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Centerra Gold Inc.
11/1/2023
Thank you for standing by. This is the conference operator. Welcome to the Sentara Gold third quarter 2023 conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then 1 on your telephone keypad. Should you need assistance during the conference call, You may signal an operator by pressing star, then zero. I would now like to turn the conference over to Lisa Wilkinson, Vice President, Investor Relations and Corporate Communications with Sentara Gold. Please go ahead.
Thank you, operator, and good morning, everyone. Welcome to Sentara Gold's third quarter 2023 results conference call. Joining me on the call today are Paul Tamori, President and Chief Executive Officer, Paul Charan, Chief Operating Officer, and Darren Millman, Chief Financial Officer. Our release yesterday details our third quarter 2023 results. This should be read in conjunction with our MD&A and financial statements, both of which can be found on CDAR, EDGAR, and our website. All figures are in U.S. dollars unless otherwise noted. Presentation slides are available on Sentara Gold's website to accompany this webcast. 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. Also, certain of the measures we will discuss are non-GAAP measures, please refer to the description of the non-GAAP measures in our news release and MD&A issued yesterday. I will now turn the call over to Paul Timore.
Thank you, Lisa, and good morning, everyone. Sentara had a very strong third quarter with significant free cash flow generation, driving a substantial increase to our cash balance. Upsuit outperformed our expectations, producing almost 87,000 ounces in the quarter. Our 2023 Consolidated Gold Production Guidance remains on track between 340,000 and 360,000 ounces, and we expect to continue to generate significant free cash flow in the fourth quarter, further increasing our cash balance by the end of the year. Paul Chowron will speak to our operations in more detail a little later, and he will speak to the adjustments to the site-level production guidance of both Oak Street and Mount Milligan. In September, we rolled out our Value Maximizing Strategic Plan for our portfolio of assets. As part of this plan, we announced positive economics for the Thompson Creek mine restart, while simultaneously initiating a process to evaluate all strategic options for the Molybdenum business unit. At Mt. Milligan, we continue to drive operational and technical improvements to unlock the full potential of this cornerstone asset. In 2024, we expect higher levels of gold production and similar levels of copper production when compared to 2023 guidance. We continue to believe that we will be able to fund capital returns to our shareholders invest in internal growth projects and exploration, and evaluate external opportunities for growth, all while maintaining a significant cash balance through the end of 2024 and beyond. Finally, I'd like to touch on some ESG achievements in the quarter. In line with our commitment to sustainable and responsible mining practices, Sentara published its 2022 Annual ESG Report in the third quarter, which includes the Responsible Gold Mining Principles Conformance Report, along with an independent assurance letter. As we continue to progress our climate and nature strategy, our next objective is to identify feasible emission reduction pathways and initiatives. We continue to reinforce our ESG performance through the release of our sustainable development policy, which focuses on ensuring a safe and respectful workplace for our employees and contractors, protecting the natural environment, and creating a positive impact in the communities where we operate. I'll now pass the call over to Paul to walk through our operational performance in the quarter.
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