New Risk • May 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 11% per year for the foreseeable future. High level of non-cash earnings (38% accrual ratio). Minor Risk Significant insider selling over the past 3 months (CA$579k sold). Declared Dividend • May 03
First quarter dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 21st May 2026 Payment date: 4th June 2026 Dividend yield will be 1.2%, which is lower than the industry average of 7.3%. Payout Ratios Payout ratio: 7%. Cash payout ratio: 43%. Announcement • May 02
Centerra Gold Inc. Approves Quarterly Dividend, Payable on June 4, 2026 Centerra Gold Inc. announced that its Board of Directors has approved a quarterly dividend of CAD 0.07 per common share – approximately CAD 13.9 million or USD 10.0 million in aggregate. The quarterly dividend is payable on June 4, 2026, to shareholders of record as of the close of business on May 21, 2026. The dividend is an eligible dividend for Canadian income tax purposes. Buy Or Sell Opportunity • May 01
Now 21% undervalued Over the last 90 days, the stock has risen 4.7% to CA$23.94. The fair value is estimated to be CA$30.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: US$0.40 (vs US$0.14 in 1Q 2025) First quarter 2026 results: EPS: US$0.40 (up from US$0.14 in 1Q 2025). Revenue: US$484.7m (up 62% from 1Q 2025). Net income: US$79.4m (up 161% from 1Q 2025). Profit margin: 16% (up from 10% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 121% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Announcement • Apr 03
Centerra Gold Inc. to Report Q1, 2026 Results on Apr 29, 2026 Centerra Gold Inc. announced that they will report Q1, 2026 results at 4:00 PM, US Eastern Standard Time on Apr 29, 2026 Announcement • Mar 31
Centerra Gold Inc. Announces Executive Changes Centerra Gold Inc. announces that David Hendriks, Executive Vice President and Chief Operating Officer (COO), will be leaving the Company. He will remain available to the Company in a consulting capacity to support a smooth transition. Mike Sylvestre will assume the responsibilities of COO on an interim basis, effective March 30, 2026. Mr. Sylvestre is a seasoned mining executive with over 45 years of international experience and has held leadership roles at major, mid-tier and junior mining companies. He most recently served as Senior Vice President, Americas at Kinross Gold, retiring in 2022. Over the course of his career, he has held a range of senior operational and executive roles, with a strong track record in leading both established and start-up operations, driving safety performance, operational excellence, and sustainable practices. He currently serves on the boards of Hochschild Mining and Vista Gold Corp. Mr. Sylvestre holds a Master of Science in Mining and Mineral Engineering from McGill University and a Bachelor of Science in Mining Engineering from Queen’s University and is a member of the Professional Engineers of Ontario. Announcement • Feb 24
Centerra Gold Inc., Annual General Meeting, May 05, 2026 Centerra Gold Inc., Annual General Meeting, May 05, 2026. Announcement • Jan 30
Centerra Gold Inc. Announces Temporary Suspension of Operations at Langeloth Metallurgical Facility Due to Explosion Centerra Gold Inc. has suspended operations at its Langeloth Metallurgical Facility ("Langeloth") near Pittsburgh, Pennsylvania following an explosion on January 29, 2026 at approximately 6:15 p.m. Eastern Time, which was a result of an uncontrolled mixture of chemicals leading to an uncontained chemical reaction adjacent to the acid plant. No fatalities were reported, but two contractors were taken to hospital with injuries, and two employees were taken to hospital for precautionary reasons. Presently, there is no indication of a significant environmental release. The relevant regulatory agencies and authorities have been notified. The Company is currently assessing Langeloth's estimated downtime and will provide an update when more information is available. Announcement • Jan 21
Centerra Gold Receives Permit Amendments for Mount Milligan to Continue Operations Through 2035 Centerra Gold Inc. confirmed that its Mount Milligan Mine ("Mount Milligan"), located in central British Columbia, has received an amended environmental assessment and all related permits to allow for the continuation of its operations through 2035. These authorizations include a 10% expansion in plant throughput beginning in 2028 and increased stockpile capacity needed for plant feed flexibility. In January 2025, Mount Milligan was selected by the Province of British Columbia as one of four mining projects which would qualify for expedited permitting to support economic development in the province. Centerra continues to progress engineering and other studies to support future permit authorizations which will be required to achieve the recently announced mine life extension of Mount Milligan to 2045 as outlined in a Pre-Feasibility Study. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$25.07, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 8x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 236% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$45.07 per share. Announcement • Jan 20
