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Centerra Gold

Gold producer, with a project stated to be in British Columbia, Nevada, Idaho, Turkey.

British Columbia · Canada — as stated on the recordings

producer gold British Columbia, Canada
Jan 2026Covered
8 of 10Topics on record
2 executivesNamed on the record
Stage
Producer
Primary commodity
Gold
Jurisdiction
British Columbia, Nevada, Idaho, Turkey
Deposit
copper gold mine, past producer
Latest appearance
30 Jan 2026
On record
1 interview · 56 statements · 2 executives

At a glance

What the record holds today. Every card names where it came from — a management representation is not an established fact, and the page never blurs the two.

What is in the ground
approximately 45-46% of total resource will go into a mine plan
Management-stated Ryan Snyder Jan 2026
Grade
150 to 170,000 ounce a year of gold and in the range of 50 to 70 million pounds of copper annually
Management-stated Paul Tomory Jan 2026
Money on hand
over 500 million of cash
Stated capital need: about 800 million
Management-stated Paul Tomory Jan 2026
What happens next
Ches late 2031 first production
Management-stated Ryan Snyder Jan 2026
The main open question
The material does not adequately support a bear case from the claims alone.
Weighed from the statements below, not our opinion of the company.
Our reading
How outsiders read it
5 independent voices on record — 2 constructive, 1 neutral, 1 cautious
Diane Nicolson, Samuel Pelaez, Unknown speaker, Charlie Greig…
Outside voices

Management view vs outside view

Management interviews are promotional by nature; the outside view is the counterweight. Both are quoted from the recordings, not added by us.

What management spends its time on

Counted from Centerra Gold's own claims across 1 interview — most-covered theme first.

What outside voices pick up on

5 independent voices — people who do not speak for the company — across 5 mentions.

2 constructive 1 neutral 1 cautious
  • Diane Nicolson “Mentioned as a neighboring company with Kemess infrastructure to the south; identified as a potential player in district consolida…”
  • Samuel Pelaez “Mentioned as a company that should have acquired something earlier, in the context of missed M&A.”
  • Unknown speaker “Existing strategic investor that kept its pro rata and remains supportive.”
  • Charlie Greig “Described as a strategic partner and owner of the nearby Kemess mine, reinforcing district credibility.”

Bull · Bear · Watch next

Weighed from the statements on this page — management's pitch and the outside view. Not financial advice, and not our opinion of the company.

▲ Bull case

Management says Centerra has three producing or advanced assets in favorable jurisdictions: a 20-year-life flagship (Mount Milligan) producing to 2045 with a 10% throughput increase underway, a profitable Turkish oxide heap leach mine, and…

What it rests on
Evidence: 4 moments from 1 interview
Read the full case

Management says Centerra has three producing or advanced assets in favorable jurisdictions: a 20-year-life flagship (Mount Milligan) producing to 2045 with a 10% throughput increase underway, a profitable Turkish oxide heap leach mine, and Goldfield in Nevada targeting 15 years at 150,000–170,000 oz gold plus 50–70 million lb copper annually from a 550-million-ton resource. With over $500 million cash, $800 million capex contemplated, existing permits and First Nations agreements in place, and critical infrastructure (300+ km power line worth over $1 billion to rebuild) already owned, management frames execution risk as relatively low.

▼ Bear case

The material does not adequately support a bear case from the claims alone.

Read the full case

The material does not adequately support a bear case from the claims alone. Samuel Pelaez's outside comment on missed M&A timing is vague and undeveloped. No explicit financing risk, dilution, permitting delays, or technical obstacles are raised in management's statements or the outside view. The only implicit tension is that 45–46% of Goldfield's resource makes the mine plan, leaving a large inferred tail; grades at Mount Milligan's heap beat resource models, which could cut either way. Absent concrete headwinds, the bear case is thin.

◆ Watch next

PFS for Goldfield due first half of 2027; production life extension results for Mount Milligan due end of 2026.

What it rests on
Evidence: 2 moments from 1 interview
Read the full case

PFS for Goldfield due first half of 2027; production life extension results for Mount Milligan due end of 2026. Permitting pace and First Nations consultation for both projects. Mount Milligan's current reserve ends 2029, making the 2027 extension study timing critical. Tailings dam engineering and 10% throughput expansion progress over next 2 years. Kemess district consolidation activity (Diane Nicolson context) and whether Centerra participates in or competes with nearby players.

