Centerra Gold Inc.
- Open
- 23.38
- Day high
- 23.38
- Day low
- 22.59
- Prev close
- 23.44
- Volume
- 797K
- Mkt cap
- $4.5B
- P/E (TTM)
- 7.3
- EPS (TTM)
- $3.16
- P/B
- 2.1
- P/S
- 2.6
- Yield
- 0.88%
- Per share
- $0.20
Centerra Gold Inc. (CGAU) is a Basic Materials company listed on NYSE. The stock is up 170% over the past year. Drillr has 2 published research articles covering CGAU.
Centerra Gold Inc. (CGAU) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CGAU earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $0.38 | $0.39 | +2.6% | $443M | +12.3% |
| Apr 30, 2026 | $0.41 | $0.44 | +7.3% | $485M | +29.8% |
| Feb 19, 2026 | $0.34 | $0.41 | +20.6% | $376M | +4.4% |
| Oct 28, 2025 | $0.22 | $0.33 | +50.0% | $395M | +16.3% |
| Aug 6, 2025 | $0.17 | $0.25 | +47.1% | $288M | -4.6% |
| Feb 20, 2025 | $0.20 | $0.17 | -15.0% | $302M | -4.6% |
| Oct 31, 2024 | $0.20 | $0.18 | -10.0% | $324M | -0.9% |
| Aug 1, 2024 | $0.16 | $0.23 | +43.8% | $275M | -5.6% |
| Feb 22, 2024 | $0.29 | $0.28 | -3.4% | $345M | -2.6% |
| Oct 31, 2023 | $0.16 | $0.20 | +25.0% | $344M | +5.4% |
| May 15, 2023 | $-0.08 | $-0.24 | -200.0% | $227M | +40.1% |
| Feb 23, 2023 | $-0.09 | $-0.06 | +33.3% | $208M | +30.5% |
CGAU research & analysis
ERD, LGO: China Export Curbs Push Buyers to Unstudied Deposits
Erdene and Largo say buyers are approaching molybdenum and tungsten assets with no current study - one pre-PEA, one idle since 2012 - after China tightened export licensing.
6998.TERDFCXErdene (ERD), Largo (LGO): Tungsten and Molybdenum Buyers Reach Undeveloped Mines
Erdene and Largo told August 2026 calls that Asian buyers and unsolicited bidders approached their undeveloped molybdenum and tungsten assets before any study.
6998.TERDFCX
Centerra Gold Inc. company profile
Overview
Centerra Gold Inc. (TSX:CG) is a Canadian gold mining company founded in 2002 and headquartered in Toronto. The company emerged from the privatization of assets previously owned by the Kyrgyz Republic and has evolved into a diversified precious metals producer with operations across North America and Turkey. Centerra operates two primary gold mines - the Mount Milligan mine in British Columbia, Canada, and the Öksüt mine in Turkey - along with a molybdenum business unit. The company has navigated significant operational challenges in recent years, including the temporary shutdown of its Turkish operations, and has focused on optimizing its existing assets while exploring growth opportunities through strategic acquisitions and development projects.
Business
Centerra Gold operates in the precious metals mining industry, specifically focused on gold production with secondary copper and molybdenum operations. The company's business is structured around three main segments that collectively generated approximately $1.2 billion in revenue in 2024. The Mount Milligan mine in British Columbia serves as the company's flagship operation, contributing roughly 45% of total gold production. This is a large-scale open-pit mine that produces both gold and copper as co-products. Gold mining involves extracting ore from the earth, processing it through crushing, grinding, and flotation circuits to separate valuable metals from waste rock, then refining the concentrate into sellable gold and copper products. Mount Milligan produced 167,000 ounces of gold and 54 million pounds of copper in 2024. The Öksüt Gold Mine in Turkey represents the company's second major operation, accounting for approximately 55% of gold production with over 200,000 ounces produced in 2024. This mine utilizes heap leach processing, where crushed ore is stacked in large piles and treated with cyanide solution to extract gold. The operation faced significant challenges in recent years due to regulatory issues but has returned to full production. The Molybdenum Business Unit operates the Langeloth processing facility in Pennsylvania and owns the currently shuttered Thompson Creek mine in Idaho. Molybdenum is a specialty metal used primarily in steel production and chemical applications. This segment represents a smaller portion of total revenue but provides diversification benefits, with plans to restart Thompson Creek operations to increase production capacity.
