Centerra Gold Reports Second Quarter 2026 Results; Strong Operational Performance Drives Increased Oksut Production Guidance; The Company Expands Share Buybacks to $200 Million in 2026 and Continues Execution of its Self-Funded Growth Strategy
Centerra raises its gold production guide and expands its share buyback program to $200 million following disciplined capital allocation at its operations.
Centerra Gold Inc. (CG) reported consolidated gold production of 70,727 oz for the second quarter of 2026, comprising 38,175 oz from Mount Milligan and 32,552 oz from Öksüt, alongside copper output of 13.1 million lbs. Revenue surged 54% year-over-year to $442.7 million, while net earnings reached $72.1 million, or $0.37 per share. Adjusted EBITDA rose 81% to $157.5 million. Cash from operations totaled $66.2 million, though free cash flow posted a $23.0 million deficit due to significant growth capital expenditures.
Gold sales volume was 72,114 oz at a realized price of $3,437 per oz, and copper sales were 13.4 million lbs at $5.30 per lb. Production costs stood at $1,456 per oz, with all-in sustaining costs (AISC) on a by-product basis at $1,707 per oz.
The company raised its 2026 gold production guidance to 260,000–290,000 oz, up from the previous range of 250,000–280,000 oz, driven by strong performance at Öksüt in the first half of the year. Copper guidance remains unchanged at 50–60 million lbs, and AISC guidance is maintained at $1,650–$1,750 per oz.
The Board approved up to $200 million in share buybacks for full-year 2026, increasing from the previously approved $100 million. Additionally, the revolving credit facility was upsized to $600 million undrawn, with maturity extended to 2030. Development projects remain on schedule: the Thompson Creek restart is 52% complete with first molybdenum production expected in mid-2027; Goldfield capital expenditure for 2026 has been raised to $60–$70 million; and the Kemess pre-feasibility study is targeted for completion in mid-2027.
Centerra Gold Inc. (CG) released its second-quarter results, which included a modest gold guidance raise of approximately 4% at the midpoint, confirming operational momentum particularly at the Öksüt mine. The more significant development was a $200 million buyback authorization, which doubles the prior program and signals strong confidence in future cash generation and a commitment to return excess capital.
The company also announced an upsizing of its credit facility to $600 million, which remains undrawn, alongside a net cash balance sheet. These factors demonstrate the company’s ability to self-fund growth and shareholder returns. The market had not previously priced in a buyback increase of this magnitude, as the prior indication was for a $100 million NCIB. The stock was trading near $23.28, well off its $28 high.
Centerra Gold Inc. (CG) operates as a mid-tier gold and copper producer, holding 100%-owned operating mines in Canada at Mount Milligan and in Türkiye at Öksüt. The company also manages a molybdenum business unit focused on the Thompson Creek restart and the Langeloth facility, alongside two development projects: Goldfield in Nevada and Kemess in British Columbia. This portfolio offers diversified exposure to gold, copper, and molybdenum, with all assets located in politically stable or manageable jurisdictions. The company maintains a balance sheet with no debt, a large cash balance, and an undrawn credit facility.