Centerra Gold (TSX: CG) reported Q3 2025 revenue of $395.2 million, up 22% year over year from $323.9 million, as a rise in realized gold prices offset lower volumes.
Earnings from mine operations increased to $136.4 million from $107.4 million as gross margin improved to 34.5% from 33.1% despite higher unit costs. Production costs rose to $223.4 million from $183.4 million and depreciation rose to $35.4 million from $33.1 million.
Operating earnings jumped to $328.1 million from $54.9 million, driven by a $193.5 million impairment reversal related to Goldfield that’s absent in the year-ago period.
This leads to net income swinging to $292.2 million from $28.8 million. This translates to $1.43 earnings per diluted share versus $0.13 last year.
Adjusting for one-time items, net earnings came in at $66.4 million or $0.33 per share from $38.6 million or $0.19 per share. Adjusted EBITDA landed at $145.8 million, up from $97.5 million.
Cash provided by operating activities rose to $161.7 million from $103.6 million, leading to a net cash increase of $39.5 million during the quarter. Free cash flow was $98.7 million, with $44.6 million generated at Mount Milligan and $133.6 million at Öksüt, partly offset by development spend at Thompson Creek.
Cash position at the end of the quarter was $561.8 million versus $624.7 million at year-end 2024.
Gold production was 81,773 ounces, down from 93,712 ounces, with Mount Milligan contributing 32,539 ounces and Öksüt adding 49,234 ounces. Gold sales were also down 17% to 80,598 ounces. Despite this, average realized gold price rose to $3,178 per ounce from $2,206 per ounce, while the average market price was $3,457 per ounce.
Copper production was 13.4 million pounds, down 2%, and copper sales were 13.2 million pounds, also down 7%, at a realized price of $3.73 per pound versus $3.37 per pound last year.
Consolidated gold production costs increased to $1,346 per ounce from $973 per ounce, while AISC rose to $1,652 per ounce from $1,302 per ounce. On a co-product basis AISC rose to $1,833 per ounce from $1,401 per ounce. Copper production costs were $2.11 per pound versus $1.99 per pound, while copper co-product AISC was $2.63 per pound versus $2.69 per pound.
For 2025, total gold production guidance remains 250,000 to 290,000 ounces, with year-to-date production now at 204,000 ounces. Copper production guidance is 50 to 60 million pounds, with 37 million pounds produced through nine months so far. The company said that year-to-date gold production costs and AISC are within or near full-year ranges.
Centerra Gold last traded at $15.31 on the TSX.
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