Highlights 

  • Free cash flow of nearly USD 100M in Q3, supported by Öksüt operations. 
  • Cash and equivalents rose to USD 562M; total liquidity reached USD 962M. 
  • Paul Wright replaces Michael Parrett as Board Chair, effective January 1, 2026. 

Centerra Gold Inc. (TSX:CG) released its third quarter 2025 financial and operating results, reporting consolidated gold output of 81,773 ounces — including 32,539 ounces from Mount Milligan and 49,234 ounces from the Öksüt Mine. Copper production totaled 13.4 million pounds. 

During the quarter, the company sold 80,598 ounces of gold at an average realized price of USD 3,178 per ounce and 13.2 million pounds of copper at USD 3.73 per pound. Consolidated gold production costs averaged USD 1,346 per ounce, with all-in sustaining costs on a by-product basis of USD 1,652 per ounce. 

Capital additions for the period amounted to USD 56.7M, including USD 25.7M in sustaining capital for tailings storage facility construction and equipment enhancements at Mount Milligan, as well as heap leach pad expansion at Öksüt. 

Financial Results 

For Q3 2025, net earnings were USD 292.2M, while adjusted net earnings totaled USD 66.4M. Adjustments primarily reflected a USD 193.5M non-cash impairment reversal at the Goldfield project and unrealized gains related to financial assets and prior sale remeasurements. 

Cash generated from operating activities was USD 161.7M, with a free cash flow of USD 98.7M. As of September 30, 2025, total liquidity was USD 961.8M, including USD 561.8M in cash and USD 400.0M available under an undrawn credit facility. 

Under its normal course issuer bid, the company repurchased approximately 2.84M shares for USD 22.1M. The total authorized level for 2025 was raised to USD 100M, with USD 64M completed to date. A quarterly dividend of CAD 0.07 per share was declared, amounting to USD 10.3M for the quarter. 

Growth and Project Developments 

Centerra advanced several growth initiatives during the quarter. The Mount Milligan Pre-Feasibility Study extended the mine’s life to 2045 with an estimated USD 186M growth capital plan. Proven and probable reserves increased to 4.4M ounces of gold and 1.7B pounds of copper. 

At the Goldfield project in Nevada, a technical study outlined an after-tax NPV (5%) of USD 245M and an internal rate of return of 30%, based on a long-term gold price of USD 2,500 per ounce. Initial capital is estimated at USD 252M, with first production expected by late 2028. 

Work at the Kemess project in British Columbia continues, with a Preliminary Economic Assessment scheduled for completion in Q1 2026. The study will assess open pit and underground mining options. 

Leadership Transition 

Nancy Lipson, Chair of the Nominating and Corporate Governance Committee, announced that Paul Wright will assume the role of Board Chair, succeeding Michael Parrett effective January 1, 2026. 

Wright brings more than four decades of international mining experience, including 20 years as President and CEO of Eldorado Gold Corporation. Parrett, who has served as Chair since 2019, will continue as an independent director. 

President and CEO Paul Tomory stated, “This quarter, Centerra sustained robust margins and generated nearly USD 100 million in free cash flow, driven by strong operational performance at Öksüt and elevated metal prices.”