Centerra lowers full-year AISC guidance for Mount Milligan

The mine also remains on track to meet its full-year production guidance of 140000 oz to 155000 oz of gold and 50-million to 60-million pounds of copper.

Mount Milligan produced 44 070 oz of gold and 12.8-million pounds of copper in the third quarter.

Gold production costs in the third quarter were $1 392/oz, while AISC on a by-product basis was $985/oz, 22% lower quarter-on-quarter as a result of stronger gold production and sales and copper by-product credits. The company reaffirms its full-year gold production cost guidance of $1450/oz to $1550/oz at Mount Milligan, while strong year-to-date copper by-product credits have enabled the company to lower its full-year AISC on a by-product basis guidance, from $1200/oz to $1300/oz previously guided, to $1100/oz to $1200/oz.

Mount Milligan generated $106.8-million of cash flow from mine operations and free cash flow of $62.8-million for the third quarter.

Meanwhile, the company's Öksüt gold mine, in Türkiye, produced 31 359 oz of gold in the third quarter, driven by higher grades and enhanced operating practices and solution management. Centerra says the mine remains on track to achieve full-year production guidance of 120 000 oz to 135 000 oz of gold.

The mine delivered cash flow from operations of $68.3-million and free cash flow of $65.8-million in the third quarter.

Centerra continues work on a life-of-mine optimisation study at Öksüt to evaluate the asset’s full potential, including the incremental production potential of residual leaching of the heap leach facility and the inclusion of low-grade oxide mineralisation outside of the current reserve pit into the mine plan.

The company points out that the study, which is expected to be concluded early in 2027, will explore options to increase gold recovery from existing leach pads through improved solution management and enhanced operating practices. The study will also support updates to the mine’s long-term reclamation and site management plan to maximise metal recovery in a safe and responsible manner.

Centerra president and CEO Paul Tomory says the company remains confident of its long-term outlook.

He adds that the company's growth pipeline is also advancing to plan.

“At Thompson Creek, [in Idaho, in the US,] we remain on track for first molybdenum production in mid-2027, less than one year away and in a constructive price environment, and we expect to deliver the restart project within our capital cost estimate.

"Development work at Goldfield [in Nevada, in the US,] continues to advance well with critical long-lead items procured and site establishment activities now underway, and the prefeasibility study [for the Kemess project, in British Columbia,] is progressing towards completion in mid-2027," he comments.

Centerra Gold Inc. is a Canadian-based gold and copper producer and developer headquartered in Toronto, Ontario. The Company operates two mines: the Mount Milligan Mine, a long-life gold-copper asset in British Columbia, Canada, and the Öksüt Mine, a gold asset in Türkiye. Centerra has a self-funded organic growth pipeline in North America, including the Kemess gold-copper project in British Columbia, Canada, the Goldfield gold project in Nevada, United States. The Company also owns and operates US Moly, a vertically integrated molybdenum business in the United States comprising the Thompson Creek Mine in Idaho and the Langeloth Metallurgical Facility in Pennsylvania. Centerra's shares trade on the Toronto Stock Exchange (TSX: CG) and on the New York Stock Exchange (NYSE: CGAU).