Centerra Gold Inc. Announces an Updated Mineral Resource and the Results of A PEA for Its Kemess Project in British Columbia Centerra Gold Inc. announced an updated mineral resource and the results of a PEA for its Kemess project in British Columbia, showing robust economics including an after-tax net present value (5%) Kemess Updated Resource and PEA Highlights: Expanded mineral resource at Kemess enhances the project's overall scale and supports its long-term production potential: The updated mineral resource contains 3.3 million ounces of gold and 1.1 billion pounds of copper in the indicated category, and 3.6 million ounces of gold and1.2 billion pounds of copper in the inferred category. Once underground production commences, both mining methods operate concurrently for the remainder of the projected 15-year mine life. Significant exploration upside across the property: In 2025, a total of 28 kilometres of drilling was completed, focused on infilling the resource at Kemess Main open pit, Kemess Underground and Nugget zones, as well as resource extension drilling at Kemess Offset. Results confirm the continuity of mineralization within the resource areas. Once underground production commencing, both mining methods operate concurrentlyfor the remainder of the 15 year mine life. The plant is expected to increase overall gold recovery by approximately 14%, enhancing the project's economics. In 2025, a total of28 km of drilling was completed, focused On infilling the resource at KemESS Main open pit, Kemess underground and Nugget, as well as resource extension drilled at Kemess Offset. results confirm the continuity of mineralization Within the resource areas. The Kemess Underground mineral resource is constrained by optimized stope shapes using commercially available software. The Kemess East underground mineral resource is constrained by optimizedstope shapes using commercially available software; The Kemess East underground mineral resources is constrained by optimized stope shape using commercially available software. Announcement • Jan 06
Centerra Gold Inc. to Report Q4, 2025 Results on Feb 19, 2026 Centerra Gold Inc. announced that they will report Q4, 2025 results After-Market on Feb 19, 2026 Declared Dividend • Oct 31
Third quarter dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 13th November 2025 Payment date: 26th November 2025 Dividend yield will be 1.7%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is well covered by both earnings (12% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 15% over the next 2 years. However, it would need to fall by 87% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: US$1.44 (vs US$0.14 in 3Q 2024) Third quarter 2025 results: EPS: US$1.44 (up from US$0.14 in 3Q 2024). Revenue: US$395.2m (up 22% from 3Q 2024). Net income: US$292.2m (up US$263.4m from 3Q 2024). Profit margin: 74% (up from 8.9% in 3Q 2024). Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Announcement • Oct 03
Centerra Gold Inc. to Report Q3, 2025 Results on Oct 28, 2025 Centerra Gold Inc. announced that they will report Q3, 2025 results After-Market on Oct 28, 2025 New Risk • Oct 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 6.6% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.2% net profit margin). Announcement • Sep 12
Centerra Gold Inc. Announces Results of Pre-Feasibility Study for the Mount Milligan Mine in British Columbia Royal Gold Inc. reported that Centerra Gold Inc. has announced the results of a pre-feasibility study ("PFS") for the Mount Milligan mine in British Columbia that confirms a life of mine ("LOM") extension of approximately 10 years, to 2045, with the potential to increase the process plant throughput by approximately 10% in 2029. The cash purchase price for gold is equal to the lesser of $435 perounce, with no inflation adjustment, or the prevailing market price when purchased. The cash purchase price for copper is 15% of the spot price. In February 2024, Royal Gold announced an additional agreement with Centerra to provide cost support to allow an extension of the Mount Milligan mine life beyond 2035 and offer the potential for a future mine life increase (the "Cost Support Agreement"). This agreement provides for additional cash purchase prices for gold and copper deliveries in three periods, which are defined by gold and copper deliveries. The combined effect of this Cost Support Agreement on the payments for metal deliveries from Mount Milligan when considered with the Existing Stream Agreement is summarized in the table below: Period: Jan. 1, 2024 through 2029 -2030 through 2035 -2036 and Beyond: Au Cu Au Cu; Payments for $435/oz 15% of spot Cu; and anticipated developments relating to the Mount Milligan mine, including the amount and timing of production, increased throughput and recovery, estimates of mineral resources and mineral reserves, the construction of a second TSF, the receipt of future permits, and mine plans. Factors that could cause actual extensions, Royal Gold has another significant interest on a long-life mine in a stable and mining-friendly jurisdiction. Declared Dividend • Aug 11
