CA - Centerra Gold reports mixed Q2 earnings; updates FY23 outlook

2023-08-01 03:37:12 ET

• Centerra Gold press release ( NYSE: CGAU ): Q2 Non-GAAP EPS of -$0.20 misses by $0.09 .
• Revenue of $184.5M (+10.0% Y/Y) beats by $15.85M .
• Second quarter 2023 gold sales of 48,155 ounces at an average realized market price of $1,532 per ounce and copper sales of 12.8 million pounds at an average realized copper price of $2.56 per pound.
• Consolidated gold production costs were $1,066 per ounce and all-in sustaining costs on by-product basis were $1,711 per ounce for the quarter.
• Second quarter 2023 gold production of 61,622 ounces. Copper production in the quarter was 13.8 million pounds.
• Updated production guidance : Centerra’s 2023 consolidated gold production guidance has been updated following the resumption of operations at Öksüt and is now expected to be between 340,000 to 360,000 ounces, including estimated gold production of 180,000 to 190,000 ounces at Öksüt and 160,000 to 170,000 ounces at Mount Milligan. Although guidance for Mount Milligan is unchanged, production is trending to near the low end of the range. Copper production guidance is unchanged and is expected to be within the range of 60 to 70 million pounds.
• Updated cost guidance : Centerra’s 2023 consolidated gold production costs are expected to be $700 to $750 per ounce, reflecting the full restart of gold production at Öksüt, with lower unit costs expected during the second half of 2023. Full year 2023 gold production costs at Öksüt are expected to be $450 to $500 per ounce and the Company has increased full year gold production costs at Mount Milligan which are now expected to be $1,000 to $1,050 per ounce, up from $900 to $950 per ounce previously. Full year 2023 AISC on a by-product basis ^NG is expected to be $1,000 to $1,050 per ounce, including $650 to $700 per ounce at Öksüt and $1,125 to $1,175 per ounce at Mount Milligan, an increase from previous guidance of $1,075 to $1,125.

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