Thesis Gold (TSXV: TAU; US-OTCQX: THSGF) filed the pre-feasibility study (2025 PFS) for its Lawyers-Ranch gold-silver project. The company announced the PFS results on December 1, 2025. Ausenco Engineering Canada ULC and several other firms prepared the NI 43-101 compliant report titled "Lawyers-Ranch Project NI 43-101 Technical Report and Pre-feasibility Study".
The 2025 PFS highlights strong economics for the project. At $2,900/oz gold and $35/oz silver, it projects an after-tax IRR of 54.4% and NPV5% of $2.37 billion, with a quick payback period of 1.1 years. The study forecasts robust production, with average annual output of 266,000 gold-equivalent ounces in the first three years.
The PFS establishes an inaugural mineral reserve of 76.16 million tonnes at 1.33 g/t gold-equivalent. All-in sustaining costs are estimated to average $1,185 per gold-equivalent ounce. The initial capital expenditure is projected at $736.2 million. The PFS also indicates potential for further optimization and significant exploration upside.
"Thesis Gold is a resource development company focused on unlocking the full potential of its 100%-owned Lawyers-Ranch gold-silver Project, located in British Columbia's prolific Toodoggone Mining District," Thesis Gold CEO Ewan Webster said.
He added: "The recently published prefeasibility study outlines robust project economics, including a 54.4% after-tax IRR and an after-tax NPV5% of C$2.37 billion (at US$2,900/oz Au and US$35/oz Ag), underscoring the project's strong value-creation potential. The company has commenced the environmental assessment process and plans to initiate a feasibility study in 2026 to further advance and de-risk the project. Through these milestones, Thesis Gold is working to elevate the Lawyers-Ranch project to the forefront of global precious metals development."
More information is available at www.ThesisGold.com
January 15, 2026
January 15, 2026
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