid may differ from the amount accrued.
14
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2026
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
16. 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:
June 30, 2026December 31, 2025
 Other current financial assets
Current derivative instrument assets (note 16b)$4,099 $2,566 
Current equity investments (note 16d)2,25311,967
6,352 14,533 
Other non-current financial assets
Royal Gold financial asset (note 16a)$76,900 113,300 
Non-current derivative instrument assets (note 16b)273255
77,173113,555
Non-current equity investments (note 16d)146,532105,870
Total other financial assets
$230,057 $233,958 
 Other current financial liabilities
Current derivative instrument liabilities (note 16b)$21,383 $16,346 
21,383 16,346 
Other non-current financial liabilities
Non-current derivative instrument liabilities (note 16b)58,53682,093
58,53682,093
Total other financial liabilities
$79,919 $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 June 30,Six months ended June 30,
2026202520262025
Decrease in fair value of derivative instrument liabilities$72,662 $11,851 $31,702 $13,120 
(Decrease) increase in fair value of equity investments accounted through fair value through other comprehensive income(10,989)5,832 15,312 5,162 
Reclassified to net earnings1,302 (1,155)(767)(4,434)
Increase in fair value of financial instruments and equity investments included in OCI(1)
$62,975 $16,528 $46,247 $13,848 
(1)Includes tax expense of $6.2 million for the three months ended June 30, 2026 (three months ended June 30, 2025 - $5.2 million tax expense) and $4.8 million tax expense for the six months ended June 30, 2026 (six months ended June 30, 2025 - $5.8 million tax expense).
15
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 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 adjustments2,999 
Balance, December 31, 2025$113,300 
Fair value adjustments$(36,400)
Balance, June 30, 2026$76,900 
(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 will re-evaluate this assessment each period.

16
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 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:

June 30, 2026December 31, 2025
Gold price per oz - short-term (1)
$4,000 - $4,795
$3,000 - $4,000
Gold price per oz - long-term$3,500$3,000
Copper price per lb - long term$4.84$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 simulation18.8 %18.5 %
Discount rate
6.75% - 8.00%
6.25% - 7.63%
(1) Short-term represents the years 2026-2029 as at June 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+/- $5,335
Copper price per lb
+/-$0.50/lb+/- $19,483
Discount rate
+/-1%+/- $15,699

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.


17
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 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.
June 30, 2026December 31, 2025
Derivative instrument assets
Current
Foreign exchange contracts$— $1,752 
Fuel contracts4,026—
Royal Gold deliverables(1)
73814
4,099 2,566 
Non-current
Foreign exchange contracts—250
Fuel contracts2735
273255
Total derivative instrument assets$4,372 $2,821 
Derivative instrument liabilities
Current
Foreign exchange contracts$8,579 $259 
Fuel contracts—1,370
Royal Gold deliverables(1)
8,39756
Gold contracts
4,407 14,661
21,383 16,346 
Non-current
Foreign exchange contracts940111
Fuel contracts—504
Gold contracts(2)
57,596 81,478
58,53682,093
Total derivative instrument liabilities$79,919 $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 $4,705, respectively.
18
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 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 June 30, 2026 that are accounted for as cash flow hedges are summarized below:
Average Strike Price
Total
Position(2)
InstrumentUnit202620272028+Type
Diesel Contracts
ULSD zero-cost collars(1)
Litres
$0.59/$0.66
——Fixed1,431,000
ULSD swap contracts(1)
Litres$0.63$0.58—Fixed23,097,385
Foreign exchange contracts
US$/C$ zero-cost collarsCAD
$1.36/$1.42
——Fixed36,000,000
US$/C$ forward contractsCAD$1.38$1.36—Fixed456,000,000
Gold Hedge Contracts
Öksüt Mine zero-cost collars
Ounces
$2,400/$3,696
——Fixed10,383
Goldfield Project zero-cost collars(3)
Ounces——
$3,200/$4,575
Fixed117,000
(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 $4,705, 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 in the case. The option collar contracts utilize a price floor, allowing for significant
19
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2026
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
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.
Non-hedge derivatives
The non-hedge derivative instruments outstanding as at June 30, 2026, are expected to settle by the end of the third quarter of 2026, and are summarized as follows:
InstrumentUnit
Total Position(1)
Royal Gold deliverables
Gold forward contractsOunces19,899 
Copper forward contractsPounds3,031,000 
(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
20
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2026
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
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 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 June 30, 2026 and December 31, 2025, are summarized as follows:
June 30, 2026December 31, 2025
Trade receivables prior to mark-to-market adjustment$35,944 $50,407 
Mark-to-market adjustment related to gold and copper concentrate sold(14,833)11,500 
Mark-to-market adjustment related to molybdenum products sold(48)697 
Provisionally-priced trade receivables$21,063 $62,604 
As at June 30, 2026 and December 31, 2025, the Company’s net receivable position consists of copper, gold, and molybdenum sales contracts awaiting final pricing and is summarized as follows:
Sales awaiting final pricing
Fair value price
($/unit)
UnitJune 30, 2026December 31, 2025June 30, 2026December 31, 2025
CopperPounds12,766,948 11,478,789 6.07 5.64 
GoldOunces36,531 35,004 4,040 4,338 
MolybdenumPounds119,266 79,710 28.23 22.57 

