Thesis Gold & Silver Inc.
Thesis is advancing the Lawyers-Ranch gold-silver project in BC's Toodoggone district toward a Feasibility Study by end-2027, following a December 2025 PFS showing a C$2.37B after-tax NPV and 54.4% IRR. AngloGold Ashanti and Centerra Gold are strategic shareholders.
Lifecycle Milestones
Not in place: mill, tailings facility, grid power. Not yet determined: road access.
Jurisdiction (40%)9/10
British Columbia: Fraser PPI 2025 is 74.28 of 100 (rank 31 of 68), which maps to 9 on this site's scale. British Columbia has strong rule of law and mining infrastructure, offset by lengthy environmental assessment and Indigenous consultation processes.
Infrastructure (40%)1.4/10
No confirmed mill, no confirmed grid power, and no confirmed tailings facility at Lawyers-Ranch Project, British Columbia, Canada; road access not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Red Chris (Newmont Corporation / Imperial Metals), 156 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score:8.7/10
Centerra Gold Inc. holds 9.9% (reported 26 Feb 2026); 1 other producer also on the register See holders
An operating producer's stake scores 8 at 5%, rising to 10 at 20% (the take-over-bid threshold) and holding there up to 50%.
Weight 25% · 34% here - Distance to a producing mineSub-score:1.5/10
Nearest producing mine: Red Chris (Newmont Corporation / Imperial Metals), 156 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 31% here - Lifecycle stageSub-score:8/10
Stage: Pre-Feasibility Study
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 20% here - JurisdictionSub-score:9/10
Canada: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 9% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 6% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Over a decade in mineral exploration; secured C$180M+ in financing including from Centerra Gold and AngloGold Ashanti.
Director of Thesis Gold & Silver Inc. since Jul 2025; also a director of Ivanhoe Electric Inc. Seasoned international mining executive with over 30 years of experience; Chartered Accountant (South Africa) and Certified Public Accountant (US). Career: EVP and CFO, Newmont Mining Corporation (2008-2013); various executive roles culminating in EVP Corporate Development & CFO, Goldcorp Inc. (2013-2017, merged into Newmont in 2019); Chair (2018-2019) then CEO (2019-2021), Calibre Mining Corp. Also Chair of the board of Faraday Copper Corp. and a director of Compass Minerals International, Inc.
Registered professional engineer (Colorado) holding a BSc in Chemical Engineering and an MSc in Civil Engineering. Joined the Bema Gold team in 1998 working on the Kupol and Julietta projects, later becoming VP of Environmental, Health, Safety and Permitting for B2Gold Corp. and then Country Manager for B2Gold Namibia, overseeing the Otjikoto mine's construction and transition into operations. Promoted to Vice President, Africa in 2014 to oversee construction of the Fekola Project in Mali, then to Senior Vice President, Operations in February 2016 and ultimately Senior Vice President & Chief Operating Officer, managing all of B2Gold's mining and engineering operational activities from acquisition through closure. Appointed Non-Executive Chairman of Thesis Gold & Silver Inc. in February 2024.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Two independent producers cash-invested in Thesis Gold & Silver's C$44.4 million financing that closed 26 February 2026: AngloGold Ashanti took 5% of outstanding shares and Centerra Gold took 9.9% -- both real, dated, primary-sourced strategic stakes. Three independent specialist funds each hold meaningful stakes: Franklin Advisers 7.82%, Merk Investments 7.58% and Delbrook Capital Advisors 5.5%. Institutional ownership overall is a genuine 41.9%. Director Thomas Mumford made a small open-market purchase in June 2026. The Tsay Keh Dene, Kwadacha and Takla First Nations are also shareholders.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Thesis Gold & Silver is advancing the 100%-owned Lawyers-Ranch gold-silver project in British Columbia's Toodoggone district toward a feasibility study by the end of 2027; AngloGold Ashanti and Centerra Gold are strategic shareholders. Its combined resource (effective 16 October 2025) contains 3,340,000 oz of gold in measured and indicated resources (1,529,000 oz measured, 1,811,000 oz indicated), inclusive of reserves, plus 547,000 oz inferred, and silver brings the measured and indicated total to 4.56 Moz gold-equivalent. The December 2025 pre-feasibility study shows an after-tax NPV5% of US$1.76B (CAD 2.37B) and a 54.4% IRR at US$2,900/oz gold and US$35/oz silver, with initial capital of US$545M (CAD 736.2M), a 15.2-year mine life and an all-in sustaining cost of US$1,185 per gold-equivalent ounce.
Statement of Financial Position (CAD): Total liabilities $564,601 against total assets of $272,466,552. No 'loan' or 'borrow' line items appear anywhere in the statements or notes; the only reference to a borrowing rate is the incremental borrowing rate used to discount lease liabilities.