AngloGold Ashanti (NYSE: AU) has taken up a 5% stake in Thesis Gold (TSXV: TAU), whose flagship project is the Lawyers-Ranch project in British Columbia, Canada.
In a press release on Thursday, Vancouver-based Thesis said AngloGold is acquiring approximately 13.86 million of its shares at a price of C$2.79, for a total investment of C$38.7 million ($28.2 million).
The investment, says Thesis president and CEO Ewan Webster, is “a strong validation of the quality and scale” of the company’s Lawyers-Ranch project and the work the Thesis team has completed to date.
“AngloGold Ashanti’s global operating experience, technical depth, and long-term approach to building high-quality mining districts create meaningful opportunities for collaboration as we continue to advance, de-risk, and unlock the full potential of the project,” Webster stated in the release.
As part of the investment agreement, AngloGold will be granted the rights to maintain its 5% ownership in Thesis through the participation of future financings.
Meanwhile, Centerra Gold (TSX: CG), which acquired a 9.9% stake in Thesis last year, plans to exercise its own investor right and buy an additional 2.06 million shares at the same price AngloGold paid, for a total of C$5.75 million.
Thesis Gold’s shares surged 11% following the announcement to C$3.17 apiece, near its 52-week high of C$3.27 set back in January. The company has a market capitalization of C$822.9 million ($601.1 million).
Advanced-stage project
Thesis’ Lawyers-Ranch is an advanced-stage gold-silver project located in the Toodoggone mining district of BC, which has drawn geological similarities to the prolific Golden Triangle to the west.
The property encompasses a former mine that produced over 173,000 oz. of gold and 3.6 million oz. of silver between 1989-1992. Thesis has since consolidated a 495-sq.-km land package around the historic site by merging the Lawyers and Ranch assets.
Following extensive drill programs on various prospects, the company first produced a preliminary economic assessment for the Lawyers-Ranch project in 2024, then advanced it into the pre-feasibility stage in December 2025.
The latest technical report outlined C$2.37 billion in after-tax net present value and a 54% internal rate of return. The project is expected to have a 15-year mine life, with annual production of 187,000 oz. in gold equivalent.