Each moment links to the exact point in the source recording. The cases are drawn from the transcripts, weighed as written — they are not a rating, a target or a recommendation.

Project 32 statements

The deposit 19

Key takeaway. In January 2026, Centerra Gold management described the deposit as a copper-gold oxide heap leach project (also referred to as a gold oxide heap leach or a copper-gold past producer), noting a resource of 250 million tons indicated and 300…

Read the full summary

million tons inferred. The company said approximately 45–46% of total resource will go into the mine plan, supporting a 15-year mine life. Management also pointed to exploration upside including potential for heap leach production extension, oxide mining extension, and longer-term sulfide deposits, and added that there is a lot of mineralization to the west and southwest that they will continue to drill.

What was actually said
deposit type
copper gold mine, past producer
“ChemS is a past producer. It operated um profitably as a copper gold mine and it was put on care and maintenance.”
Ryan Snyder· 30 Jan 2026·
deposit type
Goldfield gold oxide heat bleach project in Nevada
“Also in the project portfolio, we are developing Goldfield, a gold oxide heat bleach project in Nevada that is now well advanced, fully fully approved.”
Ryan Snyder· 30 Jan 2026·
deposit type
oxide gold heap leach
“Our other operating mine is a gold mine in Turkey, an oxide gold heat leach with several years of mine life”
Paul Tomory· 30 Jan 2026·
Show the other 16 statements
deposit type
oxide gold heap leach mine in Turkey
“Our other operating mine is a gold mine in Turkey, an oxide gold heat leach with several years of mine life and very high cash flow potential.”
Ryan Snyder· 30 Jan 2026·
deposit type
copper-gold oxide heap leach
“Our two principal operating assets are gold focused. Our cornerstone is Mount Milligan in British Columbia. It's a long life copper gold asset”
Paul Tomory· 30 Jan 2026·
deposit type
copper-gold
“It will our hope is that it becomes another cornerstone similar to Mount Milligan copper and gold”
Paul Tomory· 30 Jan 2026·
deposit type
gold oxide heap bleach project
“we are developing Goldfield, a gold oxide heat bleach project in Nevada”
Paul Tomory· 30 Jan 2026·
deposit type
molybdenum mine reopening project with metallurgical roaster
“we have our malibdum business unit which consists of the Thompson Creek project in Idaho, which is a mine reopening project combined with our Langaloth metallurgical roster in Pittsburgh.”
Paul Tomory· 30 Jan 2026·
exploration upside
lot of mineralization to the west and southwest that we will continue to drill
“And I say at least because we have a lot of mineralization to the west and southwest that we will continue to drill and ultimately incorporate into the resource.”
Ryan Snyder· 30 Jan 2026·
exploration upside
20 years of mine life with line of sight to significant resource extensions beyond that
“We have 20 years of mine life with line of sight to significant resource extensions beyond that.”
Paul Tomory· 30 Jan 2026·
exploration upside
potential to extend mine life two to four years through residual leeching, oxide mining extension, and longer term sulfide deposits
“we've kicked off this year a project to look at residual leeching which we expect could add two to four years of additional production.”
Ryan Snyder· 30 Jan 2026·
exploration upside
potential for heap leech production extension, oxide mining extension, and sulfide deposits
“we're also doing a comprehensive review of mineral inventory on the property looking for the potential for oxide mining extension and then also longer term down the road the potential for sulfide deposits.”
Paul Tomory· 30 Jan 2026·
grade
150 to 170,000 ounce a year of gold and in the range of 50 to 70 million pounds of copper annually
“What we're targeting here is a 15-year mine life at roughly the same scale as Mount Milligan. 150 to 170,000 ounce a year of gold and uh in the range of 50 to 70 million pounds of copper annually.”
Paul Tomory· 30 Jan 2026·
reserve size
approximately 45-46% of total resource will go into a mine plan
“A subset of that approximately 45 46% of that total resource will go into a mine plan here.”
Ryan Snyder· 30 Jan 2026·
reserve size
15-year mine life
“What we're targeting here is a 15-year mine life at roughly the same scale as Mount Milligan.”
Paul Tomory· 30 Jan 2026·
reserve size
Mount Milligan previously 10 years until 2036, extended to 2045
“Previously the reserve was 10 years until 2036 of production. That pfS extended the mine life to at least 2045.”
Ryan Snyder· 30 Jan 2026·
reserve size
approximately 45-46% of total resource in mine plan
“A subset of that approximately 45 46% of that total resource will go into a mine plan here.”
Paul Tomory· 30 Jan 2026·
resource size
250 million tons indicated and 300 million tons inferred
“We've declared a resource here of 250 million tons of indicated and another 300 million tons of inferred material.”
Paul Tomory· 30 Jan 2026·
resource size
250 million tons of indicated and 300 million tons of inferred material
“We've declared a resource here of 250 million tons of uh indicated and another 300 million tons of inferred material.”
Ryan Snyder· 30 Jan 2026·

