Azimut Exploration Inc. press release

Centerra Gold Reports Second Quarter 2026 Results; Strong Operational Performance Drives Increased Öksüt Production Guidance; The Company Expands Share Buybacks to $200 Million in 2026 and Continues Execution of its Self-Funded Growth Strategy

2026-07-28

TSXV - TSX Venture Exchange · Gold · Silver · Copper · Zinc · Antimony · Lithium · Cesium · Rubidium · Gallium · Tin · Nickel · Platinum · Palladium · Platinum Group Metals · Cobalt · Molybdenum · Rare Earth Elements · Tungsten · Canada · Corporate Finance

This news release contains forward-looking information about expected future events that is subject to risks and assumptions set out in the “Cautionary Statement on Forward-Looking Information” below. All figures are in United States dollars. All production figures reflect payable metal quantities and are on a 100% basis, unless otherwise stated. For references denoted with NG, refer to the “Non-GAAP and Other Financial Measures” disclosure at the end of this news release for a description of these measures.

TORONTO, July 28, 2026 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) today reported its second quarter 2026 operating and financial results.

President and CEO, Paul Tomory, commented, “We delivered another quarter of strong operational execution across our portfolio. Mount Milligan continued to perform in line with plan, and Öksüt delivered a strong first half of 2026, resulting in a 9% increase to its gold production guidance for the year. Both sites generated robust cash flow from operations during the quarter and we continued to see healthy operating margins which were supported by disciplined cost management and strong operational execution, even in the lower gold price environment.”

Paul Tomory continued, “During the second quarter, we completed $50 million in share buybacks and the Board of Directors approved up to $200 million in share repurchases for the full year 2026, reinforcing our commitment to shareholder returns. These actions reflect the strength of our balance sheet, our ability to generate cash flow and our disciplined approach to capital allocation. We also extended and upsized our revolving credit facility to $600 million, at better pricing, further enhancing our financial flexibility.”

Paul Tomory concluded, “Across our project development portfolio, we continue to make good progress. At Thompson Creek, we achieved our highest mining rate during the quarter, marking another important milestone since the project restarted in September 2024. We remain on track for first molybdenum production in mid-2027 and expect the project to be delivered within our capital cost estimate. Molybdenum prices continue to trend well above the assumptions used in our Feasibility Study, reinforcing the attractive economics of this project. We also continue to advance Goldfield towards first production in late 2028, the Kemess Pre-Feasibility Study towards completion in mid-2027, and the Öksüt Life of Mine Optimization study, which we expect to publish in early 2027 with our year-end disclosures. With a high-quality project pipeline, predominantly in North America, we remain focused on executing our self-funded growth strategy to deliver sustainable, long-term value for shareholders.”

Second Quarter 2026 Highlights

Operations

Production:In the second quarter 2026, consolidated gold production was 70,727 ounces, including 38,175 ounces from the Mount Milligan Mine (“Mount Milligan”) and 32,552 ounces from the Öksüt Mine (“Öksüt”). The Company has increased its 2026 gold production guidance for Öksüt to between 120,000 and 135,000 ounces, from the previous range of 110,000 to 125,000 ounces. As a result, 2026 consolidated gold production guidance has been increased to 260,000 to 290,000 ounces, up from the previous range of 250,000 to 280,000 ounces. Copper production in the quarter was 13.1 million pounds. The Company remains on track to achieve its 2026 copper production guidance of 50 to 60 million pounds. Sales:Second quarter 2026 gold sales were 72,114 ounces at an average realized gold price of $3,437 per ounce and copper sales were 13.4 million pounds at an average realized copper price of $5.30 per pound. The average realized gold and copper prices include the impact of the Mount Milligan streaming agreement with RGLD Gold AG and Royal Gold, Inc. (collectively “Royal Gold”). Costs:Second quarter 2026 consolidated gold production costs were $1,456 per ounce and all-in sustaining costs (“AISC”) on a by-product basisNGwere $1,707 per ounce. The Company remains well positioned to achieve its 2026 guidance for consolidated AISC on a by-product basisNGof $1,650 to $1,750 per ounce. Capital expendituresNG: Second quarter 2026 additions to property, plant, and equipment (“PP&E”) and capital expendituresNGwere $133.5 million and $120.3 million, respectively. Sustaining capital expendituresNGin the second quarter 2026 were $39.3 million mainly related to construction at the existing tailings storage facility (“TSF”) and equipment purchases at Mount Milligan. Non-sustaining capital expendituresNGin the second quarter were $81.0 million related mainly to the development of the Thompson Creek Mine (“Thompson Creek”) and the Goldfield Project (“Goldfield”).

