Centerra Gold approved to operate B.C. mine through 2035

Centerra Gold Inc. [CG-TSX, CAGDF-OTC] has confirmed that its Mount Milligan copper-gold mine in central British Columbia has received an amended environmental assessment and all related permits to allow for the continuation of its operations through 2035.

The 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 B.C. as one of four mining projects which would qualify for expedited permitting to support economic development in the province.

On Wednesday, Centerra shares edged up 0.48% or 12 cents to $25.12. The shares trade in a 52-week range of $25.42 and $7.72.

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 as outlined in a pre-feasibility study (PFS).

The PFS indicates the extension of the life of mine by approximately 10 years to 2045, supported by an optimized mine plan. The average annual production from 2026 to 2042, is expected to be approximately 150,000 ounces of gold and 69 million pounds of copper, followed by the processing of low-grade stockpiles from 2043 to 2045.

The PFS also envisages approximately $186 million in planned non-sustainable capital expenditures, most of which are not required until the early to mid 2030s, all fully funded from available liquidity and future cash flow from operations. Key investments include $114 million for a second tailings storage facility (TSF) to be spent across 2032 and 2033, $36 million for ball mill motor upgrades and flotation cells in 2028 to increase process plant throughput by about 10% to 66,300 tonnes per day and increase recovery by approximately 1.0%, and $28 million for five new haul trucks to support longer haul distances, higher material movement and stockpile development.

The planned second TSF also provides potential for future raises, which could add multiple decades of storage capacity beyond the 2045 life of mine.

The PFS included an updated proven and probable mineral reserve totalling 483.2 million tonnes, with an average grade of 0.28 g/t gold, and 0.16% copper, containing 4.4 million ounces of gold and 1.7 billion pounds of copper.

Centerra is a Canadian gold mining company with a focus on acquiring and developing gold and copper properties in North America and Turkiye. The company operates two mines: the Mount Milligan in B.C. and Oksut Mine in Turkiye. The company also owns the Kemess Project in B.C., the Goldfields Project in Nevada as well as a molybdenum business unit in the United States and Canada.

“Mount Milligan is the cornerstone of Centerra’s organic gold growth strategy in British Columbia,’’ said Centera President Paul Tomory.  “The extended life of mine is expected to provide consistent employment to more than 1,000 workers and increase business opportunities to First Nations, surrounding communities, and the province, representing a significant economic driver for northern communities in British Columbia.”