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Investor releaseQuarter not tagged2026-09-03Kenorland Minerals Reports Assay Results from Maiden Diamond Drill Program at the Western Wabigoon Project, Ontario
TMX Newsfile
Kenorland Minerals Reports Assay Results from Maiden Diamond Drill Program at the Western Wabigoon Project, Ontario
Vancouver, British Columbia--(Newsfile Corp. - September 3, 2026) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("Kenorland" or the "Company") is pleased to announce assay results from its maiden diamond drill program at the Western Wabigoon Project (the "Project"), located in northwestern Ontario and held under an option agreement with a subsidiary of Centerra Gold Inc. ("Centerra"). The program comprised 4,089 metres in nine diamond drill holes testing the W2 target area (see press release dated July 9, 2026). Drill highlights include the following: Gold mineralisation was intersected in eight of the nine drill holes, confirming the presence of a shear-hosted, gold-bearing hydrothermal system along the tested strike length of the W2 target. Broad zones of low-grade gold were intersected within the mafic-felsic volcanics and felsic intrusive rocks, including 37.75 metres of 0.30 g/t Au (incl. 17.05 metres of 0.47 g/t Au) in hole 26DFDD004 and 23.90 metres of 0.25 g/t Au (incl. 1.25 metres of 2.28 g/t Au) in hole 26DFDD007. High-grade gold mineralisation was intersected in hole 26DFDD003 which returned 1.05 metres grading 204.34 g/t Au, including 0.50 metres of 428.5 g/t Au. Gold mineralisation remains open along strike to the north; a compelling follow-up target where additional heavy mineral concentrate (HMC) gold grain in till results collected during the 2026 field program highlight the target. Figure 1. Plan map of the W2 target area with drill hole locations and significant drill results To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/6489/312701_982b35aec4a6a92a_001full.jpg 2026 Maiden Drill Program The maiden diamond drill program comprised 4,089 metres in nine holes, testing approximately 1.9-kilometres strike length of the previously identified 3-kilometre-long gold-in-till and heavy mineral concentrate (HMC) gold grain anomaly along the W2 Trend. The W2 target sits within the greater, approximately 19-kilometre gold-in-till and HMC gold grain trend defined along the major Manitou-Dinorwic Deformation Zone (MDdz) (see press release dated December 2, 2025). The underlying geology is characterised by north-northeast- and northeast-trending shear zones interpreted to intersect within the W2 target area, associated with fold interference patterns within mafic-felsic volcanic stratigraph…Read full documentShow less
Vancouver, British Columbia--(Newsfile Corp. - September 3, 2026) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("Kenorland" or the "Company") is pleased to announce assay results from its maiden diamond drill program at the Western Wabigoon Project (the "Project"), located in northwestern Ontario and held under an option agreement with a subsidiary of Centerra Gold Inc. ("Centerra"). The program comprised 4,089 metres in nine diamond drill holes testing the W2 target area (see press release dated July 9, 2026). Drill highlights include the following: Gold mineralisation was intersected in eight of the nine drill holes, confirming the presence of a shear-hosted, gold-bearing hydrothermal system along the tested strike length of the W2 target. Broad zones of low-grade gold were intersected within the mafic-felsic volcanics and felsic intrusive rocks, including 37.75 metres of 0.30 g/t Au (incl. 17.05 metres of 0.47 g/t Au) in hole 26DFDD004 and 23.90 metres of 0.25 g/t Au (incl. 1.25 metres of 2.28 g/t Au) in hole 26DFDD007. High-grade gold mineralisation was intersected in hole 26DFDD003 which returned 1.05 metres grading 204.34 g/t Au, including 0.50 metres of 428.5 g/t Au. Gold mineralisation remains open along strike to the north; a compelling follow-up target where additional heavy mineral concentrate (HMC) gold grain in till results collected during the 2026 field program highlight the target. Figure 1. Plan map of the W2 target area with drill hole locations and significant drill results To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/6489/312701_982b35aec4a6a92a_001full.jpg 2026 Maiden Drill Program The maiden diamond drill program comprised 4,089 metres in nine holes, testing approximately 1.9-kilometres strike length of the previously identified 3-kilometre-long gold-in-till and heavy mineral concentrate (HMC) gold grain anomaly along the W2 Trend. The W2 target sits within the greater, approximately 19-kilometre gold-in-till and HMC gold grain trend defined along the major Manitou-Dinorwic Deformation Zone (MDdz) (see press release dated December 2, 2025). The underlying geology is characterised by north-northeast- and northeast-trending shear zones interpreted to intersect within the W2 target area, associated with fold interference patterns within mafic-felsic volcanic stratigraphy and gabbroic intrusive rocks adjacent to the Bretz Lake felsic pluton. Gold is associated with strong deformation, multiple alteration assemblages including silica-sericite-Fe-carbonate-fuchsite alteration, quartz-Fe-carbonate veining and stockwork, and pyrite-arsenopyrite disseminated sulphide mineralisation. Broad zones of low-grade gold were encountered in 26DFDD004 (furthest north completed drill hole) that returned 37.75m at 0.30 g/t Au including 17.05m at 0.47 g/t Au, and 12.07m at 0.27 g/t Au. This drill hole roughly undercuts an outcrop located 60m to the north, where historical trench results include 4.32 g/t Au over 4.40m, confirmed by a 2026 grab sample that returned 14.60 g/t Au. Towards the south, additional broad zones of mineralisation were intersected within strongly sheared, altered volcanic stratigraphy including 26DFDD007 that returned 23.90m at 0.25 g/t Au including 1.25m 2.28 g/t Au, and high-grade mineralisation including 26DFDD003 (furthest drill fence completed to the southwest) with 1.05m at 204.34 g/t Au including 0.50m at 428.50 g/t Au. Additionally, felsic-intermediate intrusive rocks were intersected in drilling along the northern portions of the W2 Trend that are not exposed at surface and represent a new exploration target. The intrusive rocks are weakly to moderately strained with pervasive sericite-silica alteration, associated with disseminated pyrite-arsenopyrite mineralisation. Anomalous, intrusion-hosted gold includes 31.15m at 0.11 g/t Au from drill hole 26DFDD004 where mineralisation trends north remaining open along strike. 2026 Surface Exploration Program In addition to the drilling program, heavy mineral concentrate (HMC) sampling and geological mapping were completed during the exploration campaign. A total of 157 HMC samples were collected across the W2 Trend, the W1 North, and the W3 target areas to expand on the survey grid completed in 2025 (see press release December 2, 2025). The additional sampling at the W2 target has greatly increased the gold grain anomaly footprint towards the northwest and west. The strong and coherent results highlight the W2 North target (see Figure 2), where the north-trending gold mineralisation returned from the W2 Trend drilling remains open along strike and interpreted to intersect with the major Manitou-Dinorwic Deformation Zone (MDdz), a regionally significant host of gold mineralisation. The high-priority W2 North target, defined by the intersection of the W2 Trend with the MDdz, is also located where a major jog occurs within the MDdz adjacent to the Bretz Lake felsic pluton, an ideal rheological contrast to focus hydrothermal fluids. Figure 2. Plan map of the W2 target area with drill hole locations and gold grain counts from HMC till sampling To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/6489/312701_982b35aec4a6a92a_002full.jpg Figure 3. Plan map of the W1, W2 and W3 target areas of the Western Wabigoon Project, with normalized gold grain counts from HMC till sampling To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/6489/312701_982b35aec4a6a92a_003full.jpg The 2026 HMC till sampling also covered the W1 North target, producing a strong, robust gold grain anomaly 3.5 kilometres in strike length, adjacent to the MDdz. The W1 North anomaly, including normalised counts of up to 462 grains per sample (with 422 pristine gold grains), is spatially coincident with the high-tenor gold-in-till anomalism (Au-As±Sb-Te-W) defined by geochemical surveys completed in 2024-2025, and remains a priority regional target for future work. Next Steps Kenorland and Centerra are integrating results from the maiden drill program with the regional structural, geochemical and geophysical datasets to refine targeting for a follow-up drill program. Priorities include stepping out along strike to the north along the W2 Trend to test the W2 North target area. Additional HMC till sampling, prospecting and mapping across the broader 19-kilometre gold-in-till trend including the W1 North target, and additional surface work at the W3 Target are planned to generate new drill targets. Table 1: Table of assay results from the 2026 maiden diamond drill program † Assay intervals reported are core lengths; true widths have not been determined. Reported intervals are length-weighted composites. Table 2. Drill hole location and collar table for the 2026 maiden diamond drill program About Western Wabigoon Project The Western Wabigoon Project is situated within the Western Wabigoon Subprovince and covers key intersections of major deformation zones within the Archean greenstone belt. In the northern portion of the property, the Pipestone-Cameron Deformation Zone (PCdz) intersects both the Manitou-Dinorwic Deformation Zone (MDdz) and the Helena-Pipestone Deformation Zone (HPdz). The PCdz hosts the Cameron orogenic gold deposit 30km to the northwest of the property boundary, while the HPdz hosts the Rainy River deposit 50km to the southwest. These high-strain structural corridors also host numerous gold showings associated with quartz-Fe-carbonate veins, altered shear zones, and porphyry dykes. Figure 4. Regional simplified geology with significant gold deposits and the Western Wabigoon Project location To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/6489/312701_982b35aec4a6a92a_004full.jpg The Project is held under an earn-in agreement with a subsidiary of Centerra (see press release dated June 25, 2025), whereby Centerra can earn up to a 70% interest in the Project by funding staged exploration and delivering a Preliminary Economic Assessment (PEA). Upon earn-in, a joint venture will be formed, with Kenorland retaining the right to a carried interest through to completion of a Pre-Feasibility Study (PFS), after which both parties will contribute pro-rata to development. Kenorland also retains a 2% NSR royalty over the claims of the Project. The Company has not independently verified the historical exploration results referenced herein; however, it considers the information relevant for evaluating the exploration potential of the Project. References to adjacent or nearby deposits are provided for geological context only and are not necessarily indicative of mineralisation on the Western Wabigoon Project. Quality Assurance/Quality Control and Sampling Methodology Drill Core and Rock Samples All drill core and rock samples were collected under the supervision of Kenorland employees. Drill core was transported from the drill platform to the logging facility where it was logged, photographed, and split by diamond saw prior to being sampled. Samples were then bagged, and blanks and certified reference materials were inserted at regular intervals. Groups of samples were placed in large bags, sealed with numbered tags in order to maintain a chain-of-custody, and transported to Bureau Veritas Commodities ("BV") laboratory in Timmins, Ontario. Sample preparation and analytical work for this program were carried out by BV. Samples were prepared for analysis according to BV method PRP70-250: individual samples were crushed to 2mm (10 mesh) and a 250g split was pulverized to 75μm (200 mesh) for analysis and then assayed for gold. Gold in samples were analyzed using BV method FA430 where a 30g split is analyzed with fire assay by Pb collection and AAS finish. Over-limits gold samples were re-analyzed using BV method FA530 where a 30g split is analyzed with fire assay by Pb collection and gravimetric finish. Multi-element geochemical analysis (45 elements) was performed on all samples using BV method MA200 where a 0.25g split is by multi-acid digest with ICP-MS/ES finish. All results passed the QA/QC screening at the lab, all company inserted standards and blanks returned results that were within acceptable limits. Gold Grain Counts All 2026 HMC till samples were collected under the supervision of Kenorland employees. 10kg of C-horizon till was extracted using augers and shovels and placed into Hubco bags. Groups of samples were placed in large bags and sealed with numbered tags to maintain a chain-of-custody and transported to Overburden Drilling Management ("ODM") in Ottawa, Ontario. ODM weighed the till samples, and then removed a 300-gram split for archive. Samples were sieved to +/- 2mm: the +2mm fraction was logged for pebble lithology and the -2mm size fraction was sent to a shaker table for heavy mineral concentration. After the shaker table, concentrates were micro-panned for additional concentration of the heavy minerals. At this point, visible gold grains were counted by ODM staff, as well as other metallic minerals. Qualified Person Janek Wozniewski, B.Sc., P.Geo. (EGBC #172781, APEGS #77522, EGMB #48045, PGO #3824, APEGNB #L7273), Vice President of Operations at Kenorland, a "Qualified Person" under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release. Golden Sidewalk Project Acquisition Update The Company is pleased to announce that further to its press release dated June 18, 2026, the acquisition of the Golden Sidewalk Project from Prosper Gold Corp. has closed. About Kenorland Minerals Ltd. Kenorland Minerals Ltd. (TSXV: KLD) is a well-financed mineral exploration company focused on project generation and early-stage exploration in North America. Kenorland's exploration strategy is to advance greenfields projects through systematic, property-wide, phased exploration surveys financed primarily through exploration partnerships including option to joint venture agreements. Kenorland holds a 4% net smelter return royalty on the Frotet Project in Quebec, which is owned by Sumitomo Metal Mining Canada Ltd. The Frotet Project hosts the Regnault gold system, a greenfields discovery made by Kenorland and Sumitomo Metal Mining Canada Ltd. in 2020, which contains an Inferred Mineral Resource of 14.5 Mt at 5.47 g/t Au for 2.55 Moz of gold. Kenorland is based in Vancouver, British Columbia, Canada. Further information can be found on the Company's website www.kenorlandminerals.com On behalf of the Board of Directors of Kenorland Minerals, Zach FloodPresident, CEO & DirectorTel +1 604 568 [email protected] Cautionary Statement Regarding Forward-Looking Statements This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/312701
Investor releaseQuarter not tagged2026-07-29Centerra Gold Inc (CGAU) Q2 2026 Earnings Call Highlights: Boosted Production Guidance and ...
GuruFocus.com
Centerra Gold Inc (CGAU) Q2 2026 Earnings Call Highlights: Boosted Production Guidance and ...
