What is the market's earnings forecast for Centerra Gold next quarter?

What guidance did Centerra Gold's management provide for the next earnings period?

What were the key takeaways from Centerra Gold's earnings call?

What factors drove the changes in Centerra Gold's revenue and profit?

What were the key takeaways from Centerra Gold’s earnings call?

What does Centerra Gold do and what are its main business segments?

What is Centerra Gold's gross profit margin?

Did Centerra Gold beat or miss consensus estimates last quarter?

- **Q2 Production Beats Expectations**: 63,000 oz gold, 12.4M lbs copper driven by high commodity prices.
- **Goldfield Project Launched**: $252M capex, 30% IRR, $245M NPV; hedging locks in 50% of 2029-30 production at $3,200/oz floor.
- **Mount Milligan PFS Progress**: Evaluates 10% throughput increase and tailings expansion for mine life extension.
- **Strong Liquidity**: $920M liquidity fully funds growth pipeline; $75M buyback authorization continues.
- **Sustainability Milestones**: 19% indigenous workforce, 26% YoY local procurement growth, gender diversity targets exceeded.

**【CEO Opening Remarks】**
- Q2 2025 production: 63,000 oz gold, 12.4M lbs copper. Mount Milligan and Oksut drove strong earnings amid high commodity prices.
- New COO David Hendriks and GM Eric Dell implemented infill drilling, improving operational focus and confidence in Mount Milligan's future performance.
- Progress on key projects:
  - Mount Milligan PFS (due Q3 2025) evaluates 10% throughput increase via ball mill upgrades and tailings expansion.
  - Kemess PEA (due Q4 2025) leverages existing infrastructure for lower execution risk.
  - Goldfield Project: $252M capex, 7-year mine life, 100,000 oz/yr peak, 30% IRR, $245M NPV at $2,500/oz gold.
- Sustainability highlights: 19% indigenous workforce at BC sites, 26% YoY increase in local procurement ($134M), gender diversity targets exceeded.

**【COO Operational Update】**
- Mount Milligan:
  - Q2 production: 35,000 oz gold, 12.4M lbs copper.
  - Revised 2025 guidance: 145-165K oz gold, 50-60M lbs copper (weighted to H2).
  - AISC guidance updated to $1,350-1,450/oz (prev $1,250-1,350) due to lower grades and higher sustaining capex.
  - Infill drilling program underway to improve grade control and mine plan visibility.
- Oksut:
  - Q2 production: 28,250 oz gold (above plan due to higher grades).
  - 2025 AISC guidance raised to $1,675-1,775/oz (prev $1,550-1,650) due to higher royalties ($2,793/oz realized price).
  - Production weighted to H2 as higher-grade zones accessed.
- Thompson Creek restart: 20% capex spent ($82M/total $397M), on track for 2027 first production.

**【CFO Financial Highlights】**
- Q2 adjusted net earnings: $53M ($0.26/share) vs $42M (Q1).
- Cash flow from operations: $98M (22% QoQ increase). Free cash flow deficit: $25M (Mount Milligan: +$43M, Oksut: -$28M).
- Liquidity: $920M (cash: $522M, undrawn credit: $400M). Fully funds organic growth pipeline.
- Share buybacks: $27M in Q2 (80% increase vs Q1). Total 2025 buyback authorization: $75M.
- Dividends: $0.07/share declared.

**【Q&A Highlights】**
- **Mount Milligan Grade Variability**: Infill drilling improving confidence, but lower grades expected through 2025. PFS will detail mine life extension options.
- **Goldfield Project Rationale**: 30% IRR, $245M NPV at $2,500/oz; hedging strategy locks in 50% of 2029-30 production at $3,200/oz floor. 80% of LOM production remains unhedged.
- **Capital Allocation**: All projects (Goldfield, Mount Milligan, Kemess, Thompson Creek) self-funded from existing liquidity. Buybacks continue alongside growth capex.
- **M&A Strategy**: No intention for large-scale M&A. Focus on organic growth and bolt-on opportunities with strategic fit.
- **Oksut Royalty Impact**: Turkish government updated royalty scale to 22.5% at current gold prices (vs 18.75% previously). 40% reduction applies due to in-country processing.


Centerra Gold Inc. (CGAU) Q2 2025 Earnings Call Transcript

- **Production Strength**: 60K oz gold, 12M lbs copper in Q1; 2025 guidance intact with H2 grade recovery.
- **Cash Flow & Buybacks**: $608M cash; $75M share buyback program active ($15M executed Q1).
- **Kemess Potential**: 2.7M oz indicated gold resource; PEA due Q4 with brownfield advantage.
- **Molybdenum Resilience**: 4.2M lbs sold Q1; exploring U.S. feed to mitigate tariffs.
- **Sustainability Focus**: Mount Milligan permit filed; 2024 ESG report highlights responsible mining.

**【CEO Overview】**
- Q1 2025 production: 60,000 oz gold, 12M lbs copper. 2025 guidance unchanged, with H2 strength from higher grades.
- Free cash flow: $10M (Mount Milligan: $27M, Öksüt: $42M). Cash position: $608M, supporting $75M share buyback program.
- Kemess resource update: 2.7M oz indicated gold, 971M lbs indicated copper. 2025 exploration budget doubled to $10-12M. PEA expected Q4 2025.
- Strategic investment in Thesis Gold for regional infrastructure synergies.
- Sustainability: Mount Milligan permit application filed; 2024 ESG report in progress.

