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Thesis Gold Inc

www: thesisgold.com   email: daveb@thesisgold.com
Category: Junior: Late Stage Developer
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Symbol Data

Symbol Currency
CVE:TAU CAD
OTCMKTS:THSGF USD

Description

Thesis Gold Inc are a gold and silver focused junior, late stage developer with one mine in development in Canada and one exploration property. They have approximately 3.8Moz. of gold and 106Moz. of silver in the reserves and resources category of which 3.3Moz. of gold and 98Moz. of silver are in the measured and indicated category. They have a market capitalisation of ~C$467.7M which is a rise of roughly 54% over the last three months. As of 09/24/2025 they have no debt and ~C$23.97M cash. They have 258M shares outstanding and trade on the Canadian Venture Exchange and the over-the-counter markets.

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General Details

Financial 09/24/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $304.15M $467.70M 09/24/2025
MCap (OS): $286.39M $440.39M 09/24/2025
Total Assets: $166.32M $167.06M 09/24/2025
Total Liabilities: $15.91M $15.98M 09/24/2025
Current Assets: $23.86M $23.97M 09/24/2025
Current Liabilities: $1.45M $1.45M 09/24/2025
Total Debt: $0.00M $0.00M 09/24/2025
Cash: $23.86M $23.97M 09/24/2025
Debt (Net): $-23.86M $-23.97M
Enterprise Value: $280.28M $443.73M 01/23/1984
Cash Flow: $0.00M $0.00M never
Cash Flow Multiple: 0.00 0.00 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 09/24/2025
Misc 09/24/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 258,000,000 258,000,000 09/24/2025
Shares (FD): 274,000,000 274,000,000 09/24/2025
Insider Ownership: 25% 25% 12/02/2025
Dividend (Annual): n/a n/a 12/02/2025
Company Type: Mostly Gold Mostly Gold never
Group: Developer Developer never
Production ETA: n/a 01/01/2030 09/24/2025
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 09/24/2025
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 09/24/2025
Development Phase: PFS Underway PFS Underway 09/24/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 10
Developer: Likely Path to Production
 10
Developer: Likely Path to Production
 09/24/2025
Cash Flow Multiple: 4 4 09/24/2025

Resource Data

GOLD 09/24/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 09/24/2025
Measured & Indicated: 4.00M 3.30M 12/02/2025
Inferred: 2.00M 0.50M 12/02/2025
Reserves & Resources: 6.00M 3.80M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 09/24/2025
Measured & Indicated: 2.72M 2.24M 12/02/2025
Inferred: 0.85M 0.21M 12/02/2025
Reserves & Resources: 3.57M 2.46M never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 09/24/2025
Extra Operating Cost: n/a n/a 09/24/2025
Total: $2,000 $2,000 09/24/2025
Margin (Free Cash Flow): n/a
MCap / Production (AuEq): n/a n/a
EV / Production (AuEq): n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 09/24/2025
Open Pit (Avg): n/a 1.50 g/t 09/24/2025
Recovery Rate: (CG)  85.00% (CG)  85.00% 12/02/2025
F
U
T
U
R
E		 Proven & Probable: 5.00M 3.00M 12/02/2025
Annual Production: 250,000oz. 175,000oz. 12/02/2025
Cash Cost: $1,300 $1,300 09/24/2025
Extra Operating Cost: $700 $700 09/24/2025
SILVER 09/24/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 09/24/2025
Measured & Indicated: n/a 98.00M 12/02/2025
Inferred: n/a 8.00M 12/02/2025
Reserves & Resources: n/a 106.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 09/24/2025
Measured & Indicated: n/a 47.04M 12/02/2025
Inferred: n/a 2.40M 12/02/2025
Reserves & Resources: n/a 49.44M never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 09/24/2025
Extra Operating Cost: n/a n/a 09/24/2025
Total: n/a $38.00 09/24/2025
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): n/a n/a
EV / Production (AgEq): n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 09/24/2025
Open Pit (Avg): n/a 25.00 g/t 12/02/2025
Recovery Rate: n/a (CG)  60.00% 12/02/2025
F
U
T
U
R
E		 Proven & Probable: n/a 60.00M 12/02/2025
Annual Production: n/a 2,500,000oz. 12/02/2025
Cash Cost: n/a $23.00 12/02/2025
Extra Operating Cost: n/a $15.00 12/02/2025

Property

Last Analysis Data  (09/24/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Lawyer-Ranch
100 450.00 show
Heading to production.

larger project.