This article first appeared on GuruFocus. Release Date: July 29, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Centerra Gold Inc (NYSE:CGAU) increased its 2026 consolidated gold production guidance to 260,000 to 290,000 ounces, up from the previous range of 250,000 to 280,000 ounces. The company completed $50 million in share buybacks and approved up to $200 million in share repurchases for the full year 2026, reinforcing its commitment to shareholder returns. Centerra Gold Inc (NYSE:CGAU) extended and upsized its revolving credit facility to $600 million at better pricing, enhancing financial flexibility. Mount Milligan delivered a strong first half of 2026, resulting in a 9% increase in its gold production guidance for the year. The company is advancing its self-funded organic growth strategy with multiple high-quality assets and projects, including the Goldfield project and Thompson Creek, which are on track for future production. All-in sustaining costs on a byproduct basis were $1,707 per ounce in the second quarter, reflecting higher sustaining capital expenditures. The company reported a free cash flow deficit of $23 million in the second quarter due to the timing of routine statutory tax and annual royalty payments in Turkey. Thompson Creek's restart activities, while progressing, have incurred significant capital expenditures totaling $256 million since the restart decision. The Goldfield project has increased its 2026 CapEx program to between $60 and $70 million, raising concerns about execution risk and inflationary pressures. Despite strong molybdenum prices, the market remains tight, and there are concerns about the potential impact of concentrate tightness extending into 2027. Warning! GuruFocus has detected 6 Warning Sign with IITSF. Is CGAU fairly valued? Test your thesis with our free DCF calculator. Q: With the increased CapEx for Goldfields, is there potential to pull forward the timeline for production? A: Paul Tomori, CEO: We are sticking with the 2028 timeline for now. The increased CapEx is aimed at schedule de-risking and locking in current pricing in a modestly inflationary environment. We will continue to assess opportunities to pull the project forward. Q: Are there any additional opportunities in Turkey, or is the focus on North America? A: Paul Tomori, CEO: Our focus in…Read full documentShow less
This article first appeared on GuruFocus. Release Date: July 29, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Centerra Gold Inc (NYSE:CGAU) increased its 2026 consolidated gold production guidance to 260,000 to 290,000 ounces, up from the previous range of 250,000 to 280,000 ounces. The company completed $50 million in share buybacks and approved up to $200 million in share repurchases for the full year 2026, reinforcing its commitment to shareholder returns. Centerra Gold Inc (NYSE:CGAU) extended and upsized its revolving credit facility to $600 million at better pricing, enhancing financial flexibility. Mount Milligan delivered a strong first half of 2026, resulting in a 9% increase in its gold production guidance for the year. The company is advancing its self-funded organic growth strategy with multiple high-quality assets and projects, including the Goldfield project and Thompson Creek, which are on track for future production. All-in sustaining costs on a byproduct basis were $1,707 per ounce in the second quarter, reflecting higher sustaining capital expenditures. The company reported a free cash flow deficit of $23 million in the second quarter due to the timing of routine statutory tax and annual royalty payments in Turkey. Thompson Creek's restart activities, while progressing, have incurred significant capital expenditures totaling $256 million since the restart decision. The Goldfield project has increased its 2026 CapEx program to between $60 and $70 million, raising concerns about execution risk and inflationary pressures. Despite strong molybdenum prices, the market remains tight, and there are concerns about the potential impact of concentrate tightness extending into 2027. Warning! GuruFocus has detected 6 Warning Sign with IITSF. Is CGAU fairly valued? Test your thesis with our free DCF calculator. Q: With the increased CapEx for Goldfields, is there potential to pull forward the timeline for production? A: Paul Tomori, CEO: We are sticking with the 2028 timeline for now. The increased CapEx is aimed at schedule de-risking and locking in current pricing in a modestly inflationary environment. We will continue to assess opportunities to pull the project forward. Q: Are there any additional opportunities in Turkey, or is the focus on North America? A: Paul Tomori, CEO: Our focus in Turkey is on optimizing the current operations at Oxus and near-mine exploration. We have a greenfield exploration program in Turkey, but our future there is more organically derived rather than through large acquisitions. Q: Can you comment on your fuel hedging strategy and its impact on Q2 results? A: Ryan Snyder, CFO: We hedge fuel at Mount Milligan and Thompson Creek, covering about 50% of our North American fuel needs for the rest of the year. This has provided good protection against cost increases, and we are comfortable with our cost ranges even in a higher oil price environment. Q: What is the outlook for molybdenum prices, and how does it affect your strategy? A: Paul Tomori, CEO: Molybdenum prices are high due to supply and demand factors. We see significant value in our molybdenum business and are considering options like a sale or IPO if market conditions remain favorable. Q: What are the debt priorities or uses of debt given your current cash balance and cash flow profile? A: Ryan Snyder, CFO: The credit facility provides flexibility but is not earmarked for immediate use. We can fund our capital projects and buybacks with cash from operations and our current balance sheet without drawing on the facility. For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Investor releaseQuarter not tagged2026-07-29Centerra Gold Q2 Earnings Call Highlights
MarketBeat
Centerra Gold Q2 Earnings Call Highlights
Interested in Centerra Gold Inc.? Here are five stocks we like better. Centerra raised its 2026 gold-production guidance to 260,000–290,000 ounces from 250,000–280,000 ounces, driven by stronger-than-expected performance at Öksüt; copper guidance remained 50–60 million pounds. Second-quarter adjusted net earnings reached $79 million, or $0.40 per share. Despite negative consolidated free cash flow of $23 million due largely to Turkish tax and royalty payments, the company ended the quarter with $451 million in cash and more than $1 billion in liquidity. Centerra continued investing in growth projects, raising 2026 Goldfield spending to $60–$70 million while maintaining its 2028 timeline, and reported Thompson Creek remains on track for first production in mid-2027. The company also authorized up to $200 million in 2026 share repurchases and declared a $0.07 quarterly dividend. Centerra Gold (NYSE:CGAU) reported higher second-quarter production at its Mount Milligan and Öksüt operations, raised its consolidated 2026 gold production outlook and outlined continued spending on a pipeline of gold, copper and molybdenum projects. President and Chief Executive Officer Paul Tomory said the company delivered “strong operational execution across the portfolio,” with Mount Milligan recording its third consecutive quarter in line with the mine plan released in its September 2025 prefeasibility study. Öksüt’s first-half performance supported a 9% increase in the operation’s annual gold-production guidance. → This Tiny AI Supplier Could Be More Important Than the Chipmakers Centerra increased consolidated 2026 gold production guidance to 260,000 to 290,000 ounces, from a prior range of 250,000 to 280,000 ounces. It maintained copper production guidance of 50 million to 60 million pounds. Mount Milligan produced more than 38,000 ounces of gold during the second quarter, up 29% from the prior quarter, along with 13.1 million pounds of copper. Interim Chief Operating Officer Mike Sylvestre said year-to-date production was in line with the mine plan and that the operation remained on track to produce 140,000 to 155,000 ounces of gold and 50 million to 60 million pounds of copper this year. → Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? Gold production and sales at Mount Milligan are expected to be higher in the third quarter because of planned…Read full documentShow less
Interested in Centerra Gold Inc.? Here are five stocks we like better. Centerra raised its 2026 gold-production guidance to 260,000–290,000 ounces from 250,000–280,000 ounces, driven by stronger-than-expected performance at Öksüt; copper guidance remained 50–60 million pounds. Second-quarter adjusted net earnings reached $79 million, or $0.40 per share. Despite negative consolidated free cash flow of $23 million due largely to Turkish tax and royalty payments, the company ended the quarter with $451 million in cash and more than $1 billion in liquidity. Centerra continued investing in growth projects, raising 2026 Goldfield spending to $60–$70 million while maintaining its 2028 timeline, and reported Thompson Creek remains on track for first production in mid-2027. The company also authorized up to $200 million in 2026 share repurchases and declared a $0.07 quarterly dividend. Centerra Gold (NYSE:CGAU) reported higher second-quarter production at its Mount Milligan and Öksüt operations, raised its consolidated 2026 gold production outlook and outlined continued spending on a pipeline of gold, copper and molybdenum projects. President and Chief Executive Officer Paul Tomory said the company delivered “strong operational execution across the portfolio,” with Mount Milligan recording its third consecutive quarter in line with the mine plan released in its September 2025 prefeasibility study. Öksüt’s first-half performance supported a 9% increase in the operation’s annual gold-production guidance. → This Tiny AI Supplier Could Be More Important Than the Chipmakers Centerra increased consolidated 2026 gold production guidance to 260,000 to 290,000 ounces, from a prior range of 250,000 to 280,000 ounces. It maintained copper production guidance of 50 million to 60 million pounds. Mount Milligan produced more than 38,000 ounces of gold during the second quarter, up 29% from the prior quarter, along with 13.1 million pounds of copper. Interim Chief Operating Officer Mike Sylvestre said year-to-date production was in line with the mine plan and that the operation remained on track to produce 140,000 to 155,000 ounces of gold and 50 million to 60 million pounds of copper this year. → Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? Gold production and sales at Mount Milligan are expected to be higher in the third quarter because of planned mine sequencing. Its second-quarter all-in sustaining costs, or AISC, on a by-product basis were $1,269 per ounce, affected by higher sustaining capital expenditures. The company reaffirmed full-year Mount Milligan AISC guidance of $1,200 to $1,300 per ounce. Öksüt produced more than 32,500 ounces of gold in the second quarter, exceeding plan due to higher grades and improved operating practices. The company raised Öksüt’s full-year production guidance to 120,000 to 135,000 ounces. Second-quarter AISC at the mine was $1,952 per ounce, reflecting lower ounces produced and sold and higher sustaining capital expenditures versus the prior quarter. → Innovative ETF Strategies That Are Paying Off This Summer Centerra maintained its full-year Öksüt AISC forecast of $1,850 to $1,950 per ounce. Tomory said the company is assessing opportunities to extend Öksüt’s mine life through potential low-grade oxide material outside the current reserve pit and through residual leaching. He said the company sees the potential for a one- to three-year extension, though not necessarily all at once, and expects to provide an optimization-study update with year-end disclosures in early 2027. Chief Financial Officer Ryan Snyder said Centerra generated adjusted net earnings of $79 million, or $0.40 per share, in the second quarter. Sales totaled more than 72,000 ounces of gold and 13.4 million pounds of copper. The company reported average realized prices of $3,437 per ounce for gold and $5.30 per pound for copper, including the effect of Mount Milligan streaming arrangements. Consolidated AISC on a by-product basis was $1,707 per ounce, and Centerra reaffirmed its full-year guidance of $1,650 to $1,750 per ounce. Cash flow from operations was $66 million, while free cash flow was negative $23 million. Snyder attributed the free-cash-flow deficit to the scheduled timing of statutory tax and annual royalty payments in Turkey. Mount Milligan generated $118 million of operating cash flow and $89 million of free cash flow, while Öksüt generated $16 million and $11 million, respectively. U.S. Moly used $45 million in operating cash flow and recorded a free-cash-flow deficit of $89 million, largely due to Thompson Creek restart spending and a working-capital increase at Langeloth tied primarily to rising molybdenum prices. Centerra repurchased 2.9 million shares for $50 million during the second quarter. The board authorized up to $200 million in share repurchases for full-year 2026; $72 million had been completed during the first six months. The company declared a quarterly dividend of $0.07 per share. Quarter-end cash was $451 million, while total liquidity exceeded $1 billion after the company expanded its revolving credit facility to $600 million. Snyder said the undrawn four-year credit facility was extended and upsized at more favorable pricing. Management said it does not currently plan to draw on the facility and views it primarily as financial flexibility and a safety net. Centerra is advancing early site work, engineering, procurement and purchases of long-lead equipment at the Goldfield project. The accelerated work increases 2026 capital spending to between $60 million and $70 million, but the company maintained the project’s overall capital estimate of $252 million and its current 2028 timeline. Tomory said the additional spending is intended to reduce execution risk and secure current pricing rather than indicate a changed project scope. The company is continuing to assess whether Goldfield’s schedule could ultimately be advanced. At Thompson Creek, approximately 52% of infrastructure refurbishment had been completed as of the second quarter. The operation mined 12.4 million tons during the quarter, its highest rate since the restart began in September 2024 and a 33% increase from the first quarter. Centerra said the project remains on track for first production in mid-2027 and within its total capital estimate of $425 million to $450 million. Langeloth reached normal operating levels during the quarter following its provisional April restart. Centerra expects Langeloth to produce 11 million to 13 million pounds of roasted molybdenum and sell 15 million to 17 million pounds during 2026. About 3.8 million pounds of molybdenum were sold in the second quarter at an average realized price of $29.73 per pound. Tomory said molybdenum prices were about $32 to $33 per pound, compared with $20 per pound assumed when Thompson Creek was approved. Hélène Timpano, President of U.S. Moly, said the market is developing a large deficit driven by both supply and demand factors, with China competing for concentrate outside its domestic market. Management said it sees substantial value in the U.S. molybdenum business and could consider alternatives such as a sale or initial public offering if market conditions warrant, though Tomory said the company was not committing to either option. Centerra also said Kelly Strong will join the company as executive vice president and chief operating officer in mid-August, succeeding Sylvestre in the operating leadership role. Centerra Gold Inc is a gold mining company incorporated in Canada and headquartered in Toronto. The company specializes in the exploration, development and operation of precious metals properties, with a focus on gold production. Centerra's portfolio includes the Mount Milligan mine in British Columbia, Canada, and the Otjikoto mine in Namibia. Both operations produce gold and copper concentrates and employ modern mining methods and processing facilities to optimize recovery rates and minimize environmental impact. In addition to its producing assets, Centerra is advancing the development of its Greenstone Gold Project in Ontario, Canada, which, upon completion, is expected to become one of Canada's largest gold mines. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Centerra Gold Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.
TranscriptFY2026 Q22026-07-29FY2026 Q2 earnings call transcript
Earnings source - 80 paragraphs
FY2026 Q2 earnings call transcript
Thank you for standing by. This is the conference operator. Welcome to the Centerra Gold Q2 2026 conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may reach an operator by pressing star then zero. I would like now to turn the conference over to Lisa Wilkinson, Vice President, Investor Relations and Corporate Communications with Centerra Gold. Please go ahead.
Thank you operator. Good morning everyone. Welcome to Centerra Gold's Q2 2026 results conference call. Joining me on the call today are Paul Tomory, President and Chief Executive Officer, Ryan Snyder, Chief Financial Officer, and Mike Sylvestre, our Interim Chief Operating Officer. Other members of the executive team are available for the Q&A session. Our news published last night outlines our second quarter 2026 results and is complemented by our MD&A and financial statements, which are available on SEDAR+, EDGAR, and our website. All figures are in U.S. dollars unless otherwise noted. Presentation slides accompanying this webcast are available on Centerra's website. Following the prepared remarks, we will open the call for questions. Before we begin, I would like to remind everyone that today's discussion may include forward-looking statements which are subject to risks that could cause our actual results to differ from those expressed or implied.
For more information, please refer to the cautionary statements in our presentations and the risk factors outlined in our annual information form. We will also be referring to certain non-GAAP measures during today's discussion. For a detailed description of these measures, please see our news release and MD&A issued yesterday. I will now turn the call over to Paul Tomory.
