Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG) (NYSE:
CGAU) announces highlights from an updated life of mine (“LOM”) for
the Mount Milligan Mine.
Mount Milligan Mine LOM
Highlights:
- Increase in proven and probable
gold mineral reserves from the 2021 year-end mineral reserve and
resources summary by 1.1 million contained ounces (1.8 million to
2.9 million) and copper mineral reserves by 260 million contained
pounds (736 million to 996 million). The Mount Milligan Mine
deposit contains mineral reserves totaling 246.2 million tonnes at
0.37 g/t gold and 0.18% copper.
- Mine life extended by over four
years, extending open pit mining and milling operations to
2033.
- Increase from the 2020 Mount
Milligan Technical Report LOM in total payable gold ounces produced
by more than 0.8 million ounces (1.1 million to 1.9 million) and
payable copper pounds produced by 191 million pounds (560 million
pounds to 751 million pounds) from 2022 onwards.
- LOM payable gold production of 1.9
million ounces at a production cost of $502/ounce, an all-in
sustaining cost on a by-product basisNG of $756/ounce and all-in
cost on a by-product basisNG of $770/ounce.
- Recent inflationary cost pressure
will be taken into consideration when the Company updates and
discloses the Mount Milligan Mine’s 2023-2025 production and cost
guidance in early 2023. The Company’s 2022 guidance remains on
track for year-end.
- Net cash flow over the LOM is
estimated at $640 million using a gold price of $1,500/ounce and
copper price of $3.25/pound and over $1.0 billion at prices of
$1,700/ounce of gold and $3.50/pound of copper.
- Mount Milligan’s after-tax net
present value (“NPV”) is estimated at $486 million at a 5% discount
rate using a gold price of $1,500/ounce and copper price of
$3.25/pound and an estimated $797 million at gold and copper prices
of $1,700/ounce and $3.50/pound, respectively.
- Significant exploration potential
exists for new areas of mineralization.
Mount Milligan Mine Mineral Reserves and
Resources
As at December 31, 2021, the Mount Milligan Mine
copper-gold porphyry deposit contains combined proven and probable
mineral reserves totaling 246.2 million tonnes (“Mt”) at 0.37g/t
gold and 0.18% copper, containing 2.9 million ounces of gold and
1.0 billion pounds of copper. The reserves have been classified as
approximately 30% proven and 70% probable on a tonnage basis. The
mineral reserve within the 2021 reserve pit shell was based on a
net smelter return (“NSR”) cut-off value of $7.40/t (C$9.62/t) and
used $1,350 per ounce gold and $3.25 per pound copper as the price
assumptions.
Table 1-1: Mineral Reserve Statement – Effective Date
December 31, 2021
Mineral Reserve Category |
Tonnes (kt) |
Gold Grade
(g/t) |
Copper Grade (%) |
Contained Gold (koz) |
Contained Copper (Mlbs) |
Proven |
76,477 |
0.37 |
0.20 |
914 |
337 |
Probable |
169,681 |
0.37 |
0.18 |
2,011 |
659 |
Total |
246,158 |
0.37 |
0.18 |
2,925 |
996 |
1) CIM definitions were
followed for the classification of Mineral Reserves.
2) Mineral Reserves are estimated at $7.40/t
(C$9.62/t) NSR cut-off value using metal prices of $3.25 per pound
copper and $1,350 per ounce gold, and an exchange rate of
US$1.00/C$1.30. 3) Figures may not total exactly
due to rounding.4) As of June 30, 2022, Gold
Contained and Copper Contained have been depleted from the above
figures by approximately 82koz and 38Mlbs from the above December
31, 2021 reserve balances,
respectively.5) Production at Mount Milligan is
subject to a streaming agreement with RGLD Gold AG and Royal Gold,
Inc. (collectively, “Royal Gold”) which entitles Royal Gold to 35%
of gold produced and 18.75% of the copper production from the Mount
Milligan Mine. Under the stream arrangement, Royal Gold will pay
$435 per ounce of gold delivered and 15% of the spot price per
metric tonne of copper delivered. Mineral reserves and resources
for the Mount Milligan property are presented on a 100% basis.At
December 31, 2021, the Mount Milligan deposit also contains a
combined measured and indicated mineral resource (exclusive of
mineral reserves) of 189.3 Mt at 0.30g/t gold and 0.18% copper (1.8
million ounces of gold and 742 million pounds of copper) and an
inferred mineral resource of 5 Mt at 0.47g/t gold and 0.07% copper.
