Centerra Gold: Mount Milligan And Öksüt Could Drive The Next Rerating

I am rating Centerra Gold a 'Strong Buy' due to robust cash generation, a net cash position, and shareholder returns even before factoring in future growth. Mount Milligan and Öksüt mines fund growth initiatives, minimizing dilution risk and supporting a structurally resilient margin profile through copper by-product credits. Öksüt's ongoing optimization and potential reserve life extension offer upside, while Thompson Creek's restart could drive a valuation rerating as production expands by 2027.