
Centerra Gold remains a Strong Buy in my view, with my price target increasing from $24.30 to $28 per share. Öksüt, Mount Milligan, and Thompson Creek are driving the next leg of the thesis. Öksüt's 2026 production guidance increased to 120K to 135K ounces without a higher AISC range. My SOTP points to $28 per share, with Mount Milligan valued at about $2.14 billion, Öksüt at $1.05 billion, and Thompson Creek at $850 million, while Goldfield and Kemess remain heavily discounted in my model.










