Centerra Gold (CG.TO, CGAU) kept an Outperform rating and C$11 target price at RBC Capital Markets which said in a note dated April 22 the miner's strategic investment in Thesis Gold "could amplify BC development upside".

In summary, RBC sees as "positive" the strategic investment into Thesis Gold and proximal Lawyers-Ranch project, saying it marks the potential for additional diversification and expansion opportunities for Centerra at Kemess (near 10% NAV at spot) while the company advances its
Molybdenum strategy at Thompson Creek.

RBC noted studies are coming at Mount Milligan aimed at further optimization and extending
mine life, as well as Kemess for potential development paths.

In the near/mid-term RBC expects investors to focus on the molybdenum business (near 15% of NAV), including potential partnerships or divestment as spending starts to accelerate on the
restart of Thompson Creek (second half of 2027). With more than $1 billion in liquidity (including near $600 million in cash), M&A could be an increasing focus for management as Oksut production starts to decline, the bank said.