Second quarter dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 21st August 2025 Payment date: 4th September 2025 Dividend yield will be 2.9%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (60% cash payout ratio). The dividend has increased by an average of 4.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 131% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Aug 07
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.2% Last year net profit margin: 11% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.2% net profit margin). Reported Earnings • Aug 07
Second quarter 2025 earnings released: EPS: US$0.33 (vs US$0.18 in 2Q 2024) Second quarter 2025 results: EPS: US$0.33 (up from US$0.18 in 2Q 2024). Revenue: US$288.3m (up 2.1% from 2Q 2024). Net income: US$68.6m (up 82% from 2Q 2024). Profit margin: 24% (up from 13% in 2Q 2024). Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 11
Kestrel Partner Centerra Drilling At QCM Gold Property Kestrel Gold Inc. provided an update on the ongoing work program by Centerra Gold Inc. on Kestrel's QCM gold property (QCM) located in the Manson-Germanson area of central British Columbia. Centerra holds an exclusive option to earn a 75% interest in QCM by making cash payments totalling $900,000 and completing $6,500,000 in exploration work, which must include a minimum of 13,500 metres of drilling, by May 7, 2029. Centerra's current program has an approved budget of $3,000,000, and includes plans for up to 7,500 metres of diamond drilling. Drilling commenced at the Main Zone on May 25th, and as of July 6th a total of 9 holes and 2,640 metres have been completed. All holes have encountered intervals of quartz veined tuff and greywacke affected by variable intensity silica-ankerite-sericite-pyrite alteration with pyrite in some areas. Drilling is also planned for the 14 Vein zone which is a quartz veined and quartz-sericite-pyrite altered zone located approximately 7.5 kilometres northwest of the Main Zone. Analytical results for drilling will be released as they are received, compiled and interpreted. QCM Project Highlights: QCM is comprised of 8,729 hectares covering an approximate 15-kilometre strike length of the Manson Fault Zone which is thought to be a controlling structure for much of the gold mineralization in the district. Peak values from historical pre-Kestrel drilling completed within the Main Zone were found within hole 2004-002 which intersected an interval of 2.86 g/t Au over 110.95 metres, including a high-grade interval of 173 g/t Au over 1.5 metres, true widths unknown. Reverse circulation drilling by Kestrel at the Main Zone in 2021 intersected numerous gold-bearing intervals including 0.847 g/t Au over 152.44 metres including 3.665 g/t Au over 16.77 metres. Prospecting during 2022 resulted in the discovery of the 14 Vein showing, drilling of which returned 2.33 g/t Au over 44.19 metres. Geology consists of quartz-sericite-pyrite altered greywacke cut by sheeted quartz veins. Numerous historical showings occur throughout the project area, including Farrell where historical values of up to 1,777 g/t Au and 3,560 g/t Ag were returned from grab samples of an up to 3.0-metre-wide quartz vein and Flagstaff where historical values of up to 5.9 g/t Au and 1,153 g/t Ag were reported for grab samples of quartz veins and stockworks. Kestrel owns a 100% interest in the QCM Property. subsequently granted Centerra the option to earn a 75% interest in QCM. Recently completed logging and associated road building has significantly improved access throughout the property which is proving of significant value to exploration efforts. Announcement • Jul 07
Centerra Gold Inc. to Report Q2, 2025 Results on Aug 06, 2025 Centerra Gold Inc. announced that they will report Q2, 2025 results After-Market on Aug 06, 2025 Declared Dividend • May 12
First quarter dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 22nd May 2025 Payment date: 5th June 2025 Dividend yield will be 2.9%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is not adequately covered by earnings (91% earnings payout ratio). However, it is covered by cash flows (62% cash payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 1.6% to bring the payout ratio under control. EPS is expected to grow by 121% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • May 07
First quarter 2025 earnings released: EPS: US$0.15 (vs US$0.31 in 1Q 2024) First quarter 2025 results: EPS: US$0.15 (down from US$0.31 in 1Q 2024). Revenue: US$299.5m (down 2.1% from 1Q 2024). Net income: US$30.5m (down 54% from 1Q 2024). Profit margin: 10% (down from 22% in 1Q 2024). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$9.36, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Metals and Mining industry in the United Kingdom. Total loss to shareholders of 16% over the past three years. Announcement • Apr 10
Centerra Gold Inc. to Report Q1, 2025 Results on May 06, 2025 Centerra Gold Inc. announced that they will report Q1, 2025 results Pre-Market on May 06, 2025 Announcement • Apr 04
Centerra Gold Inc. Announces Board Changes Centerra Gold Inc. announced that Sheryl Pressler, the longest serving director in the history of the company with 17 years of service, will not be standing for re-election to the board. Also not standing for re-election is Susan Yurkovich who has recently been appointed as Chief Executive Officer of Canfor Corporation. With her new responsibilities, Susan regrets she will not be able to dedicate the time necessary to be effective for the Shareholders of Centerra. New Risk • Mar 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 43% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Declared Dividend • Mar 12
