Centerra Gold Inc. (TSE:CG)
NYSE:CG
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Centerra Gold
(NYSE:CG)
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Rating:74Outperform
Price Target:
C$29.00
▲(5.65% Upside)
Action:UpgradedDate:04/02/26
The score is driven primarily by strong financial resilience (low leverage) and attractive valuation (low P/E). These positives are tempered by uneven free cash flow and mixed momentum signals, while the earnings call adds support from solid execution and liquidity but flags higher costs and increased capital requirements in 2026.
Positive Factors
Conservative balance sheet / low leverage
Very low leverage and sizable equity provide durable financial flexibility through commodity cycles. This reduces refinancing and liquidity risk, supports continued funding of operations, dividends and buybacks, and gives management optionality to pursue projects or weather price volatility without urgent external financing.
Negative Factors
Volatile free cash flow conversion
Inconsistent conversion of revenue and profit into free cash flow limits predictability for funding capex, dividends and buybacks. For a capital-intensive miner, recurring FCF volatility raises execution risk for multi-year projects and complicates prudent balance-sheet and capital-allocation planning.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet / low leverage
Very low leverage and sizable equity provide durable financial flexibility through commodity cycles. This reduces refinancing and liquidity risk, supports continued funding of operations, dividends and buybacks, and gives management optionality to pursue projects or weather price volatility without urgent external financing.
Read all positive factors
Centerra Gold (CG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$5.00B
Dividend Yield1.36%
Average Volume (3M)847.28K
Price to Earnings (P/E)5.0
Beta (1Y)2.00
Revenue Growth3.93%
EPS Growth247.84%
CountryCA
Employees3,650
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.56
Shares Outstanding199,710,330
10 Day Avg. Volume769,078
30 Day Avg. Volume847,279
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.43
Price to Sales (P/S)2.22
P/FCF Ratio31.12
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$31.30Price Target Upside14.02% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)2
Revenue Forecast (FY)C$1.68B
Centerra Gold Business Overview & Revenue Model
Company Description
Centerra Gold Inc., a gold mining company, engages in the acquisition, exploration, development, and operation of gold and copper properties in North America, Turkey, and internationally. The company explores for gold, copper, and molybdenum depos...
How the Company Makes Money
Centerra Gold primarily makes money by producing and selling gold from its mining operations. Revenue is generated when the company mines ore, processes it into gold (typically as doré or other saleable forms), and sells the produced metal at prev...
Centerra Gold Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational execution, healthy cash generation, ample liquidity, and a visible, self-funded growth pipeline (Mount Milligan, Kemess, Goldfield, Thompson Creek), together with record shareholder returns. These positives are tempered by a temporary but material disruption at the Langeloth facility, increased capital requirements (notably at Thompson Creek), and higher 2026 AISC guidance driven largely by royalties and inflationary pressures at Oksut. On balance the company highlighted more strategic and financial gains than setbacks and emphasized the ability to fund growth and returns from existing resources.Positive Updates
Consolidated Production Outperformed Guidance
Full-year 2025 consolidated production exceeded guidance with over 275,000 ounces of gold and 50 million pounds of copper, surpassing the midpoint of the company's gold production guidance range.
Negative Updates
Langeloth Facility Explosion and Temporary Suspension
Operations at the Langeloth metallurgical facility were suspended on January 29 following an explosion; there were no fatalities or serious injuries. Repairs are expected to cost ~$5–$10 million and full operations are expected to resume by May 2026. The shutdown will increase working capital in Q1 2026 as inventories build.
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Q4-2025 Updates
Positive
Negative
Consolidated Production Outperformed Guidance
Full-year 2025 consolidated production exceeded guidance with over 275,000 ounces of gold and 50 million pounds of copper, surpassing the midpoint of the company's gold production guidance range.
