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Thesis Gold & Silver

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 & Silver are a gold focused junior, late stage developer with one mine in development in Canada and one exploration property. They have approximately 5.6Moz. of gold in the reserves and resources category of which 4.6Moz. are in the measured and indicated category. They have a market capitalisation of ~C$767.15M which is a fall of roughly 5% over the last day. As of 09/15/2026 they have no debt and ~C$86.13M cash. They have 294M shares outstanding and trade on the Canadian Venture Exchange and the over-the-counter markets.

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General Details

Financial 09/15/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $810.06M $767.15M 09/15/2026 $-42.91M
MCap (OS): $773.24M $732.28M 09/15/2026 $-40.96M
Total Assets: $165.28M $165.09M 09/15/2026 $-0.18M
Total Liabilities: $15.81M $15.79M 09/15/2026 $-0.02M
Current Assets: $86.23M $86.13M 09/15/2026 $-0.10M
Current Liabilities: $1.44M $1.44M 09/15/2026 $0.00M
Total Debt: $0.00M $0.00M 09/15/2026 $0.00M
Cash: $86.23M $86.13M 09/15/2026 $-0.10M
Debt (Net): $-86.23M $-86.13M $0.10M
Enterprise Value: $723.83M $681.01M $-42.81M
Cash Flow: $0.00M $0.00M never $0.00M
Cash Flow Multiple: 0.00 0.00 never 0.00
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 09/15/2026 n/a
Misc 09/15/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 294,000,001 294,000,001 09/15/2026 0
Shares (FD): 308,000,000 308,000,000 09/15/2026 0
Insider Ownership: 30% 30% 09/15/2026 n/a
Dividend (Annual): n/a n/a 09/15/2026 n/a
Company Type: Mostly Gold Mostly Gold never n/a
Group: Developer Developer never n/a
Production ETA: n/a 01/01/2032 09/15/2026 n/a
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 09/15/2026
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 09/15/2026
Development Phase: FS Underway FS Underway 09/15/2026 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 10
Developer: Likely Path to Production
 10
Developer: Likely Path to Production
 09/15/2026 0
Cash Flow Multiple: 5 5 09/15/2026 0.00

Resource Data

GOLD 09/15/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 3.20M 3.20M 09/15/2026 0.00M
Measured & Indicated: 4.60M 4.60M 09/15/2026 0.00M
Inferred: 1.00M 1.00M 09/15/2026 0.00M
Reserves & Resources: 5.60M 5.60M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 2.72M 2.72M 09/15/2026 0.00M
Measured & Indicated: 3.67M 3.67M 09/15/2026 0.00M
Inferred: 0.43M 0.43M 09/15/2026 0.00M
Reserves & Resources: 4.10M 4.10M never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 09/15/2026 $0.00
Extra Operating Cost: n/a n/a 09/15/2026 $0.00
Total: $3,000 $3,000 09/15/2026 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AuEq): n/a n/a n/a
EV / Production (AuEq): n/a n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 09/15/2026 n/a
Open Pit (Avg): n/a 1.20 g/t 09/15/2026 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 09/15/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 4.00M 4.00M 09/15/2026 0.00M
Annual Production: 250,000oz. 250,000oz. 09/15/2026 0oz.
Cash Cost: $2,000 $2,000 09/15/2026 $0
Extra Operating Cost: $1,000 $1,000 09/15/2026 $0
SILVER 09/15/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 09/15/2026 0.00M
Measured & Indicated: n/a n/a 09/15/2026 0.00M
Inferred: n/a n/a 09/15/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 09/15/2026 0.00M
Measured & Indicated: n/a n/a 09/15/2026 0.00M
Inferred: n/a n/a 09/15/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 09/15/2026 $0.00
Extra Operating Cost: n/a n/a 09/15/2026 $0.00
Total: n/a n/a 09/15/2026 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): n/a n/a n/a
EV / Production (AgEq): n/a n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 09/15/2026 n/a
Open Pit (Avg): n/a n/a 09/15/2026 n/a
Recovery Rate: n/a n/a 09/15/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 09/15/2026 0.00M
Annual Production: n/a n/a 09/15/2026 n/a
Cash Cost: n/a n/a 09/15/2026 n/a
Extra Operating Cost: n/a n/a 09/15/2026 n/a