Third quarter dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 13th March 2025 Payment date: 27th March 2025 Dividend yield will be 3.5%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 2.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 44% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 05
Centerra Gold Inc. Announces Executive Changes Centerra Gold Inc. announced the appointment of David Hendriks as Executive Vice President and Chief Operating Officer, effective April 15, 2025. Paul Chawrun, Executive Vice President and Chief Operating Officer, will be leaving the Company on March 31, 2025. Mr. Hendriks is a seasoned mining executive with over 30 years of industry experience and has held leadership roles at Calibre Mining and Kinross Gold. Most recently, as Senior Vice President of Nicaraguan Operations at Calibre Mining, he oversaw multi-site operations, drove production growth, and advanced sustainability initiatives. Prior to that he held senior leadership positions at Kinross Gold, managing large-scale gold mining operations in Nevada and Mauritania. David holds a Bachelor of Science in Mine Engineering from Queen’s University. Recent Insider Transactions • Mar 02
Independent Director recently bought CA$284k worth of stock On the 28th of February, Paul Wright bought around 35k shares on-market at roughly CA$8.12 per share. This transaction amounted to 47% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold CA$104k more in shares than they bought in the last 12 months. Announcement • Feb 25
Centerra Gold Inc., Annual General Meeting, May 06, 2025 Centerra Gold Inc., Annual General Meeting, May 06, 2025. Declared Dividend • Feb 25
Third quarter dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 13th March 2025 Payment date: 27th March 2025 Dividend yield will be 3.0%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 2.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 48% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Feb 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 23% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings are forecast to decline by an average of 23% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CA$9.92, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 9x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 1.0% over the past three years. Announcement • Jan 14
Centerra Gold Inc. to Report Q4, 2024 Results on Feb 20, 2025 Centerra Gold Inc. announced that they will report Q4, 2024 results After-Market on Feb 20, 2025 New Risk • Nov 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (CA$300k sold). Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CA$8.70, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Metals and Mining industry in the United Kingdom. Total loss to shareholders of 6.4% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$5.47 per share. New Risk • Nov 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (CA$300k sold). Declared Dividend • Nov 04
Third quarter dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 13th November 2024 Payment date: 27th November 2024 Dividend yield will be 3.0%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 3.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 15% over the next 3 years. However, it would need to fall by 52% to increase the payout ratio to a potentially unsustainable range. Announcement • Nov 02
Centerra Gold Inc. Provides Earnings Guidance for the Year 2024 Centerra Gold Inc. provided earnings guidance for the year 2024. For the year, the company expects loss from operations of $5 million - $15 million. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: US$0.14 (vs US$0.28 in 3Q 2023) Third quarter 2024 results: EPS: US$0.14 (down from US$0.28 in 3Q 2023). Revenue: US$323.9m (down 5.8% from 3Q 2023). Net income: US$28.8m (down 53% from 3Q 2023). Profit margin: 8.9% (down from 18% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is expected to decline by 7.2% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to grow by 1.5%. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Nov 01
Centerra Gold Inc. Approves Quarterly Dividend, Payable on November 27, 2024 Centerra Gold Inc. announced that its Board of Directors has approved a quarterly dividend of CAD 0.07 per common share – approximately CAD 14.8 million or USD 11.0 million in aggregate. The quarterly dividend is payable on November 27, 2024, to shareholders of record as of the close of business on November 13, 2024. The dividend is an eligible dividend for Canadian income tax purposes. Announcement • Oct 04
Centerra Gold Inc. to Report Q3, 2024 Results on Oct 31, 2024 Centerra Gold Inc. announced that they will report Q3, 2024 results After-Market on Oct 31, 2024 New Risk • Oct 03
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$300k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings are forecast to decline by an average of 9.8% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (CA$300k sold). Recent Insider Transactions • Oct 02
