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Centerra Gold Announces TSX Acceptance of Renewed Normal Course Issuer Bid

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Centerra Gold has received TSX approval for its renewed Normal Course Issuer Bid (NCIB) to purchase and cancel up to 18,800,929 common shares (8.9% of total shares) between November 7, 2024, and November 6, 2025. Daily purchases will be to 213,230 shares. Under the previous NCIB, which expires November 6, 2024, Centerra repurchased 5,799,800 shares at an average price of $8.74. The company plans to establish an automatic share purchase plan and believes current trading prices don't reflect the company's true value, assets, and prospects.

Centerra Gold ha ricevuto l'approvazione dalla TSX per il suo rinnovato Normal Course Issuer Bid (NCIB) per acquistare e annullare fino a 18.800.929 azioni ordinarie (8,9% del totale delle azioni) tra il 7 novembre 2024 e il 6 novembre 2025. Gli acquisti giornalieri saranno limitati a 213.230 azioni. Nel precedente NCIB, che scade il 6 novembre 2024, Centerra ha riacquistato 5.799.800 azioni a un prezzo medio di $8,74. L'azienda prevede di istituire un piano automatico di acquisto di azioni e ritiene che i prezzi di trading attuali non riflettano il vero valore, gli asset e le prospettive della società.

Centerra Gold ha recibido la aprobación de la TSX para su renovada Opción de Compra Normal de Emisor (NCIB) para adquirir y cancelar hasta 18,800,929 acciones ordinarias (8.9% del total de acciones) entre el 7 de noviembre de 2024 y el 6 de noviembre de 2025. Las compras diarias se limitarán a 213,230 acciones. En la NCIB anterior, que expira el 6 de noviembre de 2024, Centerra recompró 5,799,800 acciones a un precio promedio de $8.74. La empresa planea establecer un plan automático de compra de acciones y cree que los precios de trading actuales no reflejan el verdadero valor, los activos y las perspectivas de la empresa.

센터라 골드는 2024년 11월 7일부터 2025년 11월 6일까지 최대 18,800,929주 (전체 주식의 8.9%)를 구매하고 취소하기 위한 갱신된 정상적인 발행인 입찰(NCIB)에 대해 TSX의 승인을 받았습니다. 하루에 최대 213,230주를 구매할 계획입니다. 이전 NCIB는 2024년 11월 6일에 만료되며, 센터라는 평균 가격 $8.74로 5,799,800주를 재매입했습니다. 회사는 자동 주식 구매 계획을 수립할 계획이며, 현재의 거래 가격이 회사의 진정한 가치, 자산 및 전망을 반영하지 않는다고 믿고 있습니다.

Centerra Gold a reçu l'approbation de la TSX pour son offre de rachat normale renouvelée (NCIB) visant à acheter et annuler jusqu'à 18 800 929 actions ordinaires (8,9 % des actions totales) entre le 7 novembre 2024 et le 6 novembre 2025. Les achats quotidiens seront limités à 213 230 actions. Dans le cadre de la précédente NCIB, qui expire le 6 novembre 2024, Centerra a racheté 5 799 800 actions à un prix moyen de 8,74 $. L'entreprise prévoit d'établir un plan d'achat automatique d'actions et estime que les prix négociés actuellement ne reflètent pas la véritable valeur, les actifs et les perspectives de la société.

Centerra Gold hat die Genehmigung der TSX für ihr erneuertes Normales Rückkaufprogramm (NCIB) erhalten, um bis zu 18.800.929 Stammaktien (8,9 % des Gesamtaktienbestands) zwischen dem 7. November 2024 und dem 6. November 2025 zu kaufen und zu annullieren. Die täglichen Käufe werden auf 213.230 Aktien begrenzt sein. Im vorherigen NCIB, das am 6. November 2024 ausläuft, hat Centerra 5.799.800 Aktien zu einem durchschnittlichen Preis von 8,74 USD zurückgekauft. Das Unternehmen plant, einen automatisierten Aktienkaufplan einzurichten und glaubt, dass die aktuellen Handelspreise den wahren Wert, die Vermögenswerte und die Perspektiven des Unternehmens nicht widerspiegeln.

Positive
  • Company has strong balance sheet position
  • Previous share buyback program executed at $8.74 per share, showing commitment to return value to shareholders
  • Significant buyback authorization of 8.9% of outstanding shares indicates confidence in company's value
Negative
  • Current stock price trading below company's perceived value

Insights

The renewed NCIB program allows Centerra Gold to repurchase up to 18.8 million shares (8.9% of outstanding shares) over the next year, demonstrating strong confidence in the company's underlying value. Under the previous program, they repurchased 5.8 million shares at an average price of $8.74, showing disciplined capital deployment. The company's belief that shares are undervalued relative to assets and prospects suggests potential upside.

The flexible nature of the NCIB, combined with an automatic share purchase plan, provides strategic advantages for capital allocation while maintaining balance sheet strength. With daily purchase limits of 213,230 shares, the program offers controlled buying power without forcing the company into mandatory purchases, allowing optimization based on market conditions.