Read all positive updates
Company Guidance
Centerra’s 2026 guidance calls for consolidated production of 250,000–280,000 ounces of gold and 50–60 million pounds of copper with consolidated AISC of $1,650–$1,750/oz; site-level targets include Mount Milligan 140,000–155,000 oz gold and 50–60 million lbs copper (≈20% of annual gold expected in Q1) with AISC $1,200–$1,300/oz, and Oksut 110,000–125,000 oz gold with AISC $1,850–$1,950/oz (royalty impact ~ $650–$750/oz). Sustaining CapEx is guided to $85–$105 million and non‑sustaining CapEx to $260–$315 million (including Thompson Creek $190–$220M, Goldfield $30–$40M, Mount Milligan $35–$45M); exploration is $40–$50 million (brownfield $20–$25M; greenfield $20–$25M). Thompson Creek restart cap was increased to $425–$450M (from $397M), ~27% complete and on track for mid‑2027 production; Langeloth repairs are ~$5–$10M with full operations expected by May 2026 and a Q1 working‑capital build. For context, 2025 consolidated production was >275,000 oz gold and 50M lbs copper with AISC $1,614/oz, Q4 sales >68,000 oz gold and 12.5M lbs copper, Q4 realized prices $3,415/oz gold and $4.69/lb copper, year‑end cash $529M and total liquidity $929M.Centerra Gold Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
86
Very Positive
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.33B | 1.21B | 1.09B | 850.19M | 900.14M |
| Gross Profit | 326.10M | 378.05M | 360.51M | 242.57M | 291.96M |
| EBITDA | 366.41M | 305.81M | 143.98M | 59.67M | 300.35M |
| Net Income | 594.21M | 80.39M | -81.28M | -77.21M | 446.95M |
Balance Sheet | |||||
| Total Assets | 2.94B | 2.27B | 2.28B | 2.34B | 2.68B |
| Cash, Cash Equivalents and Short-Term Investments | 539.91M | 628.43M | 615.77M | 531.92M | 949.40M |
| Total Debt | 29.60M | 20.11M | 24.21M | 13.97M | 20.20M |
| Total Liabilities | 884.28M | 609.22M | 606.52M | 525.62M | 632.95M |
| Stockholders Equity | 2.06B | 1.66B | 1.67B | 1.81B | 2.04B |
Cash Flow | |||||
| Free Cash Flow | 94.62M | 114.11M | 160.29M | -82.91M | 322.26M |
| Operating Cash Flow | 352.67M | 298.40M | 245.60M | -1.98M | 414.76M |
| Investing Cash Flow | -309.24M | -193.20M | -90.29M | -255.64M | 36.43M |
| Financing Cash Flow | -140.85M | -93.47M | -74.28M | -157.69M | -49.14M |
Centerra Gold Technical Analysis
Positive
27.45
Price Trends
25.32
Positive
23.16
Positive
18.01
Positive
Market Momentum
0.67
Negative
62.66
Neutral
72.10
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CG, the sentiment is Positive. The current price of 27.45 is above the 20-day moving average (MA) of 25.03, above the 50-day MA of 25.32, and above the 200-day MA of 18.01, indicating a bullish trend. The MACD of 0.67 indicates Negative momentum. The RSI at 62.66 is Neutral, neither overbought nor oversold. The STOCH value of 72.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CG.
Centerra Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | C$4.09B | 9.79 | 44.53% | ― | 69.33% | 253.46% | |
74 Outperform | C$5.00B | 4.96 | 31.90% | 1.36% | 3.93% | 247.84% | |
63 Neutral | C$5.44B | -50.89 | -14.04% | ― | 49.65% | 71.84% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
49 Neutral | C$2.67B | -15.46 | -64.06% | ― | ― | ― | |
44 Neutral | C$4.52B | -77.21 | -5.07% | ― | ― | -267.06% | |
43 Neutral | C$5.38B | -69.91 | -48.18% | ― | ― | -53.84% |
* Basic Materials Sector Average
TSE:CG
Centerra Gold
25.86
16.77
184.61%
TSE:SEA
Seabridge Gold
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25.25
146.72%
TSE:WDO
Wesdome Gold Mines
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11.33
66.65%
TSE:MAU
Montage Gold Corp.
15.00
11.30
305.41%
TSE:SGD
Snowline Gold Corp.
15.21
7.46
96.26%
TSE:AAUC
Allied Gold Corporation
43.61
27.53
171.21%
Centerra Gold Corporate Events
Business Operations and StrategyExecutive/Board Changes
Centerra Gold Names Veteran Executive as Interim COO Amid Leadership Transition
Neutral
Mar 30, 2026
Centerra Gold has announced the departure of Executive Vice President and Chief Operating Officer David Hendriks, who will stay on in a consulting role to facilitate a smooth transition. The company has appointed veteran mining executive Mike Sylv...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.