CENTERRA GOLD INC Annual Report 2019 convert r esour ces into r eserves Exploration and business development activities will focus on our existing pr operties and joint ventur es in Canada Finland Mexico T urkey and expand into new r egions to meet the longterm gr owth tar gets of Centerra For 2020 2 we ar e estimating Companywide gold pr oduction to be in the range of 740000 to 820000 ounces Additionally we ar e expecting 80 million to 90 million pounds of payable copper pr oduction fr om Mount Milligan for the year The Company s guidance assumes Mount Milligan achieving an average daily thr oughput of appr oximately 55000 tonnes per calendar day At Mount Milligan lower pr oduction is expected in the first half of the year due to pr ocessing or e with lower than the expected average gold and copper grades which ar e expected to incr ease over the second half of 2020 2 incr easing metal pr oduction Crusher maintenance was completed during January at Mount Milligan and further mill maintenance downtime is planned for the first quarter and thir d quarter The Company continues to work on several continuous impr ovement pr ojects including electrification of all pumping equipment gr oundwater exploration and r emedi ation of the secondary crushing cir cuit and is actively r educing costs thr oughout the operation At Kumtor a compr ehensive mill maintenance shutdown occurr ed in December 2019 and the mill was successfully r estarted in early January This shutdown is expected to r educe pr oduction levels in the first quarter of 2020 which ar e expected to ramp up with the delivery of or e fr om curr ent stockpiles on surface Companywide our allin sustaining costs on a by pr oduct basis 1 for 2020 ar e expected to be in the range of 820 to 870 per ounce sold Allin sustaining costs is a nonGAAP measur e and includes our sustaining capital and corporate costs on a consolidated basis but excludes gr owth capital and taxes It is mor e fully described in NonGAAP Measur es in the accompanying Management s Discussion and Analysis W e will continue to invest in our pr operties in 2020 T otal capital expenditur es excluding capitalized stripping ar e estimated to be 169 million which includes 109 million of sustaining capital and 60 million of gr owth capital T otal capitalized stripping costs in 2020 ar e estimated to be 236 million of that 215 million 173 million cash component is r elated to the development of the open pit at Kumtor and 21 million for open pit development at Oksut 20 million cash component With our corporate cr edit facility existing cash r eserves and our expectation for continued pr ofitable pr oduction we believe that our business plan and futur e gr owth can all be funded internally W e thank our employees for their continued commitment to maintaining safety health and envir onmental standar ds at our mines and for achieving the pr oduction goals of the Company W e look forwar d to another str ong year of pr ofitable pr oduction the continued derisking of our development pr operties and lastly the expansion of our exploration pr ogram into new r egions Scott G Perry Pr esident and Chief Executive Of ficer S cott G Perry Pr esident and Chief E xecutive Of ficer 1 NonGAAP measur e see discussion under NonGAAP Measur es 2 Due to the rapidly evolving risks r elating to COVID19 this guidance will not r eflect the Company s estimates of its 2020 performance if ther e ar e any further significant disruptions to any of its operations Readers ar e cautioned to car efully consider the risks identified in the Company s news r elease and management s discussion and analysis filed on Mar ch 26 2020 and the Company s most r ecently filed Annual Information Form