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%
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.
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.
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).