21
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2026
(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 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.
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, 2026 and December 31, 2025, are summarized as follows:
June 30, 2026December 31, 2025
Accounts payable prior to fair value adjustment$30,959 $61,433 
Fair value adjustment to molybdenum concentrate9,730 224 
Provisionally-priced accounts payable$40,689 $61,657 
As at June 30, 2026 and December 31, 2025, the Company’s net position of molybdenum purchase contracts awaiting final pricing can be summarized as follows:
Purchases awaiting final pricingFair value price
($/unit)
UnitJune 30, 2026December 31, 2025June 30, 2026December 31, 2025
MolybdenumPounds2,095,911 1,155,206 $28.26 $21.49 
d. Equity Investments
June 30, 2026December 31, 2025
Current portion of equity investments
$2,253 $11,967 
Non-current portion of equity investments (1)
146,532 105,870 
Total equity investments
$148,785 $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 $56.2 million and investment in Liberty Gold Corp. of $55.6 million as at June 30, 2026.

22
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 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:
June 30, 2026
Level 1Level 2Level 3Total
Financial assets
Financial asset related to the Additional Royal Gold Agreement
$— $— $76,900 $76,900 
Provisionally-priced trade receivables— 21,063 — 21,063 
Equity investments148,785 — — 148,785 
Derivative financial instruments— 4,372 — 4,372 
$148,785 $25,435 $76,900 $251,120 
Financial liabilities
Provisionally-priced accounts payable$— $40,689 $— $40,689 
Derivative financial instruments— 79,919 — 79,919 
$— $120,608 $— $120,608 
December 31, 2025
Level 1Level 2Level 3Total
Financial assets
Financial asset related to the Additional Royal Gold Agreement
$— $— $113,300 $113,300 
Provisionally-priced trade receivables— 62,604 — 62,604 
Equity investments117,837 — — 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 six months ended June 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
23
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 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.
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.
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.

24
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 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 June 30, 2026
(Thousands of U.S. dollars)OksutMount MilliganUS MolyGoldfieldTotal
Segments		Corporate and otherTotal
Revenue141,285 $182,052 $119,375 $— $442,712 $— $442,712 
Cost of sales
Production costs52,967 86,591 111,855 — 251,413 — 251,413 
Depreciation15,930 15,166 1,192 — 32,288 — 32,288 
Earnings from mine operations72,388 $80,295 $6,328 $— $159,011 $— $159,011 
Exploration and evaluation costs443 85 — 625 1,153 9,608 10,761 
Corporate administration costs— — — — — 8,497 8,497 
Share-based compensation expenses— — — — — 1,133 1,133 
Care and maintenance expenses— — — — — 5,405 5,405 
Reclamation expense— — — — — 3,800 3,800 
Other operating expenses928 2,906 2,534 — 6,368 2,536 8,904 
Earnings (loss) from operations71,017 $77,304 $3,794 (625)$151,490 $120,511 
Gain on sale of Greenstone Partnership(2,071)(2,071)
Other non-operating income(8,874)(8,874)
Finance costs5,155 5,155 
Earnings before income tax$126,301 
Income tax expense54,183 54,183 
Net earnings$72,118 
Additions to PP&E8,440 $48,307 $61,985 12,065 $130,797 $2,730 $133,527 

