Northwire Canada EditionFriday, July 10, 2026
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S 0.165 +37.5% NNX 0.035 +0.0% ABX 52.04 −0.3% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.27 +11.9% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0% OGN 3.45 +2.1% MSA 6.51 +1.2% SGZ 0.040 −11.1% GRSL 0.307 −3.9% DEX 0.380 −1.3% WMS 0.040 +0.0% S 0.165 +37.5% NNX 0.035 +0.0% ABX 52.04 −0.3% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.27 +11.9% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0% OGN 3.45 +2.1% MSA 6.51 +1.2% SGZ 0.040 −11.1% GRSL 0.307 −3.9% DEX 0.380 −1.3% WMS 0.040 +0.0%
Earnings Routine +

Centerra Gold Reports First Quarter 2026 Results; Strong Free Cash Flow Drives Increased Cash Balance, Supporting Self-Funded Growth Strategy and Shareholder Returns

Centerra Gold Cash Flow Resilient as Oksut Margin Pressure Looms

By The Northwire Desk — AI Analysis Apr 29, 2026 · 17:00 CG · 23.9 Centerra Gold Inc.
Executive Summary
  • Event: Centerra Gold reported First Quarter 2026 Financial and Operating Results on April 29, 2026.
  • Financial Performance: Net earnings of $79.4 million ($0.40 per share), up from $30.5 million in Q1 2025. Revenue increased 62% year-over-year to $484.7 million driven by higher realized metal prices (Gold: $4,172/oz; Copper: $4.48/lb).
  • Production: Consolidated gold production of 68,001 ounces (+15% YoY) and copper production of 14.2 million pounds (+21% YoY).
  • Costs: All-in sustaining costs (AISC) on a by-product basis were $1,705 per ounce, within the full-year guidance range of $1,650-$1,750/oz set in February 2026.
  • Cash Flow: Operating cash flow was $120.1 million; Free Cash Flow (FCF) was $49.0 million. Total liquidity stands at $943.5 million ($553.5 million cash + $400 million credit facility).
  • Shareholder Returns: Repurchased 1,253,900 shares for $22.5 million; declared a quarterly dividend of C$0.07 per share.
  • Operational Updates:
    • Mount Milligan production in line with Pre-Feasibility Study (PFS).
    • Öksüt Mine exceeded plans due to higher grades.
    • Thompson Creek Mine restart 38% complete; first production targeted mid-2027.
    • Langeloth Metallurgical Facility operations provisionally resumed in April 2026 following a January suspension (ahead of the May target mentioned in prior guidance).
    • Goldfield Project development progressing toward late 2028 production.
    • Kemess Project PFS expected in 2027.
Material Impact
  • Positive Confirmation: The results confirm the self-funded growth strategy outlined in the February 2026 full-year report. Strong free cash flow generation ($49 million) supports continued share buybacks and dividends without needing external capital raises.
  • Revenue vs. Volume: The 62% revenue increase is primarily driven by macro metal price appreciation (Gold realized $4,172/oz vs Q4 2025 $3,415/oz) rather than operational volume outperformance. Production was in line with guidance, not exceeding it materially.
  • Langeloth Recovery: The resumption of Langeloth operations in April (vs. May expectation) is a minor positive surprise, mitigating the risk of prolonged suspension costs identified in January 2026.
  • Cost Inflation Warning: While Q1 AISC ($1,705/oz) was within guidance, transcript context indicates Öksüt AISC is expected to rise significantly later in 2026 ($1,850-$1,950/oz) due to royalties and Turkish inflation. This suggests margin compression risk that offsets the Q1 strength.
  • Capital Creep: Transcript notes Thompson Creek restart capital estimates increased from $397 million (Feb 2026 news) to $425-$450 million, indicating potential execution risk on growth projects despite current liquidity.
CG · Price
Company Overview
  • Overview: Centerra Gold is an intermediate gold producer with operations in Canada (Mount Milligan), Turkey (Öksüt), and the United States (Langeloth Molybdenum). The company focuses on organic growth through brownfield expansion and restart projects.
  • Flagship Project - Mount Milligan (BC, Canada):
    • Current production hub contributing ~50% of gold output.
    • Life-of-Mine extended to 2045 via PFS (Sept 2025).
    • Permit amendments received Jan 2026 allowing operations through 2035 and 10% throughput expansion starting 2028.
  • Growth Projects:
    • Thompson Creek (Idaho, USA): Restarting molybdenum/copper mine; first production mid-2027.
    • Goldfield (Nevada, USA): Development phase; target late 2028 production; NPV $245 million.
    • Kemess (BC, Canada): PEA released Jan 2026 ($1.1B NPV); PFS expected 2027.
Read the original news release →

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