Centerra Gold Inc. press release

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 Growth Strategy

2026-10-29

TSX - Toronto Stock Exchange · Gold · Copper · Molybdenum · Rhenium · Sulfur · Silver · 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, Oct. 29, 2026 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) today reported its third quarter 2026 operating and financial results.

President and CEO, Paul Tomory, commented, “This quarter’s results reflect consistent execution at our operations. Mount Milligan delivered a fourth consecutive quarter on plan and remains on track to achieve its 2026 production guidance. Strong copper by-product credits have enabled us to lower Mount Milligan’s full-year guidance for all-in sustaining costs on a by-product basisNG, while Öksüt continues to track in line with its previously increased full-year production guidance and original cost guidance ranges. We are pleased with our cost performance in the quarter and year-to-date, particularly in an environment of continued industry cost pressures. During the quarter, we also achieved a record level of share repurchases, reinforcing our commitment to returning capital to shareholders and our disciplined approach to capital allocation.”

Paul Tomory continued, “Our growth pipeline is moving closer to several important milestones. At Thompson Creek, we remain on track for first molybdenum production in mid-2027, less than one year away and in a constructive price environment, and we expect to deliver the restart project within our capital cost estimate. Development work at Goldfield continues to advance well with critical long-lead items procured and site establishment activities now underway, and the Kemess Pre-Feasibility Study is progressing towards completion in mid-2027. At Öksüt, work on our Life of Mine Optimization study is well underway with results expected in early 2027 alongside our year-end disclosures. We remain confident in Centerra’s long-term outlook, with a continued focus on operational execution and the advancement of our self-funded North American growth strategy to deliver long-term value for shareholders.”

Third Quarter 2026 Highlights

Operations

Production:In the third quarter 2026, consolidated gold production was 75,429 ounces, including 44,070 ounces from the Mount Milligan Mine (“Mount Milligan”) and 31,359 ounces from the Öksüt Mine (“Öksüt”). Copper production in the quarter was 12.8 million pounds at Mount Milligan. The Company remains on track to achieve its 2026 gold production guidance of 140,000 to 155,000 ounces of gold and 50 to 60 million pounds of copper at Mount Milligan and 120,000 to 135,000 ounces of gold at Öksüt. Sales:Third quarter 2026 gold sales were 74,387 ounces at an average realized gold price of $3,483 per ounce and copper sales were 13.2 million pounds at an average realized copper price of $5.74 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:Third quarter 2026 consolidated gold production costs were $1,505 per ounce and all-in sustaining costs (“AISC”) on a by-product basisNGwere $1,775 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: Third quarter 2026 additions to property, plant, and equipment (“PP&E”) and capital expendituresNGwere $139.3 million and $150.9 million, respectively. Sustaining capital expendituresNGin the third quarter 2026 were $26.1 million mainly related to construction at the existing tailings storage facility (“TSF”), equipment replacements and mill maintenance at Mount Milligan. Non-sustaining capital expendituresNGin the third quarter were $124.8 million related mainly to the development of the Thompson Creek Mine (“Thompson Creek”) and the Goldfield Project (“Goldfield”).

Financial

Net earnings:Third quarter 2026 net earnings were $88.7 million, or $0.46 per share, and adjusted net earningsNGwere $71.8 million or $0.37 per share. Key adjustments to net earnings, net of tax, include $10.2 million of deferred income tax adjustments reflecting the impact of foreign exchange rate movements on deferred income taxes at Mount Milligan, and $7.2 million of reclamation provision revaluation recovery. 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 third quarter 2026, cash provided by operating activities was $143.1 million and free cash flowNGwas $17.1 million. This includes $106.8 million of cash provided by mine operations and $62.8 million of free cash flowNGat Mount Milligan and $68.3 million of cash provided by mine operations and $65.8 million of free cash flowNGat Öksüt. This was partially offset by capital expendituresNGat Thompson Creek and Goldfield. Cash and cash equivalents:As at September 30, 2026, total liquidity was $998 million, comprised of a cash balance of $398 million and $600 million available under a corporate credit facility. Returning capital to shareholders: Under Centerra’s normal course issuer bid (“NCIB”) program, the Company repurchased 2,584,600 common shares (“Shares”) in the third quarter 2026, for a record total consideration of $53.0 million. The Company has completed $125.2 million of share repurchases in the first nine months of the year. Centerra continues to believe that the NCIB provides 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 $9.8 million in the third quarter. Intention to renew NCIB:Centerra’s current NCIB expires on November 9, 2026. Subject to the approval of the Toronto Stock Exchange (“TSX”), Centerra intends to renew its NCIB to purchase for cancellation a number of Shares, representing the greater of 5% of the issued and outstanding Shares or 10% of the public float. As at October 29, 2026, Centerra had 193,499,721 issued and outstanding Shares.

