SCHEDULE: BlackRock Reduces Centerra Gold Stake to 3.4%

BlackRock Portfolio Management LLC has filed an amended Schedule 13G, disclosing a 3.4% beneficial ownership stake in Centerra Gold Inc. as of September 30, 2025.

Summary

• BlackRock Portfolio Management LLC reported beneficial ownership of 6,932,347 common shares of Centerra Gold Inc.
• This represents 3.4% of Centerra Gold Inc.'s total outstanding common stock.
• The filing is an Amendment No. 1 to a previous Schedule 13G, indicating a change in ownership.
• BlackRock holds sole voting power over 6,669,947 shares and sole dispositive power over 6,932,347 shares.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Centerra Gold Inc.
• No single underlying beneficial owner within BlackRock's various entities holds 5% or greater of Centerra Gold's outstanding shares.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of a passive investment stake. While it indicates a reduction in ownership below 5%, it does not contain information that would significantly alter the fundamental outlook for the issuer, making the sentiment neutral.

Negatives

• BlackRock Portfolio Management LLC's beneficial ownership in Centerra Gold Inc. has decreased to 3.4%, falling below the 5% threshold, which indicates a reduction in a significant institutional investor's stake.

Future Outlook

NA

Management Comments

• I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

This filing reflects a routine disclosure by a major asset manager, BlackRock, regarding its passive investment in a gold mining company, Centerra Gold. Such adjustments in institutional holdings are common and can be influenced by broader market trends, sector performance, or specific portfolio rebalancing strategies.

Stakeholder Impact

• Shareholders may note the reduction in BlackRock's stake, which could be interpreted as a slight decrease in institutional confidence, though it's a passive investment.
• Management will be aware of changes in significant institutional ownership.

Key Dates

Recommendation

This filing is a routine disclosure of a passive investment by a major institutional investor, BlackRock, indicating a reduction in its stake in Centerra Gold Inc. to 3.4%. While the reduction below the 5% threshold might be noted by the market, the filing itself does not provide new fundamental information about Centerra Gold's operations, financial health, or strategic direction that would warrant a change in investment thesis. It merely reflects a portfolio adjustment by BlackRock, which is common. Therefore, a 'hold' recommendation is appropriate as there's no strong catalyst for 'buy' or 'sell' based solely on this ownership update.

Keywords

Centerra Gold, BlackRock, Schedule 13G, beneficial ownership, common stock, institutional investment, gold mining, equity stake