Oct 30, 2026 earnings call — Thompson Creek restart and growth pipeline
Centerra repurchased 2.6 million shares for $53 million in the quarter, bringing year-to-date repurchases to $125 million.
Revenue $0.5B (est $0.4B) · EPS $0.37 (est $0.33)
Key quotes
"Mount Milligan produced over 44 thousand ounces of gold in the quarter, a 15% increase over the previous quarter and consistent with the production profile previously outlined."
"The Goldfield project represents our next source of near term gold production growth with first production expected in late 2028."
"In the third quarter, we repurchased 2.6 million shares for a record total consideration of $53 million, bringing our total year to date share repurchases to $125 million."
Analyst Q&A 5
Thompson Creek timing, moly pricing, cash
Q (Luke Bertozzi · CIBC): They asked how far Thompson Creek refurbishment is and what the critical path is. They also asked if they can lock in molybdenum prices and what minimum cash they want while buying back shares.
A: Thompson Creek was 75% complete at the end of October and is in final structural, mechanical and electrical work. Management said they expect to start early commissioning late in the first quarter. They said molybdenum cannot be hedged and that they plan to hold about 100 million to $200 million of cash while funding projects and buybacks, with access to a credit facility if needed.
"And we would like to hold somewhere in the range of 100 million to $200 million of cash just for the operational movements kind of month over month." — Ryan Snyder (CFO)
CapEx timing and Mount Milligan performance
Q (Don DeMarco · National Bank): How should we allocate remaining Thompson Creek CapEx over the coming quarters, and how should we think about ramp up after first production. Also what changed to make Mount Milligan hit plan and can that consistency continue?
A: Ryan said project to date is a little under 340 million and he would allocate the remaining CapEx pretty evenly between now and the middle of next year; total CapEx range remains $425 million to $450 million. Paul reiterated first production is expected in the middle of next year and said they will disclose major milestones and provide more 2027 granularity with year-end guidance. On Mount Milligan, Paul said they extended mine life to 2045, improved technical confidence with infill and grade control drilling, and strengthened the site team, all of which support more reliable forecasting and delivery.
"Project to date, which is a little under 340 million I would allocate that pretty evenly, between now and the middle of next year as we get to first production." — Ryan Snyder (CFO)
Tom's Creek cost and US Moly plans
Q (Desjardins): Is the reported $337 million to date being counted against the $425 million guidance and how confident are you to stay in that range. Also, with strong moly prices, would you consider selling or IPOing US Moly and would that happen before or after Thompson Creek is commercial?
A: Ryan confirmed that the $337 million to date is being counted against the original $425 million to $450 million guidance and they feel pretty good about staying within that range because key equipment is already on site. Paul said the priority is delivering the mine, they like the current molybdenum market and are preparing internally for an IPO or separation option, but they are not in a hurry and will monitor the market for more value upside.
"we are not in a hurry to do that because we think that there is a lot of value yet to be recognized in our valuation as it relates to these molybdenum assets." — Paul Botond Stilicho Tomory (CEO)
Cost inflation, Oksut life, Langeloth plans
Q (Lawson Winder · BofA): Can you quantify Turkey cost inflation for 2026 and the USD inflation effect, and how is Mount Milligan tracking versus budget and into 2027. Also, is the 1–3 year Oksut extension still valid, and how will Thompson Creek feed affect Langeloth operations and outages?
A: Ryan said they plan for net U.S. dollar inflation in Turkey of about 5% to 10% going into 2026. For Mount Milligan he said absolute costs are up a little with labor inflation around 5%, but higher copper and silver credits and strong production have largely offset that; budgeting for 2027 is early but modest inflation is expected. Paul said Oksut is landing in the 1- to 3-year extension range and is close to the midpoint, and Helene said Langeloth will feather in TCM concentrate while still relying on third-party concentrate, the facility capacity is 40 million pounds, and a planned outage in the first part of next year will refresh maintenance to support ramping.
"Going into 2026, we plan for that net inflation to be in the range of 5% to 10%." — Ryan Snyder (CFO)
Turkey tax cut and company initiatives
Q (Jeremy Hoy · Canaccord Genuity): Does the recent Turkish tax cut apply to Oksut now and to any future exploration growth. Also, have new management additions led to any new initiatives or changes in focus across the portfolio?
A: Ryan said the Turkish government changed tax rates from 25% to 12.5% starting at start of 2027 for manufacturing, which includes mining, and they expect their income tax to step down next year so every ounce and future exploration is more valuable under lower taxes. Paul said the principal focus is delivering projects to unlock significant metal inventories; Kelly said her role is to keep momentum, add her operating experience, and ensure smooth transitions from project to operations. Paul added they are beginning early thinking on next-generation studies and looking at the role Endaco could play, but those efforts are at a very early stage.
"So the Turkish government has changed the tax rates from 25% to 12.5% starting at start of 2027 for manufacturing companies, which mining falls under." — Ryan Snyder (CFO)