Overview of Consolidated Financial and Operating Highlights

| ($millions, except as noted) | Three months ended September 30, | Nine months ended September 30, | | | | | | | | | | | 2026 | 2025 | % Change | 2026 | 2025 | % Change | | | | | | Financial Highlights | | | | | | | | | | | | Revenue | 500.3 | 395.2 | 27 | | % | 1,427.7 | 983.0 | 45 | | % | | Production costs | 290.8 | 223.4 | 30 | | % | 796.4 | 597.1 | 33 | | % | | Depreciation, depletion, and amortization ("DDA") | 33.4 | 35.4 | (6 | ) | % | 98.6 | 85.5 | 15 | | % | | Earnings from mine operations | 176.1 | 136.4 | 29 | | % | 532.7 | 300.4 | 77 | | % | | Net earnings | 88.7 | 292.2 | (70 | ) | % | 240.2 | 391.2 | (39 | ) | % | | Adjusted net earnings(1) | 71.8 | 66.4 | 8 | | % | 239.3 | 145.4 | 65 | | % | | Adjusted EBITDA(1) | 137.6 | 145.8 | (6 | ) | % | 468.5 | 308.2 | 52 | | % | | Cash provided by operating activities | 143.1 | 161.7 | (12 | ) | % | 329.4 | 245.6 | 34 | | % | | Free cash flow(1) | 17.1 | 98.7 | (83 | ) | % | 43.2 | 83.1 | (48 | ) | % | | Additions to property, plant and equipment (“PP&E”) | 139.3 | 56.7 | 146 | | % | 374.4 | 180.4 | 108 | | % | | Capital expenditures - total(1) | 150.9 | 58.3 | 159 | | % | 340.5 | 159.1 | 114 | | % | | Sustaining capital expenditures(1) | 26.1 | 25.7 | 2 | | % | 77.9 | 69.5 | 12 | | % | | Non-sustaining capital expenditures(1) | 124.8 | 32.6 | 283 | | % | 262.6 | 89.6 | 193 | | % | | Net earnings per common share - $/share basic(2) | 0.46 | 1.44 | (68 | ) | % | 1.22 | 1.90 | (37 | ) | % | | Adjusted net earnings per common share - $/share basic(1)(2) | 0.37 | 0.33 | 12 | | % | 1.21 | 0.70 | 73 | | % | | Operating highlights | | | | | | | | | | | | Gold produced (oz) | 75,429 | 81,773 | (8 | ) | % | 214,157 | 204,463 | 5 | | % | | Gold sold (oz) | 74,387 | 80,598 | (8 | ) | % | 219,436 | 203,064 | 8 | | % | | Average market gold price ($/oz) | 4,262 | 3,457 | 23 | | % | 4,545 | 3,201 | 42 | | % | | Average realized gold price ($/oz)(3) | 3,483 | 3,178 | 10 | | % | 3,697 | 2,874 | 29 | | % | | Copper produced (000s lbs) | 12,773 | 13,354 | (4 | ) | % | 40,069 | 37,438 | 7 | | % | | Copper sold (000s lbs) | 13,189 | 13,244 | 0 | | % | 41,434 | 37,488 | 11 | | % | | Average market copper price ($/lb) | 6.40 | 4.44 | 44 | | % | 6.09 | 4.33 | 41 | | % | | Average realized copper price ($/lb)(3) | 5.74 | 3.73 | 54 | | % | 5.15 | 3.72 | 38 | | % | | Molybdenum roasted (000s lbs) | 2,784 | 4,428 | (37 | ) | % | 7,744 | 10,627 | (27 | ) | % | | Molybdenum sold (000s lbs) | 4,645 | 3,121 | 49 | | % | 12,113 | 10,441 | 16 | | % | | Average market molybdenum price ($/lb) | 32.98 | 24.37 | 35 | | % | 29.48 | 21.87 | 35 | | % | | Average realized molybdenum price ($/lb)(3) | 33.43 | 24.42 | 37 | | % | 30.53 | 22.41 | 36 | | % | | Unit costs | | | | | | | | | | | | Gold production costs ($/oz)(4) | 1,505 | 1,346 | 12 | | % | 1,536 | 1,312 | 17 | | % | | All-in sustaining costs on a by-product basis ($/oz)(1)(4) | 1,775 | 1,652 | 7 | | % | 1,729 | 1,604 | 8 | | % | | Gold - All-in sustaining costs on a co-product basis ($/oz)(1)(4) | 2,205 | 1,833 | 20 | | % | 2,119 | 1,816 | 17 | | % | | Copper production costs ($/lb)(4) | 2.68 | 2.11 | 27 | | % | 2.49 | 2.13 | 17 | | % | | Copper - All-in sustaining costs on a co-product basis ($/lb)(1)(4) | 3.32 | 2.63 | 26 | | % | 3.08 | 2.57 | 20 | | % |

