Centerra Gold Inc T.CG

Net Earnings from Continuing Operations of $33.0 mill.

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All figures are in United States dollars and all production figures are on a 100% basis and continuing operations basis unless otherwise stated. This news release contains forward looking information regarding Centerra Gold’s business and operations.  See “Caution Regarding Forward-Looking Information”. All references in this document denoted with NG indicate a non-GAAP term which is discussed under “Non-GAAP Measures” and reconciled to the most directly comparable GAAP measure.

TORONTO, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) today reported its second quarter 2021 results. As a result of the seizure of the Kumtor Mine and the continuing actions by the Kyrgyz Republic, the Company has recognized a loss on the change of control and included the Kumtor Mine in discontinued operations. The Company’s results from continuing operations include the Mount Milligan Mine, the kst Mine and the Molybdenum Business Unit.

Significant financial and operating highlights of the second quarter include:

• Earnings from continuing operations and adjusted net earnings from continuing operationsNG of $33.0 million or $0.11 per common share (basic), and $49.9 million or $0.17 per common share (basic), respectively.
• Net loss and adjusted net earningsNG of $851.7 million or $2.87 loss per common share (basic), and $78.3 million or $0.26 per common share (basic), respectively. Net loss includes net loss from discontinued operations of $884.7 million.
• Cash flow provided by operating activities from continuing operations and free cash flow from continuing operationsNG of $60.3 million and $30.7 million, respectively. Cash provided by operating activities from discontinued operations and net cash flow from discontinued operations were $77.1 million and $49.7 million, respectively.
• Cash position at quarter-end of $882.9 million with total liquidity of $1,282.9 million.
• Consolidated production from continuing operations of 69,854 ounces of gold and 19.8 million pounds of copper.
• Kumtor Mine was seized by the Kyrgyz Republic Government on May 15, 2021 under the pretext of groundless corruption, tax, environmental and other claims. These unjustified actions by the Kyrgyz Republic government, including the appointment of external manager, continued during the quarter. In response, the Company and its Kumtor subsidiaries have commenced legal proceedings against the Kyrgyz Republic, Kyrgyzaltyn JSC (“Kyrgyzaltyn”) and others, including international arbitration, Chapter 11 proceedings before the U.S. Bankruptcy Court and a proceeding in the Ontario Superior Court of Justice.
• Mount Milligan process plant achieved record throughput of 5.6 million tonnes, or 61,848 tonnes per day in the second quarter.
• Gold production costs and copper production costs from continuing operations were $593 per ounce and $1.41 per pound, respectively.
• All-in sustaining costs on a by-product basisNG from continuing operations and All-in costs on a by-product basisNG from continuing operations were $676 per ounce and $851 per ounce, respectively.
• Continuing focus on safety of our employees, contractors and local communities. The kst Mine achieved one million work hours without a Lost Time Injury. Vaccination clinics have been set up for employees and contractors at the Mount Milligan Mine and kst Mine, with second vaccination doses provided to 64% and 55% of site employees, respectively.
• On track to achieve 2021 production and cost guidance at the Mount Milligan Mine and the kst Mine with the revised consolidated free cash flow guidance of $125 to $175 million, including free cashflow from continuing operationsNG of $30.7 million in the second quarter of 2021.
• Quarterly Dividend declared of CAD$0.07 per common share.

https://www.globenewswire.com/en/news-release/2021/08/10/2277711/0/en/Centerra-Gold-Records-Net-Earnings-from-Continuing-Operations-of-33-0-million-or-0-11-per-Common-Share-Adjusted-Net-Earnings-from-Continuing-Operations-Non-GAAP-of-49-9-million-or-.html