Centerra Gold

What Centerra Gold does

Centerra Gold Inc. is a Toronto-based, mid-tier precious and base metals mining company (TSX: CG; NYSE: CGAU) incorporated in 2004. It operates two producing mines — the Mount Milligan open-pit copper-gold mine in British Columbia (in production since 2014, with mine life extended to 2045) and the Öksüt open-pit heap-leach gold mine in Türkiye (in production since 2020). It also runs a Molybdenum Business Unit comprising the Thompson Creek mine in Idaho (restart targeted mid-2027), the Langeloth Metallurgical Facility in Pennsylvania (which buys third-party concentrate and refines finished moly products), and the 75%-owned Endako mine in BC (on care and maintenance). In 2025 it produced over 275 koz of gold and 50 Mlb of copper at an all-in sustaining cost of $1,614/oz.

Revenue is generated through the direct sale of physical commodities — gold and copper from its mines, plus refined molybdenum products — to refiners, commodity traders, and industrial buyers under offtake agreements; Öksüt doré is refined at the Istanbul Gold Refinery, and Langeloth supplies North American steel and specialty-alloy markets. Net realization on Mount Milligan gold and copper is affected by a long-term streaming agreement with Royal Gold, which provides upfront cash and ongoing royalties. The company's go-to-market is effectively a capital-markets function: it sells equity exposure to institutional and retail investors via investor relations, earnings calls, and mining conferences, returning capital through a C$0.07/share quarterly dividend (~US$10M/quarter) and an NCIB buyback program.

Centerra is positioned as a self-funded organic growth story with a strong balance sheet — $529M cash at end-2025, growing to $543M (and $943.5M total liquidity including a $400M facility) by Q1 2026 — and no debt. It is advancing a multi-asset development pipeline: the Goldfield gold project in Nevada (first production expected end-2028), the Kemess gold-copper project in BC (PEA published January 2026, PFS expected 2027), and the Thompson Creek moly restart. Alongside organic development, it has built a portfolio of ~9.9% minority equity stakes in junior explorers (Thesis Gold, Nevada King, Liberty Gold, Kenorland, Dryden, Midland, Metal Energy) and an earn-in on Headwater Gold's Crane Creek project, functioning as an early-stage pipeline-sourcing strategy.

Name

Centerra Gold

Legal name

Centerra Gold Inc.

Website

http://centerragold.com/

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Centerra Gold is a Toronto-based, mid-tier mining company (TSX/NYSE) producing gold and copper at its Mount Milligan (Canada) and Öksüt (Türkiye) mines plus molybdenum, selling to refiners and commodity buyers while offering equity investors commodity exposure and dividends.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (212220), Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Copper Ore Mining (Open-Pit & Underground) (IMAKADAB), Copper By-Products Recovery (Molybdenum, Gold/Silver, Sulfuric Acid) (IMAKADAH)

Keywords

• Gold mining
• Copper production
• Molybdenum processing
• Precious metals extraction
• Mineral exploration

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Gold Production: Primary revenue stream from gold production at Mount Milligan Mine (British Columbia) and Öksüt Mine (Türkiye). 2025 production of 275 koz gold. Gold sales at realized prices.
2. Copper Production: Secondary revenue stream from copper production as by-product at Mount Milligan. 2025 production of 50 Mlbs copper. Copper sales at realized prices.
3. Molybdenum Operations: Molybdenum concentrate production at Thompson Creek Mine and processing at Langeloth Metallurgical Facility. Purchases third-party concentrate, refines into finished molybdenum products for metallurgical and specialty markets.
4. Streaming Agreement Revenue: Royalty payments to Royal Gold from Mount Milligan streaming agreement affect net revenue realization on gold and copper sales

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Centerra Gold is a mid-tier gold mining company that produces and sells gold, copper, and molybdenum from its operating mines and metallurgical facilities in Canada, the United States, and Türkiye. Its core revenue is generated from gold production at the Mount Milligan copper-gold mine (British Columbia) and the Öksüt gold mine (Türkiye), supplemented by copper by-product sales and a molybdenum business unit that processes concentrate for industrial buyers.

Product overview

Centerra Gold is a Canadian-based mid-tier gold mining company operating two producing mines: the Mount Milligan Mine (copper-gold) in British Columbia and the Öksüt Mine (gold) in Türkiye. The company is advancing a pipeline of organic growth projects including the Kemess gold-copper project in British Columbia, the Goldfield gold project in Nevada, and the Thompson Creek molybdenum mine restart in Idaho. Centerra also operates the Langeloth Metallurgical Facility in Pennsylvania and holds a 75% interest in the Endako molybdenum mine in British Columbia (on care and maintenance). The company also maintains an active exploration program across its properties in Canada, the United States, and Türkiye.

