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Centerra Gold (CG) investor relations material

Centerra Gold Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary29 Oct, 2025

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.

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Frequently asked questions

Centerra Gold Inc is a Canadian-based gold mining and exploration company focused on the operation, development, and acquisition of precious metal properties. The company operates mines and projects primarily in North America and Central Asia, producing gold and copper concentrates. Centerra Gold serves global markets with responsibly sourced precious metals. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.

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