Centerra Gold (CG) Q4 2025 earnings summary

Executive summary

• Achieved robust annual gold and copper production in 2025, exceeding guidance midpoints and delivering strong operational execution at Mount Milligan and Öksüt.

• Ended 2025 with $529 million in cash and over $115 million in equity investments, supporting a self-funded growth strategy and record capital returns to shareholders.

• Advanced major growth projects, including Mount Milligan mine life extension to 2045, Goldfield Project development, Kemess PEA and updated resource, and Thompson Creek restart.

• Sustainability initiatives recognized externally, with Öksüt receiving multiple awards for social responsibility in 2025.

Financial highlights

• 2025 revenue was $1,384.6 million, up 14% year-over-year; net earnings reached $584.0 million ($2.85/share), with adjusted net earnings of $228.6 million ($1.12/share).

• Adjusted EBITDA for 2025 was $448.4 million, up 24% year-over-year; free cash flow was $95.0 million.

• Q4 2025 net earnings were $192.8 million, with adjusted net earnings of $83.2 million ($0.41/share).

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

• All-in sustaining costs (AISC) on a by-product basis for gold were $1,614/oz for 2025, below guidance.

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 at $1,650–$1,750/oz.

• Sustaining capital expenditures for 2026 projected at $85–$105 million; non-sustaining at $260–$350 million, including $190–$220 million for Thompson Creek restart.

• Exploration spend in 2026: $40–$50 million.

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