Centerra Gold Inc.

Thank you for standing by. This is the conference operator. Welcome to the Sentara Gold first quarter 2025 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, then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. I would now like to turn the conference call over to Ms. Lisa Wilkinson, Vice President, Investor Relations and Corporate Communications with Sentara Gold. The floor is yours, ma'am.

Thank you, operator, and good morning, everyone. Welcome to Sentara Gold's first quarter 2025 results conference call. Joining me on the call today are Paul Tamori, President and Chief Executive Officer, Brian Snyder, Chief Financial Officer, and David Hendrix, our new Chief Operating Officer. Our news published this morning outlines our first quarter 2025 results and should be read alongside our MD&A and financial statements, which are available on CDAR, EDGAR, and our website. All figures are in US 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 remind everyone that today's discussion may include forward-looking statements which are subject to risks that could cause our actual results to differ from those expressed or implied. For more information, please refer to the cautionary statements in our presentation and the risk factors outlined in our annual information form. We will also be referring to certain non-GAAP measures during today's discussion. For a detailed description of these measures, please see our news release and MD&A issued this morning. I will now turn the call over to Paul Tomori.

Thank you, Lisa, and good morning, everyone. In the first quarter, we generated positive free cash flow at both operations. Golden copper production in the quarter was approximately 60,000 ounces and 12 million pounds, respectively. Our 2025 production guidance is unchanged, and we expect a strong second half of the year, driven by increasing grades. We maintained a strong cash position of $608 million, ensuring financial flexibility to advance ongoing and prospective project activities. We remain focused on returning capital to shareholders with the Board approving the repurchase of up to $75 million of Sentera's shares in 2025. We believe buybacks are an effective tool to deploy our cash in line with our capital allocation strategy, while preserving the financial flexibility to support investment in future growth. The recent implementation of U.S. tariffs had no impact on our operations in the first quarter. While we continue to monitor this situation, no significant impact is expected on our mining operations at Mount Milligan and Auxoot and restart activities at Thompson Creek. We are assessing the potential impact of tariffs on Langeloth. However, we don't currently anticipate any material impact at the Sentara level. This morning, we published an updated resource at Chem-S, which demonstrates the robust mineralization in the highly prospective Tutagon District of Northern BC. In 2024, we completed over 11,400 meters of core drilling, and those results have been included in the updated resource. Gold mineral resources are estimated to contain 2.7 million ounces vindicated and 2.2 million ounces inferred. Copper mineral resources are estimated to contain 971 million pounds vindicated and 821 million pounds of inferred. And the grades at Chem-S compare favorably to those in the reserves at Mount Milligan. We have doubled our 2025 exploration guidance at Chem-S to between 10 and 12 million, with a total of 28,500 meters of drilling planned. The focus is expected to be on infill drilling for the open fit and underground targets, and also to test high-grade mineralization in the deep CHEM-S offset zone, which is currently not included in the stated mineral resource. We are moving forward with a preliminary economic assessment on the CHEM-S project using an open pit and underground operation with long hole open stoping and backfill. The study is expected to be completed by the end of the year. CHEM-S has significant infrastructure already in place, which is expected to lower the execution risk compared to a typical greenfield project of this scale. Complementing the existing infrastructure, it is anticipated that new crushing, conveying, and mine infrastructure will be required for the open pit and underground operations. With Chem-S, we're advancing the studies for a potential gold-copper mine with a possible 15-year operation in a top-tier mining jurisdiction. We are targeting a project with a potential average annual production of approximately 250,000 gold-equivalent ounces, which along with Mount Milligan would give Sentera two long life gold copper assets in British Columbia. Additionally, two weeks ago, we supported Thesis Gold with a strategic equity investment. Given the proximity of Chemest to the Lawyer's Ranch project, we see substantial opportunities for synergies, including the ability to leverage existing infrastructure to unlock regional potential. I'd like to provide an update on our sustainability initiatives. We remain committed to responsible mining and continue to progress in our permitting efforts. In March, we submitted an amended application for operating permits at Mount Milligan. Mount Milligan is an important producer of copper and gold in British Columbia and has been selected as one of the province's critical mineral projects, which is expected to result in a streamlined permitting process. We are continuing to advance our commitment to responsible mining practices and transparent reporting. Our team is actively working on the 2024 Sustainability Report, which will highlight our progress across key environmental, social, and governance initiatives. We look forward to publishing the report in the coming months and sharing the steps we are taking to create long-term value for our stakeholders. Before I move into our operating highlights, I'd like to welcome David Hendrix as our new Chief Operating Officer, who started in April. With a proven track record of leadership and operational excellence, he brings valuable expertise that will help drive our continued success. Slide eight shows operating highlights on Mount Milligan for the first quarter. It produced over 35,800 ounces of payable gold and 11.6 million pounds of payable copper in the quarter. This was lower than planned, primarily due to lower grades encountered in areas of phases six and nine that are at the periphery of the ore body. We maintain our guidance on Mt. Milligan with both production and sales weighted towards the second half of the year. In the first quarter, all unsustained costs on a byproduct basis were $1,168 per ounce, 5% higher than the last quarter due to slightly increased sustained capex and lower ounces sold in the quarter. Cost guidance on Mt. Milligan is unchanged for the year. The site-wide optimization program on Mt. Milligan continues to progress and we've seen improvements in the mine with higher truck availability and increased operating hours. Work on the Mount Milligan Mine Life Extension PFS is on track to be completed in the third quarter of this year. We are optimistic the mine life can be extended beyond 2036, which is currently limited by the available space in the existing tailings storage facility. We are evaluating options for additional tailings capacity as well as an increase of annual mill throughput in the range of 10%. Now, moving on to Uxsut. First quarter production was 23,500 ounces, lower than planned due to lower grades resulting from mine sequencing and impacts from unfavorable weather conditions. We are maintaining our 2025 production guidance at Uxsut, with production expected to be higher in the second half of the year as we access higher grade areas of the mine. In the first quarter, all unsustaining costs on a byproduct basis were $1,563 per ounce which is higher compared to last quarter, driven by lower sales and higher royalty expense grounds due to elevated gold prices. Full year cost guidance is unchanged. In the first quarter, we continue to progress the restart activities at Thompson Creek with non-sustaining capital expenditures of $26 million. Since the restart decision in September, we have spent $55 million And by the end of the first quarter, approximately 14% of the total capital investment has been completed. 2025 guidance for non-sustaining capitalists at Thompson Creek is unchanged, and the project remains in line with the total initial capital estimate of $397 million, as outlined in the feasibility study. With that, I'll pass the call over to Ryan to walk through our financial highlights.