AngloGold Ashanti in $42M deal to double Thesis stake
Investment will help the Canadian developer advance its Lawyers-Ranch precious metals project in British Columbia.
AngloGold Ashanti, a NYSE-listed gold mining company, has agreed to invest $42 million (C$58.5 million) to increase its ownership in Thesis Gold & Silver, a TSXV-listed company based in Vancouver. The Canadian firm will buy 8.34 million shares, valued at C$28.5 million, along with 8.34 million flow-through shares, priced at C$30 million. This deal will raise AngloGold Ashanti's stake in Thesis to 9.7% from approximately 5%, following an initial C$38.7 million investment in February.
The investment is expected to be finalized by August 27, pending approval from the TSX Venture Exchange. The move is being seen as a positive endorsement of Thesis' Lawyers-Ranch project, a 495 square kilometer property in British Columbia's Toodoggone mining district. The Lawyers-Ranch project includes multiple gold-silver deposits and exploration targets. Thesis is currently in the process of preparing a feasibility study for Lawyers-Ranch, which is scheduled for the following year.
Thesis' environmental assessment, which began in late 2025, is expected to conclude in 2029. National Bank Financial's mining analyst Alex Terentiew noted that AngloGold Ashanti's investment is a strong indication of the project's scale, exploration potential, and development outlook. The financing will help improve funding visibility for ongoing exploration and technical work ahead of the expected feasibility study in 2027.
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