RY 163.94 -0.9785% SHOP 145.33 -4.495% TD 84.67 -0.3765% ENB 59.5 -2.475% BN 75.02 -5.3256% TRI 250.18 -0.8874% CNQ 39.63 0.5582% CP 111.75 1.4341% CNR 144.03 0.3344% BMO 139.89 -1.9004% BNS 68.8 -1.2912% CSU 4878.0601 -2.2221% CM 80.94 -3.0543% MFC 41.99 -2.3715% ATD 73.16 2.5943% NGT 62.58 -0.4613% TRP 65.02 -2.152% SU 49.25 0.0203% WCN 264.42 -2.9687% L 189.78 1.2538%

Gold Report

Centerra Gold Inc.

Feb 27, 2025

CG:TSX
Investment Type
Small-Cap
Risk Level
Action
Rec. Price (CA$)

Section1: Commodity Update:

Commodity Outlook: Gold, commonly used for investments and jewellery purposes, as a precious metal. Gold is among Canada's most valuable mined commodities. Production of Gold in Canadian mines has been increasing steadily over the last decade. Investors purchase gold in the form of wafers, bars and coins, also as a means of protection from the risks of inflation and market volatility. Gold-backed exchange-traded funds (ETF) are another source of investment demand for gold. Approximately 7% of the demand for gold is for use in technology applications, mostly as a component of micro-circuitry in a range of electronic products. In Canada, majorly Gold mining coming from Ontario and Quebec that together accounted for around 72% of gold production. The key drivers behind gold prices in 2025 are global economic uncertainties, inflation, outlook for Fed interest rate cuts and U.S. real yields. The structural bull case for gold remains intact, even as prices have risen sharply. Traditionally, a weaker U.S. dollar and lower U.S. interest rates increase the appeal of yellow metal. Gold spiked at 264.16 USD/t oz. or 10.07% since the beginning of 2025. Historically, Gold reached an all time high of USD 2,956.22 in February of 2025.

Data Source: Government of Canada

Section 2: Company Overview and Fundamental Insights:

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