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].

Financial Data and Key Metrics Changes - In Q3 2025, the company generated nearly $100 million in free cash flow, with gold and copper production reaching almost 82,000 ounces and 13.4 million pounds respectively [4][16] - Adjusted net earnings for the quarter were $66 million, or $0.33 per share, benefiting from strong production and elevated metal prices [16] - The cash balance increased to over $560 million, with total liquidity exceeding $960 million [4][19] Business Line Data and Key Metrics Changes - Mount Milligan produced over 32,500 ounces of gold and 13.4 million pounds of copper in Q3 2025, with all-in sustaining costs on a byproduct basis at $1,461 per ounce, a 14% increase from the previous quarter [12][16] - Öksüt produced 49,000 ounces of gold in Q3, with all-in sustaining costs at $1,473 per ounce, which is 16% lower compared to the last quarter [13][16] - The Molybdenum business unit sold approximately 3.1 million pounds at an average realized price of $24.42 per pound [16] Market Data and Key Metrics Changes - The average realized price for gold was $3,178 per ounce and for copper was $3.73 per pound [16] - The company expects consolidated all-in sustaining costs to be near the low end of the guidance range for both Mount Milligan and Öksüt in 2025 [16] Company Strategy and Development Direction - The company is advancing a self-funded growth strategy, with significant investments in projects like Mount Milligan and Goldfield [5][20] - A Pre-Feasibility Study (PFS) for Mount Milligan extended the mine life to 2045, with an average annual production of 150,000 ounces of gold and 69 million pounds of copper from 2026 to 2042 [6][9] - The company is also focusing on sustainability initiatives, including a renewable diesel pilot project at Mount Milligan [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for Öksüt and anticipates strong production in Q1 2026 [26][27] - The company is monitoring the favorable environment for U.S.-based assets, particularly for molybdenum, which is seen as a critical mineral [29][31] - Management emphasized the importance of optimizing the mine plan to improve recovery rates and throughput at Mount Milligan [45] Other Important Information - The company returned $32 million to shareholders through share buybacks and dividends in Q3 [4][18] - A life-of-mine optimization study at Öksüt is expected to evaluate the asset's full potential, including residual leaching and expanding the pit [13][14] Q&A Session Summary Question: Concerns about gold recovery at Mount Milligan - Management acknowledged lower recovery rates due to a higher ratio of pyrite to chalcopyrite and plans to adjust mining strategies to improve recovery [24][25] Question: Future production expectations at Öksüt - Management is confident in achieving production guidance and anticipates strong production in Q1 2026, supported by ongoing studies on accumulated inventories [26][27] Question: Potential for strategic deals with the U.S. Government regarding molybdenum - Management noted the favorable environment for U.S. minerals and mining, particularly for molybdenum, and is monitoring potential government deals [29][31] Question: Impact of life-of-mine optimization study on permitting - Management indicated that while modifications may be needed for residual leaching, the study primarily focuses on managing accumulated inventories [39][40] Question: Recovery improvements in later mine life - Management expects to increase grades and recoveries through better solution management and potential minor modifications to permitting [52][53]