Centerra Gold Increases Exploration Budget for Kemess Project, Aiming for 250,000 Gold Equivalent Ounces Annually Over 15-Year Mine Life

Centerra Gold has updated mineral resources at its Kemess project in British Columbia, with 2.7M oz of indicated gold and 971M lbs of indicated copper. The company plans to invest $10-12M in exploration in 2025, up from $4-6M, and aims to complete a Preliminary Economic Assessment by the end of the year. The project has existing infrastructure and potential for 250,000 gold equivalent ounces per year over 15 years.

Centerra Gold Inc. (TSX: CG) (NYSE: CGAU) has announced significant updates to the mineral resources at its Kemess project in British Columbia. The company reported an updated mineral resource estimate as of April 15, 2025, which includes results from the 2024 drilling campaign. The updated mineral resource indicates that the Kemess project contains 2.7 million ounces of indicated gold resources and 971 million pounds of indicated copper resources [1].

The drilling campaign completed in 2024 involved over 11,400 meters of core drilling, which has been integrated into the updated mineral resource estimate. The project is now being considered for a Preliminary Economic Assessment (PEA) using a combined open pit and conventional underground mine concept, with a focus on longhole open stoping underground mining. The PEA is expected to be completed by the end of 2025 [1].

Centerra has increased its 2025 exploration budget for Kemess to between $10 and $12 million, up from the previously announced $4 to $6 million. The increased budget will focus on infill drilling for the open pit and underground targets, as well as testing high-grade mineralization in the deeper Kemess Offset zone. The company aims to leverage the existing infrastructure at Kemess, which includes a 380-kilometer power line, a 50,000-tonnes per day processing plant, and other site infrastructure. The existing infrastructure is expected to lower the execution risk for the project compared to typical greenfield projects of this scale [1].

The Kemess project is situated in a top-tier mining jurisdiction in British Columbia and is expected to have a potential average annual production of approximately 250,000 gold equivalent ounces over a 15-year operation. The project, along with Centerra's Mount Milligan asset, would give the company two long-life gold-copper assets in the province [1].

British Columbia's Minister for Mining and Critical Minerals, The Honourable Jagrup Brar, commented on the latest results and expanded exploration at Kemess, stating that it demonstrates responsible development and welcomes investments that grow the economy and create well-paying jobs while respecting community and environmental values [1].

References:
[1] https://www.globenewswire.com/news-release/2025/05/06/3074826/0/en/Centerra-Gold-Announces-Updated-Mineral-Resources-at-Kemess-Advancing-Studies-on-the-Project.html