Centerra Gold Inc.

I would now like to turn the conference over to Lisa Wilkinson, Vice President, Investor Relations and Corporate Communications with Centerra Gold. Please go ahead.

Thank you, operator, and good morning, everyone. Welcome to Centerra Gold's third quarter 2026 results conference call. Joining me on the call today are Paul Tomory, President and Chief Executive Officer, Ryan Snyder, Chief Financial Officer, and Kelly Strong, our Chief Operating Officer. Other members of the executive team are available for the Q&A session. Our news release last night outlines our third quarter 2026 results and is complemented by our MD&A and financial statements, which are available on CDAR+, EDGAR, and our website. All figures are in U.S. dollars, unless otherwise noted. Presentation slides accompanying this webcast are available on Centerra'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 yesterday. I will now turn the call over to Paul Tomory.

Thank you, Lisa. Good morning, everyone. Our third quarter results reflect continued consistent execution at our operations. My Milligan delivered a fourth consecutive quarter on plan and remains on track to achieve its 2026 production guidance. Strong copper by-product credits have enabled us to lower Mt. Milligan's full-year guidance for all its sustained costs, while Uxsuit production continues to track in line with its previously increased full-year production guidance and original cost guidance ranges. We are pleased with our cost performance in the quarter and year-to-date, particularly in an environment of continued industry cost pressures. In the third quarter, we completed a record $53 million in share buybacks, bringing our year-to-date total share purchases to $125 million. This demonstrates our commitment to shareholder returns and reflects the strength of our balance sheet, our ability to generate cash flow, and our disciplined approach to capital allocation. Our growth pipeline is moving closer to several important milestones. Goldfield has achieved an important permitting milestone in the third quarter with all major permits now in place for the Genfield deposit. which accounts for approximately 80% of the life of mine production. Development activities also advance in the quarter, including detailed engineering, long lead equipment procurement, and initial earthworks for stormwater diversion channels, overburden stockpiles, and borehole material excavation. Further construction site prep activities are planned for the remainder of 2026. The Goldfield project represents our next source of near-term gold production growth with first production expected in late 2028. At Exud, work on our life of mine optimization study is well underway with results expected in early 2027 alongside our year-end disclosures. Our focus remains on maximizing the value of what has already been a very strong operation in our portfolio. Meanwhile, our team continues to advance engineering and technical work at Chumas with a PFS expected in mid-2027. Following the positive PEA released in January, Commesse represents a project that would potentially become our second long-life gold copper cornerstone asset in British Columbia. And finally, at Thompson Creek, we remain on track for first molybdenum production in mid-2027, now less than one year away, and in a very constructive price environment. U.S. MOLLE offers exposure to strategic minerals with the ability to generate robust cash flow to support balance sheet strength and help build our gold-focused projects. Molybdenum prices are continuing to trend very well above the assumptions used in our feasibility study, reinforcing the attractive economics of the project. Together with a continued ramp up at Langloft, we see a significant opportunity to create value through an integrated U.S. molybdenum business. When we look across our portfolio, we see a high-quality asset base, a robust balance sheet, multiple organic growth opportunities across gold, copper, and molybdenum, and substantial expiration upside We believe this positions the company to deliver meaningful long-term value for shareholders. Our key priorities remain on disciplined execution, advancing our growth projects, and delivering strong operational performance. I'd now like to provide an update on our sustainability initiatives. Earlier this month, we held our annual sustainability summit in Vancouver, bringing together environmental and community relations teams from across our operations and corporate office. The summit provided an opportunity to share best practices, strengthen collaboration, and advance company-wide initiatives in support of Cetera's broader sustainability strategy. By bringing together our sustainability leaders, we are working to ensure a consistent and coordinated approach to sustainability across our operations, supporting our long-term success and our commitment to creating lasting value for the communities in which we operate. During the third quarter, our teams also participated in several community initiatives across our operations. At Goldfield, our team participated in Goldfield Days, an annual event celebrating the town's rich mining history. Alongside our partners, we had the opportunity to engage with community members, showcase our activities at Goldfield, and provide an up-close look at some of the equipment being used on site.