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Centerra Gold Inc.
2/23/2024
Thank you for standing by. This is the conference operator. Welcome to the Sentera Gold fourth 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 0. I would now like to turn the conference over to Lisa Wilkinson, Vice President, Investor Relations and Corporate Communications at Sentara Gold. Please go ahead.
Thank you, Operator, and good morning, everyone. Welcome to Sentara Gold's fourth 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 fourth quarter 2023 results. It 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 US dollars unless otherwise noted. Presentation slides accompanying this webcast are available on Sentera'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 Tamori.
Thanks, Lisa, and good morning, everyone. To start, I'd like to express my sympathy and support to everyone impacted as a result of a recent slip of the heat bleach padded mine in Turkiye. We have sent a mine rescue team to assist in the recovery efforts, and our thoughts and prayers are with the affected individuals. Moving on to Sentera's performance, we delivered a strong finish to 2023, achieving both production and cost guidance for the year. Fourth quarter was our second consecutive quarter of significant free cash flow, And we ended the year with over $600 million in cash and cash equivalents. I'd also like to highlight annual record performance at Mount Milligan in both the mine and the plant. Our recently announced additional agreement with Royal Gold allows us to look at the Mount Milligan copper-gold porphyry deposit much more broadly and to assess its potential to be a multi-decade operation. This is a key first step in our strategy to realize the full potential of this cornerstone asset in a top-tier mining jurisdiction. Looking ahead at Mt. Milligan, we've initiated a preliminary economic assessment to evaluate the potential of a mine life extension beyond 2035. The PEA is expected to be completed in the first half of 2025. We will also continue to invest in exploration drilling to unlock the large mineral endowment at Mt. Milligan, setting the stage for potential future resource additions. And finally, we'll continue to advance the site-wide optimization program, assessing all aspects of the operation to maximize the potential of the ore body. to set Mount Milligan up for long-term success to 2035 and beyond. In addition to our strategic approach on Mount Milligan, we're also focused on several key areas in 2024. We expect to complete the feasibility study for the Thompson Creek restart in the middle of 2024, as well as an initial resource estimate of the Goldfield project by the end of 2024. In the year ahead, we expect to continue to deliver on our strategic plan to maximize the value of the assets in our portfolio. Finally, I'd like to touch on a recent ESG achievement. In 2020, ECSUT joined the International Cyanide Management Institute as a signatory. Over a span of three years, the site underwent a certification program to align with the Institute's principles and standards practice. In early January, ECSUT successfully attained certification from the Institute, confirming complete adherence to the International Cyanide Management Code. This was a collaborative effort with team members from ESG Occupational Health and Safety, process, maintenance, and construction departments working together to achieve this significant milestone. And with that, I'll pass the call over to Paul Charron to walk us through our operational performance for the quarter.
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