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, FCX +9 more

Don DeMarco

National Bank Financial

4 questions for CGAU

Also covers: AAUCF, AGI, ARMN +7 more

Anita Soni

CIBC Capital Markets

3 questions for CGAU

Also covers: AEM, BTG, CCJ +8 more

Jeremy Hoy

Canaccord Genuity Group Inc.

3 questions for CGAU

Also covers: EQX, NGD

Lawson Winder

Bank of America

3 questions for CGAU

Also covers: AA, AEM, CCJ +21 more

Luke Bertozzi

CIBC Capital Markets

3 questions for CGAU

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.

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.

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.