Thesis Gold Announces Strategic Investment by AngloGold Ashanti and Participation by Centerra Gold for C$44M
Strategic investment from AngloGold Ashanti provides Tier-1 validation and the capital runway required for Feasibility.
On February 19, 2026, Thesis Gold announced a C$44.4 million strategic private placement. AngloGold Ashanti, a global top-tier gold producer, is entering as a new strategic investor, while Centerra Gold (an existing 9.9% shareholder) is participating to maintain its interest. The financing consists of approximately 15.9 million common shares priced at C$2.79 per share. Notably, the deal includes no warrants, which minimizes future dilution. AngloGold will receive customary investor rights, including participation rights to maintain its percentage and a seat on a technical committee. The proceeds are earmarked for the Feasibility Study (FS) and environmental permitting for the Lawyers-Ranch Project.
The impact is significantly positive for several reasons: - Major Validation: The entry of AngloGold Ashanti, one of the world's largest gold producers, serves as a high-level technical endorsement of the Lawyers-Ranch project’s scale and economic viability. - Financial De-risking: Raising C$44M at a premium to historical prices (and without warrants) provides the company with a robust balance sheet to complete the high-cost Feasibility stage without immediate concern for capital markets volatility. - Strategic Path: Having two major mining companies (AngloGold and Centerra) on the registry suggests the company is becoming a prime M&A target as the project moves closer to a construction decision. - Rebranding Synergy: The simultaneous rebranding to "Thesis Gold & Silver" emphasizes the significant silver component (nearly 100M oz in M&I resources) that provides 23% of the project's revenue, making it a diversified precious metals play during a period of silver price strength.
Thesis Gold is advancing the 100%-owned Lawyers-Ranch Project in the Toodoggone Mining District of British Columbia. - Flagship Project: The Lawyers-Ranch project is a combined low-sulfidation and high-sulfidation epithermal gold-silver system. - PFS Highlights (Jan 2026): After-tax NPV5% of C$2.37 billion and 54.4% IRR. - Production: Average annual production of 187,000 AuEq ounces over a 15-year mine life. - Economics: All-In Sustaining Costs (AISC) are projected at a competitive US$1,185/oz AuEq.