11:42 AM EDT, 05/06/2025 (MT Newswires) -- (Adds comment and updates shares.)

Centerra Gold ( CGAU ) on Tuesday said its first-quarter adjusted profit weakened as gold production fell.

The company said its adjusted profit, excluding most one-time items, fell to US$26.4 million, or US$0.13 per share, from US$31.3 million, or US$0.15. The result beat an the FactSet consensus estimate for adjusted earnings of US$0.12 per share.

Revenue was US$299.5 million, down from US$305.8 million. Analysts polled by FactSet expected revenue of US$281.7 million.

The company produced 59,379 ounces of gold, a decline from 111,341 ounces, and sold 61,132 ounces, down from 104,313 ounces. The averaged realized gold price rose to US$2,554 per ounce from US$1,841 per ounce.

Centerra expects to produce 270,000 to 310,000 ounces of gold in 2025.

The board approved the repurchase of up to US$75 million in shares in 2025.

Separately, Centerra released an updated mineral resource at the Kemess project in British Columbia. Gold resources are estimated at 2.7-million ounces of indicated resources and 2.2-million ounces of inferred resources.

Copper mineral resources are estimated to contain 971 million pounds of indicated resources and 821 million pounds of inferred resources.

Centerra has initiated a preliminary economic assessment on the project, scheduled for completion by the end of 2025.

The company is targeting a project with a potential average annual production of approximately 250,000 gold equivalent ounces, which, along with Mount Milligan, would give Centerra two long-life gold-copper assets in British Columbia.

"We have doubled our 2025 exploration guidance at Kemess to between $10 and $12 million which is expected to focus on infill drilling for the open pit and underground targets and also to test high grade mineralization in the deeper Kemess Offset zone," said chief executive Paul Tomory.

National Bank Financial reiterated its outperform rating on Centerra shares and $13.50 price target following the company's releases

Centerra's adjusted EPS largely aligned the bank's estimate and consensus forecast.

The company's shares were last seen up $0.97 to $9.90 on the Toronto Stock Exchange.

Price: 9.89, Change: +0.96, Percent Change: +10.75