Size: 30,000 ha
Exp Contwoyto
100 show
Early exploration.
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Lawyer-Ranch
100 450.00 show
Heading to production.

larger project.

Size: 30,000 ha
Exp Contwoyto
100 show
Early exploration.

Profitability (by resource)

Proven &
Probable		 09/24/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: n/a n/a n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): n/a n/a n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): n/a n/a n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: n/a n/a n/a
Max Profit / Current MCap: n/a n/a n/a
Max Profit Per Share (Gold): n/a n/a n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: n/a n/a n/a
Total Free Profit Per Share: n/a n/a n/a
FD MCap / Gold Eq.: n/a n/a n/a
FD MCap / Silver Eq.: n/a n/a n/a
FD MCap / Per Metal
as % Spot Price:		 n/a n/a n/a
EV / Gold Eq.: n/a n/a n/a
EV / Silver Eq.: n/a n/a n/a
EV / Per Metal
as % Spot Price:		 n/a n/a n/a
Measured &
Indicated		 09/24/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 70.10% n/a
Percentage Silver: n/a 29.90% n/a
Total (Gold Eq. Oz.): 4.00M 4.71M n/a
Total (Silver Eq. Oz.): n/a 327.76M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.72M 2.92M n/a
Silver Eq. Oz.: n/a 203.28M n/a
Maximum Profit (Gold): $4,790.16M $5,131.44M n/a
Maximum Profit (Silver): n/a $1,108.73M n/a
Total Maximum Profit: $4,790.16M $6,240.18M n/a
Max Profit / Current MCap: 15.750 13.342 n/a
Max Profit Per Share (Gold): $17.48 $18.73 n/a
Max Profit Per Share (Silver): n/a $4.05 n/a
Total Max Profit Per Share: $17.48 $22.77 n/a
Total Free Profit Per Share: $15.95 $20.42 n/a
FD MCap / Gold Eq.: $111.82 $160.19 n/a
FD MCap / Silver Eq.: $1.31 $2.30 n/a
FD MCap / Per Metal
as % Spot Price:		 2.97% 3.74% n/a
EV / Gold Eq.: $103.05 $151.98 n/a
EV / Silver Eq.: $1.21 $2.18 n/a
EV / Per Metal
as % Spot Price:		 2.74% 3.55% n/a

Reserves &
Resources		 09/24/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 71.40% n/a
Percentage Silver: n/a 28.60% n/a
Total (Gold Eq. Oz.): 6.00M 5.32M n/a
Total (Silver Eq. Oz.): n/a 370.57M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.57M 3.17M n/a
Silver Eq. Oz.: n/a 220.47M n/a
Maximum Profit (Gold): $6,287.09M $5,617.38M n/a
Maximum Profit (Silver): n/a $1,165.30M n/a
Total Maximum Profit: $6,287.09M $6,782.68M n/a
Max Profit / Current MCap: 20.671 14.502 n/a
Max Profit Per Share (Gold): $22.95 $20.50 n/a
Max Profit Per Share (Silver): n/a $4.25 n/a
Total Max Profit Per Share: $22.95 $24.75 n/a
Total Free Profit Per Share: $21.41 $22.40 n/a
FD MCap / Gold Eq.: $85.20 $147.70 n/a
FD MCap / Silver Eq.: $1.00 $2.12 n/a
FD MCap / Per Metal
as % Spot Price:		 2.27% 3.45% n/a
EV / Gold Eq.: $78.51 $140.13 n/a
EV / Silver Eq.: $0.92 $2.01 n/a
EV / Per Metal
as % Spot Price:		 2.09% 3.27% n/a

Future Valuation (Cash Flow & Totals)

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