Centerra Gold received amended environmental assessment and related permits that allow the Mount Milligan mine in central British Columbia to continue operating through 2035. The approval also authorizes a 10 % increase in plant throughput beginning in 2028 and expands stockpile capacity to provide greater feed flexibility for future production cycles.
The permit milestone is a cornerstone of Centerra’s self‑funded growth strategy. By securing the necessary regulatory approvals, the company can keep generating free cash flow to finance its own development projects—most notably the Kemess gold‑copper project and the Nevada‑based Goldfield mine—without resorting to external debt or equity. The company’s pre‑feasibility study also targets a further mine‑life extension at Mount Milligan to 2045, underscoring a long‑term commitment to the asset.
Financially, Centerra’s Q3 2025 results showed a strong liquidity position, with a cash balance of $561.8 million and total liquidity of $961.8 million. The company generated nearly $100 million in free cash flow during that quarter, a level that underpins its ability to fund ongoing and planned projects from existing operations.
Operationally, the 10 % throughput expansion will lift the mill’s capacity from its current level to accommodate higher ore grades and increased production volumes. The expanded stockpile capacity will allow the mine to store more material, giving the company greater flexibility to manage feed rates and mitigate short‑term supply disruptions. These enhancements are scheduled to take effect in 2028, aligning with the company’s projected ramp‑up of production.
Beyond Mount Milligan, Centerra is actively advancing its broader portfolio. The company’s strategy to extend mine lives from under a decade to more than 20 years is designed to strengthen its competitive position and create long‑term value. The permit approval also supports the development of Kemess—projected to deliver a 15‑year mine life—and Goldfield, which is slated to begin production by the end of 2028. Together, these assets are expected to generate additional cash flow and reinforce the company’s self‑funded growth narrative.
In summary, the regulatory approval for Mount Milligan represents a significant operational and financial milestone. It extends the mine’s life, boosts throughput capacity, and reinforces Centerra’s ability to fund future projects from its own cash flow, thereby enhancing long‑term value creation for the company’s stakeholders.
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