Centerra Gold (CG) Q1 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q1 2026, with consolidated gold production of 68,001 oz and copper production of 14.2M lbs, in line with guidance and robust free cash flow at Mount Milligan and Öksüt.

• Cash balance increased to $543M, supporting self-funded growth and $33M returned to shareholders via buybacks and dividends.

• Advanced key growth projects: Kemess PEA published, Mount Milligan PFS delivered, Goldfield and Thompson Creek progressing, and Langeloth facility resumed operations.

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

Financial highlights

• Revenue rose 62% year-over-year to $484.7M; net earnings up 160% to $79.4M; adjusted net earnings $88.2M ($0.44/share).

• Adjusted EBITDA more than doubled to $169.7M; free cash flow reached $49M, up 390% year-over-year.

• Cash from operations: $120M; total liquidity at $943.5M, including $400M undrawn credit.

• Gold sales: 72,935 oz at $4,172/oz; copper sales: 14.9M lbs at $4.48/lb.

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

Outlook and guidance

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

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

• Full-year gold production costs expected at $1,500–$1,600/oz; AISC (by-product) $1,650–$1,750/oz.

• Langeloth guidance to be published with Q2 results; higher inventory levels to be maintained through 2026.

• Major cash outflows at Öksüt expected in Q2 for taxes and royalties ($90–$100M).