CGAU · Centerra Gold Inc.

Centerra Gold Inc. delivered a strong first quarter in 2026, with financial performance significantly outpacing the prior year period. Revenue for the three months ended March 31, 2026, reached $484.7 million, a substantial increase from $299.5 million in the same quarter of 2025. This top-line growth flowed through to the bottom line, resulting in net earnings of $79.4 million, or $0.40 per basic share, compared to $30.5 million, or $0.15 per basic share, in Q1 2025. The improvement in operating results was driven by higher revenues and earnings from mine operations, which totaled $197.6 million, up from $76.5 million year-over-year. Production costs increased to $254.2 million, reflecting higher activity levels, but were more than offset by the revenue gains.

A notable contributor to the quarter's results was a $16.1 million gain recognized on the sale of the Greenstone Partnership, stemming from the remeasurement of contingent consideration due from Equinox Gold Inc. This gain, recorded in non-operating income, highlights the ongoing financial impact of the 2021 divestiture. Additionally, the company recorded a $38.5 million unrealized fair value loss on a financial asset related to the Additional Royal Gold Agreement, which was adjusted for in the cash flow statement. Despite this non-cash charge, the company demonstrated robust cash generation, with cash provided by operating activities totaling $120.1 million. Capital expenditures on property, plant, and equipment were $71.1 million.

Centerra maintained a disciplined capital allocation strategy during the quarter. The company returned capital to shareholders through $10.1 million in dividends (C$0.07 per share) and repurchased 1,253,900 common shares for $22.9 million under its Normal Course Issuer Bid. These actions reduced the share count and returned value while maintaining a strong liquidity position. Cash and cash equivalents increased to $543.5 million as of March 31, 2026, up from $528.9 million at the end of 2025, providing a solid foundation for future operations and development projects.