The mineral resource within the 2021 resource pit shell was based
on a cut-off grade of 0.2% copper-equivalent (“CuEq”) and used
$1,550 per ounce gold and $3.50 per pound copper as the price
assumptions.
Table 1-2: Mineral Resource
Statement – Effective Date December 31, 2021
(exclusive of Mineral Reserves)
Mineral Resource Category |
Cut-off CuEq (%) |
Tonnes (kt) |
Gold Grade (g/t) |
Copper Grade (%) |
Contained Gold (koz) |
Contained Copper (Mlbs) |
Measured (M) |
0.2 |
36,529 |
0.26 |
0.21 |
305 |
169 |
Indicated (I) |
0.2 |
152,796 |
0.31 |
0.17 |
1,523 |
573 |
Total M+I |
0.2 |
189,325 |
0.30 |
0.18 |
1,828 |
742 |
Inferred |
0.2 |
4,638 |
0.47 |
0.07 |
70 |
7 |
1) CIM definitions were
followed for the classification of Mineral
Resources.2) Mineral Resources are reported at a
0.2% CuEq cut-off value using assumed metal prices of $3.50 per
pound copper and $1,550 per ounce gold, and an exchange rate of
US$1.00/C$1.30.3) All figures have been rounded to
reflect the relative accuracy of the
estimates.4) Mineral Resources that are not
Mineral Reserves do not have a demonstrated economic viability.
Mineral Resources reported exclusive of Mineral
Reserves.5) Inferred mineral resources have a
great amount of uncertainty as to their existence and as to whether
they can be mined economically. It cannot be assumed that all or
part of the inferred mineral resources will ever be upgraded to a
higher category.6) Production at Mount Milligan is
subject to a streaming agreement with Royal Gold which entitles
Royal Gold to 35% of gold produced and 18.75% of the copper
production from the Mount Milligan Mine. Under the stream
arrangement, Royal Gold will pay $435 per ounce of gold delivered
and 15% of the spot price per metric tonne of copper delivered.
Mineral reserves and resources for the Mount Milligan property are
presented on a 100% basis.
Table 1-3: Summary of 2022 Mount
Milligan Mine Reserves
As at December 31, 2021 |
|
Life of Mine1 |
Sensitivity |
Proven & Probable Reserves1 (Mt) |
246.2 Mt at 0.37 g/t gold, 0.18% copper |
Contained gold ounces1 (koz) |
2,925 |
Contained copper pounds1 (Mlbs) |
996 |
Mine life (years) |
11 |
Annual mill throughput (Mt) |
21.9 |
Average milling rate (tpd) |
60,000 |
Gold recovery (%) |
68.0 |
Copper recovery (%) |
80.2 |
Average annual gold production (oz) |
175,000 |
Average annual copper production (Mlbs) |
68 |
Total ounces payable produced (koz) |
1,927 |
Total pounds payable produced (Mlbs) |
751 |
Gold price ($/oz) |
$1,500 |
$1,700 |
Copper price ($/lb) |
$3.25 |
$3.50 |
Production cost ($/oz) |
$502 |
$424 |
All-in sustaining costNG ($/oz) |
$756 |
$678 |
Sustaining capitalNG,2 ($M) |
$494 |
$494 |
Net Cash Flow3 ($M) |
$640 |
$1,035 |
NPV (5% discount) ($M) |
$486 |
$797 |
1) Mineral reserves calculated using a gold price
of $1,350 per ounce and copper price of $3.25 per pound. |
2) Sustaining capital excludes working capital
investments. |
3) Net Cash Flow is defined as cash provided by
operating activities less cash used in investing activities and
lease payments. Net Cash Flow includes cash flow estimates for the
year of 2022 of $75 million (life of mine) and $117 million
(sensitivity), calculated using the above commodity price
assumptions for the full year. The 2022 cash flow estimates will
differ from the actual results for the year due to differences in
actual prices, costs, foreign exchange rates, and production
metrics and estimates. |
The open pit was optimized using long-term metal
price estimates of $1,350 per ounce gold and $3.25 per pound
copper, an exchange rate of US$1.00/C$1.30, and costs related to
mining, processing and general and administrative expenses
(including site services) and sustaining capital costs. Other
factors considered to determine economic viability include
metallurgical recoveries, concentrate grades, transportation costs,
smelter treatment charges, royalties and streams.