Executive Vice President of People recently sold CA$300k worth of stock On the 27th of September, Claudia D'Orazio sold around 29k shares on-market at roughly CA$10.20 per share. This transaction amounted to 44% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$738k more than they bought in the last 12 months. Declared Dividend • Aug 05
Second quarter dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 15th August 2024 Payment date: 29th August 2024 Dividend yield will be 3.0%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is well covered by both earnings (39% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 2.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 20% over the next 3 years. However, it would need to fall by 57% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: US$0.18 (vs US$0.18 loss in 2Q 2023) Second quarter 2024 results: EPS: US$0.18 (up from US$0.18 loss in 2Q 2023). Revenue: US$282.3m (up 53% from 2Q 2023). Net income: US$37.7m (up US$77.4m from 2Q 2023). Profit margin: 13% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Revenue is expected to decline by 12% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to grow by 1.4%. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Jul 11
Centerra Gold Inc. to Report Q2, 2024 Results on Aug 01, 2024 Centerra Gold Inc. announced that they will report Q2, 2024 results After-Market on Aug 01, 2024 Declared Dividend • May 16
First quarter dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 29th May 2024 Payment date: 12th June 2024 Dividend yield will be 3.1%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is covered by both earnings (78% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has increased by an average of 2.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 39% over the next 3 years. Since a fall of 13% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: US$0.31 (vs US$0.34 loss in 1Q 2023) First quarter 2024 results: EPS: US$0.31 (up from US$0.34 loss in 1Q 2023). Revenue: US$305.9m (up 35% from 1Q 2023). Net income: US$66.4m (up US$139.9m from 1Q 2023). Profit margin: 22% (up from net loss in 1Q 2023). The move to profitability was primarily driven by higher revenue. Revenue is expected to decline by 11% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to grow by 1.3%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Announcement • Apr 20
Centerra Gold Inc. to Report Q1, 2024 Results on May 14, 2024 Centerra Gold Inc. announced that they will report Q1, 2024 results Pre-Market on May 14, 2024 Upcoming Dividend • Mar 05
Upcoming dividend of CA$0.07 per share Eligible shareholders must have bought the stock before 12 March 2024. Payment date: 27 March 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.8%. Lower than top quartile of British dividend payers (6.2%). Lower than average of industry peers (4.7%). Declared Dividend • Mar 04
Fourth quarter dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 12th March 2024 Payment date: 27th March 2024 Dividend yield will be 4.1%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (27% cash payout ratio). The dividend has increased by an average of 2.9% per year over the past 10 years. However, payments have been volatile during that time. Recent Insider Transactions • Mar 03
Executive VP & CFO recently sold CA$496k worth of stock On the 1st of March, Darren Millman sold around 73k shares on-market at roughly CA$6.81 per share. This transaction amounted to 90% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Darren has been a net seller over the last 12 months, reducing personal holdings by CA$485k. Announcement • Feb 24
Centerra Gold Inc., Annual General Meeting, May 14, 2024 Centerra Gold Inc., Annual General Meeting, May 14, 2024. Reported Earnings • Feb 23
Full year 2023 earnings released: US$0.37 loss per share (vs US$0.29 loss in FY 2022) Full year 2023 results: US$0.37 loss per share (further deteriorated from US$0.29 loss in FY 2022). Revenue: US$1.09b (up 29% from FY 2022). Net loss: US$81.3m (loss widened 5.3% from FY 2022). Revenue is forecast to decline by 6.2% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Announcement • Feb 23
Centerra Gold Announces Quarterly Dividend, Payable on March 27, 2024 Centerra Gold Inc. announced that its Board of Directors has approved a quarterly dividend of CAD 0.07 per common share – approximately CAD 15.1 million or USD 11.2 million. The quarterly dividend is payable on March 27, 2024, to shareholders of record as of the close of business on March 13, 2024. The dividend is an eligible dividend for Canadian income tax purposes. Announcement • Feb 15
Centerra Gold Inc. to Report Q4, 2023 Results on Feb 22, 2024 Centerra Gold Inc. announced that they will report Q4, 2023 results After-Market on Feb 22, 2024 Upcoming Dividend • Nov 08
Upcoming dividend of CA$0.07 per share at 3.4% yield Eligible shareholders must have bought the stock before 14 November 2023. Payment date: 29 November 2023. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 3.4%. Lower than top quartile of British dividend payers (6.5%). Lower than average of industry peers (7.4%). Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: US$0.28 (vs US$0.14 loss in 3Q 2022) Third quarter 2023 results: EPS: US$0.28 (up from US$0.14 loss in 3Q 2022). Revenue: US$343.9m (up 92% from 3Q 2022). Net income: US$60.6m (up US$94.5m from 3Q 2022). Profit margin: 18% (up from net loss in 3Q 2022). Revenue is forecast to decline by 4.9% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to remain flat. Announcement • Nov 02
