Canadian miner Centerra Gold on Tuesday announced an agreement to acquire a 9.9% stake in Thesis Gold for C$24.2-million.

Under the terms of a subscription agreement, Centerra will acquire 23.46-million common shares of Thesis at C$1.03 a share – a 10% premium to the five-day volume weighted average on the TSX-V. The investment signals Centerra’s confidence in the potential of Thesis’ Lawyers-Ranch project, located near its own Kemess asset in British Columbia.

“We are excited to welcome Centerra as a strategic investor in Thesis,” said Thesis president and CEO Ewan Webster. “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.”

Centerra president and CEO Paul Tomory described the deal as a logical strategic step, given the recent preliminary economic assessment (PEA), resource update and encouraging drill results from Lawyers-Ranch. “We see the potential for substantial synergies, including the ability to leverage existing infrastructure to unlock regional potential,” he said.

The investment comes as Thesis looks to transition the Lawyers-Ranch project from early-stage development toward prefeasibility, following the completion of a PEA in 2024. The company plans to use proceeds from the placement for working capital and to advance technical studies, initiate environmental baseline work, and execute a major summer exploration programme.

In addition to the equity stake, the companies plan to enter into an investor rights agreement. Subject to ownership thresholds, Centerra will gain financing participation rights, technical committee representation, and a board nomination right if its stake grows to 19.9%.

The deal underscores growing interest in the Toodoggone district as a potential new hub for gold development in northern British Columbia, with both parties eyeing the possibility of long-term collaboration to drive efficiencies and shared infrastructure use.

The private placement is expected to close on or around April 28, subject to customary closing conditions and approval from the TSX-V. Shares issued will carry a statutory four-month hold period.