2.3 Recent Developments
The following is a summary of key developments over the past three years that have influenced the general development of our business.
| · | On March 13, 2023, the Company announced that Paul Tomory had been appointed President and Chief Executive Officer of Centerra effective May 1, 2023. |
| Centerra Gold Inc. |
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| 2025 Annual Information Form | Page 9 |
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| · | The Öksüt Mine’s updated environmental impact assessment (“EIA”) was approved by the Turkish Minister of Environment, Urbanization and Climate Change (the “Ministry of Environment”) in May 2023 resulting in Öksüt resuming full operations in early June 2023. |
| · | Effective September 11, 2023, the Company entered into a four-year extension of its $400 million revolving credit facility (the “Credit Facility”), now maturing on September 8, 2027. The Credit Facility is led by The Bank of Nova Scotia and National Bank Financial Markets and is supported by a syndicate of international financial institutions. |
| · | On September 18, 2023, the Company announced the results of a prefeasibility study on the restart of mining at the Thompson Creek Mine. |
| · | On November 3, 2023, the Company announced that the TSX accepted the renewal of its normal course issuer bid pursuant to which it was authorized to purchase for cancellation up to 18,293,896 Common Shares during the twelve-month period commencing on November 7, 2023 and ending on November 6, 2024. |
| · | On January 22, 2024, Centerra announced that Ryan Snyder will succeed Darren Millman and be promoted to Executive Vice President and Chief Financial Officer, effective April 8, 2024. |
| · | On February 13, 2024, the Company entered into an Additional Agreement (as defined below) with RGLD Gold AG, relating to the Mount Milligan Mine, which, among other things, resulted in a life of mine extension to 2035 and established favourable parameters for potential future mine life extensions. For further information on this Additional Agreement, see the section entitled “Material Contracts”. |
| · | On September 12, 2024, Centerra announced the results of a feasibility study and a strategic, integrated business plan for its molybdenum business unit consisting of a restart of the Thompson Creek Mine and a commercially optimized ramp up plan for the Langeloth Metallurgical Facility. |
| · | On November 5, 2024, the Company announced that the TSX accepted the renewal of its normal course issuer bid pursuant to which it is authorized to purchase for cancellation up to 18,800,929 Common Shares during the twelve-month period commencing on November 7, 2024 and ending on November 6, 2025. |
| · | On February 20, 2025, the Company announced a mine life extension for the Mount Milligan Mine by approximately one year extending operations into 2036. |
| · | On March 4, 2025, Centerra announced that David Hendriks will succeed Paul Chawrun as Executive Vice President and Chief Operating Officer, effective April 15, 2025. |
| · | On August 6, 2025, Centerra announced the results of a technical study on its Goldfield Project and announced it is proceeding with the project and will immediately commence detailed engineering and early procurement activities for construction. The Goldfield Project is anticipated to have an approximate 7-year mine life and first production is expected by the end of 2028. |
| · | On September 11, 2025, the Company announced the results of a pre-feasibility study for the Mount Milligan Mine which confirmed a life of mine extension of approximately 10 years, to 2045. |
| · | On October 28, 2025, Centerra announced that Paul Wright will succeed Michael Parrett as Chair of the Company’s board of directors (the “Board”) effective January 1, 2026. |
| · | On November 5, 2025, the Company announced that the TSX accepted the renewal of its normal course issuer bid pursuant to which it was authorized to purchase for cancellation up to 20,129,230 Common Shares during the twelve-month period commencing on November 10, 2025, and ending on November 9, 2026. |
| · | On January 19, 2026, Centerra announced the results of a preliminary economic assessment on its Kemess Project and announced it advancing technical work towards a pre-feasibility study expected in 2027. The Kemess Project is anticipated to have an approximate 15-year mine life and first production is expected by the end of 2031. The Kemess Technical Report with an effective date of December 31, 2025, was filed on March 4, 2026. |
| · | On January 20, 2026, the Company received an amended environmental assessment certificate and all related permits to allow for the continuation of its operations at the Mount Milligan Mine through 2035. |
| · | On January 29, 2026, operations at the Langeloth Metallurgical Facility near Pittsburgh, Pennsylvania were suspended following an explosion adjacent to the acid plant and remain suspended as of the date of this AIF. No fatalities, serious injuries or significant environmental releases were reported. The site team is co-operating with regulatory authorities, advancing repair activities and planning for a safe restart, with full operations expected to resume by May 2026. |
| Centerra Gold Inc. |
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| 2025 Annual Information Form | Page 10 |
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