Centerra Gold Inc. Provides Production Guidance for the Year 2023 and 2024 Centerra Gold Inc. provided production guidance for the year 2023 and 2024. The company now expects full year 2023 gold production at Mount Milligan to be 150,000 to 160,000 ounces, down from the previous guidance range of 160,000 to 170,000 ounces, and copper production to be near the low end of the previously-provided guidance range of 60 million pounds to 70 million pounds. The company also expects higher levels of gold production and similar levels of copper production in 2024 compared to 2023 production guidance levels. Announcement • Oct 11
Centerra Gold Inc. to Report Q3, 2023 Results on Oct 31, 2023 Centerra Gold Inc. announced that they will report Q3, 2023 results After-Market on Oct 31, 2023 Upcoming Dividend • Aug 07
Upcoming dividend of CA$0.07 per share at 3.5% yield Eligible shareholders must have bought the stock before 14 August 2023. Payment date: 29 August 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of British dividend payers (6.2%). Lower than average of industry peers (6.9%). Reported Earnings • Aug 03
Second quarter 2023 earnings released: US$0.18 loss per share (vs US$0.009 loss in 2Q 2022) Second quarter 2023 results: US$0.18 loss per share (further deteriorated from US$0.009 loss in 2Q 2022). Revenue: US$184.5m (up 10% from 2Q 2022). Net loss: US$39.7m (loss widened US$37.0m from 2Q 2022). Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to remain flat. Announcement • Aug 02
Centerra Gold Inc. Updates Production Guidance for the Year 2023 Centerra Gold Inc. updated production guidance for the year 2023. For the period, the company expects Gold production to be in the range of 340,000 to 360,000 ounces. Copper production in the range of 60 to 70 million pounds. Announcement • Aug 01
Centerra Gold Inc. Announces Quarterly Dividend, Payable on August 29, 2023 Centerra Gold Inc. announced that its Board of Directors has approved a quarterly dividend of CAD 0.07 per common share – approximately CAD 15.0 million or USD 11.5 million. The quarterly dividend is payable on August 29, 2023, to shareholders of record on August 15, 2023. The dividend is an eligible dividend for Canadian income tax purposes. Announcement • Jul 12
Centerra Gold Inc. to Report Q2, 2023 Results on Jul 31, 2023 Centerra Gold Inc. announced that they will report Q2, 2023 results After-Market on Jul 31, 2023 Announcement • Jun 01
Centerra Gold Inc. Obtains Environmental Impact Assessment Approval for the Öksüt Mine in Türkiye Centerra Gold Inc. announced that the Turkish Ministry of Environment, Urbanization and Climate Change has approved the amended Environmental Impact Assessment for the mine in Öksüt mine in Türkiye. With the EIA approval in hand, along with the receipt of regulatory approvals for the mercury abatement retrofit to the adsorption, desorption and recovery plant, the Company expects to restart full operations at the Öksüt mine in the coming weeks. Recent Insider Transactions • May 31
Executive VP recently bought CA$154k worth of stock On the 26th of May, Claudia D’Orazio bought around 22k shares on-market at roughly CA$6.96 per share. This transaction increased Claudia's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$757k more in shares than they have sold in the last 12 months. Upcoming Dividend • May 19
Upcoming dividend of CA$0.07 per share at 3.9% yield Eligible shareholders must have bought the stock before 26 May 2023. Payment date: 12 June 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.9%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (8.0%). Upcoming Dividend • May 18
Upcoming dividend of CA$0.07 per share at 3.6% yield Eligible shareholders must have bought the stock before 25 May 2023. Payment date: 12 June 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.6%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (8.1%). Buying Opportunity • May 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be CA$9.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.1% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 16
First quarter 2023 earnings released: US$0.34 loss per share (vs US$0.30 profit in 1Q 2022) First quarter 2023 results: US$0.34 loss per share (down from US$0.30 profit in 1Q 2022). Revenue: US$226.5m (down 23% from 1Q 2022). Net loss: US$73.5m (down 182% from profit in 1Q 2022). Revenue is forecast to decline by 11% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to remain flat. Announcement • May 16
Centerra Gold Inc. Approves Quarterly Dividend, Payable on June 12, 2023 Centerra Gold Inc. announced that its Board of Directors has approved a quarterly dividend of CAD 0.07 per common share – approximately CAD 15.3 million or USD 11.3 million. The quarterly dividend is payable on June 12, 2023, to shareholders of record on May 29, 2023. The dividend is an eligible dividend for Canadian income tax purposes. 
