Centerra Gold (TSX: CG) expanded its investment in Canadian junior mining firms this week, securing a 9.9% strategic stake in critical minerals explorer Metal Energy (TSXV: MERG). In a Thursday press release, Toronto-based Metal Energy announced a C$9.3 million financing round, with Centerra set to participate. The offering includes 8.8 million flow-through shares priced at C$0.73 each and 6.2 million common shares at C$0.45 per share.

Following the financing announcement, Metal Energy’s stock opened at C$0.55 and surged 15% to a 52-week high of C$0.60, pushing its market capitalization to approximately C$16.1 million ($11.5 million). Proceeds from the financing will support drilling at the fully permitted NIV copper-gold-molybdenum project, which features multiple drill-ready targets. The drilling program, scheduled to launch next year, will mark the first test of the porphyry system’s core.

The NIV project spans two claim blocks coveri...