Centerra Gold Inc.

Centerra reported Q2 adjusted net earnings of $79 million, or $0.40 per share. Sales were over 72,000 ounces of gold and 13.4 million pounds of copper, with average realized prices of $3.44 thousand per ounce of gold and $5.30 per pound of copper; molybdenum sales were about 3.8 million pounds at $29.73 per pound. Consolidated all-in sustaining costs on a byproduct basis were $17.07 per ounce, and cash flow from operations was $66 million with a free cash flow deficit of $23 million. Management raised 2026 consolidated gold production guidance to 260,000 to 290,000 ounces, kept copper guidance at 50 million to 60 million pounds, and said it remains on track for full-year consolidated AISC of $16.50 to $17.50 per ounce. Mount Milligan guidance was reaffirmed at 140,000 to 155,000 ounces of gold and 50 million to 60 million pounds of copper, with AISC guidance of $1.2 thousand to $1.3 thousand per ounce; Oksut guidance was lifted to 120,000 to 135,000 ounces, with AISC expected to remain within $18.50 to $19.50 per ounce. The company ended the quarter with $451 million of cash, total liquidity above $1 billion, and a $600 million undrawn revolver.

Paul Tomory said the quarter showed strong operational execution across the portfolio, led by Mount Milligan and Oksut, and framed the company as self-funding its growth projects while still returning capital to shareholders. He highlighted the raised gold guidance, the Goldfield ramp-up, Thompson Creek progress, and the optionality in Kemess and the U.S. Moly business. His tone was confident and constructive, with repeated emphasis on balance sheet strength, disciplined capital allocation, and organic growth.

Ryan Snyder emphasized that the quarter’s economics were supported by operating performance and disciplined cost management, even in a lower gold price environment. He cited Q2 adjusted net earnings of $79 million, operating cash flow of $66 million, free cash flow deficit of $23 million, and consolidated AISC of $17.07 per ounce; he also noted Mount Milligan generated $118 million of cash from operations and $89 million of free cash flow, while Oksut generated $16 million and $11 million, respectively. On capital allocation, he said the company bought back 2.9 million shares for $50 million in Q2, had completed $72 million of the authorized $200 million buyback in the first six months, paid a $0.07 quarterly dividend, and finished with $451 million of cash and more than $1 billion of liquidity after extending the revolver to $600 million.

Analysts focused on Goldfield timing, Oksut life-extension potential, Thompson Creek inflation risk, hedging, and the strategy for unlocking value in the molybdenum business. Management said Goldfield’s 2026 spend was pulled forward mainly to de-risk the schedule and lock in pricing, but the 2028 timeline remains unchanged for now. They said Oksut could potentially add 1, 2, or 3 years of life through oxide extensions and improved leach recovery, while Thompson Creek remains on budget with capital still expected at $425 million to $450 million; they also said fuel hedging covers about 50% of North American needs this year. On U.S. Moly, management said strong molybdenum prices and a constructive strategic-minerals backdrop could support a sale or IPO at the appropriate time, though no commitment was made.