Thesis Gold & Silver Closes C$58.5M Offering Supported by Strategic Investment from AngloGold Ashanti
AngloGold Ashanti increases its stake to 9.7% and funds the next phase of the Lawyers Ranch project.
Thesis Gold & Silver Inc. (TAU) closed a private placement raising C$58.5 million in gross proceeds, consisting of common shares and charity flow-through shares. AngloGold Ashanti increased its strategic ownership from approximately 5% to 9.7% of issued and outstanding common shares.
The flow-through share proceeds are earmarked for eligible Canadian exploration expenses (CEE) at the Lawyers-Ranch project, while common share proceeds fund working capital and technical studies. An amended and restated investor rights agreement was executed, granting AngloGold Ashanti additional customary rights, including technical committee appointment privileges. All common shares carry a statutory four-month hold period, and no finder's fees or commissions were paid.
Thesis Gold & Silver Inc. (TAU) closed a financing transaction on August 27, 2026, following the announcement of the deal on August 17. The capital raise provides liquidity to execute the planned 20,000-meter 2026 drilling program and advance the Feasibility Study. The transaction involved the issuance of approximately 14.6 million shares.
AngloGold Ashanti increased its stake to 9.7% as part of the deal. The project’s Preliminary Feasibility Study (PFS) metrics indicate a 54.4% after-tax internal rate of return (IRR) and a C$2.37 billion net present value (NPV) at a 5% discount rate. The market had already priced in the strategic investment and capital raise prior to the closing. The transaction did not include finder’s fees.
Thesis Gold & Silver Inc. (TAU) is a development-stage company focused on its 100%-owned Lawyers-Ranch gold-silver project, located in British Columbia's Toodoggone mining district. The project is designed for a 15-year mine life, with projected average annual production of approximately 187,000 AuEq oz, which includes roughly 3.5 million oz of silver annually.
A December 2025 Pre-Feasibility Study outlined strong economics based on base metal prices of $2,900/oz for gold and $35/oz for silver. The study calculated a 54.4% after-tax internal rate of return (IRR), a C$2.37 billion net present value (NPV) at a 5% discount rate, and a 1.1-year payback period.
The company recently rebranded to include "Silver" to reflect its significant silver endowment of 97.9 million oz measured and indicated resources, which contributes approximately 23% of projected revenue. Permitting is currently underway through a substituted federal-provincial environmental assessment process, with a final decision expected in early 2029.