Thank you, Lisa. Good morning everyone. We delivered another quarter of strong operational execution across the portfolio. Mount Milligan continued to perform in line with plan, delivering the third consecutive quarter on plan since the PFS was released in September of 2025. Öksüt also delivered a strong first half of 2026, resulting in a 9% increase to its gold production guidance for the year. Both sites generated robust cash flow from operations during the quarter, and we continue to see healthy operating margins, which are supported by disciplined cost management and strong operational execution, even in the lower gold price environment.
We increased our 2026 consolidated gold production guidance to 260,000-290,000 ounces, up from the previous range of 250,000-280,000 ounces, and we remain on track to achieve our 2026 copper production guidance of 50 million-60 million pounds. In the second quarter, we completed $50 million in share buybacks and approved up to $200 million in share repurchases for the full year 2026, reinforcing our commitment to shareholder returns. This reflects the strength of our balance sheet, our ability to generate cash flow, and our disciplined approach to capital allocation. We also recently extended and upsized a revolving credit facility to $600 million at better pricing, further enhancing our financial flexibility. Slide five illustrates our self-funded organic growth strategy and highlights our portfolio of high-quality assets.
Our project portfolio provides multiple opportunities for value creation, all supported by our strong balance sheet and the cash flow generated from our existing operations. We continue to invest in Mount Milligan. Last year's PFS extended the mine life to 2045 and outlined a fully funded growth capital program that supports long-term production and cash flow. Our exploration programs continue to reinforce our belief there's additional upside beyond the current mine plan. The study also includes a planned 10% increase in plant throughput beginning in 2028. At Öksüt, our focus remains on maximizing the value of what has already been a very strong operation. We're advancing work to evaluate opportunities to extend the mine life beyond the current reserve plan while increasing metal recovery from the existing leach pads through improved operation practices and solution management.
We expect to update the market on our life of mine optimization study in early 2027 with our year-end disclosures. The Goldfield project is beginning to ramp up and represents our next source of near-term gold production growth. During the quarter, we advanced engineering procurement and early site works. We've also accelerated a number of early site preparation activities and the procurement of key long-lead equipment into 2026. While these actions increase our 2026 CapEx program to between $60 million and $70 million, they reduce execution risk, secure current pricing, and support successful project delivery. The overall project remains unchanged with a capital estimate of $252 million. Looking further out, Kemess remains a project with the potential to become our second long-life gold copper cornerstone asset.
Following the positive PEA released in January, our team is focused on advancing engineering and technical work toward a PFS expected in the middle part of 2027. Finally, U.S. Moly offers exposure to strategic minerals with the ability to generate robust cash flow to support balance sheet strength and help build our gold-focused projects. Thompson Creek achieved its highest quarterly mining rate since the restart and remains on track for first production in mid-2027. Molybdenum prices are continuing to trend well above the assumptions used in our feasibility study, reinforcing the attractive economics of the project. Together with a continued ramp up at Langeloth, we see significant opportunities to create value through an integrated U.S. molybdenum business. Most importantly, our projects are sequenced such that there's limited overlap in capital spending.
This allows us to execute our growth strategy while maintaining financial flexibility and continue to return capital to our shareholders. When we look across our portfolio, we see a high-quality asset base, a robust balance sheet, multiple organic growth opportunities across gold, copper, and molybdenum, and substantial exploration upside. We believe this positions the company to deliver meaningful long-term value for shareholders. Our key priorities remain on disciplined execution, advancing our projects, and delivering strong operational performance. I'd now like to provide an update on our sustainability initiatives. In May, we published our 2025 sustainability report, highlighting the progress we've made across our environmental, social, and governance priorities. Responsible mining remains central to how we create long-term value, and we remain committed to strengthening sustainability practices across our operations.
2025 marked a year of growth across our business, with total greenhouse gas emissions increasing by 15% year-over-year, primarily due to higher activity levels at Thompson Creek as the project advanced through its restart phase. At the same time, we advanced initiatives to reduce our environmental footprint, including the renewable diesel pilot project at Mount Milligan and the use of renewable energy credits at Öksüt. We also continued to invest in our people and communities, delivering more than 100,000 hours of health and safety training across the company last year. We worked to strengthen the local economies where we operate by increasing local procurement spending by 43% year-over-year to $191 million in 2025, expanding our partnerships with Indigenous-owned businesses in British Columbia, and investing $3.1 million in community programs and donations.
Together, these achievements reflect our ongoing commitment to responsible mining and reinforce our belief that strong sustainability performance supports the long-term success of our business and creates lasting value for our communities and for our shareholders. Before I hand it over to Mike, I'd like to welcome Kelly Strong, who will be joining Centerra as our new Executive Vice President and Chief Operating Officer in mid-August. Kelly is a seasoned mining executive, and we look forward to the experience and leadership he will bring to our operations as we continue executing on our operational strategy and advancing our pipeline. I'd also like to thank Mike for his leadership and steady guidance as interim chief operating officer over the past several months. Mike has played an important role in maintaining our operational momentum, and we appreciate his continued support as we transition to our new COO.
With that, Mike, I'll pass the call over to you to talk through our operational performance.
Thanks, Paul. It's been a pleasure working with you and the team at Centerra. I'd like to thank everyone across the organization for their hard work and dedication. It's been a really great experience working alongside such a talented team. Now looking at slide seven, which shows the operating highlights at Mount Milligan for the second quarter. Mount Milligan produced over 38,000 ounces of gold in the quarter, a 29% increase over last quarter and in line with the production profile that we previously disclosed. Copper production totaled 13.1 million pounds, reflecting plant mine sequencing as expected. Year to date, gold and copper production is in line with the PFS mine plan, and we remain on track to achieve our production guidance of between 140,000 and 155,000 ounces of gold and 50 million to 60 million pounds of copper.
As previously disclosed, gold production and sales are expected to be higher in Q3, reflecting planned mine sequencing. All-in Sustaining Costs on a by-product basis were $1,269 per ounce in Q2, impacted by higher sustaining CapEx. We reaffirm our full year Mount Milligan AISC guidance of $1,200-$1,300 per ounce. Moving on to Öksüt. Second quarter gold production was over 32,500 ounces, exceeding plan due to higher grades and enhanced operating practices. Reflecting Öksüt's strong performance through the H1 of 2026, we have increased our full year gold production guidance to between 120,000 and 135,000 ounces, representing a 9% increase at the midpoint from our previous guidance.
AISC on a by-product basis was $1,952 per ounce in Q2, reflecting lower ounces produced and sold and higher sustaining CapEx compared to the last quarter, partially offset by lower royalty expense per ounce resulting from lower gold prices. We continue to expect Öksüt's full year AISC on a by-product basis to be within our guidance range of $1,850-$1,950 per ounce. At Thompson Creek, restart activities are advancing as planned, with approximately 52% of the infrastructure refurbishment complete. Progress being made in construction, pre-commissioning, tailings, and operational readiness activities, including ball mill refurbishment, completion of tailings dam engineering, legacy system pre-commissioning, and the recruitment of key operating personnel. In Q2, Thompson Creek achieved its highest mining rate since the project restarted in September 2024, with 12.4 million tons mined during the quarter, a 33% increase compared to last quarter.
Non-sustaining CapEx in Q2 was $52 million. Since the September 2024 restart decision, capital expenditures have totaled $256 million. The project remains in line with the total capital estimate of $425 million-$450 million and is on track for first production in mid-2027. In Q2, commissioning activities continued at Langeloth following the provisional restart of operations in April 2026, and normal operating levels were achieved during the quarter. We have published our full year guidance at Langeloth, and we are expecting 11 million to 13 million pounds of roasted Moly production and 15 million - 17 million pounds of sales. Sales are expected to exceed production this year, reflecting the temporary suspension of operations in Q1. During the shutdown period, we continued to purchase third-party concentrate and produce certain finished molybdenum products to support customer deliveries.
I'll now pass it to Ryan to walk through our financial highlights for the quarter.
Thanks, Mike. Now shifting to the financials. Slide 10 details our Q2 financial results. Adjusted net earnings in Q2 were $79 million, or $0.40 per share. Key adjustments to net earnings include $8 million of deferred income tax adjustments, reflecting the impact of foreign exchange rate movements on deferred income taxes at Mount Milligan, among other things. In the second quarter, sales were over 72,000 ounces of gold and 13.4 million pounds of copper. The average realized price was $3,437 per ounce of gold and $5.30 per pound of copper, which incorporates the existing streaming arrangements at Mount Milligan. Approximately 3.8 million pounds of molybdenum was sold in Q2 at the Langeloth facility at an average realized price of $29.73 per pound. Consolidated all-in sustaining costs on a byproduct basis in Q2 were $1,707 per ounce.
We remain well positioned to achieve our full-year AISC guidance of $1,650-$1,750 per ounce. Slide 11 shows our financial highlights for the quarter. In the second quarter, we generated cash flow from operations of $66 million and had a free cash flow deficit of $23 million. The lower free cash flow reflected the scheduled timing of routine statutory tax and annual royalty payments in Turkey. In the second quarter, Mount Milligan generated $118 million in cash from operations and $89 million in free cash flow. Öksüt generated $16 million in cash from operations and $11 million in free cash flow. U.S. Moly used $45 million of cash in operations and had a free cash flow deficit of $89 million this quarter, mainly related to spending on the Thompson Creek restart and a working capital increase at Langeloth, which was primarily driven by increasing molybdenum prices.
In June, the Turkish government announced changes that are expected to reduce the corporate income tax rate for Oyu Tolgoi from 25% - 12.5%, effective January 2027. This change in tax rate should enhance Oyu Tolgoi's long-term cash flow generation and overall value. Returning capital to shareholders remains a key pillar in our disciplined approach to capital allocation. In the second quarter, we repurchased 2.9 million shares for a total consideration of $50 million. The board has approved up to $200 million of share repurchases for the full year 2026, of which $72 million has been completed in the first six months of the year. We continue to believe that repurchasing our shares is an accretive, high return use of cash. We also declared a quarterly dividend of $0.07 per share.
In July, we amended our credit facility to increase its capacity to $600 million with a four-year term and more favorable pricing. The credit facility remains undrawn and provides additional financial flexibility to support general corporate purposes, including working capital, investments, potential acquisitions, and capital expenditures. At the end of the quarter, our cash balance was $451 million. Incorporating the upsized credit facility, Centerra's total liquidity is over $1 billion. This strong financial position gives us the flexibility to fully fund our organic growth projects at Mount Milligan, Goldfield, Kemess, and Thompson Creek while continuing to return capital to shareholders. I'll pass it back to Paul for some concluding remarks.
Thanks very much, Ryan. We're pleased with a strong operating performance in H1 of 2026, reflecting consistent operational execution, another strong quarter at Oyu Tolgoi, and continued progress across our self-funded growth pipeline. With a strong operating base, a disciplined approach to capital allocation, and a clear line of sight to growth across each of our assets, we believe Centerra is well positioned to continue creating long-term value for our shareholders. With that, operator, we can open the call to questions.
We will now begin the question-and-answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. We will pause momentarily to assemble our queue. Our first question today comes from Ovais Habib from Scotiabank. Please go ahead.
Thanks, operator. Good morning, Paul and Centerra team. Congrats on a good quarter and congrats on increasing the production guidance as well. Just a couple of questions from me. Just starting off with Goldfield. Obviously, it looks like you pulled forward the CapEx for Goldfield, almost doubling the CapEx for this year. Is there potential to pull forward the timeline as well, or are you sticking with the timeline for 2028?
We're sticking with the 2028 timeline for now, Ovais. What we've done here is taken advantage of our ability to advance on some of the work. What we're looking at right now is essentially a schedule de-risking and locking in current pricing in a modestly inflationary environment. As to whether there is an opportunity to pull the project forward, that's something we're going to continue to assess. The way to look at it right now is maintaining the overall CapEx envelope and pulling it forward as a de-risking activity.
Sounds good. Okay. Just then moving on to Öksüt, I guess, in Turkey as well. Looks like the optimization study is going well, expected in early 2027. Are there any additional opportunities in Turkey the team is looking at, or is the focus North America?
With Öksüt, the principal focus of the project that whose results we intend to release with our year-end is assessing the potential for mine longevity through bringing in oxides that remain outside the current pit shell, as well as the operational efficiencies on leaching, which, by the way, contributed to the strong performance this quarter. We do have a greenfield exploration program in Turkey. We are drilling four or five different sites. Our focus in Turkey will be continued optimization at Öksüt, near mine exploration at Öksüt. There are targets proximal to the mine, as well as a greenfield program. We probably will not be doing anything bigger than that. In effect, what I would say is our Turkish future is more organically derived rather than a bigger splashier acquisition type thing.
Okay. Thanks for that. Just my last question, just the situation with the situation in Middle East. Are your existing operations witnessing any sort of inflation pressures, supply issues, any of these kind of concerns coming up on your end?
We haven't seen any of that. Turkish oil and gas comes in through pipeline from Azerbaijan, so it's not directly impacted by supplies coming out of the Middle East. In terms of inflation, I would say it's more background level. Nothing acute in Turkey.
Okay, awesome. That's it for me, Paul. Thanks so much for taking my questions.
Thanks, Ovais.
Our next question comes from Don DeMarco of National Bank.
Thank you, operator.
Please go ahead.
Thank you again. Good morning, Paul and team. Yeah, I'll just echo the congratulations on the guidance increase. Nice to see that early in the year. Yeah, maybe just continuing on the last question. I see the AISC outperformance in the quarter. You avoided the inflationary trend that's in the sector. Can you comment on your fuel hedging strategy and how that factored into Q2 and the protection it might offer for the rest of the year?
Hey, Don, it's Ryan. Thanks for the question. We do hedge fuel at both Mount Milligan and Thompson Creek. It's a smaller element of our cost base in Turkey, so we don't do it there. Overall, we are about 50% hedged on our North American fuel needs through the rest of the year. A little more than that at Thompson Creek, a little less than that at Mount Milligan. It has provided some good protection. Like everybody, we've seen a little bit of a cost increase related to diesel in the unhedged positions. Even looking at a higher oil price environment, we're pretty comfortable with our cost ranges. We've sensitized that, and I think the hedging gives us good cover on diesel costs for the rest of the year.
Don, one of the reasons we're not as exposed to the higher fuel price is we generally buy electricity off the grid, usually hydroelectric, so we don't have these big islanded HFO power plants.
Our fleets are comparatively small. We have a relatively low strip ratio, so we are, comparatively speaking, less exposed simply by the nature of our assets.
Okay, thanks for that. Maybe continuing on hedging, there seems to be some longer dated gold hedges related to the Goldfield project, maybe after it comes into production. Is there any scenarios in which you'd consider buying these back? I see your liquidity has recently been upside, gives you more flexibility to consider a range of things.
