Centerra Gold Reports First Quarter 2024 Results; Continued Strong Cash Flow from Operating Activities; Cash and Cash Equivalents Increased to $648 Million
All figures are in United States dollars. All production figures reflect payable metal quantities and are on a 100% basis, unless otherwise stated. For references denoted with NG, refer to the “Non-GAAP and Other Financial Measures” disclosure at the end of this news release for a description of these measures.

TORONTO, May 14, 2024 (GLOBE NEWSWIRE) — Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) today reported its first quarter 2024 operating and financial results.

President and CEO, Paul Tomory, commented, “Centerra had a strong quarter of operating performance with production and costs outperforming our expectations. At Mount Milligan, we continued to advance a site-wide optimization program, implementing tangible initiatives in several areas, including concentrate management, mine operations and mine-to-mill optimization. We are also focused on a preliminary economic assessment to evaluate the substantial mineral resources at the Mount Milligan mine to unlock value beyond its current 2035 mine life. At Öksüt, we remain on track with elevated production in the first half of the year, in line with our guidance.

“In the first quarter of 2024, our cash and cash equivalents increased to $647.6 million, despite making the $24.5 million payment related to the additional agreement with Royal Gold. We have been active on share buybacks in late February and March, delivering on our disciplined capital allocation strategy. Looking ahead, in the second quarter we expect to make tax and annual royalty payments in Türkiye, totalling approximately $105 million, which will impact our cash balance. We continue to believe that Centerra is well positioned to achieve its 2024 guidance, as we are delivering on our value maximizing strategy for the Company’s portfolio of assets,” concluded Mr. Tomory.

First Quarter 2024 Highlights

Operations

Production: Consolidated gold production of 111,341 ounces, including 48,317 ounces of gold from the Mount Milligan Mine (“Mount Milligan”) and 63,024 ounces of gold from the Öksüt Mine (“Öksüt”). Copper production in the quarter was 14.3 million pounds.
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