Our opinion:
According to the operating results, Centerra Gold exceeded its production guidance on both mines Kumtor and Mount Milligan in the range of 665 000-705 000 oz of gold. Kumtor demonstrated strong operating results of the gold production delivering 534 000 oz of gold, which exceeded the upper end of 510 000 oz of its gold production guidance. At Mount Milligan there were sufficient water resources in the 4Q2018 that enabled the Company to run the mill processing facility at a higher than anticipated throughput rate allowing the Company to achieve 195 000 oz of its gold production guidance and 21 364 tons of its copper production guidance. We maintain our recommendation Buy and 12M TP of 6.75 CAD/share.
