Centerra Gold Inc.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF on production and costs: 275,000 oz gold and 55 million lb copper per year (2026 guidance midpoint), normalized long-run prices of $3,000/oz gold and $4.50/lb copper (versus an actual spot of roughly $4,140/oz and $6.50/lb), AISC of $1,700/oz on a by-product basis, growth capex declining from about $112 million to $25 million per year as Goldfield and Thompson Creek ramp up, a 27% effective tax rate, a 9% discount rate, 2% terminal growth after year 5, plus net cash of about $405 million added to enterprise value

Reasoning: A bottom-up production and cost DCF is more appropriate than a dividend-discount approach for a mining company, since value flows from ounces produced and cash costs rather than a stable payout policy; normalizing metal prices well below the current gold price spike avoids overstating value, while still crediting the company's visible growth projects (Goldfield, Thompson Creek) and its net cash balance sheet