Centerra Gold Q1 2026 News Release

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# Centerra Gold Q1 2026 News Release

Source: https://s205.q4cdn.com/276554285/files/doc_earnings/2026/q1/earnings-result/Centerra-Gold-Q1-2026-News-Release.pdf
Published: 2026-04-29T00:00:00+00:00
Fetched: 2026-05-29T13:34:22.714+00:00
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## Content

# Centerra Gold Q1 2026 News Release
NEWS RELEASE
Centerra Gold Reports First Quarter 2026 Results; Strong Free Cash Flow Drives Increased
Cash Balance, Supporting Self-Funded Growth Strategy and Shareholder Returns
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, Canada, April 29, 2026: Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE:
CGAU) today reported its first quarter 2026 operating and financial results.
President and CEO, Paul Tomory, commented, “Centerra delivered a strong start to the year, with production
performing in line with plan across our operations. Mount Milligan delivered results consistent with our
recently published Pre-Feasibility Study and full-year guidance, while Öksüt delivered a strong quarter driven
by higher than planned grades, supporting robust free cash flow generation across both sites. Our financial
position strengthened this quarter, with our cash balance increasing to $543 million. This was achieved while
we continued to invest in our internal growth pipeline, built working capital at Langeloth, and returned $33
million to shareholders through share buybacks and dividends in the quarter.”
Paul Tomory continued, “We remain focused on advancing our disciplined, self-funded growth strategy,
leveraging the strength of our balance sheet and cash flow generation. In the first quarter, we announced the
results of the Kemess Preliminary Economic Assessment, highlighting the long-term potential of the project
which remains a cornerstone of our future growth pipeline. We also continue to progress key initiatives across
our portfolio, including delivering on the Mount Milligan Pre-Feasibility Study, ongoing development work at
both Thompson Creek and Goldfield, which are expected to achieve first production in mid-2027 and late
2028, respectively, and the Life of Mine Optimization study at Öksüt which is expected by the end of 2026.
Together, these growth projects position Centerra to deliver sustainable value for shareholders over the long
term.”
First Quarter 2026 Highlights
Operations
• Production: In the first quarter 2026, consolidated gold production was 68,001 ounces, including
29,572 ounces from the Mount Milligan Mine (“Mount Milligan”) and 38,429 ounces from the Öksüt
Mine (“Öksüt”). Copper production in the quarter was 14.2 million pounds.
• Sales: First quarter 2026 gold sales were 72,935 ounces at an average realized gold price of $4,172
per ounce and copper sales were 14.9 million pounds at an average realized copper price of $4.48
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: First quarter 2026 consolidated gold production costs were $1,649 per ounce and all-in
sustaining costs (“AISC”) on a by-product basisNG were $1,705 per ounce. Recent increases in diesel
prices did not have a material impact on Centerra’s costs in the first quarter. The diesel price volatility
may impact costs in 2026, however, at current price levels, any such impact is not expected to be
material.
• Capital expendituresNG: First quarter 2026 additions to property, plant, and equipment (“PP&E”) and
capital expendituresNG were $101.6 million and $69.4 million, respectively. Sustaining capital
expendituresNG in the first quarter 2026 were $12.6 million mainly related to construction at the
existing tailings storage facility (“TSF”) at Mount Milligan. Non-sustaining capital expendituresNG in the
first quarter were $56.8 million related mainly to the development of the Thompson Creek Mine
(“Thompson Creek”).
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Financial
• Net earnings: First quarter 2026 net earnings were $79.4 million, or $0.40 per share, and adjusted
net earningsNG were $88.2 million or $0.44 per share. Key adjustments to net earnings, net of tax,
include $24.5 million of unrealized loss on the financial assets related to an agreement with RGLD
Gold AG dated February 13, 2024 to increase cash payments for Mount Milligan’s gold and copper
delivered to Royal Gold based on the delivery of certain threshold amounts from shipments occurring
after January 1, 2024 (“Additional Royal Gold Agreement”), and $16.1 million of unrealized gain on
the re-measurement of the sale of 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 first quarter 2026, cash
provided by operating activities was $120.1 million and free cash flowNG was $49.0 million. This
includes $124.6 million of cash provided by mine operations and $105.8 million of free cash flowNG at
Mount Milligan and $133.9 million of cash provided by mine operations and $132.4 million of free
cash flowNG at Öksüt. This was partially offset by capital expendituresNG at Thompson Creek.
• Cash and cash equivalents: As at March 31, 2026, total liquidity was $943.5 million, comprised of a
cash balance of $543.5 million and $400.0 million available under an undrawn corporate credit facility.
• Returning capital to shareholders: Under Centerra’s normal course issuer bid (“NCIB”) program,
the Company repurchased 1,253,900 common shares in the first quarter 2026, for total consideration
of $22.5 million. Centerra believes that the NCIB provides 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 $10.1 million in the first quarter.
