Centerra Gold Reports Fourth Quarter and Full Year 2024 Results and 2025 Outlook; Strong Cash Flow from Operating Activities and $625 Million in Cash and Cash Equivalents

Core Viewpoint - Centerra Gold Inc. reported its fourth quarter 2024 operating and financial results, highlighting steady production levels and strong cash flow generation, while providing guidance for 2025 production and costs [2][3][4]. Financial Performance - In Q4 2024, Centerra's consolidated gold production was 73,224 ounces, with full-year production at 368,104 ounces, near the low end of guidance [5][12]. - The average realized gold price in Q4 2024 was $2,207 per ounce, while the average realized copper price was $2.88 per pound [5][12]. - The company reported a net loss of $52.5 million in Q4 2024, with adjusted net earnings of $36.6 million [9][12]. - Cash provided by operating activities in Q4 2024 was $92.8 million, with free cash flow of $47.0 million [9][12]. Production and Costs - For 2025, gold production is expected to be between 270,000 to 310,000 ounces, with copper production projected at 50 to 60 million pounds [13][16]. - Consolidated gold production costs for 2025 are anticipated to be $1,100 to $1,200 per ounce, with all-in sustaining costs (AISC) projected at $1,400 to $1,500 per ounce [13][16]. - The company aims to protect margins through optimization initiatives at its sites, particularly at Mount Milligan [4][13]. Capital Expenditures - In Q4 2024, total capital expenditures were $46.5 million, with sustaining capital expenditures at $19.5 million [6][12]. - For 2025, sustaining capital expenditures are expected to be between $98 to $120 million, while non-sustaining capital expenditures are projected at $140 to $160 million [13][16]. Operational Highlights - Mount Milligan produced 37,660 ounces of gold and 12.8 million pounds of copper in Q4 2024, with full-year production at 167,579 ounces of gold and 54.3 million pounds of copper [23][24]. - Öksüt produced 35,564 ounces of gold in Q4 2024, with full-year production at 200,525 ounces [35][39]. - The company is optimistic about the potential for long-term operations at Mount Milligan, with ongoing technical studies and a prefeasibility study planned for 2025 [4][32][34]. Strategic Initiatives - Centerra is focused on the restart of Thompson Creek, with an initial capital investment of approximately $397 million required [44][47]. - The company has renewed its normal course issuer bid (NCIB) to repurchase up to 18,800,929 common shares, representing 10% of the public float [9][12]. - Centerra is also evaluating the Kemess project, which has substantial gold and copper resources, and is updating its resource model based on a recent drilling campaign [55].