Centerra Gold Delivers Strong Operational Execution in Q2 2026, Raises Consolidated Gold Production Guidance
Centerra Gold has reported another quarter of strong operational execution across its portfolio, delivering robust cash flow from operations despite a lower gold price environment.
During the second quarter of 2026, Mount Milligan continued to perform in line with plan, marking the third consecutive quarter on plan since the Preliminary Feasibility Study (PFS) was released in September 2025. Öksüt also delivered a strong first half of 2026, resulting in a 9% increase to its gold production guidance for the year.
The company generated healthy operating margins at both sites, supported by disciplined cost management and strong operational execution. As a result, Centerra Gold increased its consolidated gold production guidance to 260,000-290,000 ounces, up from the previous range of 250,000-280,000 ounces.
In addition to delivering strong operational results, Centerra Gold also made significant progress on its project portfolio. The company recently extended and upsized a revolving credit facility to $600 million at better pricing, further enhancing its financial flexibility. This move reflects the strength of its balance sheet and its ability to generate cash flow from existing operations.
Centerra Gold's President and Chief Executive Officer, Paul Tomory, stated that the company is committed to shareholder returns, as evidenced by the completion of $50 million in share buybacks and the approval of up to $200 million in share repurchases for the full year 2026. This commitment reinforces the company's disciplined approach to capital allocation.
The company's self-funded organic growth strategy provides multiple opportunities for value creation, all supported by its strong balance sheet and cash flow generated from existing operations. At Mount Milligan, Centerra Gold is continuing to invest in the mine, with a focus on extending its life beyond 2045 and maximizing cash flow.
At Öksüt, the company is advancing work to evaluate opportunities to extend the mine life beyond the current reserve plan while increasing metal recovery from existing leach pads through improved operation practices and solution management. Centerra Gold expects to update the market on this study in early 2027 with its year-end disclosures.
The Goldfield project, which represents the company's next source of near-term gold production growth, is beginning to ramp up. During the quarter, Centerra Gold advanced engineering procurement and early site works, as well as accelerated a number of early site preparation activities and the procurement of key long-lead equipment into 2026.
These actions increase the company's 2026 capital expenditure program to between $60 million and $70 million but reduce execution risk, secure current pricing, and support successful project delivery. Overall, Centerra Gold's Q2 2026 results demonstrate its ability to execute on its strategy and deliver strong operational performance despite a challenging market environment.
With its robust cash flow from operations, healthy operating margins, and commitment to shareholder returns, Centerra Gold is well-positioned for continued success in the future. The company's project portfolio provides multiple opportunities for value creation, and its financial flexibility will allow it to continue investing in its growth strategy.