Yeah, it's a good question. We put those hedges in place when we approved the project, to protect downside risk, and to make sure we could lock in a good return project at Goldfield. Obviously, metal prices have increased since then, and we'd be in a loss position on those hedges. The ceilings on those hedges are quite high. It's $4,438 in 2029 and $4,700 in 2030. If we were actually operating today, those hedges would expire kind of unused or unexecuted. We'll look at that, Don. I think for now, we're leaving those.
They lock in a good return on Goldfield, which is a good outcome for us.
If metal prices go high, Goldfield still has exposure on 80% of its ounces beyond the hedges. We're kind of comfortable in that situation.
Okay, that's helpful. The final question. Thompson Creek, I see it's on time, on budget. Can you comment on any inflationary CapEx risk as we enter the final 12 months of development, and maybe any steps that you might be taking to mitigate?
Thanks, Don. We did update our capital estimate for Thompson Creek to $425-$450. We look at that on an ongoing basis. We're comfortable we're still in that range as the capital cost to get to first production. I think the diesel hedges that were asked about are helping there. They're really reducing our fuel costs, and we've locked in some pretty good rates on diesel. The site's operating quite well. I think, as Paul mentioned in his remarks, mining rate is up. That's helping our unit costs. We're quite comfortable with the cost range that's out there. Outside of diesel hedging and trying to run the site efficiently, there's not much else we're doing from an ongoing basis. We've also purchased all the major equipment already, so there's no major items where we're still waiting for pricing that could be impacted by inflation.
Again, feel pretty good with that cost number to get us to first production.
Okay. Well, thanks a lot, Paul and Ryan. Appreciate that. Good luck with the rest of the quarter.
Thanks, Don.
Thanks, Don.
Our next question comes from Raj Ray of BMO. Please go ahead.
Thank you, operator. Good morning, Paul and team. I've got three questions, if I may. First, a follow-up on Öksüt, Paul. You mentioned about the potential to bring in some incremental resources. As far as we currently understand, mine life or production is under 2029. How much potential do you have to take it much beyond 2029, given what you see in terms of your exploration potential? Secondly, Ryan, if you can give us any color on what led to the reduction in tax rates. Very unusual to see countries reducing tax rates nowadays. Moving over to Moly. It'll be good to get some idea what you're seeing from your traders in terms of the outlook for Moly, because we are hearing mixed messaging at this point. Importantly, Paul, the window seems to be opening up. Your CapEx spend is getting done.
Moly prices are strong. Just wanted to see what you're strategically thinking in terms of unlocking value from your Moly asset, because within the current portfolio, despite the fact that you are 12 months out of production, CapEx mostly spent, Moly price is high. I don't think it gets any value from investors at this point.
Thanks, Raj. I'll answer the Turkish tax rate item first, then Paul will comment on the other two. To be perfectly honest, it was a bit of a surprise to us as well. It wasn't really telegraphed. There was a public announcement in Turkey declaring this tax rate change. It applies to manufacturing as a whole, so it's not targeted to mining. Mining operations in Turkey fit within that subset. I don't have much color to add. Obviously, it's rare to have tax rates reduced and not go up, but obviously we'll be happy with that and take the benefit of that going forward. No more color on that, unfortunately.
We'll take it. It's good news.
Yeah, exactly. Yep.
On the first point, Raj, on Öksüt. The scope of what we're looking at is twofold. There's a low-grade oxide halo outside the current reserve pit, which pulls at prices well below spot. There's a natural pit extension that takes place. Now, those are, by virtue of their low grade, higher cost ounces. However, as we continue to optimize our heap operating practices, our solution management practices, that does bring into play a residual leach tail at very low cost. When you blend the high cost nature of the low grade oxides and the low cost nature of the residual leaching, we see a pretty attractive extension here. I don't want to put a number out there, but we're targeting one, two, three years, maybe not all at once, but we do see a potential for production extension there at Öksüt.
We are also ramping up drilling at proximal targets within a kilometer or two or three at Öksüt. It's too early to say whether or not anything will materialize there in terms of mine plan, but I suppose we are drilling it, which means we do see things that are interesting. There's a layer of potential at Öksüt for mine life extension, and it won't all come at once. It won't all come with this end of year update, but this end of year update will provide some extension to mine life with what we hope is a runway beyond that also. Molybdenum, your last question. Molybdenum prices are very high right now, and it's driven by both supply and demand factors. Molybdenum is in short supply. It's a byproduct, as you know, from big copper mines.
Those copper mines are really struggling to keep up their copper production, which has a direct knock on to molybdenum supply. Molybdenum is used in pipelines, nuclear, defense, aerospace, and increasingly in semiconductors as switching from tungsten takes place. We are seeing molybdenum demand robustly ahead of our internal previous projections. I'm also going to take this opportunity to introduce a member of our executive team, Hélène Timpano. She is President of U.S. Moly, and she can give you a little bit more color on what we're seeing on our internal trading side.
Yeah. Hi, Raj. Nice to speak with you. What we're seeing is really a large market deficit developing this year, which is different than what we've seen in the last few years, which would be more of a tight market. I think fundamentally, that's contributing to the price that we're seeing today. Paul pointed to a number of different factors that are driving that deficit. It's both on the supply side and the demand side. In our own business, we have seen that pull through demand. If you look at the steel production numbers in the U.S., which is our main customer base right now, it is growing. We're seeing that in our own order book. I think when you have such a large deficit, it just is constructive for continued high prices.
It's great to know that we're 12 months away from our first production at Thompson Creek.
Hey, Hélène, good to talk to you. Hope you're doing well. Just on the concentrate tightness, do you see that tightness going into 2027, or is it temporary at this point?
Yeah, we do. I think China is a large consideration in driving that additional tightness. If you look at their demand for concentrate, historically, that's been more contained to within China demand, but we're seeing them now competing for concentrates outside of China. I think that makes for tight competition at the negotiation table, but on the other hand, it's also very supportive of high prices.
Okay, thank you for that. Then Paul, anything you can share on how you're strategically thinking on the Moly business?
Well, it's interesting, right? I mean, Moly's at $32, $33. We approved the project at $20. There's been a track record right now in the market of critical minerals and metals, strategic metals companies listing quite successfully with IPOs in the U.S. market. I think there is also an increasing demand given the current U.S. administration's focus on metal self-sufficiency in these strategic areas. I would say that the overall market has become much more conducive to entities that produce metals, and in the U.S. context, ones that are domestically based. As I said to you before, we continue to monitor the market. We see very significant value in this business, and our intention is to deliver that value to our shareholders.
Though sometimes molybdenum is unpopular in a gold mining company, I think that we are confident in the value in this business, and we will, at the appropriate time, if conditions warrant, we would look for example, a sale or an IPO or something. I think that the setup is certainly becoming a lot more constructive for something like that than it has been in the last two years. I think that's what you're getting at. I'm not going to commit to an IPO or a sale here. Certainly the conditions are becoming a lot more attractive for something like that, especially when you consider the track record of other similar companies that have IPO'd in the last year, particularly in the U.S.
Yeah, Paul, that's exactly what we are seeing from our side as well. Thank you for that. That's all the questions I had.
Thanks, Raj.
Our next question comes from Harrison Reynolds of RBC. Please go ahead.
Hi, good morning, Centerra team, congratulations on a strong Q2. Wondering if you can provide a bit more color on the mine sequencing at Mount Milligan through Q3 and Q4, maybe the progress you're seeing so far in Q3 and speak a bit to your confidence level around the current guidance range.
Yeah, sure. Hi, it's Mike here, and I'll answer that question. So far we see that recovers in grade and line sequencing are all kind of remaining in line with the PFS that was published last September. We see good reconciliation with that sequencing. We see that moving forward actually into Q3 and Q4. We're not seeing any anomalies. We're quite confident in the technical report and what the next quarters will look like at Mount Milligan. Looking at strong, continued good performance.
Right. Thanks. Switching gears to the corporate credit facility and current capital allocation framework, what would be the debt priorities or uses of debt based on your current healthy cash balance and cash flow profile? Could we see debt being used for some of these concurrent project items, or is cash on hand going to be directed to buybacks while debt could be used for project development, or is it just for a margin of safety?
Thanks for the question, Harrison. It's more of the latter. It's more to give us flexibility going forward. We don't have any immediate plans to draw on the credit facility. It was a very positive market. We usually extend our facilities about a year before their maturity, which was coming up in 2027, in a very positive credit market and a very positive view on Centerra. We had the opportunity to upsize the credit facility. We took that opportunistically. In terms of usage, we're quite comfortable we can fund all our capital projects just with our cash from operations and our current balance sheet without dipping into the credit facility. As mentioned, we are going to ramp up the buybacks. We can cover that with our liquidity and future cash flow generation as well.
For now, that credit facility is more a safety net or an opportunity to use in the future. There's nothing earmarked in terms of drawing on that at present.
Harrison, I'll also comment on the buyback here. We're a little bit different than some of our peers. We believe that we represent good value. In other words, we don't think we trade at the value of our assets. We believe we trade at a discount. We view our shares as very compelling place to allocate capital, notwithstanding the fact that we have a development pipeline. I think that's what makes us a little bit different, is that we have the balance sheet to fund both a robust capital return program to shareholders as well as the development pipeline. We're working on both sides. We're working on the NAV and the denominator here on driving shareholder value. As Ryan said, the revolver is not in any way an indication that we're going to go do something with that. It was simply taking advantage of the market.
Great. Yeah, great to see you. Thanks so much for taking my questions and congratulations again on a great quarter.
Thanks.
As a reminder, if there are any further questions, please press star then one. Our next question comes from Lawson Winder of Bank of America. Please go ahead.
Hi, this is Adam Smirnowski, calling on behalf of Lawson. We just had a follow-up question on the buyback. We saw that the board authorized a $200 million buyback. We just wanted to clarify if that's what we should model for this year, or just because it's lower than the previous authorization, if it could be materially higher or lower than that amount.
You'll have note our track record is we generally buy back what we say we will. $200 million is the number to use.
Thank you very much. That's clear.
This concludes our question-and-answer session and wraps up our call for today. Thank you for attending. Please have a good day.
Investor releaseQuarter not tagged2026-07-28Centerra Gold Announces Quarterly Dividend of C$0.07 per Common Share
GlobeNewswire
Centerra Gold Announces Quarterly Dividend of C$0.07 per Common Share
TORONTO, July 28, 2026 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG) (NYSE: CGAU) announced today that its Board of Directors has approved a quarterly dividend of C$0.07 per common share – approximately C$13.7 million or US$9.7 million in aggregate. The quarterly dividend is payable on September 2, 2026, to shareholders of record as of the close of business on August 19, 2026. The dividend is an eligible dividend for Canadian income tax purposes. In accordance with Centerra’s dividend policy, the timing and quantum of dividends are to be determined by the Board of Directors from time-to-time based on, among other things, the Company’s operating results, cash flow and financial conditions, current and anticipated capital requirements, and general business conditions. About Centerra Gold Centerra Gold Inc. is a Canadian-based gold and copper producer and developer headquartered in Toronto, Ontario. The Company operates two mines: the Mount Milligan Mine, a long-life gold-copper asset in British Columbia, Canada, and the Öksüt Mine, a gold asset in Türkiye. Centerra has a self-funded organic growth pipeline in North America, including the Kemess gold-copper Project in British Columbia, Canada, and the Goldfield gold Project in Nevada, United States. The Company also owns and operates US Moly, a vertically integrated molybdenum business in the United States comprising the Thompson Creek Mine in Idaho and the Langeloth Metallurgical Facility in Pennsylvania. Centerra’s shares trade on the Toronto Stock Exchange (TSX: CG) and on the New York Stock Exchange (NYSE: CGAU). For more information: Lisa WilkinsonVice President, Investor Relations & Corporate Communications(416) [email protected] Additional information on Centerra is available on the Company’s website at www.centerragold.com, on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar.
