Centerra Gold reports Q3 EPS 20c, consensus 17c

Reports Q3 revenue $343.9M vs. $179.01M last year. 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 Oksut 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. Oksut 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.”