AngloGold invests $28M in Thesis for 5% stake

[Ben Graham]

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, has notified the company its intention 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.