Centerra Gold (CGAU) Company Report

Analyst Coverage

Research analysts who have asked questions during Centerra Gold earnings calls.

Brian MacArthur

Raymond James Financial, Inc.

4 questions for CGAU

Also covers: CCJ, CDE, CG +10 more

Don DeMarco

National Bank Financial

4 questions for CGAU

Also covers: AAUCF, AGI, ARMN +9 more

Anita Soni

CIBC Capital Markets

3 questions for CGAU

Also covers: AEM, BTG, BTO +9 more

Jeremy Hoy

Canaccord Genuity Group Inc.

3 questions for CGAU

Also covers: CG, EQX, NGD

Lawson Winder

Bank of America

3 questions for CGAU

Also covers: AA, AEM, CCJ +23 more

Luke Bertozzi

CIBC Capital Markets

3 questions for CGAU

Also covers: CG

Raj Ray

BMO Capital Markets

3 questions for CGAU

Also covers: AU, GAU, NG +1 more

Frederic Bolton

BMO Capital Markets

2 questions for CGAU

Michael Parkin

National Bank Financial

2 questions for CGAU

Also covers: AEM, AGI, CDE +6 more

Steven Green

TD Securities

2 questions for CGAU

Also covers: AGI, IAG

John Sclodnick

Desjardins Securities

1 question for CGAU

Also covers: ORLA

Latest news

Recent press releases and 8-K filings for CGAU.

Centerra Gold Inc. Reports Strong Full Year and Q4 2025 Financial Results with Increased 2026 Cost Guidance

CGAU

Earnings

Guidance Update

Centerra Gold Inc. reported a significant increase in net earnings to $584.0 million (up 626%) and basic EPS to $2.85 (up 657%) for the full year 2025, primarily driven by an impairment reversal of $341.1 million and higher earnings from mine operations.
Full year 2025 revenue increased by 14% to $1,384.6 million, mainly due to higher average realized gold, copper, and molybdenum prices, despite a decrease in gold production to 275,316 ounces from 368,104 ounces in 2024.
For the fourth quarter of 2025, the company recorded net earnings of $192.8 million, a substantial improvement from a net loss of $52.5 million in Q4 2024, with revenue rising 33% to $401.6 million.
The company anticipates consolidated gold production costs for 2026 to be between $1,500 and $1,600 per ounce, an increase from $1,297 per ounce in 2025, largely due to inflation and higher royalty costs at the Öksüt Mine.

Feb 19, 2026, 10:13 PM

6-K

Centerra Gold Announces 2025 Year-End Mineral Reserves and Resources Update

CGAU

New Projects/Investments

Guidance Update

Centerra Gold's proven and probable gold mineral reserves increased by 58% year-over-year to 5.5 million ounces, and proven and probable copper mineral reserves increased by 49% year-over-year to 1.7 billion pounds as of December 31, 2025.
As of December 31, 2025, measured and indicated gold mineral resources (inclusive of reserves) totaled 10.8 million ounces, while measured and indicated copper mineral resources (inclusive of reserves) reached 3.6 billion pounds.
In 2025, exploration at Mount Milligan expanded mineralization, adding approximately 2 million ounces of gold and 500 million pounds of copper to the mineral resource base.
Centerra Gold expects exploration expenditures of $40 to $50 million in 2026, with $20 to $25 million allocated to brownfield exploration and $20 to $25 million to greenfield and generative programs.

Feb 19, 2026, 10:01 PM

6-K

Centerra Gold Reports Strong Q4 and Full Year 2025 Results, Issues 2026 Guidance, and Advances Growth Strategy

CGAU

Earnings

Guidance Update

New Projects/Investments

Centerra Gold reported full year 2025 net earnings of $584.0 million or $2.85 per share, with adjusted net earnings of $228.6 million or $1.12 per share. The company achieved consolidated gold production of 275,316 ounces and copper production of 50.5 million pounds, outperforming 2025 cost guidance with consolidated gold production costs of $1,297 per ounce and all-in sustaining costs of $1,614 per ounce.
The company ended 2025 with a cash balance of $529 million and returned capital to shareholders through $93.7 million in share buybacks and $41.1 million in dividends.
For 2026, Centerra Gold expects consolidated gold production of 250,000 to 280,000 ounces and copper production of 50 to 60 million pounds. Consolidated gold production costs are projected at $1,500 to $1,600 per ounce and all-in sustaining costs at $1,650 to $1,750 per ounce.
The company is actively advancing its growth pipeline, including the Thompson Creek restart project (with an increased capital estimate of $425 million to $450 million and first production targeted mid-2027) and the Goldfield project (targeting first production by end of 2028). The Kemess Preliminary Economic Assessment also highlights robust economics with an after-tax NPV5% of $1.1 billion.

Feb 19, 2026, 10:00 PM

6-K

Centerra Gold's Investee Azimut Completes Galinée Property Transaction

CGAU

M&A

New Projects/Investments

Azimut Exploration Inc., in which Centerra Gold Inc. holds approximately 9.9% of issued and outstanding shares, completed the sale of its 50% interest in the Galinée Property to LiFT Power Ltd. on February 18, 2026.
As consideration for the transaction, Azimut received 2,000,000 common shares of LiFT, a 1.4% NSR royalty on the Property, and a $1,500,000 deferred payment.
The total consideration for Azimut from this transaction is valued at $13,400,000 based on LiFT's closing share price on February 17, 2026.
Azimut's strategy is to focus on its flagship properties, Elmer and Wabamisk, with significant drill programs totaling at least 17,000 metres planned for early 2026.

