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01/10 05:05
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call summary presents a mixed picture. While there are positive developments like the restart of Thompson Creek and share buybacks, challenges such as lower production at Mount Milligan and Öksüt, as well as significant restart costs, pose risks. The Q&A section reveals management's cautious approach and lack of clarity on some projects, which may cause investor uncertainty. The positive shareholder return plan and stable financial health balance out the negatives, leading to a neutral sentiment. Given the company's small market cap, the stock price is likely to remain within a -2% to 2% range.
Free Cash Flow $10 million, a decrease from the previous quarter due to $26 million of development costs for the Thompson Creek mine.
Cash Flow from Operations $59 million, reflecting positive cash generation from both mining operations.
Gold Production 61,000 ounces, with an average realized price of $2,554 per ounce.
Copper Production 12.1 million pounds, with an average realized price of $3.80 per pound.
All-in Sustaining Costs (Consolidated) $1,491 per ounce, maintaining full-year consolidated cost guidance.
Cash Balance $608 million, contributing to total liquidity of $1 billion.
Adjusted Net Earnings $26 million or $0.13 per share, reflecting the company's operational performance.
Molybdenum Sales 4.2 million pounds sold at an average realized price of $21.59 per pound.
Share Buybacks 2.5 million shares repurchased for a total consideration of $15 million, up 25% from the last quarter.
Gold Production: In Q1 2025, gold production was approximately 60,000 ounces.
Copper Production: In Q1 2025, copper production was approximately 12 million pounds.
Kemess Resource Update: An updated resource at Kemess shows 2.7 million ounces of indicated and 2.2 million ounces of inferred gold resources.
Exploration Guidance: Exploration guidance at Kemess has been doubled to between $10 million and $12 million for 2025.
Thompson Creek Restart: Non-sustaining capital expenditures of $26 million were spent on the restart of Thompson Creek.
Share Buyback Program: The Board approved the repurchase of up to $75 million of Centerra's shares in 2025.
Strategic Investment: Centerra supported Thesis Gold with a strategic equity investment.
Cash Position: Centerra maintained a strong cash position of $608 million.
Free Cash Flow: Positive free cash flow was generated at both operations.
Cost Guidance: Cost guidance at Mount Milligan and Öksüt remains unchanged for the year.
Mine Life Extension PFS: Work on the Mount Milligan mine life extension PFS is on track to be completed in Q3 2025.
Sustainability Initiatives: Progress in permitting efforts at Mount Milligan with an amended application submitted.
U.S. Tariffs Impact: The recent implementation of U.S. tariffs had no impact on operations in the first quarter, but the company continues to monitor the situation for potential future impacts, particularly on the Langeloth facility.
Mount Milligan Production Challenges: Production at Mount Milligan was lower than planned due to lower grades encountered in certain phases of the ore body, which may affect future output.
Öksüt Production Challenges: Öksüt's first quarter production was lower than planned due to lower grades from mine sequencing and unfavorable weather conditions, which could impact overall production targets.
Thompson Creek Restart Costs: The restart of Thompson Creek has incurred significant non-sustaining capital expenditures, with a total initial capital estimate of $397 million, which poses financial risk if costs escalate.
Regulatory Permitting Risks: The company is advancing permitting efforts at Mount Milligan, which is critical for operations. Delays or complications in the permitting process could pose risks to operational timelines.
Molybdenum Business Unit Performance: The molybdenum business unit reported a cash flow deficit, indicating potential financial challenges in this segment, which could affect overall profitability.
Share Repurchase Program: The Board approved the repurchase of up to $75 million of Centerra's shares in 2025, viewing buybacks as an effective tool for capital allocation.
Kemess Project: An updated resource at Kemess shows 2.7 million ounces of indicated and 2.2 million ounces of inferred gold resources, with a focus on infill drilling and a preliminary economic assessment expected by year-end.
Mount Milligan Mine Life Extension: The mine life extension PFS is on track for completion in Q3 2025, with optimism for extending the mine life beyond 2036.
Thompson Creek Restart: Non-sustaining capital expenditures of $26 million were spent in Q1 2025, with total initial capital estimated at $397 million.
2025 Production Guidance: Production guidance for 2025 remains unchanged, with expectations for a strong second half driven by increasing grades.
Exploration Guidance at Kemess: Exploration guidance at Kemess has been doubled to between $10 million and $12 million, with 28,500 meters of drilling planned.
Cost Guidance: Full-year cost guidance at Mount Milligan and Öksüt remains unchanged.
Free Cash Flow: Positive free cash flow was generated at both operations in Q1 2025, with a total cash balance of $608 million.
Quarterly Dividend: CAD$0.07 per share
Share Buyback Program: Board approved up to $75 million of share repurchases in 2025.
Share Buybacks in Q1 2025: Repurchased 2.5 million shares for a total consideration of $15 million.
The earnings call presents a mixed picture: strong adjusted net earnings and increased share buybacks are positive, but lower expected production and higher royalty costs at Oksut are concerns. The Q&A reveals management's confidence in project financing and improved project economics at Goldfield, but vague responses on Mount Milligan's production and recovery improvements raise uncertainties. Considering the market cap, these factors suggest a neutral stock price movement over the next two weeks.
The earnings call summary presents a mixed picture. While there are positive developments like the restart of Thompson Creek and share buybacks, challenges such as lower production at Mount Milligan and Öksüt, as well as significant restart costs, pose risks. The Q&A section reveals management's cautious approach and lack of clarity on some projects, which may cause investor uncertainty. The positive shareholder return plan and stable financial health balance out the negatives, leading to a neutral sentiment. Given the company's small market cap, the stock price is likely to remain within a -2% to 2% range.
The earnings call presents a mixed picture. Financial metrics are stable, with strong cash flow and liquidity, but there are no significant year-over-year improvements. The company's commitment to share buybacks and dividends is positive, yet there are concerns about lower gold recoveries and limited exploration potential at key sites. The Q&A section reveals cautious optimism but also highlights uncertainties in future growth and production targets. Given the market cap, the overall sentiment suggests a neutral stock price reaction in the short term.
The earnings call reflects strong financial performance with increased production and sales, stable cost management, and robust cash flow. Despite some cost management challenges and regulatory risks, the company maintains a strong liquidity position and continues shareholder returns through dividends and buybacks. The Q&A section revealed concerns about cost increases and inflation but management's responses were generally reassuring. The unchanged production guidance and positive cash flow expectations further support a positive outlook. Given the company's market cap, the stock price is likely to react positively, but not strongly, resulting in a 'Positive' prediction.
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