Investor releaseQuarter not tagged2026-07-28Centerra Gold Reports Second Quarter 2026 Results; Strong Operational Performance Drives Increased Öksüt Production Guidance; The Company Expands Share Buybacks to $200 Million in 2026 and Continues Execution of its Self-Funded Growth Strategy
GlobeNewswire
Centerra Gold Reports Second Quarter 2026 Results; Strong Operational Performance Drives Increased Öksüt Production Guidance; The Company Expands Share Buybacks to $200 Million in 2026 and Continues Execution of its Self-Funded Growth Strategy
This news release contains forward-looking information about expected future events that is subject to risks and assumptions set out in the “Cautionary Statement on Forward-Looking Information” below. All figures are in United States dollars. All production figures reflect payable metal quantities and are on a 100% basis, unless otherwise stated. For references denoted with NG, refer to the “Non-GAAP and Other Financial Measures” disclosure at the end of this news release for a description of these measures. TORONTO, July 28, 2026 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) today reported its second quarter 2026 operating and financial results. President and CEO, Paul Tomory, commented, “We delivered another quarter of strong operational execution across our portfolio. Mount Milligan continued to perform in line with plan, and Öksüt delivered a strong first half of 2026, resulting in a 9% increase to its gold production guidance for the year. Both sites generated robust cash flow from operations during the quarter and we continued to see healthy operating margins which were supported by disciplined cost management and strong operational execution, even in the lower gold price environment.” Paul Tomory continued, “During the second quarter, we completed $50 million in share buybacks and the Board of Directors approved up to $200 million in share repurchases for the full year 2026, reinforcing our commitment to shareholder returns. These actions reflect the strength of our balance sheet, our ability to generate cash flow and our disciplined approach to capital allocation. We also extended and upsized our revolving credit facility to $600 million, at better pricing, further enhancing our financial flexibility.” Paul Tomory concluded, “Across our project development portfolio, we continue to make good progress. At Thompson Creek, we achieved our highest mining rate during the quarter, marking another important milestone since the project restarted in September 2024. We remain on track for first molybdenum production in mid-2027 and expect the project to be delivered within our capital cost estimate. Molybdenum prices continue to trend well above the assumptions used in our Feasibility Study, reinforcing the attractive economics of this project. We also continue to advance Goldfield towards first production in lat…Read full documentShow less
This news release contains forward-looking information about expected future events that is subject to risks and assumptions set out in the “Cautionary Statement on Forward-Looking Information” below. All figures are in United States dollars. All production figures reflect payable metal quantities and are on a 100% basis, unless otherwise stated. For references denoted with NG, refer to the “Non-GAAP and Other Financial Measures” disclosure at the end of this news release for a description of these measures. TORONTO, July 28, 2026 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) today reported its second quarter 2026 operating and financial results. President and CEO, Paul Tomory, commented, “We delivered another quarter of strong operational execution across our portfolio. Mount Milligan continued to perform in line with plan, and Öksüt delivered a strong first half of 2026, resulting in a 9% increase to its gold production guidance for the year. Both sites generated robust cash flow from operations during the quarter and we continued to see healthy operating margins which were supported by disciplined cost management and strong operational execution, even in the lower gold price environment.” Paul Tomory continued, “During the second quarter, we completed $50 million in share buybacks and the Board of Directors approved up to $200 million in share repurchases for the full year 2026, reinforcing our commitment to shareholder returns. These actions reflect the strength of our balance sheet, our ability to generate cash flow and our disciplined approach to capital allocation. We also extended and upsized our revolving credit facility to $600 million, at better pricing, further enhancing our financial flexibility.” Paul Tomory concluded, “Across our project development portfolio, we continue to make good progress. At Thompson Creek, we achieved our highest mining rate during the quarter, marking another important milestone since the project restarted in September 2024. We remain on track for first molybdenum production in mid-2027 and expect the project to be delivered within our capital cost estimate. Molybdenum prices continue to trend well above the assumptions used in our Feasibility Study, reinforcing the attractive economics of this project. We also continue to advance Goldfield towards first production in late 2028, the Kemess Pre-Feasibility Study towards completion in mid-2027, and the Öksüt Life of Mine Optimization study, which we expect to publish in early 2027 with our year-end disclosures. With a high-quality project pipeline, predominantly in North America, we remain focused on executing our self-funded growth strategy to deliver sustainable, long-term value for shareholders.” Second Quarter 2026 Highlights Operations Production: In the second quarter 2026, consolidated gold production was 70,727 ounces, including 38,175 ounces from the Mount Milligan Mine (“Mount Milligan”) and 32,552 ounces from the Öksüt Mine (“Öksüt”). The Company has increased its 2026 gold production guidance for Öksüt to between 120,000 and 135,000 ounces, from the previous range of 110,000 to 125,000 ounces. As a result, 2026 consolidated gold production guidance has been increased to 260,000 to 290,000 ounces, up from the previous range of 250,000 to 280,000 ounces. Copper production in the quarter was 13.1 million pounds. The Company remains on track to achieve its 2026 copper production guidance of 50 to 60 million pounds. Sales: Second quarter 2026 gold sales were 72,114 ounces at an average realized gold price of $3,437 per ounce and copper sales were 13.4 million pounds at an average realized copper price of $5.30 per pound. The average realized gold and copper prices include the impact of the Mount Milligan streaming agreement with RGLD Gold AG and Royal Gold, Inc. (collectively “Royal Gold”). Costs: Second quarter 2026 consolidated gold production costs were $1,456 per ounce and all-in sustaining costs (“AISC”) on a by-product basisNG were $1,707 per ounce. The Company remains well positioned to achieve its 2026 guidance for consolidated AISC on a by-product basisNG of $1,650 to $1,750 per ounce. Capital expendituresNG: Second quarter 2026 additions to property, plant, and equipment (“PP&E”) and capital expendituresNG were $133.5 million and $120.3 million, respectively. Sustaining capital expendituresNG in the second quarter 2026 were $39.3 million mainly related to construction at the existing tailings storage facility (“TSF”) and equipment purchases at Mount Milligan. Non-sustaining capital expendituresNG in the second quarter were $81.0 million related mainly to the development of the Thompson Creek Mine (“Thompson Creek”) and the Goldfield Project (“Goldfield”). Financial Net earnings: Second quarter 2026 net earnings were $72.1 million, or $0.37 per share, and adjusted net earningsNG were $79.3 million or $0.40 per share. Key adjustments to net earnings, net of tax, include $8.1 million of deferred income tax adjustments reflecting the impact of foreign exchange rate movements on deferred income taxes at Mount Milligan, and $2.1 million of unrealized gain on the re-measurement of the sale of the Company’s interest in the Greenstone Gold Mines Partnership in 2021. For additional adjustments refer to the “Non-GAAP and Other Financial Measures” disclosure at the end of this news release. Cash provided by operating activities and free cash flowNG: In the second quarter 2026, cash provided by operating activities before working capital and income taxes paid was $161.7 million. After working capital and income taxes paid, cash provided by operating activities was $66.2 million and free cash flowNG deficit was $23.0 million. This includes $117.6 million of cash provided by mine operations and $89.1 million of free cash flowNG at Mount Milligan and $15.8 million of cash provided by mine operations and $10.5 million of free cash flowNG at Öksüt. This was partially offset by capital expendituresNG at Thompson Creek. Lower free cash flow at Öksüt during the quarter was the result of routine statutory tax and annual royalty payments in Türkiye. Cash and cash equivalents: As at June 30, 2026, total liquidity was $850.9 million, comprised of a cash balance of $450.9 million and $400.0 million available under an undrawn corporate credit facility. On July 15, 2026, Centerra amended its revolving credit facility (the “Credit Facility”), increasing the available commitment to $600 million and extending the maturity to July 2030. As a result, liquidity increased to $1,050 million, based on the June 30, 2026 cash balance. Returning capital to shareholders: Under Centerra’s normal course issuer bid (“NCIB”) program, the Company repurchased 2,924,400 common shares in the second quarter 2026, for total consideration of $49.7 million. The Company’s board of directors has approved up to $200 million of share repurchases for the full year 2026, of which, $72.2 million has been completed in the first six months of the year. Centerra believes that the NCIB continues to provide the Company with flexibility to strategically deploy cash in line with its capital allocation priorities, subject to market conditions, while maintaining the financial capacity to invest in future growth. A quarterly dividend of C$0.07 per common share was declared for a total of $10.0 million in the second quarter. Events Subsequent to Quarter End Extension and increase of Centerra’s corporate credit facility: On July 15, 2026, Centerra amended its Credit Facility to increase its capacity to $600 million, up from $400 million previously, with an extended maturity date of July 15, 2030 and more favourable pricing. As at July 28, 2026, the Credit Facility remains undrawn and provides additional financial flexibility to support general corporate purposes, including working capital, investments, potential acquisitions, and capital expenditures. For additional details, refer to the news release published on July 15, 2026 titled “Centerra Gold Announces Extension and Increase of its Corporate Credit Facility”. Appointment of Executive Vice President and Chief Operating Officer: Kelly Strong has been appointed Executive Vice President and Chief Operating Officer, effective August 17, 2026. Mike Sylvestre, who has served as Interim Chief Operating Officer since March 2026, will assist with an orderly transition into September 2026 before departing the Company. Mr. Strong has more than 30 years of global mining experience, having held senior operational leadership positions with The Mosaic Company, Nyrstar and Vale Inco, where he led large-scale mining, processing and integrated operations across North America and internationally. In this role, Mr. Strong will oversee Centerra’s global operating portfolio and advance the Company’s operational priorities and execute its long-term growth strategy. Overview of Consolidated Financial and Operating Highlights 2026 Guidance – Gold and Copper Assets 2026 Guidance – US Moly 2026 Guidance – Global Exploration and Evaluation Projects Mount Milligan Mount Milligan produced 38,175 ounces of gold in the second quarter of 2026, a 29% increase over last quarter and in line with the production profile previously disclosed. Mount Milligan produced 13.1 million pounds of copper, slightly less than last quarter due to mine sequencing. Year-to-date gold and copper production is in line with the Pre-Feasibility Study (“PFS”) mine plan and the Company remains on track to achieve its 2026 production guidance of between 140,000 and 155,000 ounces of gold and 50 to 60 million pounds of copper. As previously disclosed, gold production and sales are expected to be higher in the third quarter of 2026, reflecting planned mine sequencing. During the quarter, a total of 11.9 million tonnes were mined from phases 5, 6, 7 and 10 of the open pit. Process plant throughput was 5.5 million tonnes, averaging 60,214 tonnes per day. Gold sales were 39,580 ounces and copper sales were 13.4 million pounds. Gold production costs in the second quarter 2026 were $1,314 per ounce. AISC on a by-product basisNG was $1,269 per ounce, higher quarter-over-quarter as a result of higher sustaining capital expendituresNG. The Company reaffirms its 2026 Mount Milligan AISC on a by-product basisNG guidance of $1,200 to $1,300 per ounce. Sustaining capital expendituresNG at Mount Milligan in the second quarter of 2026 were $33.4 million, focused on the existing TSF dam construction and equipment purchases. Non-sustaining capital expendituresNG in the second quarter of 2026 were $14.5 million. The Company continues to expect 2026 sustaining and non-sustaining capital expendituresNG at Mount Milligan to be within the previously disclosed ranges of $80 to $90 million and $35 to $45 million, respectively. In the second quarter of 2026, Mount Milligan generated $117.6 million of cash flow from mine operations and free cash flowNG of $89.1 million. The September 2025 PFS extended Mount Milligan’s mine life to 2045, supported by an optimized mine plan, and outlined a fully funded growth capital program designed to support long-term production and cash flow. The study also supports a planned 10% increase in plant throughput beginning in 2028, enhancing production over the life of the operation. Mount Milligan remains Centerra’s cornerstone asset, with 20 years of mine life, meaningful gold and copper production, and significant future exploration potential in British Columbia. For additional details, refer to the news release published on September 11, 2025 titled “Centerra Gold’s Mount Milligan PFS Outlines Mine Life to 2045, Delivering Growth with a Fully Funded, Disciplined $186 Million Growth Capital Plan”. In January 2026, Mount Milligan received an amended environmental assessment certificate and all related permits to allow for the continuation of operations through 2035. These authorizations also included the permits for the 10% expansion in plant throughput beginning in 2028 and increased stockpile capacity needed for plant feed flexibility. Öksüt Öksüt produced 32,552 ounces of gold in the second quarter of 2026, higher than planned due to higher grades and enhanced operating practices. Reflecting Öksüt’s strong operational performance in the first half of 2026, the Company has increased its 2026 gold production guidance for the mine by 9%, at the midpoint, to 120,000 to 135,000 ounces, from its previous range of 110,000 to 125,000 ounces. During the quarter, mining activities were focused on phase 5 and phase 6 of the Keltepe pit. A total of 4.7 million tonnes of ore and waste were mined in the quarter and 1.2 million tonnes were stacked at an average grade of 1.25 g/t. At Öksüt, gold production costs and AISC on a by-product basisNG for the second quarter 2026 were $1,628 per ounce and $1,952 per ounce, respectively. AISC on a by-product basisNG was higher compared to last quarter driven by lower gold ounces produced and sold, and higher sustaining capital expendituresNG, partially offset by lower royalty expense per ounce due to lower gold prices. The Company continues to expect Öksüt’s 2026 AISC on a by-product basisNG to be within the previously disclosed guidance range of $1,850 and $1,950 per ounce. In the second quarter 2026, sustaining capital expendituresNG at Öksüt were $5.3 million. The Company reaffirms its 2026 guidance for sustaining capital expendituresNG of $5 to $15 million at Öksüt. Öksüt delivered cash flow from mine operations of $15.8 million and free cash flowNG of $10.5 million in the second quarter of 2026. As planned, the Company made an annual government royalty payment of $45.7 million and statutory tax payments of $50.2 million during the quarter. In June 2026, the Turkish Government announced changes that are expected to reduce the corporate income tax rate for Öksüt from 25% to 12.5%, effective January 1, 2027. This change in tax rate should enhance Öksüt’s long-term cash flow generation and overall value. Centerra continues work on a Life of Mine Optimization study at Öksüt to evaluate the asset’s full potential, including the incremental production potential of residual leaching of the heap leach facility and the inclusion of low-grade oxide mineralization, outside of the current reserve pit, into the mine plan. The study will explore options to extend gold recovery from existing leach pads through improved solution management, which may enhance residual metal extraction efficiency. The study is expected in early 2027 with the Company’s year-end disclosures and will support updates to the mine’s long-term reclamation and site management plan, ensuring the operation continues to maximize metal recovery in a safe and responsible manner. US Moly US Moly used $45.0 million of cash in operations and recorded a free cash flow deficitNG of $88.5 million, in the second quarter of 2026, reflecting capital spending on the restart of Thompson Creek and working capital increases at Langeloth primarily due to an increase in molybdenum prices during the quarter. Thompson Creek Mine The restart of Thompson Creek continues to advance as planned, with approximately 52% of the infrastructure refurbishment complete. Progress is being made in construction, pre-commissioning, tailings and operational readiness activities, including ball mill refurbishment, completion of tailings dam engineering, legacy system pre-commissioning, and the recruitment of key operating personnel. This quarter, Thompson Creek achieved its highest mining rate since the project restarted in September 2024, with 12.4 million tons mined during the quarter, a 33% increase compared to the first quarter of 2026. In the second quarter of 2026, non-sustaining capital expendituresNG were $51.6 million. Since the restart decision in September 2024, non-sustaining capital expendituresNG have totaled $256.1 million. The Company expects the 2026 non-sustaining capital expendituresNG for Thompson Creek to be within the previously disclosed guidance range of $190 to $220 million. The project remains in line with the total capital estimate of $425 to $450 million and is on track for first production in mid-2027. Langeloth Metallurgical Facility In the second quarter of 2026, commissioning activities continued at Langeloth following the provisional restart of operations in April 2026 and achieved normal operational levels by the end of the quarter. During the quarter, Langeloth roasted and sold 3.7 million pounds and 3.8 million pounds of molybdenum, respectively, recorded adjusted EBITDANG of $5.1 million, and used $45.0 million of cash flow from operations, primarily related to an increase in working capital due to higher molybdenum prices. A $46 million investment in working capital was made at Langeloth during the second quarter of 2026, primarily related to higher molybdenum prices. This investment is not expected to unwind in the near term as the Company plans to maintain higher inventory levels while Langeloth ramps up production as part of its commercial optimization strategy. Assuming stable molybdenum prices, the Company does not expect inventory value to increase further over the balance of 2026. The Company has established 2026 operating guidance for Langeloth of 11 to 13 million pounds of roasted molybdenum production and 15 to 17 million pounds of molybdenum sold. Sales are expected to exceed production in 2026 as a result of the temporary suspension of operations in the first quarter. During the shutdown period, the Company continued to purchase third party concentrate and produce certain finished molybdenum products to support customer deliveries. In 2026, earnings from operations at Langeloth are expected to be $2 