Centerra Gold Inc.
Centerra Gold operates the Oksut open-pit heap-leach gold mine in Turkiye and the Mount Milligan open-pit gold-copper mine in British Columbia, Canada, plus the Langeloth metallurgical processing facility (Pennsylvania) that toll-processes molybdenum concentrate. 2026 guidance was raised mid-year on stronger Oksut production, and the company has expanded its 2026 share buyback authorization to $200 million while continuing a self-funded growth strategy.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Jan 2020 · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not in place: tailings facility.
Combined view across 2 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 42.5%Oksut
- 20 yrsMount Milligan
- 8 yrsOksut
Shown as separate totals, not summed together: these projects' studies used different discount rates, so a single combined NPV would not be a real number.
Jurisdiction (40%)9/10
British Columbia: Fraser PPI 2025 is 74.28 of 100 (rank 31 of 68), which maps to 9 on this site's scale. Centerra's flagship is the Mount Milligan copper-gold mine in British Columbia, Canada, its largest operation (148,000 oz of gold and all of its 50 million lb of copper in 2025), with a mine life now extended to 2045. British Columbia is a top-tier mining jurisdiction, scored 9 like most British Columbia companies on this site. Its second mine, Öksüt in Türkiye, carries materially higher sovereign and regulatory risk, including the 2024 government-ordered heap-leach suspension and restart, which this single flagship-based score does not capture.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Mount Milligan.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Blackwater (Artemis Gold Inc.), 220 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:0/10
Nearest producing mine: Blackwater (Artemis Gold Inc.), 220 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Canada: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
President and Chief Executive Officer of Centerra Gold since 1 May 2023, leading the company's Mount Milligan (Canada) and Oksut (Turkiye) operations. Professional Engineer (Ontario) with over 25 years of experience in mining, engineering and construction; B.A.Sc. and M.A.Sc. (Civil Engineering) and MBA (Rotman School of Management), University of Toronto. Earlier career: consultant at Bain & Company and geotechnical engineer at Golder Associates.
Executive Vice President and Chief Financial Officer of Centerra Gold, promoted to the role effective 8 Apr 2024 after joining the company in May 2022 as Vice President, Finance. Over 15 years of financial-management experience in the mining industry. Career: started at KPMG in Toronto (2005); 5 years in operations finance at Inmet Mining Corporation; CFO of Primero Mining Corporation (2017-2018, through its friendly acquisition by First Majestic Silver Corp.); CFO of Electra Battery Materials Corporation (2018-2022), immediately before Centerra.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Centerra is 92% institutionally owned and we can see the whole register -- twenty named holders as at 31 March 2026 -- which makes this a rare case of checking thoroughly and finding nothing rather than not being able to look. Every one of those twenty is index money, a mainstream mutual fund, a value generalist or a market maker: BlackRock, Vanguard twice, State Street, Geode, Capital World, Harris Associates, Ariel, MFS, William Blair, Millennium. Not one is a precious-metals specialist. The company also no longer has a strategic shareholder: Kyrgyzaltyn's 26.4% block was bought back and cancelled outright in July 2022 when Centerra exited Kyrgyzstan.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Centerra Gold operates two open-pit mines, the Mount Milligan gold-copper mine in British Columbia and the Öksüt heap-leach gold mine in Türkiye, and also owns the Langeloth facility in Pennsylvania, which processes molybdenum concentrate. In the second quarter of 2026 it produced 70,727 oz of gold (38,175 oz from Mount Milligan, along with 13.1M lbs of copper, and 32,552 oz from Öksüt) at a consolidated all-in sustaining cost of US$1,707/oz on a by-product basis, and it raised its 2026 gold production guidance to 260,000-290,000 oz. Gold made up 58.6% of 2025 revenue, with molybdenum and copper making up the rest. A September 2025 pre-feasibility study for Mount Milligan outlines a 20-year mine life and an after-tax NPV5% of US$1,492M at US$2,600/oz gold and US$4.30/lb copper, and amended environmental approvals received in January 2026 allow operations through 2035, including a 10% increase in plant throughput from 2028. Company-wide measured and indicated resources, inclusive of reserves, contain 10,855,000 oz of gold at the end of 2025, across Mount Milligan, Öksüt, the Kemess deposits and Goldfield.