Jurisdiction 8

Key takeaway. In a January 2026 update, Centerra Gold management said the company operates across Canada (British Columbia), the United States (Nevada, Idaho) and Turkey, and that at the Goldfield project most permits are in place and fully approved.

Read the full summary

Regarding the British Columbia assets, management noted that many of the permits needed to reopen are already in place from the past project scope, and that the company has agreements in place with a number of First Nations in the area.

What was actually said
community agreement
agreement in place with First Nations in the area
“we do have an agreement in place with a number of the First Nations in the area.”
Paul Tomory· 30 Jan 2026·
community agreement
agreement in place with a number of the First Nations in the area
“And lastly, we do have an agreement in place with a number of the First Nations in the area.”
Ryan Snyder· 30 Jan 2026·
country
Canada, United States, Turkey
“we operate principally in North America and we also have an operating mine in Turkey”
Paul Tomory· 30 Jan 2026·
Show the other 5 statements
country
Canada, British Columbia
“Our cornerstone is Mount Milligan in British Columbia.”
Ryan Snyder· 30 Jan 2026·
permit status
most of the permits are in place
“Uh most of the permits are in place and we're making good progress on the ground.”
Paul Tomory· 30 Jan 2026·
permit status
many of the permits needed to reopen chemists are already in place from past project scope
“Also importantly though, many of the permits needed to reopen chemists are already in place from past uh a past project scope that Cinta had advanced a number of years ago.”
Ryan Snyder· 30 Jan 2026·
permit status
Goldfield fully approved, most of the permits are in place
“Also in the project portfolio, we are developing Goldfield, a gold oxide heat bleach project in Nevada that is now well advanced, fully fully approved. Uh most of the permits are in place”
Ryan Snyder· 30 Jan 2026·
region
British Columbia, Nevada, Idaho, Turkey
“We're principally North America focused with assets in British Columbia, Idaho, and Nevada, but also with a very profitable mine in Turkey.”
Paul Tomory· 30 Jan 2026·

Technical risk 5

Key takeaway. Centerra Gold management describes the project as relatively low-risk, noting in January 2026 that much of the infrastructure is already in place, including a 300+ km power line and tailings.

Read the full summary

Management also said the grades in the heap are significantly higher than the resource model had initially predicted.

What was actually said
key assumption
grades in the heap are significantly higher than the resource model had initially predicted
“However, we we now know that there's very significant potential for heap leech production extension because the grades in the heap are significantly higher than the resource model had initially predicted.”
Ryan Snyder· 30 Jan 2026·
key assumption
grades in heap significantly higher than resource model predicted
“the grades in the heap are significantly higher than the resource model had initially predicted.”
Paul Tomory· 30 Jan 2026·
key assumption
infrastructure already in place including 300+ km power line and tailings
“It's over 300 km long. We own and operate it and in today's market the cost of rebuilding that power line would be well over a billion dollars.”
Ryan Snyder· 30 Jan 2026·
Show the other 2 statements
stated risk
relatively low-risk project because much of the infrastructure is in place
“We we think that chem is a relatively lowrisisk project. Because I said much of the infrastructure is in place and some of the key elements of that infrastructure include that power line that you mentioned.”
Ryan Snyder· 30 Jan 2026·
stated risk
relatively low risk because much infrastructure is in place
“we think that chem is a relatively lowrisisk project. Because I said much of the infrastructure is in place”
Paul Tomory· 30 Jan 2026·

Economics 5 statements

Economics 3

Key takeaway. Management reports that the Turkey operation generated over $600 million of free cash flow from the mine in the last three years, against about $800 million of capital investment (January 2026).