to $7 million and adjusted EBITDANG is expected to be $7 to $12 million. Goldfield Project Centerra continued to advance development activities at Goldfield during the quarter, with engineering and early mobilization activities ongoing, and early works progressing. Non-sustaining capital expendituresNG at Goldfield in the second quarter of 2026 were $12.1 million. The Company has updated its previously disclosed 2026 non-sustaining capital expendituresNG guidance for Goldfield to be $60 to $70 million, from the previous range of $30 to $40 million. The increase reflects the acceleration of a number of site preparation activities into 2026, including the water diversion channel, site platform development, overburden removal and overliner stockpiling, to support project execution and reduce execution risk. Engineering and procurement of key long-lead items, including the Adsorption, Desorption, and Recovery (“ADR”) plant, crushing circuit, heap leach liner, pumps and piping, and power infrastructure, have also been advanced to secure 2026 pricing. The overall project capital cost estimate remains unchanged at $252 million, consistent with the August 2025 technical study. In August 2025, Centerra completed a technical study of the Goldfield project in Nevada and approved the project to proceed with development and construction. Goldfield is expected to become the Company’s next gold-producing operation, with first production targeted by the end of 2028, supporting Centerra’s self-funded growth strategy and future production profile. For additional details on Goldfield, refer to the news release published on August 6, 2025 titled “Centerra Gold Announces Attractive Economics on the Goldfield Project; Proceeding with Project Development and Construction Activities”. Kemess Project In January 2026, Centerra published a Preliminary Economic Assessment (“PEA”) for the Kemess project in British Columbia, demonstrating strong project economics, including an after-tax net present value (5%) (“NPV5%”) of approximately $1.1 billion, using long-term pricing of $3,000 per ounce of gold and $4.50 per pound of copper. Kemess has the potential to become Centerra’s second long-life gold-copper asset in British Columbia and remains unencumbered by gold or copper streams, providing greater exposure to future metal prices. The Company continues to advance the Kemess PFS, which remains on track for completion in mid-2027. For additional details, refer to the news release published on January 19, 2026 titled “Centerra Gold’s Kemess Preliminary Economic Assessment Highlights Strong Economics that Support the Company’s Long-Term Growth Pipeline”. Second Quarter 2026 Operating and Financial Results Webcast and Conference Call Centerra invites you to join its second quarter 2026 conference call on Wednesday, July 29, 2026, at 9:00 a.m. Eastern Time. Details for the webcast and conference call are included below. Webcast Participants can access the webcast at the following webcast link. An archive of the webcast will be available until the end of day on October 29, 2026. Conference Call Participants can register for the conference call at the following registration link.Upon registering, you will receive the dial-in details and a unique PIN to access the call. This process will bypass the live operator and avoid the queue. Registration will remain open until the end of the live conference call. Participants who prefer to dial in and speak with a live operator can access the call by dialing 1-833-821-3536 or 647-846-2628. It is recommended that you call 10 minutes before the scheduled start time. After the call, an audio recording will be made available via telephone for one month, until the end of day August 29, 2026. The recording can be accessed by dialing 1-855-669-9658 or 412-317-0088 and using the access code 8809710. In addition, the webcast will be archived on Centerra’s website at: https://www.centerragold.com/investor-relations/events-and-presentations/. Presentation slides will be available on Centerra’s website at www.centerragold.com. For detailed information on the results contained within this release, please refer to the Company’s Management’s Discussion and Analysis ("MD&A") and financial statements for the three months ended June 30, 2026, that are available on the Company’s website www.centerragold.com or SEDAR+ at www.sedarplus.ca. About Centerra Centerra Gold Inc. is a Canadian-based gold and copper producer and developer headquartered in Toronto, Ontario. The Company operates two mines: the Mount Milligan Mine, a long-life gold-copper asset in British Columbia, Canada, and the Öksüt Mine, a gold asset in Türkiye. Centerra has a self-funded organic growth pipeline in North America, including the Kemess gold-copper project in British Columbia, Canada, the Goldfield gold project in Nevada, United States. The Company also owns and operates US Moly, a vertically integrated molybdenum business in the United States comprising the Thompson Creek Mine in Idaho and the Langeloth Metallurgical Facility in Pennsylvania. Centerra's shares trade on the Toronto Stock Exchange (TSX: CG) and on the New York Stock Exchange (NYSE: CGAU). For more information: Lisa WilkinsonVice President, Investor Relations & Corporate Communications(416) [email protected] Additional information on Centerra is available on the Company’s website at www.centerragold.com, on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar. Cautionary Statement on Forward-Looking Information All statements, other than statements of historical fact contained or incorporated by reference in this document, which address events, results, outcomes or developments that the Company expects to occur are, or may be deemed to be, forward-looking information or forward-looking statements within the meaning of certain securities laws, including the provisions of the Securities Act (Ontario) and the provisions for “safe harbor” under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this document. 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. Forward-looking statements are generally, but not always, identified by the use of forward-looking terminology such as “aimed”, “anticipate”, “believe”, “beyond”, “commenced”, “continue”, “expect”, “extend”, “evaluate”, “finalizing”, “focused”, “forecast”, “goal”, “intend”, “in line”, “ongoing”, “optimistic”, “on track”, “plan”, “potential”, “preliminary”, “project”, “pursuing”, “target”, or “update”, or variations of such words and phrases and similar expressions or statements that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved or the negative connotation of such terms. Such statements include, but may not be limited to: statements regarding 2026 guidance, outlook and expectations, including, but not limited to, production, sales, costs, capital expenditures, life of mine, grade profiles, cash flow, care and maintenance, PP&E and reclamation costs, recoveries, processing, inflation, depreciation, depletion and amortization, taxes and annual royalty payments; the ability of the Company to finance the majority of expenditures and capital requirements from the cash flows provided by the Mount Milligan Mine and Öksüt Mine; exploration potential, budgets, focuses, programs, targets and projected exploration results; gold, copper, silver, molybdenum and fuel prices; foreign exchange rates, tariffs, sanctions and market conditions; the declaration, payment and sustainability of the Company’s dividends; the continuation of the Company’s normal course issuer bid (“NCIB”) and automatic share purchase plan and the timing, methods and quantity of any purchases of Shares under the NCIB; compliance with applicable laws and regulations pertaining to the NCIB; statements concerning the Company’s equity investment portfolio and its valuation; the availability of cash for repurchases of Common Shares under the NCIB; the financial or operational impact of the temporary suspension of the Langeloth Metallurgical Facility in January 2026; the timing of construction, permitting and first production of Goldfield, including the timing of engineering completion, long-lead procurement and site establishment works; the ability of the Company to deliver on the Mount Milligan Pre-Feasibility Study; the timing and results of the Kemess Pre-Feasibility Study; the timing of gold and copper production and sales at Mount Milligan and gold production and sales at Öksüt; the results and timing of the Life of Mine Optimization Study at Öksüt; the timing and capital required for the restart of Thompson Creek; royalty rates and taxes in Türkiye; financial hedges; and other statements that express management’s expectations or estimates of future plans and performance, operational, geological or financial results, estimates or amounts not yet determinable and assumptions of management. The Company cautions that forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company at the time of making such statements, are inherently subject to significant business, economic, technical, legal, geopolitical and competitive uncertainties and contingencies, which may prove to be incorrect. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Risk factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements in this document include, but are not limited to: (A) strategic, legal, planning and other risks, including: political risks associated with the Company’s operations in Türkiye, the USA and Canada; risks related to geopolitical instability, including ongoing conflicts in the Middle East and elsewhere, which may adversely affect global economic conditions, commodity prices, energy costs, supply chains and transportation routes; resource nationalism including the management of external stakeholder expectations; the impact of changes in, or to the more aggressive enforcement of, laws, government royalties, tariffs, regulations and government practices, including unjustified civil or criminal action against the Company, its affiliates, or its current or former employees; risks that community activism may result in increased contributory demands or business interruptions; the risks related to outstanding or potential litigation, tax audits, examinations and other administrative or regulatory proceedings affecting the Company; the risk of claims, investigations or regulatory proceedings, particularly at the Langeloth Metallurgical Facility, arising from operational incidents, including potential third-party claims for personal injury, property damage or business interruption and regulatory enforcement actions, orders, penalties, remediation obligations or operational restrictions, as well as the ability to obtain any necessary regulatory approvals, agreements or accommodations to maintain operations pending the completion of required repairs or corrective measures; the ability to resolve existing labour disputes and related regulatory proceedings at the Langeloth Metallurgical Facility on acceptable terms, including any proceedings involving the National Labor Relations Board, and to implement any resulting settlement arrangements without material disruption to operations, material additional costs or further claims or proceedings; the impact of any sanctions or tariffs imposed by Canada, the United States or other jurisdictions; potential defects of title in the Company’s properties that are not known as of the date hereof; risks relating to permitting and development of our projects, including tailings facilities, being consistent with the Company’s expectations as well as any potential regulatory or permitting risks arising out of Langeloth’s restart and commissioning; the inability of the Company and its subsidiaries to enforce their legal rights in certain circumstances; risks related to anti-corruption legislation; Centerra not being able to replace mineral reserves; Indigenous claims and consultative issues relating to the Company’s properties which are in proximity to Indigenous communities; and potential risks related to kidnapping or acts of terrorism; (B) risks relating to financial matters, including: sensitivity of the Company’s business to the volatility of gold, copper, molybdenum and other mineral prices; the use of provisionally-priced sales contracts for production at the Mount Milligan Mine; reliance on a few key customers for the gold-copper concentrate at the Mount Milligan Mine; use of commodity derivatives; the imprecision of the Company’s mineral reserves and resources estimates and the assumptions they rely on; the accuracy of the Company’s production and cost estimates; persistent inflationary pressures on key input prices; the impact of restrictive covenants in the Company’s credit facilities and in the Royal Gold Streaming Agreement which may, among other things, restrict the Company from pursuing certain business activities. including paying dividends or repurchasing shares under its NCIB, or making distributions from its subsidiaries; the Company’s ability to obtain future financing; sensitivity to fuel price volatility; the impact of global financial conditions; the impact of currency fluctuations; the effect of market conditions on the Company’s short-term investments and equity investment portfolio; the Company’s ability to make payments, including any payments of principal and interest on the Company’s debt facilities, which depends on the cash flow of its subsidiaries; the ability to obtain adequate insurance coverage; changes to taxation laws or royalty structures in the jurisdictions where the Company operates, and (C) risks related to operational matters and geotechnical issues and the Company’s continued ability to successfully manage such matters, including: unanticipated ground and water conditions; the stability of the pit walls at the Company’s operations leading to structural cave-ins, wall failures or rock-slides; the integrity of tailings storage facilities and the management thereof, including as to stability, compliance with laws, regulations, licenses and permits, controlling seepages and storage of water, where applicable; there being no significant disruptions affecting the activities of the Company whether due to extreme weather events or other related natural disasters, labour disruptions, supply disruptions, power disruptions, damage to equipment or other force majeure events; the risk of having sufficient water to continue operations at the Mount Milligan Mine and achieve expected mill throughput; changes to, or delays in the Company’s supply chain and transportation routes, including cessation or disruption in rail and shipping networks, whether caused by decisions of third-party providers or force majeure events (including, but not limited to: labour action, flooding, landslides, seismic activity, wildfires, earthquakes, pandemics, or other global events such as wars); lower than expected ore grades or recovery rates; the success of the Company’s future exploration and development activities, including the financial and political risks inherent in carrying out exploration activities; inherent risks associated with the use of sodium cyanide in the mining operations; the adequacy of the Company’s insurance to mitigate operational and corporate risks; mechanical breakdowns, including the risk of further breakdowns, performance issues during the restart and commissioning of the Langeloth facility; the occurrence of any labour unrest or disturbance and the ability of the Company to successfully renegotiate collective agreements when required; the risk that Centerra’s workforce and operations may be exposed to widespread epidemic or pandemic; seismic activity, including earthquakes; wildfires; long lead-times required for equipment and supplies given the remote location of some of the Company’s operating properties and disruptions caused by global events; reliance on a limited number of suppliers for certain consumables, equipment and components; the ability of the Company to address physical and transition risks from climate change and sufficiently manage stakeholder expectations on climate-related issues; regulations regarding greenhouse gas emissions and climate change; significant volatility of molybdenum prices resulting in material working capital changes and unfavourable pressure on viability of the molybdenum business; the Company’s ability to accurately predict decommissioning and reclamation costs and the assumptions they rely upon; the Company’s ability to attract and retain qualified personnel; competition for mineral acquisition opportunities; risks associated with the conduct of joint ventures/partnerships; risk of cyber incidents such as cybercrime, malware or ransomware, data breaches, fines and penalties; and, the Company’s ability to manage its projects effectively and to mitigate the potential lack of availability of contractors, budget and timing overruns, and project resources. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. All of the forward-looking statements made in this document are qualified by these cautionary statements and those made in our other filings with the securities regulators of Canada and the United States including, but not limited to, those set out in the Company’s latest Annual Report on Form 40-F/Annual Information Form and Management’s Discussion and Analysis, each under the heading “Risk Factors”, which are available on SEDAR+ (www.sedarplus.ca) or on EDGAR (www.sec.gov/edgar). The foregoing should be reviewed in conjunction with the information, risk factors and assumptions found in this document. