Northwire Canada EditionFriday, July 10, 2026
Sign inSubscribe
Northwire
⌕
S 0.165 +37.5% NNX 0.035 +0.0% ABX 52.05 −0.3% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.32 +12.1% TUNG 1.73 +2.4% LGO 1.00 −3.4% EMM 0.080 +0.0% OGN 3.45 +2.1% MSA 6.50 +1.1% SGZ 0.040 −11.1% GRSL 0.307 −3.9% DEX 0.380 −1.3% WMS 0.040 +0.0% S 0.165 +37.5% NNX 0.035 +0.0% ABX 52.05 −0.3% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.32 +12.1% TUNG 1.73 +2.4% LGO 1.00 −3.4% EMM 0.080 +0.0% OGN 3.45 +2.1% MSA 6.50 +1.1% SGZ 0.040 −11.1% GRSL 0.307 −3.9% DEX 0.380 −1.3% WMS 0.040 +0.0%
Earnings Material +

Centerra Gold Reports Fourth Quarter and Full Year 2025 Results; Delivered Robust Annual Production and Beat Cost Guidance; 2026 Outlook Remains Strong as Centerra Executes its Self-Funded Growth Strategy

By The Northwire Desk — AI Analysis Feb 19, 2026 · 17:00 CG · 26.01 Centerra Gold Inc.
CG · Price

Executive Summary

  • Centerra Gold reported Q4 2025 net earnings of $192.8 M ($0.96/share) and full‑year 2025 net earnings of $584.0 M ($2.85/share), both well above prior‑year results.
  • Production for 2025 was 275,316 oz gold (exceeding guidance midpoint) and 50.5 M lb copper (in line with guidance); Q4 gold production was 70,853 oz at a cost of $1,259/oz, below the company’s cost guidance.
  • The Company issued 2026 guidance: 250‑280 k oz gold and 50‑60 M lb copper, with projected AISC of $1,650‑$1,750/oz (by‑product basis).

Key Details

  • Production – Q4 2025
  • Consolidated gold: 70,853 oz (Mount Milligan 44,105 oz; Öksüt 26,748 oz)

  • Copper: 13.0 M lb (all from Mount Milligan & Öksüt)

  • Production – Full Year 2025

  • Gold: 275,316 oz (Mount Milligan 147,581 oz; Öksüt 127,734 oz) – above midpoint of guidance range

  • Copper: 50.5 M lb – in line with guidance

  • Sales – Q4 2025

  • Gold sold: 68,143 oz at $3,415/oz realized price

  • Copper sold: 12.5 M lb at $4.69/lb realized price

  • Sales – Full Year 2025

  • Gold sold: 271,210 oz at $2,994/oz realized price

  • Copper sold: 50.0 M lb at $3.96/lb realized price

  • Costs

  • Q4 gold production cost: $1,259/oz; AISC (by‑product) $1,646/oz

  • Full‑year gold production cost: $1,297/oz; AISC (by‑product) $1,614/oz – both below 2025 guidance ranges

  • Capital Expenditures

  • Q4 PP&E additions: $115.2 M; total capex $96.0 M (sustaining $34.1 M, non‑sustaining $61.9 M)

  • Full‑year PP&E additions: $295.5 M; total capex $255.2 M (sustaining $103.6 M, non‑sustaining $151.6 M) – within 2025 guidance

  • Cash & Liquidity

  • Cash balance 31 Dec 2025: $528.9 M; total liquidity $928.9 M (including $400 M undrawn credit facility)
  • Q4 operating cash flow: $103.1 M; free cash flow $12.0 M (offset by capex at Thompson Creek)

  • Full‑year operating cash flow: $348.6 M; free cash flow $95.0 M

  • Shareholder Returns

  • NCIB repurchased 2,297,900 shares for $29.7 M in Q4 (total FY repurchase $93.7 M ≈5% of outstanding)

  • Quarterly dividend declared: C$0.07/share ($10.0 M Q4; $41.1 M FY)

  • Strategic Updates

  • Kemess PEA released Jan 2026 – after‑tax NPV $1.1 B, IRR 16% (up to $2.8 B NPV at higher prices).
  • Mount Milligan LOM extended to 2045 (PFS) with $186 M growth capital plan; second TSF and throughput upgrades outlined.

  • Goldfield technical study completed – after‑tax NPV $245 M, IRR 30%; first production targeted end‑2028.

  • Guidance for 2026

  • Gold: 250–280 k oz (Mount Milligan 140–155 k oz; Öksüt 110–125 k oz)
  • Copper: 50–60 M lb
  • Gold production cost: $1,500‑$1,600/oz; AISC (by‑product) $1,650‑$1,750/oz

  • Sustaining capex: $85‑$105 M; non‑sustaining capex: $260‑$315 M (driven by Thompson Creek restart, Goldfield and Kemess work)

  • Operational Incident – Langeloth metallurgical facility suspended Jan 29 2026 after an explosion; no injuries. Repairs estimated $5‑$10 M; full restart expected May 2026. Working capital to rise in Q1 2026 due to inventory build‑up.

Notable Quotes

  • “We delivered strong production and outperformed our cost guidance… supporting strong free cash flow and reinforcing the quality of our portfolio.” – Paul Tomory, President & CEO
  • “Our self‑funded growth strategy is progressing across multiple fronts… providing additional opportunities in British Columbia for future gold exposure.” – Paul Tomory, President & CEO
Read the original news release →

More from Centerra Gold Inc.

Jun 29, 2026 · 12:41

Centerra advances generative exploration at its Crane Creek project, though early-stage drilling offers limited near-term financial impact.

Drill Results May 13, 2026 · 17:00

Centerra Gold Sustainability Report Highlights ESG Gains Amidst Production Growth; Shares Consolidate Near $26

Other Apr 29, 2026 · 17:00

Centerra Gold Cash Flow Resilient as Oksut Margin Pressure Looms

Earnings Apr 02, 2026 · 17:00

Centerra enters a quiet administrative phase as it digests major 2025 reserve expansions and prepares for the next leg of its self-funded growth cycle.

Earnings Mar 18, 2026 · 13:00

Centerra Leverages Robust Cash Flow to Self-Fund Multi-Asset Growth Pipeline

Technical Study Feb 19, 2026 · 17:01

Centerra Gold Transforms into a Multi-Decade Producer as British Columbia Reserves Surge 50%

Resource Estimate