Centerra Gold (CG) Q4 2024 earnings summary

Executive summary

• 2024 gold production was 368,104 oz and copper production was 54.3M lbs, both near the low end of guidance.

• Strong free cash flow was generated, with Mount Milligan and Öksüt as key contributors; Öksüt generated over $480M in free cash flow since its June 2023 restart.

• Cash and cash equivalents at year-end were $625M, with total liquidity exceeding $1B.

• Nearly $90M was returned to shareholders in 2024 through $44M in buybacks and $44M in dividends.

• Strategic progress included the restart of Thompson Creek, ramp-up at Langeloth, and an initial resource at Goldfield, though Goldfield will not proceed to near-term development.

Financial highlights

• 2024 revenue was $1,214.5M, up 11% year-over-year; Q4 revenue was $302.4M, down 11% from Q4 2023.

• 2024 net earnings were $80.4M ($0.38/share); adjusted net earnings were $152.9M ($0.72/share).

• Q4 2024 net loss was $52.5M, mainly due to a $193.6M non-cash impairment on the Goldfield Project; adjusted Q4 net earnings were $36.6M.

• Q4 2024 gold production cost: $1,096/oz; AISC: $1,296/oz; full-year AISC: $1,148/oz.

• Ended 2024 with $625M in cash and over $1B in total liquidity.

Outlook and guidance

• 2025 gold production guidance: 270,000–310,000 oz; copper: 50–60M lbs.

• 2025 consolidated AISC expected at $1,400–$1,500/oz., up from 2024 due to lower Öksüt production and inflation in Türkiye.

• Sustaining capital expenditures for 2025: $97–$120M; non-sustaining: $140–$160M, mainly for Thompson Creek restart.

• Langeloth molybdenum roasting expected to increase to 13–15M lbs in 2025, targeting EBITDA-positive results.

• Exploration spend in 2025 projected at $35–$45M, focused on Mount Milligan and Kemess.