The NSR cut-off was calculated to be $7.40/t
(C$9.62/t) which was comprised of the costs for processing and
general and administrative operating costs (“opex”) and sustaining
capital expendituresNG, taking into account the mine’s expected
cost structure. Mining opex and mining sustaining capital
expendituresNG are excluded from the NSR cut off calculation.
One-time processing or general and administrative sustaining
capital expendituresNG items were also excluded from the NSR
cut-off calculation.
The Company will continue to optimize the LOM
plan. The updated LOM has both expanded the reserves pit shell and
increased the gold and copper metal contained within the previous
reserves pit shell, with a significant increase in the gold
reserves through expanded areas of the pit limits to include gold
zones with low copper grades. For the LOM optimization, the
material movement and phasing strategies were optimized to smooth
out the annual grades, strip ratio and equipment productivities. In
addition, due to the geometry of the orebody, build-up of ore
stockpile in periods is necessary in advance of lower grade periods
as well as ore blending for maximum copper recovery and concentrate
quality.
Operating and Capital Costs
Summary
Total operating and capital costs over the Mount
Milligan Mine’s LOM, net of copper credits, are estimated at $3,502
million.
Table 2-1: Costs Summary - December 31,
2021 LOM
Costs Summary (Total LOM) |
$M |
Mining (includes costs associated with the tailings storage
facility (“TSF”)) |
990 |
Milling |
1,212 |
Admin and Plant Services |
492 |
Transportation |
168 |
Selling and Marketing |
94 |
Treatment and Refining |
180 |
Capital |
366 |
Total |
3,502 |
Capital Costs
The LOM capital costs for the Mount Milligan
Mine are summarized in the following table:
Table 2-2: Capital Costs Summary -
December 31, 2021 LOM
Capital Category |
$M |
Mining Capital |
|
Mine Equipment Replacement |
81 |
Equipment Component Replacement |
151 |
Sub Total Mining |
232 |
Processing Capital |
|
Process Plant Maintenance |
25 |
Process Plant Operating |
8 |
Water Management |
44 |
Sub Total Processing |
77 |
|
|
Long-Term Agreements requiring capitalization (IFRS 16)1 |
57 |
|
|
Total Capital Expenditures (excluding TSF capitalized
costs) |
366 |
TSF Capitalization |
128 |
Total Capital Expenditures |
494 |
1) Consists of the Mount
Milligan Mine site major leases that are required to be classified
as capital leases in accordance with IFRS 16.The capital cost
estimate assumes investment in and replacement of a portion of the
heavy-duty mobile fleet, including investment comprising
replacement/addition of eleven haul trucks, eight dozers, two
graders, and one loader. The capital costs listed in Table 2-2,
consists exclusively of sustaining capital expendituresNG. The cost
of mine equipment and component replacement accounts for more than
60% of these LOM sustaining capital requirements (excluding the TSF
capitalized costs).
Waste mined at the Mount Milligan Mine is used
for routine TSF raises, the cost of which is capitalized as TSF
stepout rather than classified as capitalized stripping.
The current mine plan does not contemplate any
non-sustaining capital expendituresNG; however, the Company is
currently assessing a number of growth projects and may allocate
capital to such projects if the economic benefits warrant.
Operating Costs
Operating costs were based on first principle
models, which includes current and historical data, for mining,
processing and administration for an eleven-year mine life. This
includes detailed estimates of personnel for all required
roles/functions. Total LOM operating costs are summarized
below:
Table 2-3: Operating Costs Summary -
December 31, 2021 LOM
|
LOM Cost ($’000) |
$/tonne1 |
Mining |
990,177 |
$2.13 |
Milling |
1,212,159 |
$4.99 |
Administration |
491,775 |
$2.03 |
Total |
2,694,111 |
|
1) Unit mining costs per tonne are calculated
based on tonnes mined and unit milling and administrative costs
have been calculated per tonne processed.
