Centerra Gold Reports Third Quarter 2026 Results; Full-Year AISC Guidance on a By-Product Basis Lowered at Mount Milligan Following Continued Operational Execution; Record Quarterly Share Buybacks and Continued Advancement of Self-Funded North American Gr

Centerra Gold Inc. (CG) reported third quarter 2026 operating and financial results in a release focused on earnings rather than project or exploration updates. The company produced 75,429 oz of gold, 12.8 million lb of copper, and 2.784 million lb of molybdenum roasted during the quarter. Net earnings totaled $88.7 million, or $0.46 per share, while adjusted net earnings were $71.8 million, or $0.37 per share. Revenue reached $500.3 million, generating $143.1 million in cash provided by operating activities and $17.1 million in free cash flow.

Consolidated gold production costs were $1,505/oz, with all-in sustaining costs (AISC) on a by-product basis at $1,775/oz. At the Mount Milligan mine, production included 44,070 oz of gold and 12.8 million lb of copper, with a mine-level AISC of $985/oz. The Öksüt mine produced 31,359 oz of gold, reporting a mine-level AISC of $1,893/oz.

Total liquidity stood at $998 million, comprising $398 million in cash and $600 million available under an undrawn credit facility. In Q3, the company repurchased 2,584,600 shares for $53.0 million, marking a record quarterly amount, with year-to-date buybacks reaching $125.2 million. Centerra also declared a quarterly dividend of C$0.07 per share, totaling $9.8 million, and intends to renew its NCIB before the current program expires on November 9, 2026.

Guidance updates included a reduction in Mount Milligan’s full-year AISC on a by-product basis to $1,100–$1,200/oz, down from $1,200–$1,300/oz. Consolidated 2026 gold production guidance of 260,000–290,000 oz, copper guidance of 50–60 million lb, and AISC guidance of $1,650–$1,750/oz were reaffirmed. Langeloth adjusted EBITDA guidance was raised to $17–$22 million from $7–$12 million.

Development progress was highlighted at the Thompson Creek project, where restart efforts are approximately 65% complete. First molybdenum production is targeted for mid-2027, with total capital estimated at $425–$450 million. At Goldfield, major permits have been received for the Gemfield deposit, with first production targeted for the end of 2028, while the Kemess pre-feasibility study (PFS) is targeted for mid-2027. Additionally, the Turkish corporate income tax rate for Öksüt is expected to fall from 25% to 12.5% effective January 1, 2027.

Centerra Gold Inc. (CG) reported an in-line quarter characterized by two positive guidance revisions: a $100/oz reduction in Mount Milligan AISC guidance and a higher Langeloth EBITDA range. The consolidated AISC range remained unchanged.

• The Mount Milligan AISC cut is from $1,200–$1,300/oz to $1,100–$1,200/oz, a $100/oz reduction at both ends, or about 8% at the midpoint. On 140,000–155,000 oz of annual gold production, that is roughly $14–$15.5 million of annual cost savings.
• The Langeloth adjusted EBITDA guidance raise is from $7–$12 million to $17–$22 million, about $10 million at the midpoint. However, nine-month adjusted EBITDA was already $18.9 million, implying Q4 adjusted EBITDA of negative $1.9 million to positive $3.1 million. The raise largely reflects the Q3 inventory-cost benefit rather than a new Q4 run-rate.
• Q3 consolidated AISC of $1,775/oz was above the full-year guidance top of $1,750/oz by $25/oz, or 1.4%. Nine-month AISC of $1,729/oz remains within range.
• Adjusted EBITDA was $137.6 million, down 6% year-over-year and down 12.6% from Q2 2026 adjusted EBITDA of $157.5 million. Revenue rose 13% quarter-over-quarter over the same comparison.
• Adjusted net earnings were $71.8 million, or $0.37 per share, versus $79.3 million, or $0.40 per share, in Q2 2026. The Q2 comparison is down about 9.5%.
• Free cash flow was $17.1 million, positive versus negative $23.0 million in Q2 2026. Nine-month free cash flow was $43.2 million versus $83.1 million in the first nine months of 2025, down 48%.

The stock closed at $28.52 on the release date, down 3.7% from the October 28 close of $29.61. From the prior earnings release on July 28, when the stock closed at $22.70, to the October 28 close of $29.61, the shares had rallied 30.4%. The market was positioned for a strong quarter.

The positive elements are real but concentrated at Mount Milligan and Langeloth. The consolidated production and AISC outlook is unchanged, and the earnings and cash-flow picture is mixed. The quarter is best characterized as positive but largely expected, with the stock already having priced a strong operating print.

Centerra Gold Inc. is a Canadian-based gold and copper producer and developer listed on the TSX under CG and the NYSE under CGAU. The company’s portfolio includes Mount Milligan in British Columbia, Canada, a 100%-owned long-life gold-copper open-pit and flotation operation processing approximately 60,000 tonnes per day, subject to a Royal Gold stream of 35% of gold and 18.75% of copper. In Türkiye, Centerra owns 100% of the Öksüt gold heap-leach operation in Kayseri Province, which is exposed to Turkish tax, royalty, and geopolitical risk.

In the United States, the company operates a vertically integrated molybdenum business through US Moly, comprising the Thompson Creek Mine in Idaho and the Langeloth Metallurgical Facility in Pennsylvania. Centerra also holds a 100% interest in the Goldfield development-stage heap-leach gold project in Nevada, targeting first production by the end of 2028. Additionally, the company owns 100% of the Kemess development-stage gold-copper project in British Columbia, which released a preliminary economic assessment in January 2026 with a pre-feasibility study targeted for mid-2027. The Endako project in British Columbia, 25% owned via Moon River, is currently on care and maintenance.

Centerra reported 2025 actual production of 275,316 oz gold and 50.5 million lb copper, with 2026 guidance set at 260,000–290,000 oz gold and 50–60 million lb copper. Paul Tomory serves as President and CEO, and Kelly Strong became Executive Vice President and COO effective August 17, 2026.