Revenue model
Centerra generates revenue primarily through the sale of physical commodities - gold, copper, and molybdenum - to industrial customers, refiners, and commodity traders. The company's business model is straightforward: extract valuable metals from ore deposits, process them into sellable concentrates or refined products, and sell them at prevailing market prices. Gold sales constitute the majority of revenue, with pricing tied directly to spot gold prices on international markets. The company sells gold doré bars and concentrates to refiners and traders. Copper sales from Mount Milligan provide significant additional revenue, with copper concentrate sold to smelters primarily in Asia. The molybdenum business generates revenue through sales of molybdenum oxide and other molybdenum products to steel manufacturers and chemical companies. The company's profitability is highly sensitive to commodity price fluctuations, which are influenced by global economic conditions, currency movements, industrial demand, and geopolitical factors. Higher gold, copper, and molybdenum prices directly increase margins, while lower prices compress profitability. Production costs are influenced by energy prices (particularly diesel fuel for mining equipment), labor costs, consumables like grinding media and chemicals, and regulatory compliance expenses. Operational efficiency factors that impact margins include ore grades (higher grades reduce processing costs per ounce), equipment availability and productivity, processing recovery rates, and waste-to-ore ratios. The company has implemented site-wide optimization programs to improve these metrics. Currency exposure also affects margins, as Canadian and Turkish operations face local currency cost inflation while selling products in US dollars. Regulatory and permitting risks, particularly in international jurisdictions like Turkey, can significantly impact operations and profitability through production delays or additional compliance costs.
Competitive moat
Centerra Gold operates in the highly competitive and cyclical mining industry with limited sustainable competitive advantages. The company's primary moat consists of its established mining assets with proven reserves and resources, particularly the long-life Mount Milligan operation which has a mine life extending to 2033 and potential for further extension through the Kemess project development. The geographic diversification across stable jurisdictions like Canada and developing markets like Turkey provides some risk mitigation, though this has proven to be a double-edged sword given regulatory challenges in Turkey. Mount Milligan benefits from existing infrastructure and processing facilities that would be expensive for competitors to replicate, along with established relationships with local communities and regulatory bodies. However, the company's moat is relatively narrow compared to larger diversified miners. Centerra lacks the scale advantages of major gold producers like Barrick Gold or Newmont, limiting its ability to negotiate better terms with suppliers or customers. The company is price-taker in commodity markets with no ability to influence gold, copper, or molybdenum prices. Competitive threats come from larger mining companies with superior financial resources for acquisitions and development projects, as well as from new discoveries that could provide lower-cost production. Technological disruption in mining processes could advantage competitors with greater R&D capabilities. The company's dependence on finite ore reserves requires continuous exploration and development investment to maintain production levels, creating ongoing capital requirements that stronger competitors may be better positioned to fund. The regulatory and geopolitical risks, particularly in Turkey, represent significant moat erosion factors that could impair asset values or operations. Overall, Centerra's competitive position is modest and primarily defensive rather than offensive in nature.
Risks & safety
Centerra demonstrates a strong financial safety profile with substantial liquidity and conservative capital structure, though commodity price volatility creates earnings uncertainty. **Liquidity and Solvency:** - Cash position of $608 million as of Q1 2025 provides significant operating flexibility - Current ratio of 3.2x indicates strong short-term liquidity - Debt-to-equity ratio of just 1.2% reflects minimal leverage - Positive free cash flow generation of $114 million in 2024 - No significant debt maturities or solvency concerns **Valuation Metrics:** - Trading at 0.8x price-to-book ratio, below tangible book value - EV/EBITDA of 2.2x appears reasonable for a cyclical mining company - P/E ratio of 10.9x based on recent earnings, though earnings volatility makes this less meaningful - Graham net-net ratio of 0.92x suggests trading below liquidation value **Other Considerations:** - Commodity price sensitivity creates earnings volatility risk - Regulatory uncertainties in Turkey could impact asset values - Capital-intensive industry requires ongoing investment to maintain production - Strong balance sheet provides cushion against commodity downturns - Share buyback program and dividend payments demonstrate management confidence
Recent development
Over the past several years, Centerra has undergone significant strategic transformation focused on optimizing existing operations and developing growth projects. The company successfully navigated the temporary shutdown of its Öksüt mine in Turkey due to regulatory issues, achieving full restart and record production levels by 2024. Mount Milligan optimization has been a key focus, with the implementation of a comprehensive site-wide optimization program achieving approximately 10% cost reductions. The company has improved mining productivity, enhanced processing recovery rates targeting mid-to-high 60% gold recovery, and extended the mine life through updated geological modeling. A preliminary economic assessment for the adjacent Kemess project is underway, potentially adding 250,000 gold equivalent ounces annually and significantly extending the operation's life. The molybdenum business transformation represents another major strategic initiative. Centerra completed commercial optimization of the Langeloth facility and announced the restart of the Thompson Creek mine in Idaho, which had been shuttered since 2014. This restart aims to increase molybdenum production capacity and improve the business unit's economics through vertical integration. Portfolio optimization efforts include exploring strategic alternatives for the Goldfield project in Nevada while focusing capital allocation on higher-return opportunities. The company has also made strategic investments, including an equity stake in Thesis Gold, and secured additional agreements with Royal Gold to assess Mount Milligan's long-term potential. ESG and sustainability initiatives have gained prominence, with greenhouse gas reduction analysis, enhanced community engagement programs, and achievement of gender diversity goals ahead of schedule. The company has maintained strong safety performance and received multiple awards for social responsibility initiatives at its Turkish operations.
CGAU company profile · for informational purposes only — not investment advice.
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