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Centerra Gold Reports Third Quarter 2023 Results; Significant Free Cash Flow Drives Increased Cash Balance
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, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) today reported its third quarter 2023 operating and financial results. President and CEO, Paul Tomory, commented, “Centerra had a strong third quarter, with cash provided by mine operations of $144 million and $36 million, from Öksüt and Mount Milligan, respectively. In addition, the Langeloth Metallurgical Facility returned $17 million from the previous investment into working capital, all of which drove a substantial increase to our cash balance. Öksüt outperformed our expectations, producing almost 87,000 ounces in the quarter. Our 2023 consolidated gold production guidance remains on track to be between 340,000 to 360,000 ounces and we expect to continue to generate significant free cash flow in the fourth quarter, resulting in a higher cash balance by the end of the year. We remain on track for a strong finish to 2023.” “In September, we announced positive economics for the Thompson Creek Mine restart, while simultaneously initiating a process to evaluate all strategic options for the Molybdenum Business Unit assets. We also continue to drive operational and technical improvements at Mount Milligan to unlock its full potential as our cornerstone asset. Given the results from this quarter, we are optimistic about the future of Centerra and our ability to internally fund our strategic initiatives with cash flows from operations.” Third Quarter Highlights Operations: Production: Third quarter 2023 gold production of 126,221 ounces, including production of 39,554 ounces of gold from the Mount Milligan Mine (“Mount Milligan”) and 86,667 ounces of gold from the Öksüt Mine (“Öksüt”). Copper production in the quarter was 15.0 million pounds. Sales: Third quarter 2023 gold sales of 130,973 ounces at an average realized market price of $1,741 per ounce and copper sales of 15.4 million pounds at an average realized copper price of $2.99 per pound. Costs: Consolidated gold production costs were $643 per ounce and...