Centerra Gold Q1 revenue up 62% on strong production at Mount Milligan and Öksüt

Overview

• Canada gold and copper miner's Q1 revenue rose 62% yr/yr, driven by strong production at Mount Milligan and Öksüt

• Company returned $33 mln to shareholders via buybacks and dividends in Q1

Outlook

• Centerra sees 2026 gold production at 250-280k oz and copper at 50-60 mln lbs

• Company expects 2026 gold production costs of $1,500-$1,600/oz and AISC of $1,650-$1,750/oz

• Centerra to publish 2026 Langeloth operating guidance with Q2 2026 results

Result Drivers

• ÖKSÜT HIGHER GRADES - Öksüt Mine delivered higher than planned gold production due to higher grades, resulting in lower unit costs

• MOUNT MILLIGAN BY-PRODUCT CREDITS - Mount Milligan's AISC benefited from higher copper and silver prices, offsetting higher gold production costs

• INVENTORY BUILD-UP AT LANGELOTH - Langeloth's Q1 results reflected increased working capital and inventory build-up during temporary shutdown

Company press release: ID:nGNX6LPqf9

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the gold peer group is "buy"

• Wall Street's median 12-month price target for Centerra Gold Inc is C$34.00, about 37.9% above its April 28 closing price of C$24.65

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago

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