Centerra Gold (CGAU) Company Report

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.

Nov 5, 2025, 10:01 PM

6-K

Royal Gold Reports Record Q3 2025 Financial Results and Strategic Acquisitions

CGAU

Earnings

M&A

Dividends

Royal Gold reported record revenue of $252.1 million and operating cash flow of $174.0 million for the third quarter ended September 30, 2025, with net income of $126.8 million and adjusted net income of $136.2 million, or $2.06 per share.
Post-quarter, Royal Gold closed the acquisitions of Sandstorm Gold and Horizon Copper, significantly enhancing its portfolio.
The company increased its quarterly dividend by 12.5% over the prior year period to $0.45 per share.
A pre-feasibility study for the Mount Milligan mine indicates a mine life extension of approximately 10 years to 2045, with proven and probable reserves increasing by 56% for gold and 52% for copper from year-end 2024.

Nov 5, 2025, 9:05 PM

Press Release

QGold Commences OTCQB Trading and Reports Updated Gold Resources

CGAU

New Projects/Investments

Delisting/Listing Issues

Executive Compensation

Q-Gold Resources Ltd. (QGold) commenced trading its common shares on the OTCQB® Venture Market under the symbol QGLDF effective October 28, 2025, aiming to enhance visibility and broaden its investor base.
The company published an updated Mineral Resource Estimate for its Quartz Mountain Gold Project, effective September 26, 2025, reporting an indicated mineral resource of 1.543 Moz Au at a grade of 0.96 g/t Au and an inferred mineral resource of 0.148 Moz Au at a grade of 0.77 g/t Au.
QGold intends to initiate the federal and state permitting process for the Quartz Mountain Gold Project, including submitting applications for the U.S. federal "FAST-41" program to streamline environmental reviews.
The company granted 10,450,000 stock options to certain directors, officers, and consultants, exercisable at $0.20 per option for a period of five years, subject to TSX Venture Exchange approval.

Nov 3, 2025, 12:30 PM

Press Release

Centerra Gold Reports Strong Q3 2025 Financials and Mount Milligan Mine Life Extension

CGAU

Earnings

Guidance Update

New Projects/Investments

Centerra Gold reported robust Q3 2025 financial results, generating nearly $100 million of free cash flow and increasing its cash balance to over $560 million. The company returned $32 million to shareholders through share buybacks and dividends.
In Q3 2025, gold production was almost 82,000 ounces and copper production was 13.4 million lbs. Consolidated all-in sustaining costs on a byproduct basis were $1,652 per ounce, with full-year 2025 costs for Mount Milligan and Öksüt expected near the low end of guidance ranges.
The Mount Milligan Pre-Feasibility Study (PFS) was published, extending the mine's life by approximately 10 years to 2045 and outlining average annual production of 150,000 ounces of gold and 69 million lbs of copper from 2026-2042. The PFS indicates an after-tax NPV of approximately $1.5 billion at $2,600 per ounce gold.
The Thompson Creek Restart project is 29% complete, with $31 million invested in Q3 2025, and first production is expected in H2 2027. Additionally, an Öksüt life-of-mine optimization study was initiated, with completion anticipated by the end of 2026.

Oct 29, 2025, 1:00 PM

Transcript

Centerra Gold Reports Strong Q3 2025 Financial Results and Advances Key Projects

CGAU

Earnings

New Projects/Investments

Share Buyback

Centerra Gold reported strong Q3 2025 financial results, including $66 million in adjusted net earnings ($0.33 per share) and nearly $100 million in free cash flow, increasing its cash balance to over $560 million.
Q3 2025 gold production was almost 82,000 ounces and copper production was 13.4 million pounds, with consolidated all-in sustaining costs at $1,652 per ounce.
The Mount Milligan Pre-Feasibility Study (PFS) was published, extending the mine's life by approximately 10 years to 2045 and projecting an after-tax NPV of approximately $1.5 billion at $2,600 per ounce gold.
The Thompson Creek Restart project is 29% complete as of Q3 2025, with $113 million invested since September 2024, and first production expected in H2 2027.
The company returned over $95 million to shareholders year-to-date through dividends and share buybacks, including $22 million for 2.8 million shares repurchased in Q3 2025.

Oct 29, 2025, 1:00 PM

Transcript

Centerra Gold Reports Strong Q3 2025 Results and Mount Milligan Mine Life Extension

CGAU

Earnings

Guidance Update

New Projects/Investments

Centerra Gold reported adjusted net earnings of $66 million, or $0.33 per share, and generated $99 million in free cash flow in Q3 2025, increasing its cash balance to over $560 million.
The company achieved strong operational performance in Q3 2025, with total gold production of almost 82,000 ounces and copper production of 13.4 million pounds, notably with Öksüt's 49,000 ounces exceeding plans due to higher grades.
The Mount Milligan Pre-Feasibility Study (PFS) was published, extending the mine's life by approximately 10 years to 2045 and outlining an after-tax NPV of approximately $1.5 billion at $2,600 per ounce gold.
The Thompson Creek Restart project is 29% complete with first production expected in H2 2027, and Centerra Gold returned over $95 million to shareholders year-to-date through dividends and share buybacks.