**【CFO Financial Highlights】**
- Adjusted net earnings: $26M ($0.13/share). Gold sales: 61,000 oz at $2,554/oz; copper: 12.1M lbs at $3.80/lb.
- All-in sustaining costs: $1,491/oz. Free cash flow: $10M (net of $26M Thompson Creek capex).
- Share buybacks: 2.5M shares ($15M) in Q1, up 25% vs prior quarter. Dividend: CAD$0.07/share.
- Liquidity: $1B total, supporting projects without debt/equity dilution.

**【Key Q&A Takeaways】**
- **Kemess Capital Allocation**: CEO confirms internal funding via existing liquidity; PEA will assess exact capex. Kemess infrastructure (mill, camp, power) reduces greenfield risk.
- **Tariff Impact**: Molybdenum business 60% reliant on South American concentrate subject to tariffs. Seeking U.S. feed alternatives; 2025 demand strong at Langeloth (4.2M lbs sold Q1).
- **Operational Visibility**: Mount Milligan mid-term RC drilling to complete Q2; Öksüt on track for H2 grade improvement.
- **M&A Strategy**: Kemess and Mount Milligan extensions deprioritize external acquisitions due to project pipeline strength.


Centerra Gold Inc. (CGAU) Q1 2025 Earnings Call Transcript

- **Strong Cash Flow**: Q4 free cash flow of $47 million, with total liquidity over $1 billion, enabling strategic investments.
- **Mount Milligan Expansion**: Pre-feasibility study expected in Q3 2025, targeting 10% throughput increase and mine life extension beyond 2036.
- **Cost Efficiency**: Mount Milligan's AISC of $1,114/oz in Q4, 15% lower than Q3, driven by reduced sustaining capital.
- **Kemess Potential**: Evaluating open-pit options with existing infrastructure, aiming for a long-life operation.
- **Shareholder Returns**: $88 million returned in 2024, with plans to continue buybacks and dividends.


**【CEO Summary Section】**
- Fourth-quarter production of 73,000 ounces of gold and 12.8 million pounds of copper, with full-year production near the low end of the guidance range. Mount Milligan contributed strong free cash flow, increasing the cash balance to $625 million.
- 2025 focus on expanding Mount Milligan and evaluating Kemess, with a pre-feasibility study expected in Q3 2025. Mount Milligan's mine life extended to 2036 due to tailings capacity optimization.
- Sustainability initiatives include environmental compliance and climate action analysis, identifying emission reduction opportunities.

**【CFO Financial Commentary】**
- Q4 adjusted net earnings of $37 million ($0.17 per share), with Q4 free cash flow of $47 million and capital expenditures of $23 million for Thompson Creek restart.
- 2025 guidance: 270,000-310,000 oz gold, 50-60 million lbs copper, and AISC of $1,400-$1,500/oz. Full-year 2024 returned $88 million to shareholders via buybacks and dividends.
- Mount Milligan's AISC on a byproduct basis for Q4 was $1,114/oz, 15% lower than Q3, driven by reduced sustaining capital.

**【Q&A Key Points】**
- **Growth Strategy**: Prioritizing organic growth through Mount Milligan expansion and Kemess evaluation, with no immediate M&A plans. Mount Milligan's pre-feasibility study includes 10% throughput increase and tailings capacity options.
- **Resource Updates**: Mount Milligan's resource update reflects model adjustments, extending mine life to 2036. Thompson Creek restart on track for 2027 first production.
- **Cost Management**: Mount Milligan's site-wide optimization program reduced milling costs by 11% in 2024. Öksüt's 2025 AISC expected to rise due to lower production and Turkish inflation.
- **Goldfield Outlook**: Shelved for now, with no immediate development plans, but strategic evaluations ongoing.


Actual	0.28	0.26	0.12	0.12	0.19	-0.12	-0.06	-0.06	-0.24	-0.2	0.2	0.28	0.14	0.23	0.19	0.17	0.13	0.25	0.32	0.41
Forecast	0.2065	0.1554	0.1231	0.1355	0.1637	-0.0181	-0.0724	-0.0605	-0.0564	-0.1404	0.1528	0.2697	0.1271	0.1583	0.1973	0.1716	0.1178	0.25	0.2802	0.3622
Surprise	+35.59%	+67.31%	-2.52%	-11.44%	+16.07%	-562.98%	+17.13%	+0.83%	-325.53%	-42.45%	+30.89%	+3.82%	+10.15%	+45.29%	-3.70%	-0.93%	+10.36%	0.00%	+14.20%	+13.20%

CGAU

CGAU fundamentals

CGAU Q4 2025 Earnings

Earnings Call

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CGAU

CGAU fundamentals

CGAU Q4 2025 Earnings

Earnings Call

CGAU Earnings Call Summary for Q4/20259:00 AM on Feb 20, 2026

CGAU Earnings Call Summary for Q3/20259:00 AM on Oct 29, 2025

CGAU Earnings Call Summary for Q2/20259:00 AM on Aug 7, 2025

CGAU Earnings Call Summary for Q1/20259:00 AM on May 6, 2025

CGAU Earnings Call Summary for Q4/20249:00 AM on Feb 21, 2025

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