Property

Last Analysis Data  (09/15/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Lawyer-Ranch
100 4500.00 50.00 550.00 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 4500.00 50.00 550.00 show
Heading to production.

larger project.

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

Profitability (by resource)

Proven &
Probable		 09/15/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 3.20M 3.20M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 1.89M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.72M 2.72M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 1.61M
Maximum Profit (Gold): $3,622.44M $3,375.41M n/a $-247.03M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $3,622.44M $3,375.41M n/a $-247.03M
Max Profit / Current MCap: 4.472 4.400 n/a -0.072
Max Profit Per Share (Gold): $11.76 $10.96 n/a $-0.80
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $11.76 $10.96 n/a $-0.80
Total Free Profit Per Share: $8.10 $7.49 n/a $-0.61
FD MCap / Gold Eq.: $297.81 $282.04 n/a $-15.78
FD MCap / Silver Eq.: $4.43 $4.16 n/a $-0.27
FD MCap / Per Metal
as % Spot Price:		 6.88% 6.65% n/a -0.22%
EV / Gold Eq.: $266.11 $250.37 n/a $-15.74
EV / Silver Eq.: $3.96 $3.69 n/a $-0.27
EV / Per Metal
as % Spot Price:		 6.14% 5.90% n/a -0.24%
Measured &
Indicated		 09/15/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 4.60M 4.60M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 2.72M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.67M 3.67M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 2.17M
Maximum Profit (Gold): $4,890.30M $4,556.81M n/a $-333.49M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $4,890.30M $4,556.81M n/a $-333.49M
Max Profit / Current MCap: 6.037 5.940 n/a -0.097
Max Profit Per Share (Gold): $15.88 $14.79 n/a $-1.08
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $15.88 $14.79 n/a $-1.08
Total Free Profit Per Share: $12.22 $11.32 n/a $-0.89
FD MCap / Gold Eq.: $220.60 $208.92 n/a $-11.69
FD MCap / Silver Eq.: $3.28 $3.08 n/a $-0.20
FD MCap / Per Metal
as % Spot Price:		 5.09% 4.93% n/a -0.17%
EV / Gold Eq.: $197.12 $185.46 n/a $-11.66
EV / Silver Eq.: $2.93 $2.73 n/a $-0.20
EV / Per Metal
as % Spot Price:		 4.55% 4.37% n/a -0.18%

Reserves &
Resources		 09/15/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 5.60M 5.60M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 3.31M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.10M 4.10M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 2.42M
Maximum Profit (Gold): $5,456.30M $5,084.21M n/a $-372.09M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $5,456.30M $5,084.21M n/a $-372.09M
Max Profit / Current MCap: 6.736 6.627 n/a -0.108
Max Profit Per Share (Gold): $17.72 $16.51 n/a $-1.21
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $17.72 $16.51 n/a $-1.21
Total Free Profit Per Share: $14.06 $13.04 n/a $-1.02
FD MCap / Gold Eq.: $197.72 $187.25 n/a $-10.47
FD MCap / Silver Eq.: $2.94 $2.76 n/a $-0.18
FD MCap / Per Metal
as % Spot Price:		 4.56% 4.42% n/a -0.15%
EV / Gold Eq.: $176.67 $166.22 n/a $-10.45
EV / Silver Eq.: $2.63 $2.45 n/a $-0.18
EV / Per Metal
as % Spot Price:		 4.08% 3.92% n/a -0.16%

Future Valuation (Cash Flow & Totals)

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