Northwire Canada EditionWednesday, November 11, 2026
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Gold 4,030.20 −2.0% Silver 51.23 −2.8% Copper 6.27 −1.2% Oil 86.04 −0.9% Palladium 1,024.00 +0.2% NVX 0.910 +0.0% MSR 0.435 +0.0% ELE 22.85 −4.0% ALS 53.01 −2.2% APM 5.13 −6.6% AVL 5.46 −5.4% NG 8.84 −9.0% ATY 0.220 −2.2% CN 0.125 −10.7% PMET 3.22 −4.2% ITH 1.99 −11.6% VMET 12.33 −6.9% ABX 56.41 −5.6% PUR 0.370 +8.8% SCY 0.085 +6.2% AUMN 0.300 +7.1% Gold 4,030.20 −2.0% Silver 51.23 −2.8% Copper 6.27 −1.2% Oil 86.04 −0.9% Palladium 1,024.00 +0.2% NVX 0.910 +0.0% MSR 0.435 +0.0% ELE 22.85 −4.0% ALS 53.01 −2.2% APM 5.13 −6.6% AVL 5.46 −5.4% NG 8.84 −9.0% ATY 0.220 −2.2% CN 0.125 −10.7% PMET 3.22 −4.2% ITH 1.99 −11.6% VMET 12.33 −6.9% ABX 56.41 −5.6% PUR 0.370 +8.8% SCY 0.085 +6.2% AUMN 0.300 +7.1%
Resource Estimate

Centerra Gold Announces 2025 Year-End Mineral Reserves and Resources and Provides Exploration Update; Gold and Copper Reserves Increased 58% and 49%

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

By The Northwire Desk — AI Analysis Feb 19, 2026 · 17:01 CG · 26.01 Centerra Gold Inc.
Executive Summary

The most recent news release (February 19, 2026) provides a major update to Centerra’s mineral reserves and resources for the 2025 year-end. Proven and Probable gold reserves increased by 58% to 5.5 Moz, while copper reserves surged 49% to 1.7 Blbs. This growth is primarily driven by the resource conversion success at the Mount Milligan Mine following the 2025 Pre-Feasibility Study (PFS) and success at the Kemess project. Simultaneously, the company reported Q4 and Full Year 2025 financial results, showing annual revenue of $1.38 billion and net earnings of $584 million ($2.85 per share). Despite an operational suspension at the Langeloth facility due to a January 2026 explosion, the company beat its annual cost guidance and maintains a strong cash position of $528.9 million with no debt.

Material Impact

The impact is Material - Positive. - Reserve Replacement and Growth: The 58% increase in gold reserves and 49% in copper reserves fundamentally changes the company's valuation. It effectively replaces mined-out ounces and extends the visibility of cash flows at Mount Milligan through 2045. - Financial Strength: Exceeding cost guidance during a high-inflation environment, while generating $95 million in free cash flow (FCF) in 2025 despite high growth CapEx, demonstrates a high-quality operational team. - Self-Funded Pipeline: The company is funding the Thompson Creek molybdenum restart, Goldfield development, and Kemess studies entirely from cash and operating flow, avoiding shareholder dilution. - Resilience: The Langeloth explosion (January 2026) is a negative, but the repair costs ($5M-$10M) and suspension until May 2026 are minor compared to the $1.38 billion revenue base.

CG · Price
Company Overview

Centerra Gold is a mid-tier producer focused on assets in Canada, the USA, and Türkiye. - Flagship Project: Mount Milligan (British Columbia, Canada). It is an open-pit gold-copper mine. Following the recent PFS, its life has been extended to 2045. It produced ~165k oz gold and ~54M lbs copper in 2024. - Secondary Asset: Öksüt Mine (Türkiye). A high-margin heap leach gold mine with reserves of ~660k oz Au. - Molybdenum Business: Includes the Langeloth processing facility and the Thompson Creek Mine (currently being restarted, target production H2 2027).

Read the original news release →

More from Centerra Gold Inc.

Nov 05, 2026 · 17:00

Centerra secures NCIB renewal and a $75m Langeloth credit facility, reinforcing balance sheet flexibility amid growth capex.

Financings Oct 29, 2026 · 17:00

Centerra reports a Mount Milligan AISC guide cut and thin Q3 free cash flow alongside a record share buyback.

Earnings Oct 13, 2026 · 09:00

Centerra Gold partners with Azimut to advance exploration on Quebec properties, targeting high-grade gold deposits to drive future growth.

M&A / Property Aug 20, 2026 · 07:00

Centerra increases its Azimut stake to 12.7%, with the position capped at 15%.

M&A / Property Aug 18, 2026 · 16:13

Centerra’s data is unrelated to Azimut’s $7 million raise to advance its Wabamisk and Elmer projects.

Financings Jul 28, 2026 · 17:00

Centerra raises its gold production guide and expands its share buyback program to $200 million following disciplined capital allocation at its operations.

Earnings