Differentiator

Problem solved

Functional benefit

Products and services

• Mount Milligan Mine A conventional truck-shovel open-pit copper and gold mine located 155 km northwest of Prince George in British Columbia, Canada, with a 60 ktpd copper-gold flotation plant producing gold and copper as co-products. Commercial production achieved February 18, 2014, with mine life extending to 2045.
• Öksüt Mine An open-pit heap leach gold mining operation located 295 km southeast of Ankara in Kayseri, Türkiye, producing gold doré bars that are shipped to the Istanbul Gold Refinery. Achieved commercial production May 31, 2020, with mine life to 2029.
• Kemess Project A past-producing gold-copper mine in the highly prospective Toodoggone District in northern interior British Columbia that Centerra is advancing through technical studies for a potential gold-copper mine with an initial 15-year mine life. A Pre-Feasibility Study is expected to be completed in 2027.
• Goldfield Project A development project located on the Walker Lane trend in Esmeralda County, Nevada, USA, 30 miles south of Tonopah, with four mineralized zones outlined: Gemfield, Goldfield Main, Jupiter, and McMahon Ridge. Technical study completed August 2025; expected first production by end of 2028 with approximately 7-year mine life.
• Thompson Creek Mine A primary molybdenum mine located approximately 48 kilometres southwest of Challis in Idaho's Custer County, and one of three primary molybdenum mines in the world outside China. Restart in progress with first production expected mid-2027.
• Langeloth Metallurgical Facility A metallurgical facility located 40 kilometres west of Pittsburgh, Pennsylvania, that purchases molybdenum concentrate from third parties, refines it into finished molybdenum products, and sells to metallurgical and specialty markets. Operations were suspended following a January 30, 2026 explosion.
• Endako Mine A primary molybdenum mine located near Fraser Lake, 161 kilometres northwest of Prince George, British Columbia, in which Centerra holds a 75% interest (Moon River Capital Ltd. holds 25%). Currently on care and maintenance since July 2015.

Quantifiable outcome

• 2025 gold production of 275 koz exceeded guidance
• +5 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• Headwater Gold Inc.coreStrategic or Co-development Partner · 3 December 2025US$25 million earn-in agreement where Centerra can earn up to 70% interest in the Crane Creek gold project in Idaho through staged exploration expenditures and completing a preliminary economic assessment. Centerra committed minimum US$2.5 million in first three years.
• First Nations Partners (British Columbia)coreStrategic or Co-development PartnerCenterra has established relationships with First Nations partners through existing impact benefit and other agreements at Mount Milligan and Kemess. 25 collaborations with Indigenous-owned businesses in BC, up from 21 in 2024.
• World Gold CouncilcoreStrategic or Co-development PartnerCenterra is a member of the World Gold Council and maintains independently assured conformance with the Responsible Gold Mining Principles (RGMPs).

Scale indicators20 records

Recent moves2 records

Broad incumbents

• Newmont Corporation: World's largest gold miner with diversified global portfolio including copper and silver exposure. Larger and broader than Centerra but operates in the same commodities and serves as a benchmark for gold-sector valuation.
• Barrick Gold Corporation: Major diversified gold and copper producer with operations across multiple continents. Larger incumbent in the same commodity set as Centerra, providing upper-band sector benchmarks.

Direct peers

• IAMGOLD Corporation: Canadian mid-tier gold producer with West African and Canadian operations. Comparable mid-cap scale with mixed jurisdictional profile and a development/construction pipeline similar to Centerra's Kemess/Goldfield stage.
• Eldorado Gold Corporation: Canadian mid-tier gold producer operating mines in Türkiye, Canada, and Greece. Closely comparable on the Türkiye operational footprint (Öksüt vs. Eldorado's Efemçukuru and Lamaque operations) and mid-cap scale.
• Alamos Gold: Canadian intermediate gold producer with operations in Canada, Mexico, and Türkiye. Highly comparable on the Türkiye operating footprint (Centerra's Öksüt vs. Alamos' Çöpler) and mid-tier scale.
• Kinross Gold Corporation: Canadian-based mid-tier gold producer with multi-mine portfolio and copper exposure. Highly comparable to Centerra on geography, scale, and commodity mix, and shares management lineage (multiple Centerra executives previously held senior roles at Kinross).
• SSR Mining: Intermediate precious metals producer with gold, silver, and copper exposure across multiple jurisdictions. Comparable diversified commodity and mid-cap production profile to Centerra's gold-copper-molybdenum mix.
• Equinox Gold: Canadian mid-tier gold producer operating in the Americas. Comparable mid-cap production profile, with several operating mines and active development/construction projects.
• Agnico Eagle Mines: Senior Canadian gold producer with diversified operating mines across Canada, Australia, and Finland. Comparable to Centerra on jurisdictional quality focus and multi-asset production profile.

Regional players

• Pan American Silver: Mid-tier precious metals producer with diversified silver and gold mining operations primarily in the Americas. Comparable in commodity diversity but more silver-weighted, complementing Centerra's gold-copper-molybdenum mix.

Market position

Strengths5 records

Weaknesses5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/CenterraGold
• YouTubeyoutube.com/@CenterraGoldInc
• LinkedInlinkedin.com/company/centerra-gold-inc-

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments17 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Centerra Gold