Centerra Gold Inc.

Good morning, everyone. Thank you for standing by. This is the conference operator. Welcome to the Sentara Gold fourth quarter 2024 conference call. As a reminder, all participants are in a listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star and then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and zero. I would now like to turn the conference call over to Lisa Wilkinson, Vice President, Investor Relations and Corporate Communications with Sentara Gold. Please go ahead.

Thank you, Operator, and good morning, everyone. Welcome to Sentara Gold's fourth quarter 2024 results conference call. Joining me on the call today are Paul Tamori, President and Chief Executive Officer, Paul Charan, Chief Operating Officer, and Ryan Snyder, Chief Financial Officer. Our release yesterday details our fourth quarter 2024 results. It should be read in conjunction with our MD&A and financial statements, both of which can be found on CDAR, EDGAR, and our website. All figures are in U.S. dollars unless otherwise noted. Presentation slides accompanying this webcast are available on Sentara's website. Following the prepared remarks, we will open the call for questions. Before we begin, I would like to caution everyone that certain statements made today may be forward-looking and are subject to risks which may cause our actual results to differ from those expressed or implied. Please refer to the cautionary statements included in the presentation as well as the risk factors set out in our annual information form. Certain measures we will discuss are non-GAAP measures. Please refer to the description of non-GAAP measures in our news release and MD&A issued yesterday. I will now turn the call over to Paul Tamori.

Thank you, Lisa, and good morning, everyone. In the fourth quarter, we had steady operational performance, producing over 73,000 ounces of gold and 12.8 million pounds of copper, and we ended 2024 near the low end of our consolidated production guidance range. We generated strong free cash flow of both operations in the fourth quarter, driven by robust contributions from Mount Milligan, which increased our cash balance to $625 million. In 2024, we made meaningful progress in executing on our strategic plan to maximize the value of our assets. Since the restart of operations at Exit in June 2023, the mine has generated over $480 million of free cash flow. While at Mount Milligan, our additional agreement with Royal Gold created the opportunity to assess the mine's long-term potential. In September, we announced the restart of operations at Thompson Creek and a progressive ramp-up at Langelot. marking a major step in unlocking value in our U.S. molybdenum operations. At current metal prices, the $397 million of capital investment to restart Thompson Creek is expected to be funded largely from our cash flow from operations at Mount Milligan and Oxsuit. Yesterday, we published an initial resource at Goldfield of 706,000 ounces of gold. After a thorough evaluation, we decided the resource size does not meet our requirements to support near-term developments. we remain committed to maximizing the project's potential while exploring strategic and commercial options for Goldfield. Looking ahead to 2025, we're focused on Mount Milligan and Chem-S, which are the foundations for our future growth. At Mount Milligan, the technical studies are progressing better than planned, and we decide to move straight to completing a pre-feasibility study for the mine. This upgrade, together with an extensive drill program planned for this year, has the objective of significantly increasing proven and probable reserves at Mount Milligan once the study results are announced in the third quarter of 2025, making another key step in unlocking the full value of this asset, located in a top-tier mining jurisdiction. As we look to the future of Mount Milligan, the establishment of the new Mining and Critical Minerals Ministry is an encouraging step forward, demonstrating the Province of British Columbia's commitment to streamlining permitting and regulatory processes for critical mineral projects, including Mount Milligan. We are optimistic about Chem-S, which could be a future source of gold and copper production. The property has substantial gold and copper resources in a highly prospective district with significant infrastructure already in place, which includes a 300 kilometer, 230 kV power line, one of the longest privately owned power lines in British Columbia, a 50,000 ton per day nameplate processing plant, which would require some refurbishment and equipment replacement, significant site infrastructure, camp, admin facilities, truck shop, warehouse, and lastly, significant available tailings capacity through a combination of input deposition and expansion potential at the existing TSF. Last year, we started evaluating technical concepts and engineering trade-off studies for potential restart options at ChemEPS. Early concepts include a combined open pit and conventional underground operation, which is expected to be less capital intensive and have better cash flow profile than the previously permitted underground block CAPE concept. This year, in addition to an exploration campaign to further delineate the resource, we are continuing to advance technical studies. Early indications show potential for a long life operation that takes advantage of our significant infrastructure already in place. We expect to provide an updated resource estimate and an accompanying update on the technical concept for CHEM-S in the second quarter of 2025. Finally, I'd like to provide an update on our sustainability initiatives. We remain committed to responsible mining and continue to make meaningful progress in our environmental and permitting efforts. At Mount Milligan, we are actively engaged with the government of BC as we prepare to submit an amended application in the coming months for permits and expansions related to our ongoing operations. As I mentioned earlier, we are encouraged by the province's approach to streamline the permitting process for critical mineral mines, including Mount Milligan, going forward. At ECSU, we successfully obtained permits for expanded infrastructure and activities in alignment with our 2023 EIA and optimized infrastructure. This was achieved through ongoing constructive engagement with government authorities, ensuring we continue to meet all operational requirements while maintaining compliance with environmental and regulatory standards. With respect to our efforts on climate change, we have completed a thorough analysis of potential greenhouse gas reduction initiatives across our operations. These findings have identified key opportunities that will help shape our long-term strategy, ensuring that we pursue emission reductions in a way that is both economically and operationally viable. And with that, I'll pass the call over to Paul Charron to walk through our operational performance for the quarter.