Centerra Gold (CG) Q3 2025 earnings summary

Executive summary

• Generated nearly $100 million in free cash flow in Q3 2025, driven by strong operational performance at Öksüt and elevated metal prices.

• Gold and copper production reached 81,773 oz and 13.4 million lbs, respectively, with gold production costs at $1,346/oz.

• Cash balance increased to $562 million, supporting fully funded growth projects and $32 million returned to shareholders via buybacks and dividends.

• Advanced key projects: Mount Milligan PFS published, Goldfield development progressed, and Kemess PEA expected in Q1 2026.

• Board Chair transition announced: Paul Wright to succeed Michael Parrett effective January 1, 2026.

Financial highlights

• Q3 2025 net earnings were $292.2 million, including a $193.5 million non-cash impairment reversal at Goldfield; adjusted net earnings were $66.4 million ($0.33/share).

• Q3 sales: 80,598 oz gold and 13.4 million lbs copper; average realized gold price $3,178/oz, copper $3.73/lb.

• Consolidated all-in sustaining costs (AISC) on a byproduct basis: $1,652/oz in Q3.

• Cash flow from operations: $162 million; free cash flow: $98.7 million.

• Adjusted EBITDA increased 50% to $145.8 million; margin improved to 36.9%.

Outlook and guidance

• 2025 consolidated guidance: 250–290k oz gold, 50–60M lbs copper, AISC on a by-product basis: $1,650–$1,750/oz.

• Mount Milligan 2025 production guidance: 145,000–165,000 oz gold, 50–60M lbs copper, with costs near the low end of guidance.

• Öksüt 2025 production guidance: 105,000–125,000 oz gold, costs near the low end of guidance.

• Thompson Creek Restart on track, first production expected in H2 2027; Goldfield first production targeted by end of 2028.

• Capital expenditures for 2025 guided at $105–$130 million, with sustaining capex at $90–$110 million.