Centerra Gold Records Net Earnings of $80.7 million or $0.27 per Common Share, Adjusted Net Earnings (Non-GAAP) of $97.8 million or $0.33 per Common Share and Cash from Operations of $268.1 million; Increases Quarterly Dividend by 25%

All figures are in United States dollars and all production figures are on a 100% basis unless otherwise stated. This news release contains forward looking information regarding Centerra Gold’s business and operations. See “Caution Regarding Forward-Looking Information”TORONTO, July 31, 2020 (GLOBE NEWSWIRE) — Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG) today reported its second quarter 2020 results. Key events and operating results of the second quarter included:
Net earnings of $80.7 million and adjusted net earnings^NG of $97.8 million, $0.27 and $0.33 per common share (basic), respectively.Cash flow from operations was $268.1 million.Production totalled 219,692 ounces of gold and 19.1 million pounds of copper.Production costs per ounce of gold sold were $410 per ounce.Production costs per pound of copper sold were $1.20 per pound.All-in sustaining costs on a by-product basis per ounce sold^NG were $804 per ounce.Cash position of $212 million at quarter end with total liquidity of $712 million. As at June 30, 2020, the Company’s $500 million corporate credit facility was undrawn.Commercial production achieved on May 31, 2020 at the Öksüt Mine which generated positive operating cash flow of $13.5 million and free cash flow^NG of $5.0 million during the quarter.Robust spring melt at Mount Milligan resulting in stored water inventory in excess of 6 million cubic metres at the end of the second quarter.An updated Kumtor 43-101 technical report is expected to be released in the fall of 2020.No change to 2020 production and cost guidance and a modification to growth capital^NG guidance.Quarterly Dividend increased by 25% to C$0.05 per common share.