- Centerra Gold (TSX:CG) has signed a deal to acquire a 9.9 per cent position in Thesis Gold (TSXV:TAU) by way of a private placement, picking up 23,460,160 shares priced at C$1.03 for gross proceeds of C$24,163,965
- Thesis is advancing its multi-million-ounce Lawyers-Ranch project in British Columbia towards pre-feasibility in 2025
- Thesis Gold is a resource developer active in British Columbia’s Toodoggone mining district
- Thesis Gold stock last traded at C$0.96 and has added 50 per cent year-over-year
Centerra Gold (TSX:CG) has signed a deal to acquire a 9.9 per cent position in Thesis Gold (TSXV:TAU) by way of a private placement, picking up 23,460,160 shares priced at C$1.03 for gross proceeds of C$24,163,965.
Thesis will use the funds for working capital and general corporate purposes, including ongoing technical studies at its Lawyers-Ranch project in British Columbia. The project’s 2024 preliminary economic assessment details an after-tax net present value (5 per cent) of C$1.28 billion and resources of 4 million ounces of gold equivalent measured and indicated and 727,000 ounces of gold equivalent inferred. A summer exploration program and pre-feasibility study are planned for 2025.
The companies will explore potential synergies with Centerra’s neighboring Kemess asset, where robust infrastructure and past production support the development of an over 4 million ounce gold resource.
Centerra will have the option to maintain its ownership interest in future financings. Thesis will also grant it the right to a board nomination should the investment rise to 19.9 per cent.
According to Tuesday’s news release, the companies expect the financing to close by April 28, 2025.
Leadership insights
“We are excited to welcome Centerra as a strategic investor in Thesis,” Ewan Webster, Thesis Gold’s president and chief executive officer (CEO), said in a statement. “Centerra’s interest is a strong endorsement of the extraordinary potential of the Lawyers-Ranch project and the work our team has accomplished to date. Their deep technical expertise, operational experience and regional presence through the Kemess asset present a clear opportunity for collaboration and unlocking district-scale synergies. We look forward to working alongside Centerra as we continue to advance and de-risk this emerging gold camp.”
“We are pleased to support Thesis with this strategic investment,” added Paul Tomory, Centerra Gold’s president and CEO. “Thesis’ recent preliminary economic assessment, resource update and drill results are very encouraging and demonstrate the potential of this highly prospective district. Given the proximity of our Kemess asset to the Lawyers-Ranch project, we see the potential for substantial synergies, including the ability to leverage existing infrastructure to unlock regional potential. We look forward to seeing the results of their work and the potential the project holds for future resource growth.”
About Thesis Gold
Thesis Gold is a resource developer active in British Columbia’s Toodoggone mining district.
Thesis Gold stock (TSXV:TAU) last traded at C$0.96 and has added 50 per cent year-over-year.
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(Top image: Thesis Gold)