Sensitivities
The following tables depict economic
sensitivities to gold price, copper price, change in cost estimates
and currency fluctuations to the USD, respectively:
Table 3-1: Sensitivity of NPV to Gold
Price Changes
NPV $ millions |
Sensitivity to Gold Price at 0%, 5%, and 8% Discount
Rates |
Discount Rate / Gold Price ($/oz) ($/ounce) |
0% |
5% |
8% |
-20% |
277 |
200 |
168 |
-10% |
459 |
343 |
294 |
$1,500 |
640 |
486 |
421 |
10% |
822 |
630 |
547 |
20% |
1004 |
773 |
674 |
Table 3-2: Sensitivity of NPV to Copper
Price Changes
NPV $ millions |
Sensitivity to Copper Price at 0%, 5% and 8% Discount
Rates |
Discount Rate / Copper Price ($/lb) |
0% |
5% |
8% |
-20% |
244 |
174 |
146 |
-10% |
442 |
330 |
283 |
$3.25 |
640 |
486 |
421 |
10% |
838 |
642 |
558 |
20% |
1037 |
798 |
696 |
Table 3-3: Sensitivity of NPV to the
Impact of Change in Total Operating and Capital Cost
Estimates
NPV $ millions |
Sensitivities to costs at $1,500/oz gold and 5% Discount
Rate |
Variable |
Operating Costs |
Capital Costs |
-20% |
$926 |
$567 |
-10% |
$706 |
$527 |
Base Case |
$486 |
$486 |
10% |
$267 |
$446 |
20% |
$47 |
$406 |
Table 3-4: Sensitivity of NPV to the Impact of Change in
Exchange Rate
NPV $ millions |
Sensitivity to FX at 0%, 5% and 8% Discount
Rates |
Discount Rate / FX (USD/CAD) |
0% |
5% |
8% |
-20% |
($60) |
($66) |
($66) |
-10% |
$329 |
$241 |
$205 |
1.30 |
$640 |
$486 |
$421 |
10% |
$895 |
$687 |
$598 |
20% |
$1,107 |
$854 |
$745 |
The Company utilizes rolling three-year foreign
exchange and diesel hedging programs in order to manage its
exposure to adverse fluctuations in the Canadian dollar and diesel
fuel prices. Impact from these programs are not factored into the
above sensitivities.
Mount Milligan Exploration
Potential
Significant exploration potential exists at the
Mount Milligan Mine peripheral to the current open pit and within
the wider tenement holdings. Ongoing resource expansion drilling on
the west wall of the pit (DWBX and Goldmark zones) and below the
current ultimate open pit boundary (MBX and WBX Deep zones)
continues to be successful with the assays returned to date being
of similar or higher grade to the current block model. Exploration
drilling for both shallow (Great Eastern fault) and deep (Great
Eastern stock) copper-gold mineralization immediately to the east
of the current ultimate open pit boundary has returned a number of
significant intersections. The shallow copper-gold intersections at
Great Eastern fault support the potential for future resource
growth. Exploration drilling is currently underway to further
define the potential for economic resources in these areas with
mineralization remaining open at depth below and adjacent to the
current ultimate open-pit boundary. Exploration for both shallow
structurally controlled, high gold-low copper style
mineralization and for shallow gold and copper porphyry
mineralization, is continuing to the north of the open pit (Oliver
zone), west of the open pit (North Slope, Goldmark, Southern Star
West zones) and to the south of the open pit (South Boundary,
Rainbow Extension zones).
Outside of the immediate Mount Milligan deposit,
greenfield exploration to identify new porphyry copper-gold
deposits and low sulphidation epithermal gold-silver deposits
within the Mount Milligan tenement package continues.
NI 43-101 Technical Report
This LOM will be included in a new technical
report to be filed within 45 days following this news release (the
“2022 Mount Milligan Technical Report”). The 2022 Mount Milligan
Technical Report will include revisions to the resource model,
metallurgical recoveries, capital and operating cost estimates, NSR
cut-off value, and the LOM open pit design. The technical report
will be prepared in accordance with National Instrument 43-101
Standards of Disclosure for Mineral Projects (“NI 43-101”) and will
be filed on SEDAR and EDGAR during the fourth quarter of 2022 with
an effective date of December 31, 2021.