Oct 29, 2025, 1:00 PM

Transcript

Centerra Gold Inc. Reports Strong Q3 2025 Net Earnings and Increased Revenue

CGAU

Earnings

Share Buyback

New Projects/Investments

Centerra Gold Inc. reported a significant increase in net earnings for Q3 2025, reaching $292.2 million, up from $28.8 million in Q3 2024, primarily driven by a $193.5 million impairment reversal related to the Goldfield Project and higher earnings from mine operations.
Total revenue for Q3 2025 increased by 22% to $395.2 million, and for the nine months ended September 30, 2025, it rose by 8% to $983.0 million, mainly due to higher average realized gold, copper, and molybdenum prices.
Despite higher realized prices, gold production decreased by 13% to 81,773 ounces in Q3 2025 and by 31% to 204,463 ounces for the nine months ended September 30, 2025, leading to an increase in all-in sustaining costs on a by-product basis to $1,652 per ounce in Q3 2025 and $1,604 per ounce for the nine-month period.
As of September 30, 2025, the company maintained a strong liquidity position of $961.8 million, including a cash balance of $561.8 million and an undrawn $400.0 million corporate credit facility.
The company continued its share repurchase program, buying back 9,195,416 common shares for $64.0 million during the nine months ended September 30, 2025.

Oct 28, 2025, 9:03 PM

6-K

Centerra Gold Reports Third Quarter 2025 Results and Board Chair Transition

CGAU

Earnings

Board Change

New Projects/Investments

Centerra Gold reported net earnings of $292.2 million and adjusted net earnings of $66.4 million for the third quarter of 2025. The company generated $98.7 million in free cash flow and ended the quarter with a cash balance of $561.8 million as of September 30, 2025.
Consolidated gold production was 81,773 ounces and copper production was 13.4 million pounds in Q3 2025. The average realized gold price was $3,178 per ounce and the average realized copper price was $3.73 per pound.
The Mount Milligan Pre-Feasibility Study outlined a 10-year mine life extension to 2045 with a $186 million growth capital plan. The Goldfield project confirmed robust economics with an after-tax NPV5% of $245 million and an initial capital cost of $252 million, targeting first production by the end of 2028. The Thompson Creek restart is advancing, with first production expected in the second half of 2027.
Centerra returned $32 million to shareholders in Q3 2025 through share buybacks ($22.1 million) and a quarterly dividend ($10.3 million). Additionally, Paul Wright will succeed Michael Parrett as Chair of the Board of Directors, effective January 1, 2026.

Oct 28, 2025, 9:00 PM

6-K

Centerra Gold-backed Azimut Exploration Reports High-Grade Gold Results

CGAU

New Projects/Investments

Guidance Update

Azimut Exploration Inc., in which Centerra Gold Inc. holds approximately 9.9% of issued and outstanding shares, announced high-grade gold assay results from channel sampling on the Rosa Zone of its wholly owned Wabamisk Property.
Key channel sampling results include 23.0 g/t Au over 3.0 m (including 45.8 g/t Au over 1.0 m) and 30.17 g/t Au over 4.0 m (including 111.5 g/t Au over 1.0 m).
Visible gold was observed in five out of ten holes completed in the initial drilling program, which has been expanded from 1,500 metres to at least 2,000 metres.
The mineralized zone at Rosa extends over a 700-metre east-west strike extent on the surface, with geophysical data suggesting a minimum strike of 1.4 kilometres.

Oct 28, 2025, 10:30 AM

Press Release

Centerra Gold Inc. Releases Technical Report for Mount Milligan Mine with Updated Financial and Production Estimates

CGAU

Guidance Update

New Projects/Investments

Centerra Gold Inc. has released a technical report for its Mount Milligan Mine, effective June 30, 2025, projecting net undiscounted cash flows of $2,127 million from July 1, 2025, to the end of 2045, with an after-tax net present value (NPV) of $1,492 million (discounted at 5%). The total life-of-mine (LOM) revenue is projected to be $10,929 million.
The life-of-mine (LOM) plan estimates total capital expenditures of $925 million and on-site operating costs of $6.5 billion, or $13.44/t processed. The all-in sustaining cost per ounce of gold, on a by-product basis, is estimated to average $950/oz for the period from 2025 to the end of the LOM.
The LOM plan projects payable production of 2,791 thousand ounces of gold and 1,282 million pounds of copper. The mine's processing capacity is expected to increase from a maximum of 21.9 Mt/y to 24.2 Mt/y after a plant upgrade.