Financial

Net earnings:Second quarter 2026 net earnings were $72.1 million, or $0.37 per share, and adjusted net earningsNGwere $79.3 million or $0.40 per share. Key adjustments to net earnings, net of tax, include $8.1 million of deferred income tax adjustments reflecting the impact of foreign exchange rate movements on deferred income taxes at Mount Milligan, and $2.1 million of unrealized gain on the re-measurement of the sale of the Company’s interest in the Greenstone Gold Mines Partnership in 2021. For additional adjustments refer to the “Non-GAAP and Other Financial Measures” disclosure at the end of this news release. Cash provided by operating activities and free cash flowNG:In the second quarter 2026, cash provided by operating activities before working capital and income taxes paid was $161.7 million. After working capital and income taxes paid, cash provided by operating activities was $66.2 million and free cash flowNGdeficit was $23.0 million. This includes $117.6 million of cash provided by mine operations and $89.1 million of free cash flowNGat Mount Milligan and $15.8 million of cash provided by mine operations and $10.5 million of free cash flowNGat Öksüt. This was partially offset by capital expendituresNGat Thompson Creek. Lower free cash flow at Öksüt during the quarter was the result of routine statutory tax and annual royalty payments in Türkiye. Cash and cash equivalents:As at June 30, 2026, total liquidity was $850.9 million, comprised of a cash balance of $450.9 million and $400.0 million available under an undrawn corporate credit facility. On July 15, 2026, Centerra amended its revolving credit facility (the “Credit Facility”), increasing the available commitment to $600 million and extending the maturity to July 2030. As a result, liquidity increased to $1,050 million, based on the June 30, 2026 cash balance. Returning capital to shareholders: Under Centerra’s normal course issuer bid (“NCIB”) program, the Company repurchased 2,924,400 common shares in the second quarter 2026, for total consideration of $49.7 million. The Company’s board of directors has approved up to $200 million of share repurchases for the full year 2026, of which, $72.2 million has been completed in the first six months of the year. Centerra believes that the NCIB continues to provide the Company with flexibility to strategically deploy cash in line with its capital allocation priorities, subject to market conditions, while maintaining the financial capacity to invest in future growth. A quarterly dividend of C$0.07 per common share was declared for a total of $10.0 million in the second quarter.

Events Subsequent to Quarter End

Extension and increase of Centerra’s corporate credit facility: On July 15, 2026, Centerra amended its Credit Facility to increase its capacity to $600 million, up from $400 million previously, with an extended maturity date of July 15, 2030 and more favourable pricing. As at July 28, 2026, the Credit Facility remains undrawn and provides additional financial flexibility to support general corporate purposes, including working capital, investments, potential acquisitions, and capital expenditures. For additional details, refer to the news release published on July 15, 2026 titled “_Centerra Gold Announces Extension and Increase of its Corporate Credit Facility_”. Appointmentof Executive Vice President and Chief Operating Officer: Kelly Strong has been appointed Executive Vice President and Chief Operating Officer, effective August 17, 2026. Mike Sylvestre, who has served as Interim Chief Operating Officer since March 2026, will assist with an orderly transition into September 2026 before departing the Company. Mr. Strong has more than 30 years of global mining experience, having held senior operational leadership positions with The Mosaic Company, Nyrstar and Vale Inco, where he led large-scale mining, processing and integrated operations across North America and internationally. In this role, Mr. Strong will oversee Centerra’s global operating portfolio and advance the Company’s operational priorities and execute its long-term growth strategy.

