Thesis Gold & Silver Announces AngloGold Ashanti to Increase Its Strategic Investment Through a C$58.5M Offering
AngloGold doubles its stake to 9.7% in Thesis through a C$58.5M raise for the Lawyers-Ranch project.
Thesis Gold & Silver Inc. announced a financing and strategic-investment transaction with AngloGold Ashanti plc, which will purchase securities from the company for aggregate gross proceeds of C$58,462,111. The offering is structured in three components: 8,342,257 hard-dollar common shares at C$3.4118 for C$28,462,112; 2,020,202 BC CEE flow-through shares at C$4.95 for C$10,000,000; and 4,282,655 national CEE flow-through shares at C$4.67 for C$19,999,999.
Proceeds from the flow-through shares must be used for eligible Canadian exploration expenses related to the Lawyers-Ranch project. Qualifying expenditures must be incurred or deemed incurred by December 31, 2027, and renounced by December 31, 2026. Proceeds from the common shares are earmarked for working capital and general corporate purposes, including technical studies at Lawyers-Ranch.
AngloGold Ashanti’s ownership is expected to increase from approximately 5% to 9.7% of issued and outstanding common shares. At closing, the February 26, 2026 investor rights agreement with AngloGold Ashanti will be amended and restated. Closing is anticipated on or around August 27, 2026, subject to TSX Venture Exchange approval. All securities are subject to a four-month hold period.
Thesis Gold & Silver Inc. (TAU) announced a C$58.46 million financing event, marking a follow-on increase in AngloGold Ashanti’s stake rather than a new strategic entry. AngloGold initially established a 5% position in February 2026 at C$2.79 per share. The current offering exceeds both AngloGold’s initial C$38.67 million investment and the total C$44.41 million placement from February.
The transaction involves the issuance of approximately 14.65 million common shares, representing about 5.3% dilution against the 278.95 million shares outstanding reported in Q2 2026. The hard-dollar common shares are priced at C$3.4118, approximately 6% below the last provided close of C$3.63. Flow-through share prices are set at C$4.95 and C$4.67; these premiums reflect Canadian tax attributes rather than a higher economic purchase price. Combined proceeds imply a weighted average price of about C$3.99 per share before adjusting for flow-through tax benefits, a figure not directly comparable to a straight common-share valuation.
Of the total proceeds, C$30 million is designated as flow-through capital committed to Canadian exploration expenses. The remaining C$28.46 million in hard-dollar funds constitutes clearly unrestricted working capital. Assuming the Q2-2026 cash balance of C$71.16 million and no intervening spending, pro forma cash would rise to about C$129.6 million if the offering closes, reducing near-term liquidity pressure.
The release does not alter the Preliminary Feasibility Study (PFS) economics, resources, reserves, or the environmental assessment timeline. While the transaction strengthens the balance sheet and signals AngloGold’s longer-term commitment, project execution risks remain unchanged. Centerra Gold is not mentioned in the release, and the document does not state whether any existing pro-rata or participation rights were exercised.
Thesis Gold & Silver Inc. is a pre-revenue Canadian precious metals development company. Its flagship asset is the 100%-owned Lawyers-Ranch gold-silver project in the Toodoggone Mining District, northern British Columbia. The company controls a district-scale land package of about 503 km².
The December 2025 prefeasibility study outlined a 15-year mine life. The study reported an after-tax NPV5% of C$2.37 billion and an after-tax IRR of 54.4%. Payback is estimated at about 1.1 years, with initial capex of C$736.2M. Average LOM AISC is projected at US$1,185 per AuEq ounce. Average annual production is about 187,000 AuEq ounces, with about 266,000 AuEq ounces per year in years one through three.
Reported mineral resources include measured and indicated mineral resources of about 4.56M AuEq ounces and inferred resources of about 643,000 AuEq ounces. The company is advancing feasibility, permitting, and exploration; the EA decision is targeted for early 2029.