newsfilter
← Latest News
GlobeNewswire·

Azimut and Centerra Sign Option Agreement for the Corvet and Kaanaayaa Properties

AZMTFCGAU
  • Azimut Exploration Inc. signed a definitive option agreement with a subsidiary of Centerra Gold Inc. for the Corvet & Kaanaayaa properties in Quebec's Eeyou Istchee James Bay region.
  • Properties were staked for gold-copper potential based on lake-bottom sediment anomalies, with initial till sampling scheduled to start mid-October 2026 & field validation planned for next spring.
  • Under the agreement, Centerra can earn up to a 70% interest in the properties through two stages involving a Preliminary Economic Assessment, $16 million in cumulative exploration spending, & up to $850,000 in cash payments.
  • The First Option grants Centerra an initial 51% interest over four years via $6 million in expenditures, $250,000 in cash payments, & a minimum of $1.5 million spent per property.
  • The Second Option allows Centerra to earn an additional 19% interest over six years by delivering a PEA with at least 1 Moz AuEq, spending $10 million, & paying up to $600,000.
  • If the Second Option is not exercised, Centerra's interest reduces to 49% while Azimut's increases to 51%, with Centerra assuming operatorship during the second phase.
  • The Corvet Property covers 320.4 km² near the Trans-Taiga Road & has returned grab samples up to 7.86% Cu & 1.83 g/t Au.
  • The Kaanaayaa Property covers 235.9 km² to the east of Corvet & has yielded grab samples up to 7.39 g/t Au, 3.98 g/t Ag, & 0.95% Mo.
  • Centerra currently holds approximately 12.67% of Azimut's shares, making the transaction a related party deal approved by Azimut's board under specific MI 61-101 exemptions.
  • If either partner's interest falls below 10%, it converts to a 2% net smelter return royalty, with 0.5% repurchasable for $2 million.