Canada · Delayed Price · Currency is CAD Centerra Gold Earnings Call Transcripts
Fiscal Year 2026
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Execution across the portfolio, stronger Mount Milligan results and rising molybdenum value are supporting a re-rating thesis. Key milestones include Thompson Creek first production in mid-2027, Goldfield production in mid-2028 and the Kemess PFS targeted for mid-next year.
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North American gold and copper operations are performing strongly, with Mount Milligan and Öksüt both exceeding expectations and robust cash flow funding a pipeline of growth projects. Strategic share buybacks and disciplined capital allocation are prioritized, while cost management remains effective despite inflation.
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The conference highlighted a robust North American-focused mining portfolio with strong cash flow, undervalued assets, and a self-funded growth pipeline. Key milestones include mine life extensions, new project launches, and a major molybdenum restart, all supported by a strong balance sheet and disciplined capital allocation.
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Strong Q2 operational and financial performance led to increased gold production guidance and robust cash flow, with disciplined capital allocation supporting both shareholder returns and organic growth. Molybdenum market strength and a favorable tax change in Turkey further enhance outlook.
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The meeting confirmed quorum, reviewed formal business, and conducted electronic voting. All director nominees were elected, KPMG LLP was reappointed as auditor, and the advisory resolution on executive compensation was approved.
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Strong Q1 2026 results with robust cash flow, increased liquidity, and continued investment in growth projects. Mount Milligan and Öksüt delivered solid operational performance, while Kemess and Thompson Creek advanced toward key milestones.
Fiscal Year 2025
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Strong operational and financial performance in 2025, with gold and copper production exceeding guidance and robust cash flow supporting growth projects and record shareholder returns. 2026 outlook remains stable, with disciplined cost control and continued investment in organic growth.
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Q3 2025 saw strong free cash flow, robust gold and copper production, and a cash balance over $560 million. Mount Milligan's mine life was extended, Öksüt outperformed, and all growth projects remain fully funded, with capital returns to shareholders ongoing.
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Strong Q2 results driven by high gold and copper prices, with robust liquidity supporting organic growth projects. Goldfield project advances on improved economics, while updated guidance reflects higher costs at Mount Milligan and Öksüt.
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The meeting covered director elections, auditor appointment, and executive compensation, with all motions carried. Two new directors joined, two retired, and no shareholder questions were raised during the session.
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Q1 2025 saw positive free cash flow at both operations, strong liquidity, and unchanged 2025 guidance. Key growth projects at Mount Milligan and Kemess advanced, with significant exploration and development milestones expected this year.
Fiscal Year 2024
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Steady Q4 operations delivered strong free cash flow, with Mount Milligan and Öksüt driving results. 2025 guidance anticipates lower gold output and higher costs, but robust liquidity supports growth projects and continued shareholder returns.
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Q3 2024 saw strong gold and copper production, robust free cash flow, and a $604M cash balance, with guidance maintained for all major assets. Strategic progress included the Thompson Creek restart and ongoing optimization at Mount Milligan, while inflation in Turkey may impact future costs.
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Restarting Thompson Creek and ramping up Langeloth are expected to deliver $472 million NPV and $50 million annual EBITDA, leveraging integrated operations and strong molybdenum market fundamentals. Capital needs are covered by cash flow, with future growth focused on gold.
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Solid Q2 operating performance with consistent cash flow, unchanged 2024 guidance, and key project milestones ahead. Mount Milligan and Öksüt production on track, while Molybdenum Business Unit advances integration plans. $592M cash and $992M liquidity support ongoing strategy.