TORONTO, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (TSX: CG) (NYSE: CGAU) (“Centerra” or the “Company”) is pleased to announce that the Toronto Stock Exchange (“TSX”) has accepted its renewal of a normal course issuer bid (“NCIB”) to purchase for cancellation up to an aggregate of 18,800,929 common shares in the capital of the Company (“Common Shares”) during the twelve-month period commencing on November 7, 2024 and ending on November 6, 2025, representing approximately 8.9% of Centerra’s total issued and outstanding Common Shares, or 10% of the public float. As of November 5, 2024, Centerra had 211,321,285 issued and outstanding Common Shares.

Under the NCIB, daily purchases would be limited to 213,230 Common Shares, other than purchases made under block purchase exemptions. Once the NCIB is commenced, the exact timing and amount of any purchases will depend on market conditions and other factors. Centerra will not be obligated to acquire any Common Shares and may suspend or discontinue purchases under the NCIB at any time. Any purchases made under the NCIB will be made at market price at the time of purchase through the facilities of the TSX and/or alternative Canadian trading systems in accordance with applicable securities laws and stock exchange rules. The Company’s previous NCIB authorized the purchase of up to 18,293,896 Common Shares and expires on November 6, 2024. As of October 31, 2024, a total of 5,799,800 Common Shares of the Company were repurchased through the facilities of the TSX and alternative Canadian trading systems at a volume weighted average price of $8.74 per Common Share under the Company’s previous NCIB.

Centerra intends to establish an automatic share purchase plan in connection with its renewed NCIB to facilitate the purchase of Common Shares during times when Centerra would ordinarily not be permitted to purchase Common Shares due to regulatory restrictions or self-imposed black-out periods. Before entering a black-out period, Centerra may, but is not required to, instruct its designated broker to make purchases under the NCIB based on parameters set by Centerra in accordance with the automatic share purchase plan, applicable securities laws and stock exchange rules.

Centerra believes that the Common Shares continue to be trading in a price range which does not adequately reflect the value of such shares in relation to Centerra’s assets and its future prospects. As a result, Centerra believes that the NCIB will provide the Company with a flexible tool to deploy a portion of its cash balance pursuant to its capital allocation framework to, depending upon future Common Share price movements and other factors, purchase Common Shares for cancellation while preserving its strong balance sheet position.

About Centerra Gold

Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold and copper properties in North America, Türkiye, and other markets worldwide. Centerra operates two mines: the Mount Milligan Mine in British Columbia, Canada, and the Öksüt Mine in Türkiye. The Company also owns the Goldfield District Project in Nevada, United States, the Kemess Project in British Columbia, Canada, and owns and operates the Molybdenum Business Unit in the United States and Canada. Centerra’s shares trade on the Toronto Stock Exchange (“TSX”) under the symbol CG and on the New York Stock Exchange (“NYSE”) under the symbol CGAU. The Company is based in Toronto, Ontario, Canada.

For more information:
Lisa Wilkinson
Vice President, Investor Relations & Corporate Communications
(416) 204-3780
Lisa.Wilkinson@centerragold.com

Additional information on Centerra is available on the Company’s website at www.centerragold.com, on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar.

Cautionary Note Regarding Forward-Looking Information

Information contained in this document which are not statements of historical facts may be “forward looking information” for the purposes of Canadian securities laws and within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information involves risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward looking information. The words “expect”, “contemplate”, “may”, “will”, “intend” and similar expressions identify forward-looking information. In particular, such forward-looking statements include, but are not limited to, statements relating to the TSX’s approval of the NCIB, Centerra’s intention to renew the NCIB and the timing, methods and quantity of any purchases of Common Shares under the NCIB, the availability of cash for repurchases of Common Shares under the NCIB, compliance with applicable laws and regulations pertaining to the NCIB, Centerra’s perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances.

Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Centerra, are inherently subject to significant political, business, technical, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information. Factors and assumptions that could cause actual results or events to differ materially from current expectations include the risk factors set forth in the section titled “Risk Factors” in the Company’s most recently filed Annual Information Form, which is available on SEDAR+ at www.sedarplus.com and EDGAR at www.sec.gov/edgar. There can be no assurances that forward-looking information and statements will prove to be accurate, as many factors and future events, both known and unknown could cause actual results, performance or achievements to vary or differ materially from the results, performance or achievements that are or may be expressed or implied by the forward-looking statements contained or referred to herein. Accordingly, all such factors should be considered carefully when making decisions with respect to Centerra, and prospective investors should not place undue reliance on forward looking information. Forward-looking information contained herein is given as of the date of this press release. Centerra assumes no obligation to update or revise forward-looking information to reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law.


FAQ

How many shares can Centerra Gold (CGAU) repurchase under its new NCIB program?

Centerra Gold can repurchase up to 18,800,929 common shares, representing 8.9% of total issued and outstanding shares.

When does Centerra Gold's (CGAU) new share buyback program start and end?

The new NCIB program runs from November 7, 2024 to November 6, 2025.

How many shares did Centerra Gold (CGAU) repurchase under its previous NCIB program?

Under the previous NCIB program, Centerra Gold repurchased 5,799,800 common shares at an average price of $8.74 per share.

Centerra Gold Inc.

NYSE:CGAU

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