Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

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<li>Mount Milligan to 2045, and Öksüt to fund Goldfield, Kemess, and Thompson Creek internally, with $451m cash, zero debt, and $1bn liquidity.</li>
<li>Q2 2026 lifted gold guidance to 260 to 290koz; Türkiye halves Öksüt's tax rate from 2027, and $200m of buybacks have been authorized.</li>
<li>At 0.53x P/NAV versus peers at 0.7x, FY26E EV/EBITDA of 6.0x, P/B of 1.95x and derived ROCE of 23.5%.</li>
</ul>


Mount Milligan to 2045, and Öksüt to fund Goldfield, Kemess, and Thompson Creek internally, with $451m cash, zero debt, and $1bn liquidity.
Q2 2026 lifted gold guidance to 260 to 290koz; Türkiye halves Öksüt's tax rate from 2027, and $200m of buybacks have been authorized.
At 0.53x P/NAV versus peers at 0.7x, FY26E EV/EBITDA of 6.0x, P/B of 1.95x and derived ROCE of 23.5%.


Centerra Gold Inc. (CG CN): Two Funded Mines Pay for a Four-Project North American Pipeline

Canada

Wesdome Gold Mines is a Canadian gold producer engaged in mining, exploration, processing, and reclamation activities. The company operates two high-grade underground gold mines: the Eagle River Mine in Northern Ontario and the Kiena Mine in Val-d'Or, Québec. Wesdome Gold Mines Ltd. was founded in 1976 and is headquartered in Toronto, Ontario, Canada.

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Wesdome Gold Mines (0VOA LN)

Centerra Gold Inc. (CG CN): Two Funded Mines Pay for a Four-Project North American Pipeline

Debt-free mid-tier gold producer on 0.53x P/NAV, funding four North American growth projects from Mount Milligan and Öksüt cash flow, with Thompson...

Sameer Taneja

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