Centerra Gold Rises on Bullion Rebound

Centerra’s stock has already started to respond. The Toronto-listed shares closed at $22.92 on Sept. 4, up from $15.58 on July 8, and have climbed above both the 50-day moving average and the 200-day moving average, a sign the recent rebound is gaining technical traction. The stock is still below the late-August peak of $24.25, leaving room for additional upside if bullion holds and investors reprice the company’s earnings power.

The bullish argument rests on leverage. Centerra’s own investor chatter points to a FY26 earnings base that could reach $400 million to $600 million, or roughly $2.01 to $3.02 a share on about 199 million shares, with gold, copper and molybdenum all contributing. Even a midrange outcome would make the stock look inexpensive versus a current price in the low $20s, especially if gold stays near elevated levels and copper production remains supportive.

For investors, that means Centerra is functioning less like a sleepy mid-tier miner and more like a geared play on bullion with by-product upside. The fact that gold ETF GLD is trading around $406.77 while the metal’s sentiment gauge remains in fear territory suggests the sector may still be early in a recovery phase rather than fully priced for it.

The next catalyst is Centerra’s earnings update, which should show whether higher metals prices are translating into stronger margins and cash flow. If bullion steadies and the company confirms the kind of catch-up earnings many holders expect, the rerating case could extend beyond the recent share rally.