AngloGold Ashanti in $42M deal to double Thesis stake

AI desk brief

AngloGold Ashanti is investing $42 million to double its stake in Thesis Gold & Silver to 9.7%, backing the Vancouver developer as it advances the Lawyers-Ranch gold-silver project in British Columbia. The deal includes 8.34 million shares plus C$30 million of flow-through shares, and is slated to close around Aug. 27 pending TSXV approval.

The financing materially improves Thesis’s funding visibility ahead of a feasibility study due next year and ongoing exploration/permitting work. National Bank Financial’s Alex Terentiev called the investment a strong endorsement of Lawyers-Ranch’s scale and development outlook, while noting it strengthens Thesis’s relationship with a major gold producer.

Lawyers-Ranch hosts a 2025 PFS outlining a staged open-pit and underground operation with a 15-year mine life. The study estimated 117.5 million measured and indicated tonnes grading 0.88 g/t gold and 25.9 g/t silver, plus inferred resources of 16.2 million tonnes grading 1.05 g/t gold and 14.7 g/t silver. At base-case prices of $2,900/oz gold and $35/oz silver, after-tax NPV5% was $2.37 billion and IRR 54.4%, with initial capex of $736.2 million and AISC of $1,185/oz gold equivalent.