Centerra Gold (CG) Q1 2026 earnings summary

Executive summary

• Q1 2026 production met plan with 68,001 oz gold and 14.2M lbs copper produced across operations, with Mount Milligan and Öksüt delivering strong operational and financial results and robust free cash flow.

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

• Key growth projects advanced on schedule: Kemess PEA published, Mount Milligan PFS delivered, and progress at Thompson Creek and Goldfield.

Financial highlights

• Q1 2026 net earnings were $79.4M; adjusted net earnings reached $88.2M; revenue rose 62% YoY to $484.7M.

• Adjusted EBITDA increased 124% to $169.7M; free cash flow surged 390% to $49M.

• EPS was $0.40; adjusted EPS was $0.44.

• Cash flow from operations totaled $120M; total liquidity was $943M as of March 31, 2026.

• Gold production costs were $1,649/oz and AISC on by-product basis was $1,705/oz, both higher year-over-year.

Outlook and guidance

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

• 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.

• Thompson Creek restart remains on track for mid-2027 production; 2026 non-sustaining capital guidance $190–220M.

• Goldfield and Thompson Creek on track for first production in late 2028 and mid-2027, respectively.