The raised production guidance and expanded buyback signal management confidence, but the negative free cash flow and rising costs warrant monitoring. Traders should watch the Q3 2026 production ramp at Mount Milligan and the progress of the Thompson Creek restart for signs of capital discipline. The Turkish tax cut is a medium-term positive for kst cash flows.
Price Chart
Executive Summary
Centerra Gold reported strong Q2 2026 results with revenue up 54% YoY to $442.7M and net earnings of $72.1M, driven by higher gold and copper prices and production. The company raised its 2026 gold production guidance by 9% at the kst mine, expanded its share buyback program to $200M, and upsized its credit facility to $600M, signaling confidence in its operational and financial position. However, consolidated free cash flow was negative $23M in the quarter due to heavy capital spending on growth projects, and gold production costs rose 11% YoY, tempering the otherwise positive outlook.
Key Facts
- Revenue increased 54% YoY to $442.7M in Q2 2026.
- Net earnings were $72.1M ($0.37/share), up 5% YoY.
- Adjusted net earnings rose 50% YoY to $79.3M ($0.40/share).
- Consolidated gold production was 70,727 oz, up 12% YoY.
- 2026 gold production guidance raised to 260,000-290,000 oz from 250,000-280,000 oz.
- kst mine gold production guidance increased 9% to 120,000-135,000 oz.
- Share buyback program expanded to $200M for 2026; $72.2M completed in H1 2026.
- Credit facility upsized to $600M and extended to July 2030.
- Consolidated free cash flow deficit was $23.0M in Q2 2026.
- Gold production costs rose 11% YoY to $1,456/oz.
- Turkish corporate income tax rate for kst expected to drop from 25% to 12.5% effective Jan 2027.
- Appointed Kelly Strong as EVP and COO, effective August 17, 2026.
Financial Impact
Revenue up 54% YoY to $442.7M; net earnings up 5% to $72.1M; adjusted net earnings up 50% to $79.3M; free cash flow deficit of $23M; share buyback authorization of $200M.
Risk Factors
- Consolidated free cash flow was negative $23M in Q2 due to heavy growth capex at Thompson Creek and Goldfield.
- Gold production costs rose 11% YoY to $1,456/oz, and AISC increased 3% to $1,707/oz.
- US Moly segment used $45M in operating cash and had an $88.5M free cash flow deficit.
- Execution risk on Thompson Creek restart (52% complete) and Goldfield project (first production late 2028).
- Geopolitical risk in Turkey (kst mine) despite announced tax reduction.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-004952 |
| Document: f6k_072826.htm | 0001171843-26-004952 |
| Document: 0001171843-26-004952-index-headers.html | 0001171843-26-004952 |
| Document: 0001171843-26-004952-index.html | 0001171843-26-004952 |
| Document: 0001171843-26-004952.txt | 0001171843-26-004952 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 27d ago | 6-K | $21.78 | awaiting T+60 | — | $20.89 (−4.09%) |
Sep 30, 2026 27d ago | Press Release | $21.78 | awaiting T+60 | — | $20.89 (−4.09%) |
Jul 28, 2026 12w ago | 6-K | $17.03 $20.50 | ▲ +20.38% | ▲ +15.65% | $20.89 (+22.67%) |
Jul 28, 2026 12w ago | 6-K | $17.03 $20.50 | ▲ +20.38% | ▲ +15.65% | $20.89 (+22.67%) |
Jul 15, 2026 14w ago | 6-K | $15.24 $22.54 | ▲ +47.90% | ▲ +44.19% | $20.89 (+37.07%) |
Apr 29, 2026 25w ago | 6-K | $17.37 $16.47 | ▼ −5.16% | ▼ −8.27% | $20.89 (+20.29%) |
Apr 8, 2026 28w ago | 6-K | $18.99 $16.58 | ▼ −12.69% | ▼ −23.15% | $20.89 (+10.01%) |
Mar 30, 2026 30w ago | 6-K | $17.79 $16.19 | ▼ −8.99% | ▼ −21.38% | $20.89 (+17.43%) |
Mar 30, 2026 30w ago | Press Release | $17.79 $16.19 | ▼ −8.99% | ▼ −21.38% | $20.89 (+17.43%) |
Mar 23, 2026 31w ago | Press Release | $16.38 $16.57 | ▲ +1.16% | ▼ −13.16% | $20.89 (+27.53%) |
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