Centerra Gold has agreed to invest C$5.66-million in Azimut Exploration through a strategic private placement that will see the midtier gold miner acquire a 9.9% stake in the Québec-focused explorer.
Under the terms of the non-brokered deal, Centerra will acquire 9.43-million common shares of Azimut at C$0.60 each. The transaction, expected to close around May 14, remains subject to approval by the TSX-V and the execution of an investor rights agreement.
The funding is an endorsement of Azimut’s greenfield exploration strategy in Québec, where it is advancing a portfolio of gold and critical minerals projects. Azimut plans to use the proceeds to ramp up exploration at its 100%-owned Wabamisk gold/antimony and Elmer gold/copper properties. The company will also direct funds toward business development and general corporate purposes.
Centerra’s investment also comes with participation rights under the forthcoming investor rights agreement, allowing it to maintain its ownership stake in future equity raises.
Azimut expects to recover refundable tax credits of between 22.5% and 45% on qualified exploration expenditures, enhancing the effective value of its exploration budget. Alongside the Centerra-funded activities, partner-backed work at the Kukamas nickel/copper/platinum/palladium project will support a high level of exploration activity over the next year.
For Centerra, the move adds exploration exposure in a stable jurisdiction and aligns with its stated goal of acquiring and advancing gold and copper assets across the Americas and Türkiye. The company currently operates the Mount Milligan mine in British Columbia and the Öksüt mine in Türkiye, along with development-stage projects and a molybdenum business in North America. 