| (1) | Non-GAAP financial measure. See discussion under “Non-GAAP and Other Financial Measures”. | | (2) | As at September 30, 2026, the Company had 193,671,809 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 52-112”), 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 cost metrics are expressed on a metal sold basis. | | | |

2026Guidance – Gold and Copper Assets

| | Units | 2026 Guidance | Nine Months Ended September 30, 2026 | 2026 Guidance - Previous | | | | Production | | | | | | | | Total gold production(1) | (koz) | 260 | - | 290 | 214 | | | Mount Milligan Mine(2)(3)(4) | (koz) | 140 | - | 155 | 112 | | | Öksüt Mine | (koz) | 120 | - | 135 | 102 | | | Total copper production(2)(3)(4) | (Mlb) | 50 | - | 60 | 40 | | | Unit Costs(5) | | | | | | | | Gold production costs(1) | ($/oz) | 1,500 | - | 1,600 | 1,536 | | | Mount Milligan Mine(2) | ($/oz) | 1,450 | - | 1,550 | 1,474 | | | Öksüt Mine | ($/oz) | 1,650 | - | 1,750 | 1,607 | | | All-in sustaining costs on a by-product basisNG(1)(4) | ($/oz) | 1,650 | - | 1,750 | 1,729 | | | Mount Milligan Mine(4) | ($/oz) | 1,100 | - | 1,200 | 1,103 | 1,200 - 1,300 | | Öksüt Mine | ($/oz) | 1,850 | - | 1,950 | 1,822 | | | Capital Expenditures | | | | | | | | Additions to PP&E | ($M) | 205 | - | 250 | 179.1 | | | Mount Milligan Mine | ($M) | 130 | - | 150 | 109.9 | | | Öksüt Mine | ($M) | 10 | - | 20 | 13.8 | | | Goldfield Project | ($M) | 60 | - | 70 | 49.2 | | | Kemess Project | ($M) | 5 | - | 10 | 6.2 | | | Total Capital ExpendituresNG | ($M) | 185 | - | 230 | 164.2 | | | Sustaining Capital ExpendituresNG | ($M) | 85 | - | 105 | 75.8 | | | Mount Milligan Mine | ($M) | 80 | - | 90 | 66.6 | | | Öksüt Mine | ($M) | 5 | - | 15 | 9.2 | | | Non-sustaining Capital ExpendituresNG | ($M) | 100 | - | 125 | 88.4 | | | Mount Milligan Mine | ($M) | 35 | - | 45 | 33.6 | | | Goldfield Project | ($M) | 60 | - | 70 | 48.6 | | | Kemess Project | ($M) | 5 | - | 10 | 6.2 | | | Other Items | | | | | | | | Current income tax and BC mineral tax expense(1) | ($M) | 117 | - | 139 | 110.2 | 111 - 133 | | Mount Milligan Mine | ($M) | 12 | - | 14 | 9.7 | 6 - 8 | | Öksüt Mine | ($M) | 105 | - | 125 | 100.5 | | | Depreciation, depletion and amortization | ($M) | 105 | - | 125 | 95.2 | 90 - 110 | | Mount Milligan Mine | ($M) | 55 | - | 65 | 47.2 | 40 - 50 | | Öksüt Mine | ($M) | 50 | - | 60 | 48.0 | | | Evaluation Costs | ($M) | 18 | - | 25 | 15.7 | | | Care and Maintenance - Kemess Project | ($M) | 13 | - | 15 | 11.1 | | | Reclamation Costs - Kemess Project | ($M) | 2 | - | 4 | 0.8 | | | Corporate and administration costs(6) | ($M) | 34 | - | 38 | 30.1 | 29 - 33 |

