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Centerra Gold Reports Fourth Quarter and Full-Year 2022 Results
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, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) today reported its fourth quarter and full-year 2022 results. Significant financial and operating results of the fourth quarter and year ended December 31, 2022 included: Net loss for the quarter of $130.1 million or $0.59 per common share (basic), including a non-cash impairment loss on the Kemess Project of $138.2 million (net of tax). The Kemess Project impairment loss was recorded as the Company is now classifying the project as non-core with no exploration or development-related expenditures incurred in 2022 or committed for future years. An adjusted lossNG of $13.7 million or $0.06 per common share (basic). Net loss for the year of $77.2 million or $0.29 per common share (basic) and an adjusted net lossNG of $9.4 million or $0.04 per common share (basic). Cash used in operating activities and free cash flow deficitNG for the quarter of $9.8 million and $25.3 million, respectively was primarily due to a temporary suspension of leaching activities at the Öksüt Mine. Cash used in operating activities at the Öksüt Mine was $11.9 million for the quarter with continued mining and stacking of ore. Mount Milligan Mine generated cash provided by mine operating activities and free cash flowNG of $26.5 million and $15.6 million for the quarter, respectively. Cash used in operating activities and free cash flow deficitNG for the year were $2.0 million and $82.9 million, respectively. In January 2023, the Öksüt Mine received notice of approval of its operating license extension application for a period of 10 years as well as approval of an enlarged grazing land permit to allow expansion of the open pits. The regulatory review of Öksüt Mine’s amended Environmental Impact Assessment (“EIA”), which was submitted in mid-January 2023 for regulatory review, remains on track. The Company’s mercury abatement retrofit to the Öksüt Mine’s ADR plant is complete. Upon restart of the ADR plant, and after receiving regulatory ...