Overview of Consolidated Financial and Operating Highlights

| ($millions, except as noted) | Three months ended June 30, | Six months ended June 30, | | | | | | | | | | | | | 2026 | | 2025 | | % Change | 2026 | 2025 | | % Change | | | | | Financial Highlights | | | | | | | | | | | | | | Revenue | 442.7 | | 288.3 | | 54 | % | 927.4 | 587.8 | | 58 | | % | | Production costs | 251.4 | | 174.9 | | 44 | % | 505.6 | 373.7 | | 35 | | % | | Depreciation, depletion, and amortization ("DDA") | 32.3 | | 26.0 | | 24 | % | 65.2 | 50.1 | | 30 | | % | | Earnings from mine operations | 159.0 | | 87.4 | | 82 | % | 356.6 | 164.0 | | 117 | | % | | Net earnings | 72.1 | | 68.6 | | 5 | % | 151.5 | 99.0 | | 53 | | % | | Adjusted net earnings(1) | 79.3 | | 52.7 | | 50 | % | 167.5 | 79.0 | | 112 | | % | | Adjusted EBITDA(1) | 157.5 | | 86.8 | | 81 | % | 327.3 | 162.5 | | 101 | | % | | Cash provided by operating activities | 66.2 | | 25.3 | | 162 | % | 186.3 | 83.9 | | 122 | | % | | Free cash flow (deficit)(1) | (23.0 | ) | (25.6 | ) | 10 | % | 26.1 | (15.5 | ) | 268 | | % | | Additions to property, plant and equipment (“PP&E”) | 133.5 | | 55.6 | | 140 | % | 235.2 | 123.7 | | 90 | | % | | Capital expenditures - total(1) | 120.3 | | 53.9 | | 123 | % | 189.6 | 100.8 | | 88 | | % | | Sustaining capital expenditures(1) | 39.3 | | 25.8 | | 52 | % | 51.8 | 43.8 | | 18 | | % | | Non-sustaining capital expenditures(1) | 81.0 | | 28.1 | | 188 | % | 137.8 | 57.0 | | 142 | | % | | Net earnings per common share - $/share basic(2) | 0.37 | | 0.33 | | 12 | % | 0.76 | 0.48 | | 58 | | % | | Adjusted net earnings per common share - $/share basic(1)(2) | 0.40 | | 0.26 | | 54 | % | 0.84 | 0.38 | | 121 | | % | | Operating highlights | | | | | | | | | | | | | | Gold produced (oz) | 70,727 | | 63,311 | | 12 | % | 138,728 | 122,690 | | 13 | | % | | Gold sold (oz) | 72,114 | | 61,335 | | 18 | % | 145,049 | 122,466 | | 18 | | % | | Average market gold price ($/oz) | 4,506 | | 3,280 | | 37 | % | 4,693 | 3,070 | | 53 | | % | | Average realized gold price ($/oz )(3) | 3,437 | | 2,793 | | 23 | % | 3,807 | 2,674 | | 42 | | % | | Copper produced (000s lbs) | 13,145 | | 12,437 | | 6 | % | 27,296 | 24,084 | | 13 | | % | | Copper sold (000s lbs) | 13,373 | | 12,103 | | 10 | % | 28,245 | 24,244 | | 17 | | % | | Average market copper price ($/lb) | 6.05 | | 4.32 | | 40 | % | 5.93 | 4.28 | | 39 | | % | | Average realized copper price ($/lb)(3) | 5.30 | | 3.62 | | 46 | % | 4.87 | 3.71 | | 31 | | % | | Molybdenum roasted (000 lbs) | 3,675 | | 3,165 | | 16 | % | 4,960 | 6,199 | | (20 | ) | % | | Molybdenum sold (000s lbs) | 3,761 | | 3,076 | | 22 | % | 7,468 | 7,320 | | 2 | | % | | Average market molybdenum price ($/lb) | 29.63 | | 20.72 | | 43 | % | 26.90 | 20.62 | | 30 | | % | | Average realized molybdenum price ($/lb)(3) | 29.73 | | 21.43 | | 39 | % | 27.53 | 21.52 | | 28 | | % | | Unit costs | | | | | | | | | | | | | | Gold production costs ($/oz)(4) | 1,456 | | 1,308 | | 11 | % | 1,553 | 1,290 | | 20 | | % | | All-in sustaining costs on a by-product basis ($/oz)(1)(4) | 1,707 | | 1,652 | | 3 | % | 1,705 | 1,572 | | 8 | | % | | Gold - All-in sustaining costs on a co-product basis ($/oz)(1)(4) | 2,021 | | 1,866 | | 8 | % | 2,077 | 1,804 | | 15 | | % | | Copper production costs ($/lb)(4) | 2.59 | | 2.06 | | 26 | % | 2.40 | 2.15 | | 12 | | % | | Copper - All-in sustaining costs on a co-product basis ($/lb)(1)(4) | 3.61 | | 2.53 | | 43 | % | 2.98 | 2.54 | | 17 | | % |

| (1) | Non-GAAP financial measure. See discussion under “Non-GAAP and Other Financial Measures”. | | (2) | As at June 30, 2026, the Company had 196,138,619 common shares issued and outstanding. | | (3) | This supplementary financial measure within the meaning of National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure (“NI 51-112”) is calculated as a ratio of revenue from the consolidated financial statements and units of metal sold and includes the impact from the Mount Milligan Streaming Agreement (defined below), copper hedges and mark-to-market adjustments on metal sold not yet finally settled | | (4) | All per unit costs metrics are expressed on a metal sold basis. | | | |