| (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 $6.25 per pound of copper for 2026, the Mount Milligan Mine’s average realized gold and copper prices for 2026 would be $2,915 per ounce and $5.25 per pound, respectively, compared to average realized prices of $2,608 per ounce and $3.96 per pound in 2025, when factoring in the Mount Milligan Streaming Agreement and concentrate refining and treatment costs. | | (3) | Gold production for 2026 at the Mount Milligan Mine assumes estimated recoveries of 60% to 62% and compares to actual gold recovery of 60.3% achieved in the nine months ended September 30, 2026. Copper production for 2026 assumes recovery of 75% to 77% for copper and compares to actual copper recovery of 74.2% achieved in the nine months ended September 30, 2026. | | (4) | Unit costs include a credit for forecasted copper sales treated as by-product for all-in sustaining costsNG. Production for copper and gold reflects estimated metallurgical losses resulting from handling of the concentrate and metal deductions levied by smelters. | | (5) | Units noted as ($/oz) relate to gold ounces. | | (6) | Excludes share based compensation. | | | |

2026 Guidance – US Moly

| | Units | 2026 Guidance | Nine Months Ended September 30, 2026 | 2026 Guidance - Previous | | | | Production - Langeloth Facility | | | | | | | | Total molybdenum roasted | Mlbs | 11 | - | 13 | 7.7 | | | Total molybdenum sold | Mlbs | 15 | - | 17 | 12.1 | | | Costs and Profitability - Langeloth Facility | | | | | | | | Net earnings | ($M) | 12 | - | 17 | 11.7 | 2 - 7 | | Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)NG | ($M) | 17 | - | 22 | 18.9 | 7 - 12 | | Capital Expenditures | | | | | | | | Additions to PP&E | ($M) | 208 | - | 240 | 195.1 | | | Thompson Creek Mine | ($M) | 205 | - | 235 | 193.0 | | | Langeloth Facility | ($M) | 3 | - | 5 | 2.1 | | | Total Capital ExpendituresNG | ($M) | 193 | - | 225 | 175.7 | | | Non-sustaining Capital ExpendituresNG, Thompson Creek Mine | ($M) | 190 | - | 220 | 173.6 | | | Sustaining Capital ExpendituresNG, Langeloth Facility | ($M) | 3 | - | 5 | 2.1 | | | Other Items | | | | | | | | Depreciation, depletion and amortization, Langeloth Facility | ($M) | 4 | - | 6 | 3.4 | | | | | | | | | | | | | | | | | |

2026 Guidance – Global Exploration Projects

| (Expressed in millions of United States dollars) | Units | 2026 Guidance | Nine Months Ended September 30, 2026 | | | | Project Exploration | ($M) | 40 | - | 50 | 35.9 | | Brownfield Exploration | ($M) | 20 | - | 25 | 20.6 | | Greenfield and Generative Exploration | ($M) | 20 | - | 25 | 15.3 | | | | | | | |

