Centerra Gold Boosts Reserves 58% in 2025, Eyes Exploration Expansion
Event summary
- Centerra Gold's proven and probable gold reserves increased 58% to 5.5 million ounces, while copper reserves rose 49% to 1.7 billion pounds as of December 31, 2025.
- Exploration activities in 2025 included significant drilling at Mount Milligan, Kemess, and Öksüt, with plans to continue in 2026.
- 2026 exploration budget set at $40–$50 million, with $20–$25 million allocated to brownfield projects and the remainder to greenfield initiatives.
- Mount Milligan remains a strategic asset with 20 years of mine life and strong cash flow potential.
The big picture
Centerra Gold's substantial increase in mineral reserves reflects a strategic focus on expanding its resource base amid favorable commodity prices. The company's aggressive exploration plans for 2026 underscore its commitment to sustaining long-term production growth, particularly at its flagship Mount Milligan mine. This move aligns with broader industry trends of resource diversification and operational optimization in response to volatile market conditions.
What we're watching
- Resource Expansion
- How Centerra's 58% increase in gold reserves will impact its long-term production capacity and market position.
- Exploration Strategy
- Whether the $40–$50 million exploration budget for 2026 will yield significant new discoveries at Mount Milligan and Kemess.
- Market Dynamics
- The pace at which rising gold and copper prices will influence Centerra's future reserve valuations and operational decisions.