AngloGold raising stake in Thesis Gold to 9.7%
Thesis Gold & Silver Inc. [TAU-TSXV] said AngloGold Ashanti Ltd. [AU-NYSE, ANG-JSE] will purchase securities of the company through a hard dollar offering of common shares and flow-through shares, generating aggregate proceeds of $58. 5 million. Under the terms of the offering AngloGold Ashanti will increase its stake in Thesis to approximately 9.7% from 5.0% of the issued and outstanding shares.
Back in February, AngloGold acquired the initial 5.0% stake via a a private placement of 13.8 million shares at $2.79 per share, worth $38.7 million. Centerra Gold Inc. [CG-TSX, CGAU-NYSE], which is also a strategic investor in Thesis, exercised its participation rights to maintain a 9.9% ownership interest by investing an additional $5.7 million via the purchase of 2.06 million common shares priced at $2.79 each. Thesis said its relationship with AngloGold is being strengthened as it continues to develop its 100%-owned Lawyers-Ranch gold-silver project, which is located in British Columbia’s Toodoggone Mining District.
In a press release Monday, Thesis said the offering will consist of the following:
- 34 million common shares priced at $3.4118 per share for gross proceeds of $28.4 million.
- 02 million common shares issued as “flow-through shares” within the meaning of the Income Tax Act (Canada) (BC CEE Flow-through shares) priced at $4.95 per share for gross proceeds of $10 million.
- 28 million common shares issued as “flow-through shares” within the meaning of the Tax Act (National CEE flow-through shares) priced at $4.67 per share for gross proceeds of $19.9 million.
Proceeds from the financing will be used to fund eligible Canadian exploration expenses at Lawyer’s Ranch. In connection with closing of the offering, Thesis and AngloGold will enter into an amended and restated investor rights agreement, superseding the current agreement dated February 26, 2026, that will provide investor rights to AngloGold that are customary for transactions of this nature.
Back in December, 2025, Thesis launched the Environmental Assessment and permitting process for the Lawyers-Ranch project at both the provincial and federal levels.
The move came after Thesis announced positive results from a prefeasibility study for the project. The study envisages strong gold-equivalent (AuEq) annual production rates for the first three years averaging 266,000 ounces, and 187,000 ounces over the 15-year mine life. The initial capital spend is pegged at $736.2 million. The all-in-sustaining cost is estimated at US$1,185 per AuEq. Total life of mine production is expected to be 2.84 million AuEq.
The initial project description (IPD) outlines the company’s plans to develop and operate the project, which is situated 450 kilometres north of Prince George and 275 kilometres north of Smithers. The project partially overlaps with the traditional territories of the Kwadacha Nation, Tsay Keh Dene Nation, Takla Nation and Tahltan Nation.
The shares advanced on the news, rising 1.9% or $0.07 to $3.63, and trade in a 52-week range of $3.98 and $1.00.