Centerra Gold (CG) Q1 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q1 2026, with production in line with plan and robust free cash flow generation at both Mount Milligan and Öksüt.

• Cash balance increased to $543 million, supporting ongoing investments and $33 million returned to shareholders via buybacks and dividends.

• Advanced key growth projects: Kemess PEA released, Mount Milligan PFS delivered, Thompson Creek on track for mid-2027 production, and Goldfield progressing toward late 2028 start.

• Sustainability initiatives advanced, including water rights at Goldfield and community engagement at Öksüt.

Financial highlights

• Revenue rose 62% year-over-year to $484.7 million; net earnings up 160% to $79.4 million; adjusted net earnings up 234% to $88.2 million.

• Adjusted net earnings of $88 million ($0.44 per share) in Q1 2026; EPS was $0.40.

• Cash from operations: $120 million; free cash flow: $49 million; total liquidity at quarter-end: $943 million.

• Shareholder returns in Q1 2026 were $33 million ($22.5 million buybacks, $10.1 million dividends).

• Gold production costs: $1,649/oz; AISC on by-product basis: $1,705/oz; average realized gold price: $4,172/oz; copper price: $4.48/lb.

Outlook and guidance

• 2026 gold production guidance: 250,000–280,000 oz; copper: 50–60 million lbs.

• Mount Milligan and Öksüt expected to meet full-year production and cost guidance; Goldfield and Thompson Creek on track for first production in late 2028 and mid-2027, respectively.

• Mount Milligan 2026 guidance: 140,000–155,000 oz gold, 50–60M lbs copper; gold production costs $1,450–$1,550/oz, AISC $1,200–$1,300/oz.

• Öksüt 2026 guidance: 110,000–125,000 oz gold; gold production costs $1,650–$1,750/oz, AISC $1,850–$1,950/oz.

• Diesel price volatility not expected to materially impact 2026 cost or CapEx guidance due to hedging.