Centerra Gold (CG) Q4 2025 earnings summary

Executive summary

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

• Ended 2025 with $529 million in cash and total liquidity of $929 million, supporting continued investment in growth projects and record shareholder returns, including $94 million in buybacks and $41 million in dividends.

• Advanced multiple 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 externally, with Öksüt receiving multiple awards for social responsibility in 2025.

Financial highlights

• 2025 revenue was $1,384.6 million, net earnings reached $584.0 million, adjusted net earnings were $228.6 million ($1.12/share), and adjusted EBITDA was $448.4 million.

• Q4 2025 net earnings were $192.8 million, adjusted net earnings $83.2 million; Q4 sales: 68,000+ oz gold, 12.5M lbs copper; average realized prices: $3,415/oz gold, $4.69/lb copper.

• Q4 cash flow from operations was $103 million; free cash flow $12 million. Full-year cash from operations was $349 million, free cash flow $95 million.

• 2025 consolidated gold production costs: $1,297/oz; AISC on a by-product basis: $1,614/oz, outperforming guidance.

• Returned $135 million to shareholders in 2025 (5% of shares via buybacks, $41 million in dividends).

Outlook and guidance

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

• 2026 consolidated AISC expected at $1,650–$1,750/oz; gold production costs at $1,500–$1,600/oz.

• Sustaining CapEx for 2026: $85–$105 million; non-sustaining CapEx: $260–$350 million, including $190–$220 million for Thompson Creek restart.

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

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