Centerra Gold (CG) Q3 2026 earnings summary

Executive summary

• Q3 gold production was 75,429 oz and copper production was 12.8M lb; full-year consolidated production and cost guidance was reaffirmed.

• Revenue rose 27% YoY to $500.3M; operating execution supported lower Mount Milligan AISC guidance and progress toward Thompson Creek and Goldfield production milestones.

Financial highlights

• Revenue was $500.3M, up 27% YoY, and earnings from mine operations were $176.1M, up 29%.

• Net earnings were $88.7M, or $0.46/share; adjusted net earnings were $71.8M, or $0.37/share, up 8% YoY.

• Operating cash flow was $143.1M and free cash flow was $17.1M, compared with $161.7M and $98.7M in Q3 2025.

• Gold sales were 74,387 oz at $3,483/oz; copper sales were 13.189M lb at $5.74/lb.

• PP&E additions were $139.3M and total capital expenditures were $150.9M.

Outlook and guidance

• 2026 production guidance was reaffirmed: 260,000–290,000 oz gold, including 140,000–155,000 oz at Mount Milligan and 120,000–135,000 oz at Öksüt; Mount Milligan copper guidance is 50–60M lb.

• Mount Milligan by-product AISC guidance fell to $1,100–$1,200/oz from $1,200–$1,300/oz; gold production cost guidance remains $1,450–$1,550/oz.

• Consolidated by-product AISC guidance remains $1,650–$1,750/oz; Öksüt guidance remains $1,850–$1,950/oz.

• Thompson Creek targets first production in mid-2027 within a $425M–$450M estimate; Goldfield targets first production by end-2028.

• Langeloth adjusted EBITDA guidance increased to $17M–$22M from $7M–$12M; Öksüt optimization results are expected in early 2027 and the Thompson Creek PFS in mid-2027.