Centerra acquires 9.9% of British Columbia-focused Thesis Gold

Published: 2025-04-22 17:15 Author: Jackson Chen

Source: MINING.COM (Original Article)

AI Analysis & Insights

Centerra Gold Acquires 9.9% Stake in Thesis Gold, Eyes Synergy in British Columbia

Summary: Centerra Gold has purchased a 9.9% stake in Thesis Gold for C$24.2 million, highlighting the potential of Thesis’ Lawyers-Ranch project near Centerra’s Kemess asset in British Columbia.

Introduction
Centerra Gold (TSX: CG), a prominent Canadian gold miner, has acquired a 9.9% stake in Thesis Gold (TSXV: TAU) for C$24.2 million by purchasing approximately 23.5 million shares at C$1.03 each. This strategic investment, announced on Tuesday, reflects Centerra’s confidence in the growth potential of Thesis’ flagship Lawyers-Ranch project in north-central British Columbia, located near Centerra’s own Kemess gold-copper project.

Details of the Acquisition and Project Potential
The share purchase price represents a 10% premium to the five-day volume-weighted average price of Thesis Gold on the TSX Venture Exchange. Following the announcement, Thesis shares traded at C$0.95 by midday ET, down 1.0%, though they touched a 52-week high of C$1.04 earlier in the session. The Lawyers-Ranch project spans 495 square kilometers in the Toodoggone mining district, a region with geological similarities to the prolific Golden Triangle. The project, which includes a former underground mine that produced over 173,000 oz. of gold and 3.6 million oz. of silver between 1989-1992, is currently under a pre-feasibility study (PFS) following a promising preliminary economic assessment (PEA) released in October 2024.

The PEA projects a 14-year mine life with annual gold-equivalent production of 215,000 oz., a post-tax net present value (NPV) of C$1.3 billion (at a 5% discount rate), and an internal rate of return (IRR) of 35.2%. Initial capital costs are estimated at C$598 million. Thesis is also advancing environmental assessments and conducting summer exploration to expand the resource base.

Synergy and Strategic Rationale
Centerra’s interest in Thesis is driven by the proximity of Lawyers-Ranch to its Kemess project, located just 45 km to the south. Kemess, acquired through the 2017 takeover of AuRico Metals, is a former copper-gold mine with a historical output of 3 million oz. of gold and 800 million lb. of copper. Centerra CEO Paul Tomory emphasized the potential for synergies, including the use of existing infrastructure to unlock regional value. Thesis CEO Ewan Webster welcomed the investment as a strong endorsement of the project’s potential.

Analysis and Perspective
While the acquisition signals Centerra’s intent to expand its footprint in a promising mining district, the deal raises questions about execution risks. The Lawyers-Ranch project, though backed by a robust PEA, is still in the PFS stage, and challenges such as environmental permitting and capital funding could delay or derail progress. Additionally, the C$598 million initial capex is substantial for a junior miner like Thesis, and Centerra’s involvement—currently limited to a minority stake—may need to deepen to ensure project viability. On the positive side, the proximity to Kemess could indeed yield cost-saving synergies, potentially transforming the region into a significant gold-copper hub. However, investors should remain cautious until more definitive PFS results and partnership details emerge.

Conclusion:

Centerra Gold’s acquisition of a 9.9% stake in Thesis Gold underscores the strategic importance of the Lawyers-Ranch project in British Columbia’s mining landscape. While the potential for synergies with the nearby Kemess asset is compelling, the project’s success hinges on overcoming significant developmental and financial hurdles. This deal marks a noteworthy step, but its long-term impact remains to be seen as both companies navigate the next stages of exploration and development.

Centerra Gold 收购 Thesis Gold 9.9% 股份，瞄准不列颠哥伦比亚省的协同效应

摘要: Centerra Gold 以2420万加元收购 Thesis Gold 9.9% 的股份，强调 Thesis 位于不列颠哥伦比亚省的 Lawyers-Ranch 项目与其 Kemess 资产的潜在协同效应。

引言
加拿大知名金矿公司 Centerra Gold (TSX: CG) 以2420万加元收购了 Thesis Gold (TSXV: TAU) 9.9% 的股份，购买了约2350万股普通股，每股价格为1.03加元。这项战略投资于周二公布，反映了 Centerra 对 Thesis 位于不列颠哥伦比亚省中北部的旗舰项目 Lawyers-Ranch 增长潜力的信心，该项目毗邻 Centerra 自身的 Kemess 金铜项目。

收购细节与项目潜力
此次股份购买价格较 Thesis Gold 在 TSX 创业板交易所的五天成交量加权平均价格溢价10%。公告发布后，Thesis 股价在东部时间中午报0.95加元，当日下跌1.0%，尽管早些时候曾触及52周高点1.04加元。Lawyers-Ranch 项目占地495平方公里，位于 Toodoggone 矿区，该地区在地质上与西部的黄金三角区有相似之处，具有丰富的矿产潜力。该项目包括一座曾在1989-1992年间运营的地下矿，期间生产了超过17.3万盎司黄金和360万盎司白银。目前，项目正在进行预可行性研究（PFS），以进一步验证2024年10月发布的初步经济评估（PEA）结果。

PEA 预测该矿寿命为14年，年均金当量产量为21.5万盎司，税后净现值（5%折现率）为13亿加元，内部收益率（IRR）为35.2%。项目初始资本成本预计为5.98亿加元。Thesis 还在推进环境评估工作，并开展夏季勘探计划以扩大资源量。

协同效应与战略考量
Centerra 对 Thesis 的兴趣源于 Lawyers-Ranch 项目与其 Kemess 项目的地理临近性，Kemess 位于其南面仅45公里处。Kemess 是 Centerra 通过2017年收购 AuRico Metals 获得的资产，曾是一座铜金矿，在12年间生产了约300万盎司黄金和8亿磅铜。Centerra 首席执行官 Paul Tomory 强调了潜在的协同效应，包括利用现有基础设施解锁区域价值。Thesis 首席执行官 Ewan Webster 对这一投资表示欢迎，称其是对项目潜力的强烈认可。

分析与观点
尽管此次收购表明 Centerra 意图在这一前景看好的矿区扩大影响力，但交易也引发了关于执行风险的疑问。Lawyers-Ranch 项目虽然有强劲的 PEA 支撑，但仍处于 PFS 阶段，环境许可和资金筹措等挑战可能导致项目延误或受阻。此外，5.98亿加元的初始资本支出对于像 Thesis 这样的初级矿业公司来说是一笔巨额开支，而 Centerra 目前仅持有少数股权，其参与程度可能需要进一步加深以确保项目可行性。积极的一面是，与 Kemess 的临近确实可能带来成本节约的协同效应，有望将该地区打造成重要的金铜中心。然而，在更明确的 PFS 结果和合作细节公布之前，投资者应保持谨慎。

结论:

Centerra Gold 收购 Thesis Gold 9.9% 股份凸显了 Lawyers-Ranch 项目在不列颠哥伦比亚省矿业格局中的战略重要性。尽管与临近的 Kemess 资产的协同潜力令人振奋，但项目的成功仍取决于能否克服重大的开发和财务障碍。这笔交易标志着一个值得注意的进展，但其长期影响尚待观察，双方需在勘探和开发的下一阶段中谨慎前行。