2026Guidance – Gold and Copper Assets

| | Units | 2026 Guidance | Six Months Ended June 30, 2026 | 2026 Guidance - Previous | | | | Production | | | | | | | | Total gold production(1) | (koz) | 260 | - | 290 | 139 | 250 - 280 | | Mount Milligan Mine(2)(3)(4) | (koz) | 140 | - | 155 | 68 | | | Öksüt Mine | (koz) | 120 | - | 135 | 71 | 110 - 125 | | Total copper production(2)(3)(4) | (Mlb) | 50 | - | 60 | 27 | | | Unit Costs(5) | | | | | | | | Gold production costs(1) | ($/oz) | 1,500 | - | 1,600 | 1,553 | | | Mount Milligan Mine(2) | ($/oz) | 1,450 | - | 1,550 | 1,522 | | | Öksüt Mine | ($/oz) | 1,650 | - | 1,750 | 1,584 | | | All-in sustaining costs on a by-product basisNG(1)(4) | ($/oz) | 1,650 | - | 1,750 | 1,705 | | | Mount Milligan Mine(4) | ($/oz) | 1,200 | - | 1,300 | 1,172 | | | Öksüt Mine | ($/oz) | 1,850 | - | 1,950 | 1,790 | | | Capital Expenditures | | | | | | | | Additions to PP&E | ($M) | 205 | - | 250 | 116.1 | 175 - 220 | | Mount Milligan Mine | ($M) | 130 | - | 150 | 81.4 | | | Öksüt Mine | ($M) | 10 | - | 20 | 11.6 | | | Goldfield Project | ($M) | 60 | - | 70 | 18.7 | 30 - 40 | | Kemess Project | ($M) | 5 | - | 10 | 4.4 | | | Total Capital ExpendituresNG | ($M) | 185 | - | 230 | 96.3 | 155 - 200 | | Sustaining Capital ExpendituresNG | ($M) | 85 | - | 105 | 50.9 | | | Mount Milligan Mine | ($M) | 80 | - | 90 | 44.2 | | | Öksüt Mine | ($M) | 5 | - | 15 | 6.7 | | | Non-sustaining Capital ExpendituresNG | ($M) | 100 | - | 125 | 45.4 | 70 - 95 | | Mount Milligan Mine | ($M) | 35 | - | 45 | 22.3 | | | Goldfield Project | ($M) | 60 | - | 70 | 18.7 | 30 - 40 | | Kemess Project | ($M) | 5 | - | 10 | 4.4 | | | Other Items | | | | | | | | Current income tax and BC mineral tax expense(1) | ($M) | 111 | - | 133 | 76.8 | | | Mount Milligan Mine | ($M) | 6 | - | 8 | 6.3 | | | Öksüt Mine | ($M) | 105 | - | 125 | 70.5 | | | Depreciation, depletion and amortization | ($M) | 90 | - | 110 | 62.9 | | | Mount Milligan Mine | ($M) | 40 | - | 50 | 30.7 | | | Öksüt Mine | ($M) | 50 | - | 60 | 32.2 | | | Evaluation Costs | ($M) | 18 | - | 25 | 7.4 | | | Care and Maintenance - Kemess Project | ($M) | 13 | - | 15 | 7.2 | | | Reclamation Costs - Kemess Project | ($M) | 2 | - | 4 | — | | | Corporate and administration costs(6) | ($M) | 29 | - | 33 | 20.7 | |