Qualified Persons & QA/QC
The technical information contained in this news
release relating to mineral reserve estimates of the Mount Milligan
Mine is based on, and fairly represents, information compiled by
Gordon Zurowski, P.Eng who is a member of the Professional
Engineers Ontario. Mr. Zurowski is independent within the meaning
of Canadian Securities Administrator’s NI-43-101, as a full-time
employee of AGP Mining Consultants, Inc. and not Centerra. Mr.
Zurowski has sufficient experience which is relevant to the style
of mineralization and type of deposit under consideration and to
the activity which he is undertaking to qualify as a "Qualified
Person" under NI 43-101 Standards of Disclosure for Mineral
Projects. Mr. Zurowski has consented to the inclusion in this news
release of the mineral reserve estimates based on his compiled
information in the form and context in which it appears in this
news release.
The technical information contained in this news
release relating to the Mount Milligan Mine's mineral resource
estimates is based on, and fairly represents, information compiled
by Brian Thomas, P.Eng who is a member of the Professional
Geoscientists of Ontario. Mr. Thomas is independent within the
meaning of NI 43-101, as a full-time employee of WSP Global Inc.
and not Centerra. Mr. Thomas has sufficient experience which is
relevant to the style of mineralization and type of deposit under
consideration and to the activity which he is undertaking to
qualify as a "Qualified Person" under NI 43-101 Standards of
Disclosure for Mineral Projects. Mr. Thomas has consented to the
inclusion in this news release of the mineral resource estimates
based on his compiled information in the form and context in which
it appears in this news release.
All mineral reserve and resources have been
estimated in accordance with the standards of the Canadian
Institute of Mining, Metallurgy and Petroleum and NI 43-101.
Exploration information and related scientific
and technical information in this document regarding the Mount
Milligan Mine were prepared in accordance with the standards of NI
43-101 and were prepared, reviewed, verified, and compiled by
Cheyenne Sica, Member of the Association of Professional
Geoscientists Ontario, Exploration Manager at Centerra’s Mount
Milligan Mine, who is the qualified person for the purpose of NI
43-101. Sample preparation, analytical techniques, laboratories
used, and quality assurance and quality control protocols used
during the exploration drilling programs are done consistent with
industry standards while independent certified assay labs are used.
The Mount Milligan Mine’s deposit is described in the 2021 AIF
prepared in accordance with NI 43-101, which is available on SEDAR
at www.sedar.com and EDGAR at www.sec.gov/edgar.
Caution Regarding Forward-Looking
Information
Information contained in this news release which
are not statements of historical facts, and the documents
incorporated by reference herein, may be “forward-looking
information” for the purposes of Canadian securities laws and
within the meaning of the United States Private Securities
Litigation Reform Act of 1995. Such forward-looking information
involves risks, uncertainties and other factors that could cause
actual results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward looking
information. The words “believe”, “assume”, “expect”,
“contemplate”, “plan”, “potential”, “continue”, “estimate”, “may”,
“will” and similar expressions identify forward-looking
information. These forward-looking statements relate to, among
other things, mineral reserve and mineral resource estimates; LOM
estimates for the Mount Milligan Mine, including expected gold and
copper production and the extension of the mine life, life of mine
operating and capital costs,; LOM optimization; TSF raises;
resource expansion or growth; assessment of growth projects and any
allocation of capital to such projects; future exploration
potential; timing and scope of future exploration (brownfields or
greenfields); anticipated costs and expenditures and other
information that is based on forecasts of future operational or
financial results, estimates of amounts not yet determinable and
assumptions of management; and management’s expectations regarding
completing the 2022 Mount Milligan Technical Report.
Forward-looking information is necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
Centerra, are inherently subject to significant political,
business, economic and competitive uncertainties and contingencies.
Known and unknown factors could cause actual results to differ
materially from those projected in the forward-looking information.
For a full list of the risk factors that can affect the Company,
see its management’s discussion and analysis for the year ended
December 31, 2021 and its most recently filed annual information
form available on SEDAR at www.sedar.com and EDGAR at
www.sec.gov/edgar.
