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

Core Viewpoint - Centerra Gold Inc. reported strong operational and financial results for Q4 and full year 2025, with a focus on disciplined capital allocation and growth initiatives, while providing guidance for 2026 production and costs [2][3][11]. Operational Highlights - In Q4 2025, consolidated gold production was 70,853 ounces, with Mount Milligan contributing 44,105 ounces and Öksüt contributing 26,748 ounces. Full year production reached 275,316 ounces, exceeding guidance [4][25]. - Copper production in Q4 2025 was 13.0 million pounds, with full year production totaling 50.5 million pounds, in line with guidance [4][25]. - Gold sales in Q4 2025 were 68,143 ounces at an average realized price of $3,415 per ounce, while full year sales were 271,210 ounces at an average price of $2,994 per ounce [4][13]. Financial Performance - Q4 2025 net earnings were $192.8 million, or $0.96 per share, a significant increase from a loss in the previous year. Full year net earnings were $584.0 million, or $2.85 per share [8][13]. - Cash provided by operating activities in Q4 2025 was $103.1 million, with free cash flow of $12.0 million. Full year cash provided by operating activities was $348.6 million, with free cash flow of $95.0 million [8][13][38]. Capital Expenditures - In Q4 2025, capital expenditures totaled $96.0 million, with $115.2 million in additions to property, plant, and equipment. Full year capital expenditures were $255.2 million [5][13]. - For 2026, sustaining capital expenditures are expected to be $85 to $105 million, while non-sustaining expenditures are projected to be $260 to $315 million, primarily driven by the Thompson Creek restart project [14][19]. Strategic Growth Initiatives - The Kemess Preliminary Economic Assessment indicated a potential after-tax NPV5% of $1.1 billion and an IRR of 16%, with significant upside at higher commodity prices [7][11]. - The Mount Milligan Life of Mine extension to 2045 was confirmed, with a disciplined growth capital plan of approximately $186 million [9][30]. - The Goldfield project showed robust economics with an after-tax NPV5% of $245 million, expected to deliver first production by the end of 2028 [9][11]. 2026 Guidance - Consolidated gold production for 2026 is expected to be between 250,000 and 280,000 ounces, with copper production projected at 50 to 60 million pounds [12][18]. - Gold production costs are anticipated to be $1,500 to $1,600 per ounce, with AISC on a by-product basis expected to be $1,650 to $1,750 per ounce [12][18].