Management's Discussion and Analysis For the Years Ended December 31, 2025 and 2024 This Management's Discussion and Analysis ("MD&A") has been prepared as of February 19, 2026 and is intended to provide a review of the financial position and results of operations of Centerra Gold Inc. ("Centerra" or the "Company") for the year ended December 31, 2025 in comparison with the corresponding period ended December 31, 2024. This discussion should be read in conjunction with the Company's audited consolidated fin ...