VANCOUVER, BC, April 22, 2025 — Thesis Gold Inc. has announced a strategic investment agreement with Centerra Gold Inc., wherein Centerra will acquire a 9.9% stake in Thesis through a private placement valued at approximately C$24.2 million.
Under the terms of the agreement, Centerra will purchase 23,460,160 common shares of Thesis at a price of $1.03 per share, representing a 10% premium over the five-day volume-weighted average price on the TSX Venture Exchange prior to the deal’s announcement.
The proceeds from this investment are earmarked for general working capital and to support ongoing technical studies at Thesis’s flagship Lawyers-Ranch Project, located in British Columbia’s Toodoggone Mining District.
Dr. Ewan Webster, President and CEO of Thesis, stated, “We are excited to welcome Centerra as a strategic investor in Thesis. 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.”
Centerra’s President and CEO, Paul Tomory, commented, “We are pleased to support Thesis with this strategic investment. 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.”
The Lawyers-Ranch Project recently completed a Preliminary Economic Assessment in 2024, highlighting robust project economics. Thesis plans to advance the project in 2025 through a Pre-Feasibility Study, complete key baseline work to initiate the Environmental Assessment process, and execute a significant summer exploration program.
The investment agreement includes provisions for Centerra to maintain its ownership level, with rights to participate in future financings. Should Centerra’s ownership increase to 19.9%, it will gain the right to nominate a director to Thesis’s board and appoint members to a technical committee.
The transaction is expected to close on or around April 28, 2025, subject to customary conditions, including approval from the TSX Venture Exchange.
This strategic partnership underscores the potential of the Toodoggone Mining District and positions both companies to capitalize on shared infrastructure and regional synergies.