Strategic Growth Initiatives
• Kemess Preliminary Economic Assessment (“PEA”) demonstrates the potential to become
Centerra’s second long-life gold-copper asset in British Columbia: In January 2026, Centerra
published an updated mineral resource and the results of a PEA for the Kemess project (“Kemess”),
reinforcing its potential as a significant, large-scale gold-copper development project. Located in the
highly attractive Toodoggone region in British Columbia, and unencumbered by a gold or copper
stream, the Kemess PEA shows strong economics and the project is well positioned to complement
Mount Milligan as a cornerstone asset within Centerra’s portfolio. Work is underway on a Pre-
Feasibility Study (“PFS”), expected in 2027, supporting the progression of Kemess within the
Company’s development pipeline.
• Mount Milligan Life of Mine (“LOM”) extension to 2045 reinforces its position as a long-term
cornerstone asset: The September 2025 PFS extended the mine life to 2045 and outlined a
disciplined, fully funded growth capital plan. The study showed robust economics and highlights
Mount Milligan’s attractive cost structure, long-term operating plan and continued exploration
potential. In January 2026, Mount Milligan received permits to allow for the continuation of its
operations through 2035, including a 10% expansion in plant throughput beginning in 2028 and
increased stockpile capacity needed for plant feed flexibility.
• Goldfield Project advancement supports near-term gold exposure and production growth:
Centerra continues to advance development and construction activities at the Goldfield Project
(“Goldfield”). The project is expected to deliver a streamlined, low-risk development path and
complement Centerra’s existing operations while contributing to the Company’s near-term growth
profile. Early works, procurement and initial development activities are progressing on plan,
supporting advancement towards first production in late 2028.
Events Subsequent to Quarter End
• Langeloth Metallurgical Facility (“Langeloth”) provisionally resumes operations;
Commissioning progressing with additional testing required: Operations at Langeloth have
provisionally resumed in April 2026 following the temporary suspension on January 29, 2026. During
the restart, the Company identified items requiring additional testing and validation, which is typical of
2
bringing a processing facility back to stable operations, and commissioning continues to progress. A
total of $1.9 million for repairs was incurred in the first quarter of 2026, including both expensed and
capitalized costs, with the remaining costs expected to be incurred over the balance of the year, in
line with the total estimated repair costs of $5 to $10 million. A $73 million investment in working
capital was made at Langeloth in the first quarter related to building inventory during the temporary
shutdown of operations. This investment is not expected to unwind in the near term as the Company
plans to hold higher inventory levels through 2026 while operations and shipments normalize and as
Langeloth ramps up production as part of its commercial optimization plan. Centerra expects to
publish 2026 operating guidance for Langeloth with its second quarter 2026 results.
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Overview of Consolidated Financial and Operating Highlights
($millions, except as noted) Three months ended March 31,
%
2026 2025 Change
Financial Highlights
Revenue 484.7 299.5 62 %
Production costs 254.2 198.9 28 %
Depreciation, depletion, and amortization ("DDA") 32.9 24.1 37 %
Earnings from mine operations 197.6 76.5 158 %
Net earnings 79.4 30.5 160 %
Adjusted net earnings(1) 88.2 26.4 234 %
Adjusted EBITDA(1) 169.7 75.8 124 %
Cash provided by operating activities 120.1 58.6 105 %
Free cash flow(1) 49.0 10.0 390 %
Additions to property, plant and equipment (“PP&E”) 101.6 68.1 49 %
Capital expenditures - total(1) 69.4 46.9 48 %
Sustaining capital expenditures(1) 12.6 18.0 (30)%
Non-sustaining capital expenditures(1) 56.8 28.9 97 %
Net earnings per common share - $/share basic(2) 0.40 0.15 167 %
Adjusted net earnings per common share - $/share basic(1)(2) 0.44 0.13 238 %
Operating highlights
Gold produced (oz) 68,001 59,379 15 %
Gold sold (oz) 72,935 61,132 19 %
Average market gold price ($/oz) 4,875 2,860 70 %
Average realized gold price ($/oz )(3) 4,172 2,554 63 %
Copper produced (000s lbs) 14,151 11,647 21 %
Copper sold (000s lbs) 14,872 12,141 22 %
Average market copper price ($/lb) 5.83 4.24 38 %
Average realized copper price ($/lb)(3) 4.48 3.80 18 %
Molybdenum roasted (000 lbs) 1,285 3,034 (58)%
Molybdenum sold (000s lbs) 3,707 4,244 (13)%
Average market molybdenum price ($/lb) 25.73 20.53 25 %
Average realized molybdenum price ($/lb)(3) 26.11 21.59 21 %
Unit costs
Gold production costs ($/oz)(4) 1,649 1,271 30 %
All-in sustaining costs on a by-product basis ($/oz)(1)(4) 1,705 1,491 14 %
Gold - All-in sustaining costs on a co-product basis ($/oz)(1)(4) 2,121 1,742 22 %
Copper production costs ($/lb)(4) 2.23 2.23 0%
Copper - All-in sustaining costs on a co-product basis ($/lb)(1)(4) 2.44 2.54 (4)%
(1) Non-GAAP financial measure. See discussion under “Non-GAAP and Other Financial Measures”.
(2) As at March 31, 2026, the Company had 199,016,241 common shares issued and outstanding.
(3) This supplementary financial measure within the meaning of National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure
(“NI 51-112”) is calculated as a ratio of

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