Call Start: 09:00 January 1, 0000 9:33 AM ET

Centerra Gold Inc. (NYSE:CGAU)
Q3 2024 Earnings Conference Call
November 01, 2024, 09:00 AM ET

Company Participants

Lisa Wilkinson - VP, IR and Corporate Communications
Paul Tomory - President and CEO
Paul Chawrun - COO
Ryan Snyder - CFO

Conference Call Participants

Raj Ray - BMO
Lawson Winder - Bank of America Securities
Jeremy Hoy - Canaccord Genuity
Anita Soni - CIBC World Markets
Mike Parkin - National Bank

Operator

Thank you for standing by. This is the conference operator. Welcome to the Centerra Gold Third Quarter 2024 Conference Call. As a reminder, all participants are in a listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. [Operator Instructions]

I would now like to turn the conference over to Lisa Wilkinson, Vice President, Investor Relations and Corporate Communications with Centerra Gold. Please go ahead.

Lisa Wilkinson

Thank you, operator, and good morning. Welcome to Centerra Gold's third quarter 2024 results conference call. Joining me on the call today are Paul Tomory, President and Chief Executive Officer; Paul Chawrun, Chief Operating Officer; and Ryan Snyder, Chief Financial Officer. Our release yesterday details our third quarter 2024 results. It should be read in conjunction with our MD&A and financial statements, both of which can be found on SEDAR, EDGAR, and our website. All figures are in U.S. dollars unless otherwise noted. Presentation slides accompanying this webcast are available on Centerra's website. Following the prepared remarks, we will open the call for questions.

Before we begin, I would like to caution everyone that certain statements made today may be forward-looking and are subject to risks which may cause our actual results to differ from those expressed or implied. Please refer to the cautionary statements included in the presentation as well as the risk factors set out in our annual information form. Certain measures we will discuss are non-GAAP measures. Please refer to the description of non-GAAP measures in our news release and MD&A issued yesterday.

I will now turn the call over to Paul Tomory.

Paul Tomory

Thanks, Lisa, and good morning, everyone. We continue to deliver consistent operating performance, producing over 93,000 ounces of gold and 13.7 million pounds of copper in the third quarter. We're on track to meet our consolidated production and cost guidance for the year. We benefited from margin expansion driven by stable cost performance in an elevated metal price environment. As planned, we've returned to strong free cash flow generation this quarter. And even after spending approximately $32 million on the restart of operations at Thompson Creek, we grew our cash and cash equivalents to $604 million at the end of the third quarter.