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether written or oral, or whether as a result of new information, future events or otherwise, except as required by applicable law. Other Information Richard Adofo, Member of the Association of Professional Geoscientists Ontario and Centerra’s Vice President, Exploration & Resource, has reviewed and approved the scientific and technical information contained in this news release. Mr. Adofo is a “qualified person” within the meaning of the Canadian Securities Administrator’s NI 43-101 Standards of Disclosure for Mineral Projects. Non-GAAP and Other Financial Measures This document contains “specified financial measures” within the meaning of NI 52-112, specifically the non-GAAP financial measures, non-GAAP ratios and supplementary financial measures described below. Management believes that the use of these measures assists analysts, investors and other stakeholders of the Company in understanding the costs associated with producing gold and copper, understanding the economics of gold and copper mining, assessing operating performance, the Company’s ability to generate free cash flow from current operations and on an overall Company basis, and for planning and forecasting of future periods. However, the measures have limitations as analytical tools as they may be influenced by the point in the life cycle of a specific mine and the level of additional exploration or other expenditures a company has to make to fully develop its properties. The specified financial measures used in this document do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other issuers, even as compared to other issuers who may be applying the World Gold Council (“WGC”) guidelines. Accordingly, these specified financial measures should not be considered in isolation, or as a substitute for, analysis of the Company’s recognized measures presented in accordance with IFRS. Definitions The following is a description of the non-GAAP financial measures, non-GAAP ratios and supplementary financial measures used in this document: All-in sustaining costs on a by-product basis per ounce is a non-GAAP ratio calculated as all-in sustaining costs on a by-product basis divided by ounces of gold sold. All-in sustaining costs on a by-product basis is a non-GAAP financial measure calculated as the aggregate of production costs as recorded in the consolidated statements of earnings, refining and transport costs, the cash component of capitalized stripping and sustaining capital expenditures, lease payments related to sustaining assets, corporate general and administrative expenses, accretion expenses, asset retirement depletion expenses, copper and silver revenue and the associated impact of hedges of by-product sales revenue. When calculating all-in sustaining costs on a by-product basis, all revenue received from the sale of copper from the Mount Milligan Mine, as reduced by the effect of the copper stream, is treated as a reduction of costs incurred. A reconciliation of all-in sustaining costs on a by-product basis to the nearest IFRS measure is set out below. Management uses these measures to monitor the cost management effectiveness of each of its operating mines. All-in sustaining costs on a co-product basis per ounce of gold or per pound of copper, is a non-GAAP ratio calculated as all-in sustaining costs on a co-product basis divided by ounces of gold or pounds of copper sold, as applicable. All-in sustaining costs on a co-product basis is a non-GAAP financial measure based on an allocation of production costs between copper and gold based on the conversion of copper production to equivalent ounces of gold. The Company uses a conversion ratio for calculating gold equivalent ounces for its copper sales calculated by multiplying the copper pounds sold by estimated average realized copper price and dividing the resulting figure by estimated average realized gold price. For the three and nine months ended June 30, 2026, 508 and 634 pounds of copper were equivalent to one ounce of gold. A reconciliation of all-in sustaining costs on a co-product basis to the nearest IFRS measure is set out below. Management uses these measures to monitor the cost management effectiveness of each of its operating mines. Sustaining capital expenditures and Non-sustaining capital expenditures are non-GAAP financial measures. Sustaining capital expenditures are defined as those expenditures required to sustain current operations and exclude all expenditures incurred at new operations or major projects at existing operations where these projects will materially benefit the operation. Non-sustaining capital expenditures are primarily costs incurred at ‘new operations’ and costs related to ‘major projects at existing operations’ where these projects will materially benefit the operation. A material benefit to an existing operation is considered to be at least a 10% increase in annual or life of mine production, net present value, or reserves compared to the remaining life of mine of the operation. A reconciliation of sustaining capital expenditures and non-sustaining capital expenditures to the nearest IFRS measures is set out below. Management uses the distinction of the sustaining and non-sustaining capital expenditures as an input into the calculation of all-in sustaining costs per ounce and all-in costs per ounce. Adjusted net earnings is a non-GAAP financial measure calculated by adjusting net earnings as recorded in the consolidated statements of earnings for items not associated with ongoing operations. The Company believes that this generally accepted industry measure allows the evaluation of the results of income-generating capabilities and is useful in making comparisons between periods. This measure adjusts for the impact of items not associated with ongoing operations. A reconciliation of adjusted net earnings to the nearest IFRS measures is set out below. Management uses this measure to monitor and plan for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS. Adjusted EBITDA is a non-GAAP financial measure calculated by adjusting net earnings as recorded in the consolidated statements of earnings by depreciation, amortization, interest, taxes and items not associated with ongoing operations. The Company believes that this generally accepted industry measure allows the evaluation of the results of income-generating capabilities and is useful in making comparisons between periods. A reconciliation of adjusted EBITDA to the nearest IFRS measures is set out below. Management uses this measure to monitor and plan for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS. Free cash flow (deficit) is a non-GAAP financial measure calculated as cash provided by operating activities less property, plant and equipment additions. A reconciliation of free cash flow to the nearest IFRS measures is set out below. Management uses this measure to monitor the amount of cash available to reinvest in the Company and allocate for shareholder returns. Mining costs per tonne mined is a non-GAAP financial measure calculated by dividing the mining costs by the number of tonnes mined. Management uses these measures to monitor the cost management effectiveness of the mining process for each of its operating mines. Processing costs per tonne stacked is a non-GAAP financial measure calculated by dividing the processing costs by the number of tonnes milled or stacked. Management uses these measures to monitor the cost management effectiveness of the mine processing for each of its operating mines. Site G&A costs per tonne processed is a non-GAAP financial measure calculated by dividing the site G&A costs by the number of tonnes milled or stacked. Management uses these measures to monitor the cost management effectiveness of the site G&A process for each of its operating mines. On site costs per tonne processed is a non-GAAP financial measure calculated by dividing the operating expenses less changes in inventories, royalties and other costs by the number of tonnes milled or stacked. Management uses these measures to monitor the cost management effectiveness of the relevant production costs for each of its operating mines. Average realized gold price is a supplementary financial measure calculated by dividing the different components of gold sales (including third party sales, mark-to-market adjustments, final pricing adjustments and the fixed amount received under the Mount Milligan Mine Streaming Agreement) by the number of ounces sold. Management uses this measure to monitor its sales of gold ounces against the average market gold price. Average realized copper price is a supplementary financial measure calculated by dividing the different components of copper sales (including third party sales, mark-to-market adjustments, final pricing adjustments and the fixed amount received under the Mount Milligan Mine Streaming Agreement) by the number of pounds sold. Management uses this measure to monitor its sales of copper pounds against the average market copper price. Average realized molybdenum price is a supplementary financial measure calculated by dividing the different components of molybdenum sales (including third party sales, mark-to-market adjustments and final pricing adjustments) by the number of pounds sold. Management uses this measure to monitor its sales of molybdenum pounds against the average market molybdenum price. Total liquidity is a supplementary financial measure calculated as cash and cash equivalents and amount available under the corporate credit facility. Credit facility availability is reduced by outstanding letters of credit. Management uses this measure to determine if the Company can meet all of its commitments, execute on the business plan, and to mitigate the risk of economic downturns. Certain unit costs, including all-in sustaining costs on a by-product basis (including and excluding revenue-based taxes) per ounce, are non-GAAP ratios which include as a component certain non-GAAP financial measures including all-in sustaining costs on a by-product basis which can be reconciled as follows: Adjusted net earnings are a non-GAAP financial measure and can be reconciled as follows: Consolidated Adjusted EBITDA is a non-GAAP performance measure and can be reconciled as follows: Adjusted EBITDA at the Langeloth Facility is a non-GAAP measure and can be reconciled as follows: (1) Other primarily reflects the estimated costs of resolution of legal matters $3.7M Free cash flow (deficit) is a non-GAAP financial measure and can be reconciled as follows: (1) As presented in the Company’s condensed consolidated interim statements of cash flows. (1) As presented in the Company’s condensed consolidated interim statements of cash flows. Sustaining capital expenditures and non-sustaining capital expenditures are non-GAAP measures and can be reconciled as follows: (1) As presented in note 17 of the Company’s condensed consolidated interim financial statements.(2) Primarily includes reclassification of insurance and capital spares from supplies inventory to PP&E. (1) As presented in note 17 of the Company’s condensed consolidated interim financial statements.(2) Primarily includes reclassification of insurance and capital spares from supplies inventory to PP&E. Costs per tonne are non-GAAP measures and can be reconciled as follows: (1) Allocation of mining costs represents allocation to TSF for the Mount Milligan Mine and capitalized stripping for the Öksüt Mine.
Investor releaseQuarter not tagged2026-07-28Centerra Gold Q2 Adjusted Earnings, Revenue Rise
MT Newswires
Centerra Gold Q2 Adjusted Earnings, Revenue Rise
Centerra Gold (CGAU) reported Tuesday Q2 adjusted earnings of $0.39 per diluted share, up from $0.25
Investor releaseQuarter not tagged2026-06-26Centerra Gold Provides Notice of Second Quarter 2026 Results and Conference Call
GlobeNewswire
Centerra Gold Provides Notice of Second Quarter 2026 Results and Conference Call
TORONTO, June 26, 2026 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG) (NYSE: CGAU) will release its second quarter 2026 operating and financial results after the market closes on Tuesday July 28, 2026. The Company will host a conference call and webcast to discuss the results on Wednesday July 29, 2026, at 9:00 a.m. Eastern Time. Details for the conference call and webcast are included below. Webcast Participants can access the webcast at the following webcast link. An archive of the webcast will be available until the end of day on October 29, 2026. Conference Call Participants can register for the conference call at the following registration link. Upon registration, you will receive the dial-in details and a unique PIN to access the call. This process will bypass the live operator and avoid the queue. Registration will remain open until the end of the live conference call. Participants who prefer to dial in and speak with a live operator can access the call by dialing 1-833-821-3536 or 647-846-2628. It is recommended that you call 10 minutes before the scheduled start time. After the call, an audio recording will be made available via telephone for one month, until the end of day August 29, 2026. The recording can be accessed by dialing 1-855-669-9658 or 412-317-0088 and using the access code 8809710. In addition, the webcast will be archived on Centerra’s website at www.centerragold.com/investor-relations/events-and-presentations/ Presentation slides will be available on Centerra’s website at www.centerragold.com. 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. The Company also owns the Kemess Project in British Columbia, Canada, the Goldfield Project in Nevada, United States, 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. The Company is based in Toronto, Ontario, Canada. For more information: Lisa WilkinsonVice President, Investor Relations & Corporate Communi…Read full documentShow less
TORONTO, June 26, 2026 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG) (NYSE: CGAU) will release its second quarter 2026 operating and financial results after the market closes on Tuesday July 28, 2026. The Company will host a conference call and webcast to discuss the results on Wednesday July 29, 2026, at 9:00 a.m. Eastern Time. Details for the conference call and webcast are included below. Webcast Participants can access the webcast at the following webcast link. An archive of the webcast will be available until the end of day on October 29, 2026. Conference Call Participants can register for the conference call at the following registration link. Upon registration, you will receive the dial-in details and a unique PIN to access the call. This process will bypass the live operator and avoid the queue. Registration will remain open until the end of the live conference call. Participants who prefer to dial in and speak with a live operator can access the call by dialing 1-833-821-3536 or 647-846-2628. It is recommended that you call 10 minutes before the scheduled start time. After the call, an audio recording will be made available via telephone for one month, until the end of day August 29, 2026. The recording can be accessed by dialing 1-855-669-9658 or 412-317-0088 and using the access code 8809710. In addition, the webcast will be archived on Centerra’s website at www.centerragold.com/investor-relations/events-and-presentations/ Presentation slides will be available on Centerra’s website at www.centerragold.com. 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. The Company also owns the Kemess Project in British Columbia, Canada, the Goldfield Project in Nevada, United States, 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. The Company is based in Toronto, Ontario, Canada. For more information: Lisa WilkinsonVice President, Investor Relations & Corporate Communications(416) [email protected] Additional information on Centerra is available on the Company’s website at www.centerragold.com, on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar.
Investor releaseQuarter not tagged2026-05-13Does Centerra Gold’s (TSX:CG) Earnings–Cash Flow Gap Reshape Its Capital Return Story?
Simply Wall St.
Does Centerra Gold’s (TSX:CG) Earnings–Cash Flow Gap Reshape Its Capital Return Story?
In the first quarter of 2026, Centerra Gold Inc. reported sales of US$484.69 million and net income of US$79.43 million, alongside higher gold and copper production, a CAD$0.07 quarterly dividend declaration, and completion of a US$22.5 million share buyback program. While earnings and shareholder returns improved, market focus has turned to the gap between reported earnings and weaker cash generation, with unusual items playing a meaningful role in recent results. Next, we’ll examine how stronger reported earnings but softer cash generation may affect Centerra Gold’s existing investment narrative and risk profile. Outshine the giants: these 15 early-stage AI stocks could fund your retirement. To own Centerra Gold today, you need to be comfortable with a story built around stable production from Mount Milligan and Öksüt, plus disciplined growth projects, while keeping a close eye on cash generation and costs. The latest Q1 2026 results, with stronger reported earnings but weaker cash flow, do not materially change the near term focus: turning accounting profits into sustainable free cash flow remains the key catalyst, and persistent cost pressure and project execution risk remain the biggest threats. Among the recent announcements, the Q1 2026 earnings release stands out. Higher gold and copper production, US$484.69 million in sales, and US$79.43 million in net income, together with the CAD$0.07 dividend and completion of a US$22.5 million buyback, all highlight a company leaning into shareholder returns. Set against concerns about earnings quality and softer cash generation, these results frame the tension between headline profitability and the cash needed to fund Centerra’s growth projects. Yet beneath the strong headlines, investors should be aware that earnings quality and cash conversion may increasingly hinge on... Read the full narrative on Centerra Gold (it's free!) Centerra Gold's narrative projects $1.6 billion revenue and $106.3 million earnings by 2028. Uncover how Centerra Gold's forecasts yield a CA$32.42 fair value, a 27% upside to its current price. Some of the most optimistic analysts expected revenue to reach about US$2.6 billion and earnings around US$500 million, which is a far more bullish view than the baseline, and Q1’s strong profit but weaker cash generation could either support or challenge that story depending on how sustainable yo…Read full documentShow less
In the first quarter of 2026, Centerra Gold Inc. reported sales of US$484.69 million and net income of US$79.43 million, alongside higher gold and copper production, a CAD$0.07 quarterly dividend declaration, and completion of a US$22.5 million share buyback program. While earnings and shareholder returns improved, market focus has turned to the gap between reported earnings and weaker cash generation, with unusual items playing a meaningful role in recent results. Next, we’ll examine how stronger reported earnings but softer cash generation may affect Centerra Gold’s existing investment narrative and risk profile. Outshine the giants: these 15 early-stage AI stocks could fund your retirement. To own Centerra Gold today, you need to be comfortable with a story built around stable production from Mount Milligan and Öksüt, plus disciplined growth projects, while keeping a close eye on cash generation and costs. The latest Q1 2026 results, with stronger reported earnings but weaker cash flow, do not materially change the near term focus: turning accounting profits into sustainable free cash flow remains the key catalyst, and persistent cost pressure and project execution risk remain the biggest threats. Among the recent announcements, the Q1 2026 earnings release stands out. Higher gold and copper production, US$484.69 million in sales, and US$79.43 million in net income, together with the CAD$0.07 dividend and completion of a US$22.5 million buyback, all highlight a company leaning into shareholder returns. Set against concerns about earnings quality and softer cash generation, these results frame the tension between headline profitability and the cash needed to fund Centerra’s growth projects. Yet beneath the strong headlines, investors should be aware that earnings quality and cash conversion may increasingly hinge on... Read the full narrative on Centerra Gold (it's free!) Centerra Gold's narrative projects $1.6 billion revenue and $106.3 million earnings by 2028. Uncover how Centerra Gold's forecasts yield a CA$32.42 fair value, a 27% upside to its current price. Some of the most optimistic analysts expected revenue to reach about US$2.6 billion and earnings around US$500 million, which is a far more bullish view than the baseline, and Q1’s strong profit but weaker cash generation could either support or challenge that story depending on how sustainable you think those numbers really are. Explore 7 other fair value estimates on Centerra Gold - why the stock might be worth as much as 56% more than the current price! Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts. A great starting point for your Centerra Gold research is our analysis highlighting 4 key rewards and 3 important warning signs that could impact your investment decision. Our free Centerra Gold research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Centerra Gold's overall financial health at a glance. Our daily scans reveal stocks with breakout potential. Don't miss this chance: The future of work is here. Discover the 31 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. Find 6 companies with promising cash flow potential yet trading below their fair value. We've uncovered the 5 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include CG.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]
Investor releaseQuarter not tagged2026-05-06Centerra Gold Announces Results of 2026 Annual Meeting of Shareholders
GlobeNewswire
Centerra Gold Announces Results of 2026 Annual Meeting of Shareholders
TORONTO, May 05, 2026 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (TSX: CG) (NYSE: CGAU) (“Centerra” or the “Company”) announces the results of its 2026 Annual Meeting of Shareholders (the “Meeting”) held on May 5, 2026. A total of 152,456,607 shares, representing 76.39% of common shares issued and outstanding, were represented at the Meeting. Detailed voting results are outlined below. Election of Directors Each of the nominee directors listed in Centerra’s management information circular dated March 20, 2026, was elected. Appointment of Auditors KPMG LLP was re-appointed as auditor of the Company and the Board was authorized to fix the auditor’s renumeration. Advisory Vote on Executive Compensation The non-binding resolution approving the Company’s approach to executive compensation disclosed in Centerra’s management information circular dated March 20, 2026, was approved. 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. The Company also owns the Kemess Project in British Columbia, Canada, the Goldfield Project in Nevada, United States, 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. The Company is based in Toronto, Ontario, Canada. For more information: Lisa Wilkinson Vice President, Investor Relations & Corporate Communications (416) 204-3780 [email protected] Additional information on Centerra is available on the Company’s website at www.centerragold.com, on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar.
