Acquisition
AngloGold Ashanti Invests $28M for 5% Stake in Thesis Gold
•February 19, 2026
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Why It Matters
The partnership brings AngloGold’s global expertise to a high‑potential BC district, accelerating de‑risking and potential production of 187,000 gold‑equivalent ounces annually, while signaling strong investor confidence in the project’s economics.
Key Takeaways
- •AngloGold invests C$38.7M for 5% stake
- •Lawyers‑Ranch project valued at C$2.37B NPV
- •Project targets 187k oz gold‑equivalent annually
- •Centerra to increase stake, buying additional shares
- •Shares rose 11% to near 52‑week high
Pulse Analysis
AngloGold Ashanti’s recent investment in Thesis Gold underscores a growing trend of major miners backing junior projects with proven resources. By committing C$38.7 million for a 5% equity position, AngloGold not only secures a foothold in the resource‑rich Toodoggone district but also gains strategic rights to participate in future financing rounds. The market reacted positively, lifting Thesis shares to near‑record levels and highlighting investor appetite for projects that combine historic production with modern exploration data.
The Lawyers‑Ranch project, the centerpiece of Thesis’s portfolio, has progressed from a preliminary economic assessment to a pre‑feasibility study that projects a C$2.37 billion after‑tax net present value and a robust 54% internal rate of return. With an estimated 15‑year mine life and annual output of 187,000 ounces of gold‑equivalent, the deposit mirrors the geology of the famed Golden Triangle, offering both gold and silver upside. Recent drilling has expanded the resource envelope, reinforcing the project's economic resilience against price volatility and positioning it as a potential anchor for future regional development.
For the broader mining sector, this transaction signals confidence in the BC mining corridor and may catalyze additional capital inflows to other junior explorers. AngloGold’s technical depth and long‑term development philosophy could accelerate de‑risking milestones, while Centerra’s concurrent stake increase demonstrates a competitive interest in securing strategic assets. As financing needs evolve, the partnership model exemplified here may become a template for aligning large‑scale operators with high‑growth juniors, ultimately shaping the next wave of gold‑silver production in North America.
Deal Summary
AngloGold Ashanti (NYSE: AU) has acquired a 5% stake in Thesis Gold (TSXV: TAU) by purchasing approximately 13.86 million shares for C$38.7 million ($28.2 million). The investment validates Thesis Gold’s Lawyers‑Ranch project and grants AngloGold rights to maintain its ownership in future financings.
Article
Source: MINING.com – Gold
AngloGold Ashanti (NYSE: AU) has taken up a 5% stake in Thesis Gold (TSXV: TAU), whose flagship project is the Lawyers-Ranch project in British Columbia, Canada.
In a press release on Thursday, Vancouver-based Thesis said AngloGold is acquiring approximately 13.86 million of its shares at a price of C$2.79, for a total investment of C$38.7 million ($28.2 million).
The investment, says Thesis CEO Ewan Webster, is “a strong validation of the quality and scale” of the company’s Lawyers-Ranch project and the work the Thesis team has completed to date.
“AngloGold Ashanti’s global operating experience, technical depth, and long-term approach to building high-quality mining districts create meaningful opportunities for collaboration as we continue to advance, de-risk, and unlock the full potential of the project,” Webster said in the release.
As part of the investment agreement, AngloGold will be granted the rights to maintain its 5% ownership in Thesis through the participation of future financings.
Meanwhile, Centerra Gold (TSX: CG), which acquired a 9.9% stake in Thesis last year, plans to exercise its own investor right and buy an additional 2.06 million shares at the same price AngloGold paid, for a total of C$5.75 million.
Thesis Gold’s shares surged 11% following the announcement to C$3.17 apiece, near its 52-week high of C$3.27 set back in January. The company has a market capitalization of C$822.9 million ($601.1 million).
Advanced-stage project
Thesis’ Lawyers-Ranch is an advanced-stage gold-silver project located in the Toodoggone mining district of BC, which has drawn geological similarities to the prolific Golden Triangle to the west.
The property encompasses a former mine that produced over 173,000 oz. of gold and 3.6 million oz. of silver between 1989-1992. Thesis has since consolidated a 495-sq.-km land package around the historic site by merging the Lawyers and Ranch assets.
Following extensive drill programs on various prospects, the company first produced a preliminary economic assessment for the Lawyers-Ranch project in 2024, then advanced it into the pre-feasibility stage in December 2025.
The latest technical report outlined C$2.37 billion in after-tax net present value and a 54% internal rate of return. The project is expected to have a 15-year mine life, with annual production of 187,000 oz. in gold equivalent.
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