Kinross Gold has reached a subscription agreement with Relevant Gold, investing $1.53m ($2.09m) in a private placement financing deal.

This investment will see Kinross acquire approximately 9.9% of Relevant Gold's common shares on a partially diluted basis.

The placement involves 5.1 million units priced at $0.30 each, with each unit comprising one common share of Relevant Gold and a half share purchase warrant.

Holders of these warrants are entitled to purchase an additional common share at $0.35 per share for two years post-issue. Notably, the agreement includes no finder’s fees.

Upon completion of the placement, Kinross and Relevant Gold will sign an investor rights agreement, granting Kinross certain privileges.

These include the right to maintain their proportional shareholding in future financings, the option to increase their stake to 19.9% and the establishment of a technical advisory committee with equal representation from both companies.

Relevant Gold CEO Rob Bergmann said of the partnership: “Kinross’s strategic investment represents a strong vote of confidence in our team’s Wyoming exploration vision and ability to execute in the field. We are thrilled to welcome them as a major shareholder and strategic partner.”

Bergmann further highlighted the benefits of the investment, saying: “This investment marks a key milestone for Relevant, expanding our technical depth, strengthening our corporate structure and bolstering our treasury. We look forward to immediately leveraging this new relationship in our upcoming drilling programme.”

The funds from the placement are earmarked for exploration activities at Relevant Gold's projects in Wyoming, US, and for general working capital purposes.

The finalisation of the placement is pending approval from the TSX Venture Exchange, which is expected soon.