Centerra Gold Inc. reported fourth‑quarter 2025 earnings on February 19, 2026, posting earnings per share of $0.41 versus a consensus estimate of $0.33–$0.34, a beat of $0.07–$0.08 or roughly 21–25%. The company’s revenue reached $401.6 million, up from $395.2 million in the third quarter and $302.4 million in the fourth quarter of 2024, and exceeding the $360.6–$352.4 million range that analysts had projected.
The revenue lift was driven by strong gold and copper production at the Mount Milligan and Öksüt mines, combined with elevated metal prices. Mount Milligan produced more than 44,000 ounces of gold and 13 million pounds of copper in the quarter, while Öksüt delivered full‑year 2025 production above guidance, reinforcing the company’s cash‑generating profile.
Centerra also provided 2026 guidance, forecasting gold production of 250,000–280,000 ounces and copper production of 50–60 million pounds. All‑in sustaining costs at Öksüt are expected to rise due to higher royalty rates and inflationary pressures, but the company remains confident in maintaining disciplined cost management and sustaining profitability.
The company’s margin performance reflected operational leverage and cost control. Q4 2025 all‑in sustaining cost was $1,646 per ounce, slightly above the full‑year 2025 guidance but still below the 2025 guidance of $1,614 per ounce. The company’s cash flow remained robust, supporting its self‑funded growth strategy and the restart of the Thompson Creek project and the Kemess development.
Investors reacted positively to the earnings beat and forward guidance, citing the company’s strong cash flow, disciplined cost base, and confidence in continued production. Headwinds such as the Langeloth metallurgical facility explosion and rising royalty costs were noted, but the overall outlook remained supportive of the company’s growth trajectory.
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