Centerra Gold (CG) Q4 2025 earnings summary

Executive summary

• Achieved robust operational performance at Mount Milligan and Öksüt in 2025, with consolidated gold and copper production exceeding guidance midpoints and strong cash flow from operations.

• Ended 2025 with $529 million in cash and total liquidity over $925 million, supporting ongoing growth projects and record capital returns to shareholders ($94 million buybacks, $41 million dividends).

• Advanced key growth projects: Mount Milligan mine life extended to 2045, Goldfield Project development commenced, Kemess PEA and updated resource released, and Thompson Creek restart progressing.

• Sustainability initiatives recognized, including expedited permitting at Mount Milligan and multiple social responsibility awards at Öksüt.

Financial highlights

• 2025 revenue was $1,384.6 million, net earnings reached $584.0 million, and adjusted net earnings were $228.6 million; Q4 adjusted net earnings were $83.2 million.

• Adjusted EBITDA for 2025 was $448.4 million, with cash from operations totaling $349 million and free cash flow of $95 million.

• Q4 2025 sales: 68,000+ ounces gold, 12.5 million pounds copper; average realized prices: $3,415/oz gold, $4.69/lb copper.

• Shareholder returns in 2025 totaled $135 million ($94 million in buybacks, $41 million in dividends).

Outlook and guidance

• 2026 gold production guidance: 250,000–280,000 ounces; copper: 50–60 million pounds.

• 2026 gold production costs expected at $1,500–$1,600/oz; AISC on a by-product basis at $1,650–$1,750/oz.

• Sustaining CapEx for 2026: $85–$105 million; non-sustaining CapEx: $260–$350 million, mainly for Thompson Creek, Goldfield, and Mount Milligan.

• Exploration spend in 2026 projected at $40–$50 million.

• Strategic growth projects advancing: Goldfield (first production by end of 2028), Kemess (PFS in 2027), and Thompson Creek (restart on track for mid-2027).