Centerra Gold
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Centerra Gold (CG) investor relations material

Centerra Gold Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary20 Feb, 2026

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).

Langeloth incident: impact on 2026 guidance
Thompson Creek CapEx: future increase mitigation
Kemess: plans for remaining 53% resource
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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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