| (1) | Consolidated Centerra figures. | | (2) | The Mount Milligan Mine is subject to an arrangement with Royal Gold which entitles Royal Gold to purchase 35% and 18.75% of gold and copper produced, respectively, and requires Royal Gold to pay $435 per ounce of gold and 15% of the spot price per metric tonne of copper delivered (“Mount Milligan Mine Streaming Agreement”). Using assumed market prices of $4,250 per ounce of gold and $6.00 per pound of copper for 2026, the Mount Milligan Mine’s average realized gold and copper price for 2026 would be $2,914 per ounce and $5.04 per pound, respectively, compared to average realized prices of $2,608 per ounce and $3.96 per pound in 2025, when factoring in the Mount Milligan Streaming Agreement and concentrate refining and treatment costs. | | (3) | Gold production for 2026 at the Mount Milligan Mine assumes estimated recoveries of 60% to 62% and compares to actual gold recovery of 61.3% achieved in the six months ended June 30, 2026. Copper production for 2026 assumes recovery 75% to 77% for copper and compares to actual copper recovery of 74.4% achieved in the six months ended June 30, 2026. | | (4) | Unit costs include a credit for forecasted copper sales treated as by-product for all-in sustaining costsNG. Production for copper and gold reflects estimated metallurgical losses resulting from handling of the concentrate and metal deductions levied by smelters. | | (5) | Units noted as ($/oz) relate to gold ounces. | | (6) | Excludes share based compensation. | | | |

2026 Guidance – US Moly

| | Units | 2026 Guidance | Six Months Ended June 30, 2026 | | | | Production - Langeloth Facility | | | | | | | Total molybdenum roasted | Mlbs | 11 | - | 13 | 5.0 | | Total molybdenum sold | Mlbs | 15 | - | 17 | 7.5 | | Costs and Profitability - Langeloth Facility | | | | | | | Net earnings | ($M) | 2 | - | 7 | (3.4) | | Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)NG | ($M) | 7 | - | 12 | 2.4 | | Capital Expenditures | | | | | | | Additions to PP&E | ($M) | 208 | - | 240 | 119.0 | | Thompson Creek Mine | ($M) | 205 | - | 235 | 118.1 | | Langeloth Facility | ($M) | 3 | - | 5 | 0.9 | | Total capital expendituresNG | ($M) | 193 | - | 225 | 93.3 | | Non-sustaining capital expendituresNG- Thompson Creek Mine | ($M) | 190 | - | 220 | 92.4 | | Sustaining capital expendituresNG - Langeloth Facility | ($M) | 3 | - | 5 | 0.9 | | Other Items | | | | | | | Depreciation, depletion and amortization - Langeloth Facility | ($M) | 4 | - | 6 | 2.3 |

2026 Guidance – Global Exploration and Evaluation Projects

| | Units | 2026 Guidance | Six Months Ended June 30, 2026 | | | | Project Exploration and Evaluation Costs | | | | | | | Exploration Costs | ($M) | 40 | - | 50 | 15.1 | | Brownfield Exploration | ($M) | 20 | - | 25 | 5.7 | | Greenfield and Generative Exploration | ($M) | 20 | - | 25 | 9.4 |

Mount Milligan

Mount Milligan produced 38,175 ounces of gold in the second quarter of 2026, a 29% increase over last quarter and in line with the production profile previously disclosed. Mount Milligan produced 13.1 million pounds of copper, slightly less than last quarter due to mine sequencing. Year-to-date gold and copper production is in line with the Pre-Feasibility Study (“PFS”) mine plan and the Company remains on track to achieve its 2026 production guidance of between 140,000 and 155,000 ounces of gold and 50 to 60 million pounds of copper. As previously disclosed, gold production and sales are expected to be higher in the third quarter of 2026, reflecting planned mine sequencing. During the quarter, a total of 11.9 million tonnes were mined from phases 5, 6, 7 and 10 of the open pit. Process plant throughput was 5.5 million tonnes, averaging 60,214 tonnes per day. Gold sales were 39,580 ounces and copper sales were 13.4 million pounds.

Gold production costs in the second quarter 2026 were $1,314 per ounce. AISC on a by-product basisNGwas $1,269 per ounce, higher quarter-over-quarter as a result of higher sustaining capital expendituresNG. The Company reaffirms its 2026 Mount Milligan AISC on a by-product basisNGguidance of $1,200 to $1,300 per ounce.

Sustaining capital expendituresNGat Mount Milligan in the second quarter of 2026 were $33.4 million, focused on the existing TSF dam construction and equipment purchases. Non-sustaining capital expendituresNGin the second quarter of 2026 were $14.5 million. The Company continues to expect 2026 sustaining and non-sustaining capital expendituresNGat Mount Milligan to be within the previously disclosed ranges of $80 to $90 million and $35 to $45 million, respectively.