What was actually said
capex
about 800 million
“We're contemplating about 800 million of capital investment”
Paul Tomory· 30 Jan 2026·
capex
about 800 million of capital investment
“So just a quick note on scope here we're contemplating about 800 million of capital investment and that'll be split roughly between upgrades to the existing infrastructure in the mill.”
Ryan Snyder· 30 Jan 2026·
operating cost
Turkey generated over 600 million of free cash flow from the mine in the last three years
“We've generated over 600 million of free cash flow from the mine in the last three years.”
Ryan Snyder· 30 Jan 2026·

Financing 2

Key takeaway. In January 2026, Centerra Gold's management stated that the company's entire project portfolio "can be comfortably funded through existing liquidity reserves." The company reports holding over $500 million in cash, which it says supports…

Read the full summary

this financing capacity.

What was actually said
capital needed
entire project portfolio can be comfortably funded through existing liquidity reserves
“our entire project portfolio. We can quite comfortably fund it through existing liquidity reserves”
Paul Tomory· 30 Jan 2026·
cash position
over 500 million of cash
“we have a very robust balance sheet, over 500 million of cash”
Paul Tomory· 30 Jan 2026·

Timeline 18 statements

Timeline 16

Key takeaway. Centerra Gold's management outlined several timeline milestones in January 2026.

Read the full summary

At Öksüt, the current reserve mine life ends in 2029, and tailings dam capacity extends to 2070. At Mount Milligan, the mine life runs to at least 2045. At Thompson Creek, first production is about 18 months away. At Ches, a pre-feasibility study is due in the first half of 2027, with first production targeted for late 2031 and a 15-year mine life. Management also expects to increase throughput capacity by about 10% in the next couple of years, and the Öksüt life-of-mine optimization study results are expected by the end of 2026.

What was actually said
first production
Ches late 2031 first production
“we're looking at a late 2031 first production in Kamese.”
Ryan Snyder· 30 Jan 2026·
first production
late 2031
“we're looking at a late 2031 first production in Kamese.”
Paul Tomory· 30 Jan 2026·
first production
Thompson Creek about 18 months away from first production
“We're about 18 months away from first production and then feeding the roster not only with uh direct feed from Idaho from Thompson Creek”
Ryan Snyder· 30 Jan 2026·
Show the other 13 statements
first production
about 18 months away
“We're about 18 months away from first production”
Paul Tomory· 30 Jan 2026·
milestone
tailings dam capacity until 2070
“the tailings dam that we are designing, engineering, and ultimately building here as part of this expansion will have capacity until 2070”
Paul Tomory· 30 Jan 2026·
milestone
increasing throughput capacity in the next couple years by about 10%
“we're also increasing throughput capacity in the next couple years by about 10%.”
Ryan Snyder· 30 Jan 2026·
milestone
throughput capacity increase of about 10% in next couple years
“we're also increasing throughput capacity in the next couple years by about 10%.”
Paul Tomory· 30 Jan 2026·
milestone
Oakut life of mine optimization study results expected end of 2026
“and we expect to uh provide results on that at the end of uh 2026.”
Ryan Snyder· 30 Jan 2026·
milestone
mine life extended to at least 2045
“Previously the reserve was 10 years until 2036 of production. That pfS extended the mine life to at least 2045.”
Paul Tomory· 30 Jan 2026·
milestone
tailings dam capacity designed until 2070
“I'll note that the tailings dam that we are designing, engineering, and ultimately building here as part of this expansion will have capacity until 2070.”
Ryan Snyder· 30 Jan 2026·
milestone
current reserve mine life ends in 2029
“The current reserve mine life ends in 2029.”
Paul Tomory· 30 Jan 2026·
mine life
Oakut current reserve mine life ends in 2029
“The current reserve mine life ends in 2029.”
Ryan Snyder· 30 Jan 2026·
mine life
Mount Milligan will be producing to at least 2045, 20 years of mine life
“That pfS extended the mine life to at least 2045.”
Ryan Snyder· 30 Jan 2026·
mine life
15-year mine life at Ches
“And what we're targeting here is a 15-year mine life at roughly the same scale as Mount Milligan.”
Ryan Snyder· 30 Jan 2026·
study due
first half of 2027
“We're targeting releasing that in the first half of 2027.”
Paul Tomory· 30 Jan 2026·
study due
first half of 2027 for Ches PFS
“This will advance the engineering work, the understanding of the or body and we're targeting releasing that in the first half of 2027.”
Ryan Snyder· 30 Jan 2026·