Market price fluctuations in gold, copper and
other metals, as well as increased capital or production costs or
reduced recovery rates may render ore reserves containing lower
grades of mineralization uneconomic and may ultimately result in a
restatement of mineral reserves. The extent to which mineral
resources may ultimately be reclassified as proven or probable
mineral reserves is dependent upon the demonstration of their
profitable recovery. Economic and technological factors which may
change over time always influence the evaluation of mineral
reserves or mineral resources. Centerra has not adjusted mineral
resource figures in consideration of these risks and, therefore,
Centerra can give no assurances that any mineral resource estimate
will ultimately be reclassified as proven and probable mineral
reserves.
Mineral resources are not mineral reserves, and
do not have demonstrated economic viability, but do have reasonable
prospects for economic extraction. Measured and indicated mineral
resources are sufficiently well defined to allow geological and
grade continuity to be reasonably assumed and permit the
application of technical and economic parameters in assessing the
economic viability of the resource. Inferred mineral resources are
estimated on limited information not sufficient to verify
geological and grade continuity or to allow technical and economic
parameters to be applied. Inferred mineral resources are too
speculative geologically to have economic considerations applied to
them to enable them to be categorized as mineral reserves. There is
no certainty that mineral resources of any category can be upgraded
to mineral reserves through continued exploration.
Centerra’s mineral reserve and mineral resource
figures are estimates and Centerra can provide no assurances that
the indicated levels of gold or copper will be produced or that
Centerra will receive the metal prices assumed in determining its
mineral reserves. Such estimates are expressions of judgment based
on knowledge, mining experience, analysis of drilling results and
industry practices. Valid estimates made at a given time may
significantly change when new information becomes available. While
Centerra believes that these mineral reserve and mineral resource
estimates are well established and the best estimates of Centerra’s
management, by their nature mineral reserve and mineral resource
estimates are imprecise and depend, to a certain extent, upon
analysis of drilling results and statistical inferences which may
ultimately prove unreliable. If Centerra’s mineral reserve or
mineral reserve estimates for its properties are inaccurate or are
reduced in the future, this could have an adverse impact on
Centerra’s future cash flows, earnings, results or operations and
financial condition.
Centerra estimates the future mine life of its
operations. Centerra can give no assurance that mine life estimates
will be achieved. Failure to achieve these estimates could have an
adverse impact on Centerra’s future cash flows, earnings, results
of operations and financial condition.
There can be no assurances that forward-looking
information and statements will prove to be accurate, as many
factors and future events, both known and unknown could cause
actual results, performance or achievements to vary or differ
materially, from the results, performance or achievements that are
or may be expressed or implied by such forward-looking statements
contained herein or incorporated by reference. Accordingly, all
such factors should be considered carefully when making decisions
with respect to Centerra, and prospective investors should not
place undue reliance on forward looking information.
Forward-looking information is as of October 4, 2022. Centerra
assumes no obligation to update or revise forward looking
information to reflect changes in assumptions, changes in
circumstances or any other events affecting such forward-looking
information, except as required by applicable law.
About Centerra Gold
Centerra Gold Inc. is a Canadian-based gold
mining company focused on operating, developing, exploring and
acquiring gold and copper properties in North America, Türkiye, and
other markets worldwide. Centerra operates two mines: the Mount
Milligan Mine in British Columbia, Canada, and the Öksüt Mine in
Türkiye. Centerra also owns the Goldfield District Project in
Nevada, United States, the Kemess Underground Project in British
Columbia, Canada, and owns and operates the Molybdenum Business
Unit in the United States and Canada. Centerra’s shares trade on
the Toronto Stock Exchange (“TSX”) under the symbol CG and on the
New York Stock Exchange (“NYSE”) under the symbol CGAU. Centerra is
based in Toronto, Ontario, Canada.
For more information: Toby
Caron Treasurer and Director, Investor Relations (416) 204-1694
toby.caron@centerragold.com
Shae FrosstManager, Investor Relations(416)
204-2159shae.frosst@centerragold.com
Additional information on Centerra is
available on the Company’s website at
www.centerragold.com, on SEDAR at
www.sedar.com and on EDGAR at
www.sec.gov/edgar.
A PDF accompanying this announcement is available
at: http://ml.globenewswire.com/Resource/Download/70d90b52-6135-4081-bd95-0f96d3886866
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