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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$429.98M which is a rise of roughly 41% over the last two months. As of 09/24/2025 they have no debt and ~C$23.65M 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 $429.98M 09/24/2025 $125.84M
MCap (OS): $286.39M $404.87M 09/24/2025 $118.49M
Total Assets: $166.32M $164.81M 09/24/2025 $-1.51M
Total Liabilities: $15.91M $15.76M 09/24/2025 $-0.14M
Current Assets: $23.86M $23.65M 09/24/2025 $-0.22M
Current Liabilities: $1.45M $1.43M 09/24/2025 $-0.01M
Total Debt: $0.00M $0.00M 09/24/2025 $0.00M
Cash: $23.86M $23.65M 09/24/2025 $-0.22M
Debt (Net): $-23.86M $-23.65M $0.22M
Enterprise Value: $280.28M $406.34M 11/16/1982 $126.05M
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% 12/02/2025 n/a
Dividend (Annual): n/a n/a 12/02/2025 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 3.30M 12/02/2025 -0.70M
Inferred: 2.00M 0.50M 12/02/2025 -1.50M
Reserves & Resources: 6.00M 3.80M never -2.20M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 09/24/2025 0.00M
Measured & Indicated: 2.72M 2.24M 12/02/2025 -0.48M
Inferred: 0.85M 0.21M 12/02/2025 -0.64M
Reserves & Resources: 3.57M 2.46M never -1.11M
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% 12/02/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: 5.00M 3.00M 12/02/2025 -2.00M
Annual Production: 250,000oz. 175,000oz. 12/02/2025 -75,000oz.
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 98.00M 12/02/2025 98.00M
Inferred: n/a 8.00M 12/02/2025 8.00M
Reserves & Resources: n/a 106.00M never 106.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 09/24/2025 0.00M
Measured & Indicated: n/a 47.04M 12/02/2025 47.04M
Inferred: n/a 2.40M 12/02/2025 2.40M
Reserves & Resources: n/a 49.44M never 49.44M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 09/24/2025 $23.00
Extra Operating Cost: n/a n/a 09/24/2025 $15.00
Total: n/a $38.00 09/24/2025 $38.00
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 25.00 g/t 12/02/2025 25.00 g/t
Recovery Rate: n/a (CG)  60.00% 12/02/2025 -15.00%
F
U
T
U
R
E		 Proven & Probable: n/a 60.00M 12/02/2025 60.00M
Annual Production: n/a 2,500,000oz. 12/02/2025 n/a
Cash Cost: n/a $23.00 12/02/2025 $23.00
Extra Operating Cost: n/a $15.00 12/02/2025 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% 70.84% n/a -29.16%
Percentage Silver: n/a 29.16% n/a 29.16%
Total (Gold Eq. Oz.): 4.00M 4.66M n/a 0.66M
Total (Silver Eq. Oz.): n/a 336.13M n/a -5.48M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.72M 2.90M n/a 0.18M
Silver Eq. Oz.: n/a 208.97M n/a -23.33M
Maximum Profit (Gold): $4,790.16M $4,945.80M n/a $155.63M
Maximum Profit (Silver): n/a $953.03M n/a $953.03M
Total Maximum Profit: $4,790.16M $5,898.83M n/a $1,108.66M
Max Profit / Current MCap: 15.750 13.719 n/a -2.031
Max Profit Per Share (Gold): $17.48 $18.05 n/a $0.57
Max Profit Per Share (Silver): n/a $3.48 n/a $3.48
Total Max Profit Per Share: $17.48 $21.53 n/a $4.05
Total Free Profit Per Share: $15.95 $19.34 n/a $3.39
FD MCap / Gold Eq.: $111.82 $148.48 n/a $36.66
FD MCap / Silver Eq.: $1.31 $2.06 n/a $0.75
FD MCap / Per Metal
as % Spot Price:		 2.97% 3.53% n/a 0.56%
EV / Gold Eq.: $103.05 $140.31 n/a $37.27
EV / Silver Eq.: $1.21 $1.94 n/a $0.74
EV / Per Metal
as % Spot Price:		 2.74% 3.34% n/a 0.60%

Reserves &
Resources		 09/24/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 72.12% n/a -27.88%
Percentage Silver: n/a 27.88% n/a 27.88%
Total (Gold Eq. Oz.): 6.00M 5.27M n/a -0.73M
Total (Silver Eq. Oz.): n/a 380.21M n/a -132.20M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.57M 3.14M n/a -0.43M
Silver Eq. Oz.: n/a 226.70M n/a -78.18M
Maximum Profit (Gold): $6,287.09M $5,414.15M n/a $-872.94M
Maximum Profit (Silver): n/a $1,001.65M n/a $1,001.65M
Total Maximum Profit: $6,287.09M $6,415.80M n/a $128.71M
Max Profit / Current MCap: 20.671 14.921 n/a -5.750
Max Profit Per Share (Gold): $22.95 $19.76 n/a $-3.19
Max Profit Per Share (Silver): n/a $3.66 n/a $3.66
Total Max Profit Per Share: $22.95 $23.42 n/a $0.47
Total Free Profit Per Share: $21.41 $21.23 n/a $-0.19
FD MCap / Gold Eq.: $85.20 $136.87 n/a $51.67
FD MCap / Silver Eq.: $1.00 $1.90 n/a $0.90
FD MCap / Per Metal
as % Spot Price:		 2.27% 3.26% n/a 0.99%
EV / Gold Eq.: $78.51 $129.34 n/a $50.83
EV / Silver Eq.: $0.92 $1.79 n/a $0.87
EV / Per Metal
as % Spot Price:		 2.09% 3.08% n/a 0.99%

Future Valuation (Cash Flow & Totals)

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