Catalysts 2

Key takeaway. Management points to two upcoming catalysts: a prefeasibility study release in the first half of 2027, and production-life-extension results expected at the end of 2026, both mentioned in January 2026.

What was actually said
upcoming decision
PFS release in first half of 2027
“We intend to release the results of that in the early part of 2027.”
Paul Tomory· 30 Jan 2026·
upcoming result
production life extension results at end of 2026
“we expect to uh provide results on that at the end of uh 2026.”
Paul Tomory· 30 Jan 2026·

Corporate 1 statement

Market 1

What was actually said
strategic interest
increasing focus on North America
“one of the things that uh defines Centa right now is an increasing focus on North America”
Paul Tomory· 30 Jan 2026·

Outside views 5 mentions

5 mentions by people who do not speak for the company — 2 constructive, 1 cautious, 1 neutral. These are their views, not the company's.

Diane Nicolson
neutral
Mentioned as a neighboring company with Kemess infrastructure to the south; identified as a potential player in district consolidation. Also backs Thesis Gold.
Natural Resource Stocks· 14 Jul 2026·
Samuel Pelaez
bearish
Mentioned as a company that should have acquired something earlier, in the context of missed M&A.
Crux Investor· 18 May 2026·
Unknown speaker
bullish
Existing strategic investor that kept its pro rata and remains supportive.
Resource Talks· 16 Apr 2026·
Charlie Greig
bullish
Described as a strategic partner and owner of the nearby Kemess mine, reinforcing district credibility.
Crux Investor· 24 Feb 2026·
Show the other 1 mention
Maura Kolb
mixed
Centerra holds a 9.9% strategic stake and topped up in the $7.8M financing — validation signal, but their involvement is described as 'nice in between,' neither backseat nor front-seat; also invested in Canoe Lake Land to the south.
Crux Investor· 26 Sep 2025·

Sources 1 interview

Every interview 1

DateChannelInterviewStatements
30 Jan 2026 Jimmy Connor Centerra Gold Update | Paul Tomory, Ryan Snyder and Jimmy Connor 56

What else those interviews covered

Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.

goldfield 1
kemess 1
langlois roaster 1
liberty 1
mount milligan 1
thesis 1
thompson creek 1
öksüt 1

Questions people ask

What is Centerra Gold's project and where is it?

Centerra Gold is a producer gold company, with a project stated to be in British Columbia, Canada. Everything here is drawn from its executives' own interviews.

Which interviews mention Centerra Gold?

We track 1 interview mentioning Centerra Gold, across 1 channel (Jimmy Connor).

What are investors saying about Centerra Gold?

5 independent voices — people who do not speak for the company — are on record discussing it (2 bullish, 1 neutral, 1 cautious). Their reasoning is quoted in the outside-view section above.

What do recent interviews with Centerra Gold cover?

The most-discussed topics on record are the deposit, timeline, jurisdiction, technical risk — each claim quoted and dated in the sections above.

How to read this page

What is here

Statements made by company representatives in the interviews listed above — each one carrying the words that made it, the date, and the recording. Nothing is added from any other source: if it was not said on a recording, it is not on this page. The one exception lives in the Claims & Checks record, which cites a metal price from our own feed so a stated cost can be set against it — and labels it as ours wherever it appears.

What is not verified

All of it. Resource figures, economics, timelines and promotional framing are management's own representations, checked against no filing and no technical report. Transcripts are automatic; we repair a clearly mis-heard word but never a number, a date, a unit or a speaker's hedge — “about 8.6 million ounces” keeps its “about”.

How to use it

Treat it as a map of what has been said, not as a source of fact. Where a figure matters to you, open the recording and read the company's filings. Nothing here is financial advice, a recommendation, or an offer to buy or sell any security — these are interested parties discussing their own company.

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