Centerra Gold raised its Azimut Exploration stake to 12.67% through a C$2.4M private placement. The deal amends an existing investor rights agreement, giving Centerra the ability to top up to 15% ownership.
Alpha Score of 66 reflects moderate overall profile with strong momentum, poor value, strong quality, moderate sentiment.
Centerra Gold Inc. added 4 million shares of Azimut Exploration Inc. through a non-brokered private placement at C$0.60 each, the company said in an early warning report filed Tuesday. The C$2.4 million purchase lifted Centerra's stake from 9.84% to 12.67% of Azimut's outstanding shares.
The transaction came under an investor rights agreement signed in May 2025. That agreement, amended alongside the placement, now lets Centerra participate in future Azimut equity offerings and buy enough shares to keep its proportional interest up to 15%. The provision kicks in when certain ownership thresholds are met, according to the filing.
Centerra said it bought the shares for investment purposes and may buy more or sell depending on market conditions and strategic priorities. Azimut, a Quebec-based mineral explorer, holds a portfolio of base and precious metal projects across Canada. The two companies have not disclosed any specific joint venture plans beyond the existing rights agreement.
For Centerra, the move deepens a relationship with a junior explorer that could feed its project pipeline. Centerra operates two mines – the Mount Milligan copper-gold mine in British Columbia and the Öksüt gold mine in Turkey – and has development-stage projects in Nevada and British Columbia. The company's share price has held near the C$10 range this year, roughly flat with the broader TSX materials index.
The amended agreement caps Centerra's ability to increase its ownership at 15% without further negotiations. That ceiling may signal a measured approach, giving Centerra a significant but not controlling position while keeping the door open for a larger transaction if Azimut advances its properties. Azimut's key projects include the Elmer gold project in Quebec and the Wabamisk gold-copper property in the James Bay region.
Any future bid would require approval from Azimut's board and compliance with Canadian securities rules. Centerra's early warning report is available on SEDAR+ under Azimut's issuer profile.
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