Q1 2026 Centerra Gold Inc Earnings Call Transcript
Key Points
- Centerra Gold Inc (CGAU) reported a strong start to 2026 with consolidated first quarter production of 68,000 ounces of gold and 14.2 million pounds of copper.
- The company's financial position strengthened with a cash balance increase to $543 million, allowing for continued investment in growth projects and shareholder returns.
- Mount Milligan and Oksut operations delivered robust free cash flow, contributing to a total of $120 million in cash from operations and $49 million in free cash flow for the quarter.
- The Kemess project PEA highlights a 15-year mine life with strong gold and copper production potential, supported by robust economics and existing infrastructure.
- Centerra Gold Inc (CGAU) remains committed to sustainability initiatives, advancing environmental and permitting activities, and engaging with local communities through social programs.
- The company faces potential cost pressures from diesel price volatility, which could impact operating costs and capital expenditures, although current hedges provide some protection.
- Oksut's future production may not match the strong first quarter performance, with expectations for more evenly weighted production in the remaining quarters of 2026.
- Thompson Creek restart activities are ongoing, with significant capital expenditures required, totaling $205 million since the restart decision.
- Operations at Langeloth faced a temporary suspension, leading to a $73 million investment in working capital, which is not expected to unwind in the near term.
- The company anticipates routine payments to the Turkish government for taxes and royalties, which will impact free cash flow at Oksut in the next quarter.
Thank you for standing by. This is the conference operator. Welcome to the Centerra Gold first quarter 2026 conference call. (Operator Instructions)
I would now like to turn the conference over to Lisa Wilkinson, Vice President, Investor Relations and Corporate Communications with Centerra. Please go ahead.
Thank you, operator, and good morning, everyone. Welcome to Centerra Gold's first quarter 2026 results conference call. Joining me on the call today are Paul Tomory, President and Chief Executive Officer; Ryan Snyder, Chief Financial Officer; and Mike Sylvestre, our Interim Chief Operating Officer. Other members of the executive team are available for the Q&A session.
Our news published last night outlines our first quarter 2026 results and complemented by our MD&A and financial statements, which are available on SEDAR, EDGAR and our website. All figures are in US dollars unless otherwise noted. Presentation slides accompanying
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