Centerra Gold Acquires 9.9% Stake in Azimut Exploration, Strengthening Its Position in Quebec’s Gold Sector
Centerra Gold Inc. (TSX: CG; NYSE: CGAU), a prominent Canadian gold and copper producer, has expanded its investment portfolio by acquiring a 9.9% stake in Azimut Exploration Inc. (TSXV: AZM; OTCQX: AZMTF), a Quebec-focused mineral exploration company. This strategic move underscores Centerra’s commitment to bolstering its presence in Canada’s prolific gold mining regions.
Azimut Exploration: A Key Player in Quebec’s Mining Landscape
Azimut Exploration holds the distinction of managing the largest mineral exploration portfolio in Quebec, with a diversified focus on gold, copper, nickel, and lithium. The company’s flagship asset, the Elmer Gold Project, boasts an indicated resource of 311,200 ounces and an inferred resource of 513,900 ounces, highlighting its significant potential in the region .
Beyond Elmer, Azimut’s extensive exploration activities span 17 properties across the Eeyou Istchee James Bay area. The 2024 field season has been particularly productive, with a collective budget of $10 million—$6 million of which is funded by partners. These initiatives include self-funded programs and joint ventures with industry giants such as Rio Tinto, KGHM, and SOQUEM .
Centerra’s Strategic Investment Approach
Centerra’s acquisition of a 9.9% stake in Azimut aligns with its broader strategy of investing in promising junior mining companies to secure future growth opportunities. This approach is evident in Centerra’s recent investments in other Canadian juniors, including Kenorland Minerals and Dryden Gold.
In May 2024, Centerra invested over C$9.8 million in Kenorland Minerals, acquiring a 9.9% stake to support exploration projects across multiple Canadian provinces . Similarly, in December 2024, Centerra completed a C$3.38 million private placement with Dryden Gold, securing another 9.9% stake to advance exploration in Ontario’s Dryden Gold District .
Implications for the Mining Sector
Centerra’s investment in Azimut not only provides the latter with additional capital to advance its exploration projects but also reflects a growing trend of major mining companies partnering with juniors to access high-potential assets. Such collaborations are instrumental in accelerating the discovery and development of new mineral resources, particularly in regions like Quebec that are rich in untapped potential.
For Centerra, these strategic investments offer a pipeline of future development opportunities, ensuring sustained growth and diversification of its asset base. For Azimut, the partnership brings not only financial support but also the expertise and resources of an established industry player, enhancing its capacity to realize the full potential of its extensive property portfolio.