Mount Milligan

Mount Milligan produced 44,070 ounces of gold in the third quarter of 2026, a 15% increase compared to the previous quarter and consistent with the production profile previously outlined. Copper production in the quarter was 12.8 million pounds, largely in line with the previous quarter, reflecting planned mine sequencing. Year-to-date gold and copper production remains aligned with the September 2025 Pre-Feasibility Study (“PFS”) mine plan and the Company remains on track to achieve its 2026 production guidance of 140,000 to 155,000 ounces of gold and 50 to 60 million pounds of copper. During the quarter, a total of 12.3 million tonnes were mined from phases 5, 6, 7 and North Borrow of the open pit. Process plant throughput was 5.6 million tonnes, averaging 60,388 tonnes per day. Gold sales were 43,005 ounces and copper sales were 13.2 million pounds.

Gold production costs in the third quarter 2026 were $1,392 per ounce. AISC on a by-product basisNGwas $985 per ounce, 22% lower quarter-over-quarter as a result of stronger gold production and sales and copper by-product credits. The Company reaffirms its 2026 gold production cost guidance of $1,450 to $1,550 per ounce at Mount Milligan, while strong year-to-date copper by-product credits have enabled the Company to lower its full-year AISC on a by-product basisNGguidance from $1,200 to $1,300 per ounce to $1,100 to $1,200 per ounce.

Sustaining capital expendituresNGat Mount Milligan in the third quarter of 2026 were $22.4 million, focused on the existing TSF dam construction, equipment replacements, and mill maintenance. Non-sustaining capital expendituresNGin the third quarter of 2026 were $11.3 million related to TSF buttress foundation preparation and equipment purchases. The Company remains on track to achieve its 2026 sustaining and non-sustaining capital expendituresNGguidance at Mount Milligan of $80 to $90 million and $35 to $45 million, respectively.

In the third quarter of 2026, Mount Milligan generated $106.8 million of cash flow from mine operations and free cash flowNG of $62.8 million.

The PFS extended Mount Milligan’s mine life to 2045, supported by an optimized mine plan, and outlined a fully funded growth capital program designed to support long-term production and cash flow. The study also supports a planned 10% increase in plant throughput beginning in 2028, enhancing production over the life of the operation. Mount Milligan remains Centerra’s cornerstone asset, with 20 years of mine life, meaningful gold and copper production, and significant future exploration potential in British Columbia.

Öksüt

Öksüt produced 31,359 ounces of gold in the third quarter of 2026, driven by higher grades and enhanced operating practices and solution management. The Company remains on track to achieve its previously increased 2026 Öksüt gold production guidance of between 120,000 to 135,000 ounces. During the quarter, mining activities were focused on phase 5 and phase 6 of the Keltepe pit. A total of 5.0 million tonnes of ore and waste were mined in the quarter and 1.5 million tonnes were stacked at an average grade of 0.85 g/t.

At Öksüt, gold production costs and AISC on a by-product basisNGfor the third quarter 2026 were $1,659 per ounce and $1,893 per ounce, respectively. AISC on a by-product basisNGimproved compared to last quarter driven by lower royalty expense per ounce due to lower gold prices. The Company reaffirms Öksüt’s 2026 AISC on a by-product basisNGguidance range of $1,850 and $1,950 per ounce.

In the third quarter 2026, sustaining capital expendituresNGat Öksüt were $2.5 million. The Company reaffirms its 2026 guidance for sustaining capital expendituresNGof $5 to $15 million at Öksüt.

Öksüt delivered cash flow from mine operations of $68.3 million and free cash flowNGof $65.8 million in the third quarter of 2026.

In June 2026, the Turkish Government announced changes that are expected to reduce the corporate income tax rate for Öksüt from 25% to 12.5%, effective January 1, 2027. This change in tax rate is expected to enhance Öksüt’s long-term cash flow generation and overall value.