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Centerra Gold Reports First Quarter Results; Provides Update on Öksüt Mine Operations
All figures are in United States dollars. All production figures reflect payable metal quantities and are on a 100%-basis, unless otherwise stated. For referenc
About this update from Centerra Gold Inc.
[{"type":"text","content":" 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 15, 2023 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) today reported its first quarter 2023 results. Significant financial and operating results of the first quarter ended March 31, 2023 included: Net loss for the quarter of $73.5 million, or $0.34 per common share, including (net of tax): a non-cash reclamation expense at the care and maintenance sites of $15.6 million, or $0.07 per common share, exploration and evaluation costs at the Goldfield project of $11.7 million, or $0.06 per common share, and stand-by cash costs at the Öksüt Mine of $7.8 million, or $0.04 per common share. Mining costs at the Öksüt Mine were expensed in the period due to the focus on waste stripping activities with limited mining, crushing and stacking of ore. Adjusted net lossNG for the quarter was $52.9 million, or $0.24 per common share. Cash used in operating activities and free cash flow deficitNG for the quarter of $99.8 million and $105.9 million, respectively, were primarily due to working capital requirements at the Molybdenum Business Unit and the suspension of production activities at the Öksüt Mine. Total operating cash flow deficit for the quarter was driven by a $75.8 million increase in working capital. Mount Milligan Mine generated cash from mine operating activities and free cash flowNG of $27.6 million and $24.6 million, respectively, for the quarter. Cash used in operating activities at the Öksüt Mine was $20.8 million for the quarter. Cash used in operating activities at the Molybdenum Business Unit was $76.6 million for the quarter, primarily due to an increase in working capital, as a result of higher molybdenum prices. This is expected to partially reverse through the remainder of the year if molybdenum prices remain at their current levels. Gold production and copper production for the quarter at the Mount Milligan Mine was 33,215 ounces and 13.4 million pounds, respectively. Lower production during the quarter was driven by lower plant throughput primarily du...