Centerra Gold (CG) Q2 2026 earnings summary

Executive summary

• Achieved strong operational performance in Q2 2026, with Mount Milligan and Öksüt performing in line with or above plan, generating robust cash flow and healthy operating margins despite lower gold prices.

• Increased 2026 consolidated gold production guidance to 260,000–290,000 ounces, driven by strong Öksüt performance, which saw its guidance raised by 9%.

• Completed $50 million in share buybacks in Q2 and expanded the 2026 buyback program to $200 million, with $72 million completed in H1.

• Extended and upsized revolving credit facility to $600 million, enhancing financial flexibility and total liquidity to $1.05 billion.

• Advanced multiple organic growth projects, including Thompson Creek, Goldfield, Kemess, and U.S. Moly, with disciplined capital allocation.

Financial highlights

• Q2 2026 revenue was $442.7 million, up 54% year-over-year; net earnings were $72.1 million ($0.37/share), and adjusted net earnings were $79.3 million ($0.40/share).

• Adjusted EBITDA reached $157.5 million, up 81% year-over-year; adjusted EBITDA margin was 36%.

• Cash flow from operations in Q2 2026 was $66 million; free cash flow deficit was $23 million, mainly due to timing of tax and royalty payments.

• Cash and cash equivalents stood at $451 million as of June 30, 2026; total liquidity was $1.05 billion, including a $600 million credit facility.

• Q2 2026 shareholder returns totaled $60 million ($50 million in buybacks, $10 million in dividends).

Outlook and guidance

• 2026 consolidated gold production guidance raised to 260,000–290,000 ounces; copper guidance reaffirmed at 50–60 million pounds.

• Mount Milligan 2026 guidance: 140,000–155,000 ounces gold, 50–60 million pounds copper; Öksüt 2026 guidance: 120,000–135,000 ounces gold, up 9% at midpoint.

• Consolidated AISC guidance for 2026: $1,650–$1,750 per ounce; Mount Milligan AISC: $1,200–$1,300/oz; Öksüt AISC: $1,850–$1,950/oz.

• Capital expenditures for 2026 guided at $185–$230 million, with sustaining capital at $85–$105 million; major project capex includes $205–$250 million at Mount Milligan, $60–$70 million at Goldfield, and $190–$220 million at Thompson Creek.

• Thompson Creek restart on track for first production in mid-2027; Goldfield first production targeted for late 2028.