Investor releaseQuarter not tagged2026-05-01Centerra Gold Q1 Earnings Call Highlights
MarketBeat
Centerra Gold Q1 Earnings Call Highlights
Centerra reported a “very strong” Q1 with consolidated production of 68,000 ounces of gold and 14.2 million pounds of copper, adjusted net earnings of $88 million, $120 million cash from operations, $49 million free cash flow, ending cash of $543 million and total liquidity of $943 million, while returning $33 million to shareholders via dividends and buybacks. Organic growth projects are advancing: Thompson Creek restart is ~38% complete and remains on track for first production in mid‑2027 within a $425–450 million capex envelope, Goldfield is on schedule for late‑2028 first production, and the Kemess PEA shows robust economics with an after‑tax NPV of $2.8 billion and a 29% IRR over a 15‑year mine life. Near‑term operational and cash considerations include Öksüt’s stronger‑than‑planned Q1 (management still maintaining full‑year guidance), a $73 million working‑capital build at Langeloth after its provisional April restart (with $5–10 million repair costs expected for 2026), and anticipated Turkish tax/royalty payments of roughly $90–100 million in Q2 that will affect Öksüt free cash flow. Interested in Centerra Gold Inc.? Here are five stocks we like better. Centerra Gold (NYSE:CGAU) reported what management described as a “very strong start to the year” in the first quarter of 2026, with production tracking in line with plan across its operating portfolio and an increased cash balance as the company continued to fund growth projects and return capital to shareholders. On the company’s first-quarter earnings call, President and CEO Paul Tomory said Centerra produced 68,000 ounces of gold and 14.2 million pounds of copper on a consolidated basis. He said Mount Milligan performed in line with its recently published pre-feasibility study and full-year guidance, while the Öksüt mine delivered a stronger-than-planned quarter driven by higher grades. → Corning Beats Q1 Estimates but Drops 9% on Guidance Miss Chief Financial Officer Ryan Snyder said the company ended the quarter with $543 million in cash and $943 million in total liquidity. Centerra also returned $33 million to shareholders through dividends and share repurchases during the quarter, while investing in internal growth initiatives and building working capital at its Langeloth facility. Snyder said Mount Milligan produced more than 29,500 ounces of gold and 14.2 million pounds of copper in the quar…Read full documentShow less
Centerra reported a “very strong” Q1 with consolidated production of 68,000 ounces of gold and 14.2 million pounds of copper, adjusted net earnings of $88 million, $120 million cash from operations, $49 million free cash flow, ending cash of $543 million and total liquidity of $943 million, while returning $33 million to shareholders via dividends and buybacks. Organic growth projects are advancing: Thompson Creek restart is ~38% complete and remains on track for first production in mid‑2027 within a $425–450 million capex envelope, Goldfield is on schedule for late‑2028 first production, and the Kemess PEA shows robust economics with an after‑tax NPV of $2.8 billion and a 29% IRR over a 15‑year mine life. Near‑term operational and cash considerations include Öksüt’s stronger‑than‑planned Q1 (management still maintaining full‑year guidance), a $73 million working‑capital build at Langeloth after its provisional April restart (with $5–10 million repair costs expected for 2026), and anticipated Turkish tax/royalty payments of roughly $90–100 million in Q2 that will affect Öksüt free cash flow. Interested in Centerra Gold Inc.? Here are five stocks we like better. Centerra Gold (NYSE:CGAU) reported what management described as a “very strong start to the year” in the first quarter of 2026, with production tracking in line with plan across its operating portfolio and an increased cash balance as the company continued to fund growth projects and return capital to shareholders. On the company’s first-quarter earnings call, President and CEO Paul Tomory said Centerra produced 68,000 ounces of gold and 14.2 million pounds of copper on a consolidated basis. He said Mount Milligan performed in line with its recently published pre-feasibility study and full-year guidance, while the Öksüt mine delivered a stronger-than-planned quarter driven by higher grades. → Corning Beats Q1 Estimates but Drops 9% on Guidance Miss Chief Financial Officer Ryan Snyder said the company ended the quarter with $543 million in cash and $943 million in total liquidity. Centerra also returned $33 million to shareholders through dividends and share repurchases during the quarter, while investing in internal growth initiatives and building working capital at its Langeloth facility. Snyder said Mount Milligan produced more than 29,500 ounces of gold and 14.2 million pounds of copper in the quarter, representing about 20% of annual gold guidance and matching the production profile the company had previously outlined. He noted that gold and copper sales exceeded production because weather-related logistics disruptions at the end of December deferred some sales into 2026. → Is Oracle Undervalued as Cloud Growth Accelerates? Mount Milligan’s all-in sustaining costs (AISC) on a byproduct basis were $1,060 per ounce, which Snyder said benefited from higher byproduct credits due to elevated copper and silver prices. He added that recent increases in diesel prices did not materially impact costs in the first quarter. At Öksüt, Snyder reported first-quarter production of more than 38,400 ounces of gold, which was higher than planned due to higher grades. Full-year 2026 production guidance for Öksüt remains 110,000 to 125,000 ounces, with production expected to be more evenly weighted and lower than the first quarter for the balance of the year. → Meta Posted Its Best Sales Growth Since 2021—So Why Did Shares Fall? Öksüt’s AISC on a byproduct basis was $1,653 per ounce, lower than the prior quarter, driven by higher gold ounces produced and sold and lower sustaining capital expenditures, partially offset by higher royalty expense tied to higher gold prices, Snyder said. Asked about Öksüt’s outperformance, Tomory said the mine has “reconciled positively almost since first production,” with better-than-modeled grades reporting to the heaps. While he said there “will be times” when grades could exceed plan, he emphasized the company is maintaining its existing 2026 guidance, noting remaining quarters are expected to be lower than the first quarter. Tomory and Snyder highlighted continued progress across Centerra’s organic growth pipeline, which management has framed as a disciplined, self-funded strategy supported by operating cash flow and balance sheet strength. Thompson Creek: Snyder said restart activities are advancing, with about 38% of infrastructure refurbishment complete. First-quarter non-sustaining capital expenditures were $41 million. Since the September 2024 restart decision, capital spending has totaled $205 million. Snyder said the project remains within its $425 million to $450 million total capital estimate and is still on track for first production in mid-2027. Goldfield: Tomory said detailed engineering, procurement of long-lead items, and mobilization for 2026 early works are progressing as planned. He reiterated that first production remains on track for late 2028. He also said Goldfield received water rights transfers during the quarter, which he characterized as an important permitting milestone. Kemess: Tomory referenced an updated mineral resource and preliminary economic assessment (PEA) released in January. He said the PEA outlines a de-risked restart plan leveraging existing infrastructure and an integrated open pit and underground operation, with an initial 15-year mine life. The PEA includes production of 171,000 ounces of gold and 61 million pounds of copper at an AISC on a byproduct basis of $971 per ounce, Tomory said. Tomory also cited PEA economics for Kemess, including an after-tax net present value of $2.8 billion and 29% internal rate of return at assumed prices of $4,500 per ounce of gold and $6 per pound of copper. He said the capital plan is phased, with about $770 million in initial non-sustaining capital followed by $277 million in expansionary non-sustaining capital over the two years after open pit start-up to support underground development. In response to an analyst question about the fact that the PEA evaluates only 47% of overall resource tonnes, Tomory said the company’s planned 2027 pre-feasibility study (PFS) is intended to increase confidence across engineering and permitting and is expected to focus on delivering the 15-year mine plan from the PEA. He said additional drilling to potentially expand the mine plan would be targeted later, as the project moves toward feasibility work and potential execution. Snyder said operations at Langeloth “provisionally resumed in April” following a temporary suspension that began Jan. 29. During the restart, the company identified items requiring additional testing and validation, which he said is typical when bringing a processing facility back to stable operations. Centerra incurred $2 million of repairs in the first quarter, with remaining costs expected to be incurred over the balance of the year. Snyder reiterated management’s estimate that total repair costs for 2026 are expected to be $5 million to $10 million. He also said the company made a $73 million working capital investment at Langeloth in the quarter, primarily from building inventory during the suspension. Snyder said the company does not expect this working capital to unwind in the near term, as Centerra plans to maintain higher inventory levels through 2026 while operations and shipments normalize and as Langeloth ramps up under a “commercial optimization strategy.” Snyder reported adjusted net earnings of $88 million, or $0.44 per share, for the first quarter. He said adjustments included a $25 million unrealized loss on a financial asset related to an additional agreement with Royal Gold. First-quarter sales totaled nearly 73,000 ounces of gold and 14.9 million pounds of copper. Snyder said the average realized price was $4,172 per ounce for gold and $4.48 per pound for copper, incorporating Mount Milligan’s existing streaming arrangements. The company also sold about 3.7 million pounds of molybdenum at Langeloth at an average realized price of $26.11 per pound. Consolidated AISC on a byproduct basis was $1,705 per ounce in the quarter. While Snyder said diesel price volatility could impact costs in 2026, he added that at current levels any impact is not expected to be material. In a Q&A discussion, Snyder said diesel represents “a little under 10%” of the cost profile across Mount Milligan and Öksüt, and that the company is partially hedged, including about 30% hedged at Mount Milligan and about 75% hedged for Thompson Creek during its initial capital period. He said a $50 per barrel increase in diesel would imply about a $75 per ounce impact on AISC, but that at current prices the company expects to remain within guidance ranges. Centerra generated $120 million in cash from operations and $49 million in free cash flow during the quarter, Snyder said, citing strong operational performance and elevated metal prices. He said Mount Milligan generated $125 million in operating cash flow and $106 million of free cash flow, while Öksüt generated $134 million in operating cash flow and $132 million of free cash flow. U.S. Moly used $75 million of cash in operations and reported a $117 million free cash flow deficit, which Snyder attributed mainly to Thompson Creek restart spending and the working capital increase at Langeloth. On capital returns, Snyder said Centerra repurchased 1.3 million shares for $22.5 million and declared a quarterly dividend of $0.07 per share. Tomory said management discusses capital allocation each quarter and described the buyback as “very robust,” adding that the company views its shares as “very compelling value” at current levels. Looking ahead, Snyder said the company expects to make routine payments to the Turkish government in the second quarter for taxes and royalties of roughly $90 million to $100 million, which he said will impact Öksüt free cash flow next quarter, assuming current exchange rates. Tomory closed by saying the company’s strong operating base and progress across Mount Milligan, Kemess, Thompson Creek, Goldfield, and Öksüt position Centerra to continue investing in growth while returning capital to shareholders. Centerra Gold Inc is a gold mining company incorporated in Canada and headquartered in Toronto. The company specializes in the exploration, development and operation of precious metals properties, with a focus on gold production. Centerra's portfolio includes the Mount Milligan mine in British Columbia, Canada, and the Otjikoto mine in Namibia. Both operations produce gold and copper concentrates and employ modern mining methods and processing facilities to optimize recovery rates and minimize environmental impact. In addition to its producing assets, Centerra is advancing the development of its Greenstone Gold Project in Ontario, Canada, which, upon completion, is expected to become one of Canada's largest gold mines. The article "Centerra Gold Q1 Earnings Call Highlights" was originally published by MarketBeat.
Investor releaseQuarter not tagged2026-04-30Centerra Gold Announces Quarterly Dividend of C$0.07 per Common Share
GlobeNewswire
Centerra Gold Announces Quarterly Dividend of C$0.07 per Common Share
TORONTO, April 29, 2026 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG) (NYSE: CGAU) announced today that its Board of Directors has approved a quarterly dividend of C$0.07 per common share – approximately C$13.9 million or US$10.0 million in aggregate. The quarterly dividend is payable on June 4, 2026, to shareholders of record as of the close of business on May 21, 2026. The dividend is an eligible dividend for Canadian income tax purposes. In accordance with Centerra’s dividend policy, the timing and quantum of dividends are to be determined by the Board of Directors from time-to-time based on, among other things, the Company’s operating results, cash flow and financial conditions, current and anticipated capital requirements, and general business conditions. 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. The Company also owns the Kemess Project in British Columbia, Canada, the Goldfield Project in Nevada, United States, 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. The Company is based in Toronto, Ontario, Canada. For more information: Lisa Wilkinson Vice President, Investor Relations & Corporate Communications (416) 204-3780 [email protected] Additional information on Centerra is available on the Company’s website at www.centerragold.com, on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar.

