CGAU · Centerra Gold Inc.

Centerra Gold delivered a strong first quarter in 2026, with consolidated gold production rising 15% year-over-year to 68,001 ounces, driven by higher-than-planned grades at the Öksüt mine. Revenue surged 62% to $484.7 million, reflecting higher gold and copper sales volumes and significantly higher realized prices: average realized gold price of $4,172/oz (up 63% YoY) and copper price of $4.48/lb (up 18% YoY). Net earnings more than doubled to $79.4 million ($0.40 per share), while adjusted net earnings reached $88.2 million ($0.44 per share). The company generated $120.1 million in operating cash flow and $49.0 million in free cash flow, a 390% increase from the prior year, driven by robust mine-level cash flows from Mount Milligan ($124.6 million) and Öksüt ($133.9 million). Capital expenditures totaled $69.4 million, with $56.8 million directed to non-sustaining projects, primarily the Thompson Creek development. Centerra's cash balance grew to $543.5 million, and total liquidity stood at $943.5 million, including an undrawn $400 million credit facility. The company returned $33 million to shareholders through share buybacks ($22.5 million) and dividends ($10.1 million). Management highlighted progress on growth initiatives: the Kemess PEA, Mount Milligan LOM extension to 2045, Goldfield project targeting first production in late 2028, and the Öksüt Life of Mine Optimization study expected by end of 2026. The Langeloth facility provisionally resumed operations in April 2026, with commissioning ongoing and additional testing required. The company provided full-year 2026 guidance, including gold production of 250,000-280,000 ounces and all-in sustaining costs of $1,650-$1,750 per ounce on a by-product basis.