Centerra Gold Reports Third Quarter 2024 Results; Consistent Operating Performance Drives Continued Strong Cash Flow From Operations

Core Viewpoint - Centerra Gold Inc. reported strong operational performance in Q3 2024, achieving significant production and cash flow growth while maintaining cost guidance for the year [2][4][5]. Operations - Consolidated gold production reached 93,712 ounces in Q3 2024, with contributions of 42,993 ounces from Mount Milligan and 50,719 ounces from Öksüt [4]. - Copper production for the quarter was 13.7 million pounds, with year-to-date totals of 294,880 ounces of gold and 41.6 million pounds of copper [4]. - The company maintained its full-year production guidance of 370,000 to 410,000 ounces of gold and 55 to 65 million pounds of copper [4][10]. Financial Performance - Q3 2024 net earnings were $28.8 million, or $0.14 per share, with adjusted net earnings of $38.6 million, or $0.19 per share [5]. - Cash provided by operating activities was $103.6 million, and free cash flow was $37.4 million for the quarter [5]. - Total liquidity as of September 30, 2024, was $1,004.3 million, including $604.3 million in cash [5]. Capital Expenditures - Total capital expenditures in Q3 2024 were $60.5 million, with sustaining capital expenditures of $35.3 million and non-sustaining expenditures of $25.2 million [7][22]. - The company plans to continue investing in its operations, particularly at Mount Milligan and Öksüt, to enhance production capabilities [17][22]. Strategic Developments - Centerra announced a strategic plan for its Molybdenum Business Unit, including the restart of operations at Thompson Creek and a ramp-up plan for Langeloth [6][24]. - The company is progressing on a preliminary economic assessment for Mount Milligan, expected to be completed by mid-2025, which aims to unlock additional value [3][19]. Shareholder Returns - The company increased share buybacks to $12 million in Q3 2024 and declared a quarterly dividend of C$0.07 per common share [5][6]. - Centerra has returned $65 million to shareholders in the first nine months of 2024, including $32 million in share buybacks and $33 million in dividends [6]. Future Outlook - The company expects to publish an initial resource estimate at Goldfield in early 2025, alongside its year-end reserve and resource update [3]. - Full-year cost guidance remains unchanged, with gold production costs expected to be between $800 to $900 per ounce and all-in sustaining costs between $1,075 to $1,175 per ounce [4][10].