AngloGold’s 5% Thesis Gold stake: project economics and mine plan notes
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
AngloGold Ashanti is investing C$38.7 million (US$28.2 million) for a 5% stake in Thesis Gold, buying 13.86 million shares at C$2.79 and securing rights to maintain its holding in future financings, while Centerra Gold will add 2.06 million shares for C$5.75 million. Thesis’ Lawyers-Ranch gold-silver project in BC’s Toodoggone district, a 495 km² consolidated land package around a past producer of 173,000 oz gold and 3.6 million oz silver, is now at pre-feasibility. The latest technical report gives an after-tax NPV of C$2.37 billion, 54% IRR, and a 15-year mine life with 187,000 oz gold-equivalent per year.
Technical Brief
- Lawyers-Ranch consolidates a 495 km² land package by merging the historic Lawyers and Ranch assets.
- Historic Lawyers mine output (1989–1992) totalled ~173,000 oz gold and 3.6 million oz silver.
- Project lies in BC’s Toodoggone district, noted for geological similarities to the Golden Triangle to the west.
- Thesis advanced from PEA (2024) to pre-feasibility by December 2025 following extensive multi-target drilling.
- Latest technical report supports a 15-year operation with 187,000 oz gold-equivalent average annual production.
- After-tax economic metrics include C$2.37 billion NPV and a 54% internal rate of return.
- Centerra Gold, already at 9.9%, is exercising investor rights to acquire a further 2.06 million shares.
- Thesis’ share price moved to C$3.17 post-announcement, close to its 52-week high of C$3.27.
Our Take
A 5% equity position in Thesis Gold gives AngloGold Ashanti optionality on a 15‑year gold–silver–copper asset in northern BC without committing to full project capex, a pattern seen in our database where majors use minority stakes to secure exposure to high‑IRR projects ahead of potential M&A.
Centerra Gold holding up to 9.9% alongside AngloGold in Thesis creates a dual‑major shareholder base around the Lawyers‑Ranch project, which typically strengthens junior funding capacity but can complicate future control scenarios if the project’s C$2.37‑billion NPV is borne out at pre‑feasibility.
Within our 1067 Mining stories, northern BC and Golden Triangle gold projects with large land packages like the 495 sq km Lawyers‑Ranch block tend to face longer permitting and infrastructure lead times, so the strong 54% IRR signals room to absorb schedule slippage or higher capital intensity compared with more established camps.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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