Centerra Gold Inc. announced on September 11, 2025, the results of a Pre-Feasibility Study (PFS) for its Mount Milligan mine, confirming a mine life extension of approximately 10 years, to 2045. This extension is supported by disciplined future investments totaling $186 million in non-sustaining capital expenditures, most of which are not required until the early-to-mid 2030s.
The PFS outlines average annual production from 2026 to 2042 of approximately 150,000 ounces of gold and 69 million pounds of copper. Key investments include $36 million for a 10% increase in process plant throughput to 66.3 ktpd by 2029, $114 million for a second tailings storage facility (TSF) phased over 2032 and 2033, and $28 million for five new haul trucks.
The study also reported a significant increase in proven and probable mineral reserves, totaling 4.4 million ounces of gold and 1.7 billion pounds of copper, representing a 56% and 52% increase, respectively, from year-end 2024. The after-tax NPV (5%) for Mount Milligan is approximately $1.5 billion, based on long-term gold and copper price assumptions of $2,600 per ounce and $4.30 per pound, respectively.
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