Centerra Gold (CG) Q1 2025 earnings summary

Executive summary

• Generated positive free cash flow at both Mount Milligan and Öksüt in Q1 2025, with gold production of 60,000 ounces and copper production of 12 million lbs, maintaining a strong cash position of $608 million and total liquidity of $1.0 billion.

• Board approved up to $75 million in share buybacks for 2025, with $14.9–$15 million repurchased in Q1, and declared a CAD 0.07 per share quarterly dividend.

• Advanced key growth initiatives at Mount Milligan and Kemess, with significant exploration and development milestones targeted for 2025, including a doubled exploration budget and updated mineral resource at Kemess.

• 2025 production guidance remains unchanged, with stronger performance expected in the second half due to higher grades.

• Kemess PEA expected by year-end, with a potential 15-year mine life and 250,000 gold equivalent oz annual production.

Financial highlights

• Q1 2025 net earnings were $30.5 million ($0.15/share), adjusted net earnings $26.4 million ($0.13/share); revenue was $299.5 million.

• Sales of 61,132 ounces of gold at $2,554/oz and 12.1 million lbs of copper at $3.80/lb; consolidated AISC on a by-product basis was $1,491/oz.

• Cash flow from operations was $58.6–$59 million; free cash flow was $10 million after $26 million in Thompson Creek development spending.

• Capital expenditures totaled $46.9 million in Q1 2025.

• Declared a C$0.07/share quarterly dividend.

Outlook and guidance

• 2025 production and cost guidance unchanged: 270–310 koz gold, 50–60M lbs copper; production expected to be second-half weighted due to higher grades.

• Mount Milligan: 2025 guidance 165,000–185,000 oz gold, 50–60M lbs copper; gold costs $1,075–$1,175/oz, AISC $1,100–$1,200/oz.

• Öksüt: 2025 guidance 105,000–125,000 oz gold; gold costs $1,100–$1,200/oz, AISC $1,475–$1,575/oz; AISC may rise if gold prices remain elevated.

• Kemess exploration budget increased to $10–$12 million, with 28,500 meters of drilling planned; PEA completion targeted for end of 2025.

• Thompson Creek restart progressing, with 14% of capital investment complete; 2025 capex guidance $130–145M.