Centerra Gold Posts $83M Q4 Earnings, 275,000 oz Gold at $1,614 AISC
Centerra Gold posted Q4 adjusted net earnings of $83M ($0.41/share), helped by a $145M non-cash impairment reversal and delivered 275,000 oz gold at $1,614/oz AISC. It ended 2025 with $529M cash, returned $135M to investors and outlined a Kemess PEA with $1.1B after-tax NPV at ~$971/oz AISC.
1. Q4 Financial Performance
Centerra Gold reported Q4 adjusted net earnings of $83 million ($0.41 per share), driven by a $145 million non-cash impairment reversal at Kemess, a $17 million unrealized loss on a financial asset and $35 million of deferred income tax adjustments. Consolidated AISC was $1,614 per ounce for 2025, outperforming the low end of guidance.
2. Operational Results and Capital Returns
The company produced more than 275,000 ounces of gold and 50 million pounds of copper in 2025, ending the year with $529 million in cash. It returned $135 million to shareholders, including $94 million in buybacks (about 5% of shares) and $41 million in dividends.
3. Growth Pipeline and 2026 Outlook
2026 guidance targets 250,000–280,000 ounces of gold and 50–60 million pounds of copper with AISC of $1,650–1,750 per ounce, while Öksüt AISC is expected at $1,850–1,950 per ounce after higher royalties and inflation. A preliminary economic assessment for Kemess outlines a 15-year restart with average annual production of 171,000 ounces of gold, 61 million pounds of copper, AISC of ~$971 per ounce and after-tax NPV of $1.1 billion.