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Why I Am Rating Centerra Gold A Strong Buy

Summary 

  • CGAU has $ 529 M in cash, $ 929 M in total liquidity, and zero debt. This enables it to support both growth spending and shareholder returns. 


  • It trades at around a 45% discount to sector median on FWD Non-GAAP P/E (8.21x vs 14.89x) and around a 51% discount on EV/EBITDA (3.93x vs 8.02x). 


  • In 2025, CGAU returned $ 135 M to investors. This was through; $94M in buybacks and $41M in dividends. These buybacks are expected to continue. 


  • It also has a multi-asset growth pipeline with near-term catalysts. This includes Mount Milligan’s mine life extension to 2035, Goldfield targeting first production in 2028, the Kemess project with a $1.1Bn NPV from the PEA, and the Thompson Creek molybdenum restart expected in mid-2027. 



    Terraced mine landscape with large trucks and excavators on different levels. Rocky terrain under a clear sky. Browns and grays dominate.
    Source:Unsplash.com

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