Centerra Gold Inc. (TSX: CG) (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
Financial
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. | ||||||||||||
2026 Guidance – 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 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 basisNG was $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 basisNG guidance from $1,200 to $1,300 per ounce to $1,100 to $1,200 per ounce.
Sustaining capital expendituresNG at 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 expendituresNG in 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 expendituresNG guidance 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 basisNG for the third quarter 2026 were $1,659 per ounce and $1,893 per ounce, respectively. AISC on a by-product basisNG improved 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 basisNG guidance range of $1,850 and $1,950 per ounce.
In the third quarter 2026, sustaining capital expendituresNG at Öksüt were $2.5 million. The Company reaffirms its 2026 guidance for sustaining capital expendituresNG of $5 to $15 million at Öksüt.
Öksüt delivered cash flow from mine operations of $68.3 million and free cash flowNG of $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.
Centerra continues work on a Life of Mine Optimization study at Öksüt to evaluate the asset’s full potential, including the incremental production potential of residual leaching of the heap leach facility and the inclusion of low-grade oxide mineralization outside of the current reserve pit into the mine plan. The study will explore options to increase gold recovery from existing leach pads through improved solution management and enhanced operating practices. Expected in early 2027 with the Company’s year-end disclosures, the study will also support updates to the mine’s long-term reclamation and site management plan to maximize metal recovery in a safe and responsible manner.
US Moly
US Moly generated $2.9 million of cash flow from operations and recorded a free cash flow deficitNG of $53.5 million, in the third quarter of 2026, reflecting capital spending on the restart of Thompson Creek.
Thompson Creek Mine
The restart of Thompson Creek continues to advance as planned, with approximately 65% of the infrastructure refurbishment complete. During the third quarter of 2026, the Thompson Creek restart progressed with most long-lead equipment packages shipped, installation of approximately two-thirds of the flotation tanks and agitators completed, and refurbishment of key mill equipment and electrical work advancing. Tailings work in the quarter included substantial completion of the toe berm and related pipeline installation, while pre-commissioning and operational readiness activities advanced through legacy system testing, training planning and development of operating procedures. In October 2026, the final electrical equipment required for the mill refurbishment was delivered to site.
In the third quarter of 2026, non-sustaining capital expendituresNG were $81.2 million. Since the restart decision in September 2024, non-sustaining capital expendituresNG have totalled $337.3 million. The Company expects the 2026 non-sustaining capital expendituresNG for Thompson Creek to be within the previously disclosed guidance range of $190 to $220 million.
The project remains in line with the total capital estimate of $425 to $450 million and is on track for first production in mid-2027.
Langeloth Metallurgical Facility
In the third quarter of 2026, Langeloth roasted 2.8 million pounds and sold 4.6 million pounds of molybdenum, recorded adjusted EBITDANGof $16.5 million, and generated $2.9 million of cash flow from operations, supported by increased molybdenum sales volumes and stronger margins. Higher margins reflected strong market prices and a lower weighted average cost per pound, benefiting from inventory accumulated at lower market prices in prior periods.
As a result of increasing molybdenum prices, Langeloth delivered strong adjusted EBITDANG in the third quarter, supporting an increase in the Company’s full-year adjusted EBITDANG guidance to $17 to $22 million, up from $7 to $12 million previously.
Goldfield Project
Goldfield achieved an important permitting milestone in the third quarter of 2026, with all major permits now in place for the Gemfield deposit, which accounts for approximately 80% of the life of mine production. Development activities also advanced during the quarter, including detailed engineering, long-lead equipment procurement and initial earthworks for stormwater diversion channels, overburden stockpiling and borrow material excavation. Further construction and site preparation activities are planned for the remainder of 2026. Non-sustaining capital expendituresNG at Goldfield in the third quarter of 2026 were $29.9 million. The Company is on track for Goldfield’s updated 2026 non-sustaining capital expendituresNG guidance of $60 to $70 million, which reflects the acceleration of a number of site preparation activities into 2026 to support project execution, reduce execution risk and secure 2026 pricing. Centerra continues to identify and evaluate opportunities to bring forward capital expenditures to further reduce execution risk and potentially advance the construction schedule. The overall project capital cost estimate remains consistent with the August 2025 technical study.
Goldfield is expected to become the Company’s next gold-producing operation, with first production targeted by the end of 2028, supporting Centerra’s self-funded growth strategy and future production profile.
Kemess Project
In January 2026, Centerra published a Preliminary Economic Assessment for the Kemess project in British Columbia, demonstrating strong project economics, including an after-tax net present value (5%) of approximately $1.1 billion, using long-term pricing of $3,000 per ounce of gold and $4.50 per pound of copper. Kemess has the potential to become Centerra’s second long-life gold-copper asset in British Columbia and remains unencumbered by gold or copper streams, providing greater exposure to future metal prices.
The Company continues to advance the Kemess PFS, which remains on track for completion in mid-2027, and is evaluating opportunities to advance early works to reduce project execution risk.
Third Quarter 2026 Operating and Financial Results Webcast and Conference Call
Centerra invites you to join its third quarter 2026 conference call on Friday, October 30, 2026, at 9:00 a.m. Eastern Time. Details for the webcast and conference call are included below.
Webcast
Conference Call
For detailed information on the results contained within this release, please refer to the Company’s Management’s Discussion and Analysis and financial statements for the three months ended September 30, 2026, that are available on the Company’s website www.centerragold.com or SEDAR+ at www.sedarplus.ca.
About Centerra
Centerra Gold Inc. is a Canadian-based gold and copper producer and developer headquartered in Toronto, Ontario. The Company operates two mines: the Mount Milligan Mine, a long-life gold-copper asset in British Columbia, Canada, and the Öksüt Mine, a gold asset in Türkiye. Centerra has a self-funded organic growth pipeline in North America, including the Kemess gold-copper project in British Columbia, Canada, the Goldfield gold project in Nevada, United States. The Company also owns and operates US Moly, a vertically integrated molybdenum business in the United States comprising the Thompson Creek Mine in Idaho and the Langeloth Metallurgical Facility in Pennsylvania. Centerra’s shares trade on the Toronto Stock Exchange (TSX: CG) and on the New York Stock Exchange (NYSE: CGAU).
For more information:
Lisa Wilkinson
Vice President, Investor Relations & Corporate Communications
(416) 204-3780
lisa.wilkinson@centerragold.com
Additional information on Centerra is available on the Company’s website at www.centerragold.com, on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar.
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