Three Months Ended June 30, 2025
(Thousands of U.S. dollars)ÖksütMount MilliganUS MolyGoldfieldTotal
Segments		Corporate and otherTotal
Revenue90,976 $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 operations46,888 $40,826 $(276)— $87,438 $— $87,438 
Exploration and evaluation costs525 1,264 — 1,660 3,449 6,201 9,650 
Corporate administration costs— — — — — 7,664 7,664 
Share-based compensation expenses— — — — — 2,045 2,045 
Care and maintenance expenses— — — — — 3,601 3,601 
Reclamation recovery— — — — — (7,560)(7,560)
Other operating expenses207 14,457 587 — 15,251 302 15,553 
Earnings (loss) from operations46,156 $25,105 $(863)(1,660)$68,738 $56,485 
Gain on sale of Greenstone Partnership(14,977)(14,977)
Other non-operating expense960 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&E11,939 $16,660 $26,817 5 $55,421 $195 $55,616 
25
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2026
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)

Six months ended June 30, 2026
ÖksütMount
Milligan		US MolyGoldfieldTotal SegmentsCorporate
and other		Total
Revenue$325,013 $377,940 $224,453 $— $927,406 $— $927,406 
Cost of sales
Production costs112,411 180,585 212,599 — 505,595 — 505,595 
Depreciation, depletion and amortization32,226 30,682 2,281 — 65,189 — 65,189 
Earnings from mine operations$180,376 $166,673 $9,573 $— $356,622 $— $356,622 
Exploration and evaluation costs673 1,055 — 3,4415,169 18,288 23,457 
Corporate administration costs
— — — — — 21,093 21,093 
Share-based compensation expenses— — — — — 12,797 12,797 
Care and maintenance expenses— — — — — 10,034 10,034 
Reclamation expense— — — — — 2,738 2,738 
Other operating expenses1,018 44,011 9,461 — 54,490 2,722 57,212 
Earnings (loss) from operations$178,685 $121,607 $112 $(3,441)$296,963 $229,291 
  Gain on sale of Greenstone Partnership
(18,185)(18,185)
  Other non-operating income(21,314)(21,314)
  Finance costs9,860 9,860 
Earnings before income tax$258,930 
 Income tax expense107,381 107,381 
Net earnings$151,549 
Additions to PP&E$11,631 $81,358 $119,001 $18,691 $230,681 $4,491 $235,172 

Six months ended June 30, 2025
ÖksütMount
Milligan		US MolyGoldfieldTotal 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 — 3,047 6,019 10,806 16,825 
Corporate administration costs
— — — — — 17,145 17,145 
Share-based compensation expenses— — — — — 2,871 2,871 
Care and maintenance expenses— — — — — 9,630 9,630 
Reclamation recovery— — — — — (2,755)(2,755)
Other operating expenses351 19,050 1,171 — 20,572 302 20,874 
Earnings (loss) from operations$80,620 $61,815 $(2,004)$(3,047)$137,384 $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 $36 $123,444 $232 $123,676 
26
Centerra Gold Inc.
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
June 30, 2026
(Expressed in thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
18. Subsequent events

Corporate Revolving Facility Extension

On July 15, 2026, the Company entered into an amended $600 million revolving credit facility (the “2026 Corporate Facility”) with a term of four years, maturing on July 15, 2030. The interest rate payable on any outstanding borrowings under the 2026 Corporate Facility is the Secured Overnight Financing Rate (“SOFR”), plus an applicable margin of 1.875% to 3.000%, depending on the Company’s net leverage ratio.
27