Centerra Gold: Thompson Creek Could Deliver More Upside After A 71% Rally

Centerra (CGAU) is rated a cautious Buy, with 20–24% upside as Thompson Creek's production and higher molybdenum prices drive future earnings. Thompson Creek's heavy capex is largely complete; peak spending is behind, and production is set to begin mid-2027, reducing cash burn. Molybdenum prices are nearly 70% above feasibility assumptions, materially boosting Thompson Creek's projected cash flow and overall NAV.