Centerra Gold (CG) Q2 2025 earnings summary

Executive summary

• Strong Q2 2025 earnings and cash flow driven by high gold and copper prices, with consolidated production of 63,311 oz gold and 12.4M lbs copper from Mount Milligan and Öksüt.

• Goldfield project advanced, targeting first production by end of 2028, with after-tax NPV of $245M and IRR of 30% at $2,500/oz gold.

• Internal growth strategy supported by robust liquidity, disciplined capital allocation, and increased share buybacks, with up to $75M approved for 2025.

• Sustainability initiatives included climate resiliency, improved water recycling, full cyanide code compliance at Öksüt, ISO 50001 certification, and increased Indigenous and gender representation.

Financial highlights

• Q2 2025 net earnings were $68.6M, adjusted net earnings $53M ($0.26/share), and adjusted EBITDA $79.8M, with revenue of $288.3M.

• Q2 sales: 61,000+ oz gold, 12M lbs copper; average realized prices: $2,793/oz gold, $3.62/lb copper.

• Consolidated AISC on a by-product basis: $1,652/oz in Q2; gold production costs averaged $1,308/oz.

• Cash flow from operations before working capital and taxes was $98M; free cash flow deficit of $25M, mainly due to tax and royalty payments at Öksüt.

• Cash balance at quarter-end: $522M; total liquidity over $922M.

Outlook and guidance

• 2025 consolidated gold production guidance: 250–290k oz; copper: 50–60M lbs; AISC: $1,650–$1,750/oz, reflecting higher costs at Mount Milligan and Öksüt.

• Mount Milligan 2025 guidance: 145,000–165,000 oz gold, 50–60M lbs copper, AISC $1,350–$1,450/oz.

• Öksüt 2025 guidance: 105,000–125,000 oz gold, AISC $1,675–$1,775/oz, reflecting higher royalties.

• Goldfield project expects first production by end of 2028, with 7-year mine life and peak annual output of 100,000 oz.

• Thompson Creek restart 20% complete; on track for first production in H2 2027.