Thesis Gold & Silver (TSX-V:TAU) has completed a C$58.5 million ($58.68 million) private placement with strategic investor AngloGold Ashanti (NYSE:AU), increasing its stake to 9.7%.
The previously announced offering comprised 8.3 million common shares at C$3.41 each for C$28.5 million in gross proceeds, alongside 6.3 million charity flow-through shares raising C$30 million. AngloGold Ashanti’s participation lifted its holding from approximately 5% to 9.7% of issued shares.
The flow-through component included 2 million BC CEE flow-through shares priced at C$4.95 each for C$10 million, and 4.3 million national CEE flow-through shares at C$4.67 each for C$20 million.
Proceeds from the charity flow-through shares will fund eligible Canadian exploration expenses at the company’s Lawyers-Ranch Gold-Silver Project in British Columbia. The company must incur qualifying expenditures by 31 December 2027, with renunciations effective by 30 November 2026 and 31 December 2026.
Proceeds will be used for working capital and general corporate purposes, including technical studies at Lawyers-Ranch.
Following completion, Thesis and AngloGold Ashanti executed an amended investor rights agreement superseding their February 2026 arrangement, providing AngloGold Ashanti with additional strategic investor rights upon meeting certain conditions.
Lawyers-Ranch hosts a mineral resource with gold and silver exposure in the Toodoggone district, with the company describing the area as “one of North America’s most prospective emerging precious metal regions”.
Thesis is currently advancing Lawyers-Ranch through feasibility, permitting, and continued exploration, with the objective of unlocking long-term value for shareholders and stakeholders.
The company paid no finder’s fees or commissions on the placement. All shares carry a four-month statutory hold period.
Thesis Gold & Silver is a precious metals developer advancing its 100%-owned Lawyers-Ranch Gold-Silver Project in British Columbia.
Write to Paula Fabe at Mining.com.au
Images: Thesis Gold & Silver
