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Thesis Gold &Silver is advancing its 100%-owned Lawyers-Ranch combined gold-silver project in the Toodoggone Mining District of northern British Columbia. The flagship assets are two deposits, Lawyers and Ranch, which are being developed as a single combined operation. This interview covers the Pre-Feasibility Study, a ~C$44 million raise that brought AngloGold Ashanti in as a new strategic investor, permitting progress, and the upcoming summer exploration season.
TL;DR
Thesis Gold just completed its PFS showing a C$2.37 billion after-tax NPV5%, a 54% IRR, C$736M capex, and a payback period of just over one year at US$2,900 gold and US$35 silver. They told me they’ve got about C$70M in the treasury, have two big-name strategic investors on board (Centerra Gold at 9.9% and AngloGold Ashanti at 5%), no meaningful strings attached to either investment, and they’ve just kicked off permitting. The next 12 months are about running the data collection for the Feasibility Study, drilling the high-grade Steve Zone at Ranch, and getting the EA process moving. The big wildcard risk, and the CEO said as much directly, is time. Permitting is targeting late 2028/early 2029, which is aggressive by Canadian standards.
What have they done for shareholders lately?
The big deliverable since our last interview was the PFS, released December 1, 2025, marking a significant step up in study confidence from the 2024 PEA. The PFS outlined a C$2.37 billion after-tax NPV5% with a 54% IRR, a C$736 million initial capex, and a payback of just over one year at US$2,900 gold and US$35 silver. The underground mine design was tightened from the PEA, lifting the underground feed grade from approximately 2.5 g/t to 3.5 g/t gold, reducing development cost while improving head grade. In parallel, the company submitted an Initial Project Description to kick off the Environmental Assessment process in December 2025, which was reportedly well-received by regulators and incorporated early input from partner First Nations. In late 2025, three of the four partner First Nations also made a direct equity investment of approximately C$350,000 each into Thesis shares, a fairly unusual show of alignment. A new board member was added in early 2026 and AngloGold Ashanti joined as a 5% strategic shareholder.
How much money do they have and what are they spending it on?
Thesis told me they have just over C$70 million in the treasury. That cash reflects the combined effect of the ~C$44 million raise completed in early 2026. The money is being directed at three things: the EA and permitting process (started December 2025 and still ongoing and resource-intensive), data collection for the Feasibility Study this summer (primarily geotechnical, hydrological, and metallurgical work), and exploration drilling targeting the Steve Zone and the two newly defined porphyry targets at Ranch and Ranch East. Webster said a 2026 re-raise was not specifically planned, but they’ll watch how the year unfolds.
Upcoming catalysts
Technical / Operational
Exploration drilling is planned to start at the end of June 2026, with four rigs in total. Two will be focused on geotechnical data collection required for the Feasibility Study, and two exploration rigs that will initially focus on the Steve Zone, a higher-grade discovery made in the 2024 season at approximately 220 metres depth. The initial objective is to trace that mineralization toward surface with holes drilled at approximately 35-metre spacing. If successful quickly enough, the Steve Zone could be incorporated into the Feasibility Study. Porphyry targets at Ranch and Ranch East are also planned for follow-up drilling in the same field season.
Corporate / Permitting
The EA readiness decision is the first formal government gate-check on whether the project is ready to proceed through the full Environmental Assessment. That’s expected in the second half of 2026. A Detailed Project Description (a more advanced version of the Initial Project Description already submitted) is the near-term precursor to that decision. The Feasibility Study is underway, with the FS engineering contract to be put out to tender relatively soon. The study is expected to take approximately two years, pointing to delivery around 2028. The company said it would consider including Steve Zone results in the FS if drilling moves fast enough early in the summer.
Risks
The single biggest risk CEO Ewan Webster called is time. The permitting target of late 2028 or early 2029 is well below the historical BC average of seven or more years, and the company is depending on a changed regulatory attitude at both the federal and provincial level to hold that schedule. Any slowdown in the EA readiness decision or complications in the First Nations engagement phase (which could expand to include additional nations identified by government during the EA process) would push the timeline out. On the technical side, the Feasibility Study capex is expected to continue creeping upward from the PFS figure of C$736 million. Webster said another 5% inflationary increase is probable over the ~two-year study period, and silver metallurgical recoveries (~81% in the PFS) remain slightly more variable than gold recoveries (~93–94%), which are considered well-established. The summer field program must also deliver the geotechnical and hydrological data required to support advanced engineering in the FS but any gaps in that data collection would introduce delays. Ore sorting remains under evaluation but is not expected to be a material component of the FS.
Thesis Gold & Silver CEO Interview
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