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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 focused junior, late stage developer with one mine in development in Canada and one exploration property. They have approximately 6Moz. of gold in the reserves and resources category of which 4Moz. are in the measured and indicated category. They have a market capitalisation of ~C$363.05M which is a rise of roughly 19% over the last three weeks. As of 09/24/2025 they have no debt and ~C$23.51M 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
Change
Item Value Value Updated Value
MCap (FD): $304.15M $363.05M 09/24/2025 $58.91M
MCap (OS): $286.39M $341.85M 09/24/2025 $55.47M
Total Assets: $166.32M $163.85M 09/24/2025 $-2.48M
Total Liabilities: $15.91M $15.67M 09/24/2025 $-0.24M
Current Assets: $23.86M $23.51M 09/24/2025 $-0.36M
Current Liabilities: $1.45M $1.42M 09/24/2025 $-0.02M
Total Debt: $0.00M $0.00M 09/24/2025 $0.00M
Cash: $23.86M $23.51M 09/24/2025 $-0.36M
Debt (Net): $-23.86M $-23.51M $0.36M
Enterprise Value: $280.28M $339.54M 10/04/1980 $59.26M
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: 09/24/2025 n/a
Misc 09/24/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 258,000,000 258,000,000 09/24/2025 0
Shares (FD): 274,000,000 274,000,000 09/24/2025 0
Insider Ownership: 25% 25% 09/24/2025 n/a
Dividend (Annual): n/a n/a 09/24/2025 n/a
Company Type: Mostly Gold Mostly Gold never n/a
Group: Developer Developer never n/a
Production ETA: n/a 01/01/2030 09/24/2025 n/a
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 09/24/2025 0
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 09/24/2025 0
Development Phase: PFS Underway PFS Underway 09/24/2025 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
 09/24/2025 0
Cash Flow Multiple: 4 4 09/24/2025 0.00

Resource Data

GOLD 09/24/2025
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 09/24/2025 0.00M
Measured & Indicated: 4.00M 4.00M 09/24/2025 0.00M
Inferred: 2.00M 2.00M 09/24/2025 0.00M
Reserves & Resources: 6.00M 6.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 09/24/2025 0.00M
Measured & Indicated: 2.72M 2.72M 09/24/2025 0.00M
Inferred: 0.85M 0.85M 09/24/2025 0.00M
Reserves & Resources: 3.57M 3.57M never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 09/24/2025 $0.00
Extra Operating Cost: n/a n/a 09/24/2025 $0.00
Total: $2,000 $2,000 09/24/2025 $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 09/24/2025 n/a
Open Pit (Avg): n/a 1.50 g/t 09/24/2025 1.50 g/t
Recovery Rate: (CG)  85.00% (CG)  85.00% 09/24/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: 5.00M 5.00M 09/24/2025 0.00M
Annual Production: 250,000oz. 250,000oz. 09/24/2025 0oz.
Cash Cost: $1,300 $1,300 09/24/2025 $0
Extra Operating Cost: $700 $700 09/24/2025 $0
SILVER 09/24/2025
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 09/24/2025 0.00M
Measured & Indicated: n/a n/a 09/24/2025 0.00M
Inferred: n/a n/a 09/24/2025 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 09/24/2025 0.00M
Measured & Indicated: n/a n/a 09/24/2025 0.00M
Inferred: n/a n/a 09/24/2025 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 09/24/2025 $0.00
Extra Operating Cost: n/a n/a 09/24/2025 $0.00
Total: n/a n/a 09/24/2025 $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 09/24/2025 n/a
Open Pit (Avg): n/a n/a 09/24/2025 n/a
Recovery Rate: n/a n/a 09/24/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 09/24/2025 0.00M
Annual Production: n/a n/a 09/24/2025 n/a
Cash Cost: n/a n/a 09/24/2025 n/a
Extra Operating Cost: n/a n/a 09/24/2025 n/a

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
Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 0.00M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: n/a n/a n/a $0.00M
Max Profit / Current MCap: n/a n/a n/a 0.000
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: n/a n/a n/a $0.00
Total Free Profit Per Share: n/a n/a n/a $0.00
FD MCap / Gold Eq.: n/a n/a n/a $0.00
FD MCap / Silver Eq.: n/a n/a n/a $0.00
FD MCap / Per Metal
as % Spot Price:		 n/a n/a n/a 0.00%
EV / Gold Eq.: n/a n/a n/a $0.00
EV / Silver Eq.: n/a n/a n/a $0.00
EV / Per Metal
as % Spot Price:		 n/a n/a n/a 0.00%
Measured &
Indicated		 09/24/2025
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.): 4.00M 4.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -12.48M
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 -8.49M
Maximum Profit (Gold): $4,790.16M $5,992.02M n/a $1,201.86M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $4,790.16M $5,992.02M n/a $1,201.86M
Max Profit / Current MCap: 15.750 16.505 n/a 0.755
Max Profit Per Share (Gold): $17.48 $21.87 n/a $4.39
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $17.48 $21.87 n/a $4.39
Total Free Profit Per Share: $15.95 $20.01 n/a $4.06
FD MCap / Gold Eq.: $111.82 $133.48 n/a $21.66
FD MCap / Silver Eq.: $1.31 $1.62 n/a $0.31
FD MCap / Per Metal
as % Spot Price:		 2.97% 3.18% n/a 0.20%
EV / Gold Eq.: $103.05 $124.83 n/a $21.79
EV / Silver Eq.: $1.21 $1.52 n/a $0.31
EV / Per Metal
as % Spot Price:		 2.74% 2.97% n/a 0.23%

Reserves &
Resources		 09/24/2025
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.): 6.00M 6.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -18.72M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.57M 3.57M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -11.14M
Maximum Profit (Gold): $6,287.09M $7,864.53M n/a $1,577.44M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $6,287.09M $7,864.53M n/a $1,577.44M
Max Profit / Current MCap: 20.671 21.662 n/a 0.991
Max Profit Per Share (Gold): $22.95 $28.70 n/a $5.76
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $22.95 $28.70 n/a $5.76
Total Free Profit Per Share: $21.41 $26.84 n/a $5.43
FD MCap / Gold Eq.: $85.20 $101.70 n/a $16.50
FD MCap / Silver Eq.: $1.00 $1.24 n/a $0.24
FD MCap / Per Metal
as % Spot Price:		 2.27% 2.42% n/a 0.15%
EV / Gold Eq.: $78.51 $95.11 n/a $16.60
EV / Silver Eq.: $0.92 $1.16 n/a $0.24
EV / Per Metal
as % Spot Price:		 2.09% 2.26% n/a 0.18%

Future Valuation (Cash Flow & Totals)

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