Feb 18, 2026, 8:15 AM

Press Release

Cerrado Gold Announces Tacit Approval of Lagoa Salgada Project EIA

CGAU

New Projects/Investments

Legal Proceedings

Cerrado Gold Inc. (CGAU) announced the tacit approval of the Environmental Impact Assessment (EIA) for its Lagoa Salgada Project in Portugal.
This approval resulted from the Portuguese Environmental Agency (APA) not issuing a decision within the statutory deadline after a reformulated project was submitted on November 8, 2025.
The company views the project as deemed approved for environmental purposes, allowing it to proceed to the Final Execution Project and Environmental Compliance Report (RECAPE) phase.
Cerrado Gold intends to request formal certification of tacit approval, but there is no assurance that APA will not object or issue an unfavorable opinion.

Jan 23, 2026, 12:01 AM

Press Release

Azimut Exploration Inc. Announces 10,000-metre Drill Program to Expand Patwon Gold Deposit

CGAU

New Projects/Investments

Azimut Exploration Inc. has initiated a 10,000-metre diamond drill program to expand the Patwon Gold Deposit on its wholly owned Elmer Property in Québec.
This program follows an internal scoping study conducted in 2025 and is supported by current gold prices.
The 2023 Mineral Resource Estimate (MRE) for Patwon, using a gold price of US$2,160 per ounce, identified 324,800 ounces of Indicated resources and 585,400 ounces of Inferred resources.
Contingent on positive drilling results, Azimut plans to conduct an updated NI 43-101 mineral resource estimate and a preliminary economic assessment (PEA).
The company has identified resource growth potential to the west and east of the current resource shell, which will be tested by drilling.

Jan 22, 2026, 11:30 AM

Press Release

Cerrado Gold Announces Q4 and Full-Year 2025 Production Results

CGAU

Guidance Update

New Projects/Investments

Earnings

Cerrado Gold Inc. reported Gold Equivalent Ounce (GEO) production of 13,806 GEO for Q4 2025 and 50,238 GEO for the full year 2025 from its Minera Don Nicolas Mine, which was in line with guidance.
The company provided 2026 production guidance of 50,000 to 60,000 GEO, with production expected to be disproportionately higher in the second half of the year.
Cerrado Gold approved a 2026 Growth Capital expenditure budget of approximately $45 million across all projects, with $35 million allocated to the Minera Don Nicolas mine for continued development and a 50,000-meter exploration program.
Operational results for Q4 2025 showed stable production relative to the previous quarter, with heap leach production impacted by low water availability but offset by higher volumes and grades from underground mining processed via the CIL plant.

Jan 21, 2026, 11:00 AM

Press Release

Centerra Gold's Mount Milligan Mine Receives Permit Amendments for Operations Through 2035

CGAU

New Projects/Investments

Guidance Update

Centerra Gold's Mount Milligan Mine has received amended environmental assessment and permits, allowing it to continue operations through 2035.
These authorizations include a 10% expansion in plant throughput beginning in 2028 and increased stockpile capacity.
The Province of British Columbia expedited this permitting process, which is expected to provide consistent employment for over 1,000 workers and generate significant economic benefits for the region.
Centerra is also progressing engineering and other studies to support future permit authorizations for a further mine life extension to 2045.

Jan 21, 2026, 2:31 AM

6-K

Centerra Gold Announces Strong Economics for Kemess Project PEA

CGAU

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

Centerra Gold's Preliminary Economic Assessment (PEA) for its Kemess project highlights robust economics, with an after-tax net present value (NPV5%) of $1.1 billion and an internal rate of return (IRR) of 16% at long-term metal prices of $3,000 per ounce gold and $4.50 per pound of copper. At spot commodity prices, the after-tax NPV5% increases to $2.8 billion and the IRR to 29%.
The project is projected to have an initial 15-year mine life, with average annual production of 171,000 ounces of gold and 61 million pounds of copper, at an all-in sustaining cost (AISC) on a by-product basis of $971 per ounce.
Initial non-sustaining capital expenditures are estimated at $771 million to achieve first production, with an additional $277 million in expansionary non-sustaining capital expenditures to support underground operations.
The updated mineral resource, as of December 31, 2025, includes 3.3 million ounces of gold and 1.1 billion pounds of copper in the indicated category. A Pre-Feasibility Study is expected in 2027, with first production anticipated in late 2031.

Jan 20, 2026, 11:05 AM

6-K

Centerra Gold Announces Renewed Normal Course Issuer Bid

CGAU

Share Buyback

Centerra Gold Inc. announced that the Toronto Stock Exchange (TSX) has accepted its renewed normal course issuer bid (NCIB), which permits the company to purchase for cancellation up to 20,129,230 common shares.
This amount represents approximately 9.9% of Centerra’s 201,768,421 total issued and outstanding Common Shares as of October 31, 2025.
The renewed NCIB will be active for a twelve-month period, commencing on November 10, 2025, and ending on November 9, 2026.
Under the company's previous NCIB, which expired on November 6, 2025, a total of 9,613,246 Common Shares were purchased at a volume weighted average price of $9.68 per Common Share as of October 31, 2025.