Workflow
Centerra Gold Reports First Quarter 2025 Results; Approved up to $75 Million to Repurchase Shares in 2025; Announces Updated Mineral Resource at Kemess and Advancing Studies on the Project
CGAUCenterra Gold (CGAU) GlobeNewswire News Room·2025-05-06 10:01

Core Viewpoint - Centerra Gold Inc. reported its first quarter 2025 operating and financial results, highlighting positive free cash flow, unchanged production guidance, and ongoing project advancements, particularly at the Kemess project [2][3]. Operations - Consolidated gold production for Q1 2025 was 59,379 ounces, with 35,880 ounces from Mount Milligan and 23,499 ounces from Öksüt [6][11]. - Copper production in the quarter was 11.6 million pounds [6]. - Mount Milligan produced 35,880 ounces of gold and 11.6 million pounds of copper, lower than planned due to lower gold grades [23]. - Öksüt produced 23,499 ounces of gold, also lower than planned due to lower grades and unfavorable weather conditions [27]. Financial - First quarter 2025 revenue was 299.5million,adecreaseof2299.5 million, a decrease of 2% from 305.8 million in Q1 2024 [9]. - Net earnings for Q1 2025 were 30.5million,or30.5 million, or 0.15 per share, down 54% from 66.4millioninQ12024[11].−Cashprovidedbyoperatingactivitieswas66.4 million in Q1 2024 [11]. - Cash provided by operating activities was 58.6 million, with free cash flow of 10.0million[11].−Thecompanymaintainedastrongcashpositionof10.0 million [11]. - The company maintained a strong cash position of 608 million, ensuring financial flexibility for ongoing projects [3][10]. Growth Initiatives - The company is advancing a Preliminary Economic Assessment on the Kemess project, expected to be completed by the end of 2025 [3]. - The updated mineral resource at Kemess includes 2.7 million ounces of indicated gold resources and 971 million pounds of indicated copper resources [8]. - Exploration guidance for Kemess has been doubled to between 10millionand10 million and 12 million for 2025, focusing on infill drilling and high-grade mineralization [3][8]. Capital Expenditures - Total capital expenditures in Q1 2025 were 46.9million,with46.9 million, with 68.1 million in additions to property, plant, and equipment [11]. - Non-sustaining capital expenditures were 25.8million,primarilyrelatedtotherestartofThompsonCreek[11][33].Guidance−Thecompanymaintainsits2025productionguidanceof270,000to310,000ouncesofgoldand50to60millionpoundsofcopper[15][16].−GoldproductioncostsforQ12025were25.8 million, primarily related to the restart of Thompson Creek [11][33]. Guidance - The company maintains its 2025 production guidance of 270,000 to 310,000 ounces of gold and 50 to 60 million pounds of copper [15][16]. - Gold production costs for Q1 2025 were 1,271 per ounce, with all-in sustaining costs of $1,491 per ounce [11][16].