Centerra is a Canadian gold mining company with two operating gold mines and a molybdenum processing business. The flagship Mount Milligan is an open-pit copper-gold mine in British Columbia that produces copper-gold concentrate, sold to smelters under multi-year agreements. A key feature of Mount Milligan's economics is a streaming arrangement with Royal Gold, under which Royal Gold receives 35% of gold production and 18.75% of copper production at well-below-market fixed prices, materially reducing Centerra's realized revenue per ounce. The Öksüt Mine in Türkiye is an open-pit heap leach operation producing gold doré, sold domestically through Turkish institutions; it carries higher jurisdictional risk and is subject to a sliding-scale government royalty that increases at higher gold prices. Öksüt's reserve life runs through approximately 2029. The third business is the Molybdenum Business Unit, centered on the Langeloth facility in Pennsylvania, which buys molybdenum concentrate from third parties, roasts it, and sells finished products to North American steel mills — essentially a toll processing and trading operation with margins tied to processing spreads. Centerra is pursuing organic growth funded entirely from cash on hand and operating cash flows: the Thompson Creek Mine in Idaho is being restarted to supply Langeloth directly, the Goldfield Project in Nevada is being developed to replace Öksüt's production, Mount Milligan's mine life has been extended to 2045, and the large-scale Kemess copper-gold project in British Columbia is advancing toward a pre-feasibility study.