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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 5Moz. 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$317.19M which is a rise of roughly 195% over the last twelve months. As of 09/06/2024 they have no debt and ~C$15.19M cash. They have 255M shares outstanding and trade on the Canadian Venture Exchange and the over-the-counter markets.

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General Details

Financial 09/06/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $107.51M $317.19M 09/14/2025
MCap (OS): $105.89M $295.20M 09/14/2025
Total Assets: $22.20M $21.71M 09/06/2024
Total Liabilities: $0.15M $0.14M 09/06/2024
Current Assets: $15.54M $15.19M 09/06/2024
Current Liabilities: $0.15M $0.14M 09/06/2024
Total Debt: $0.00M $0.00M 09/06/2024
Cash: $15.54M $15.19M 09/06/2024
Debt (Net): $-15.54M $-15.19M
Enterprise Value: $91.97M $302.00M 07/28/1979
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: 09/06/2024
Misc 09/06/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 196,000,000 255,000,000 09/14/2025
Shares (FD): 199,000,000 274,000,000 09/14/2025
Insider Ownership: n/a 25% 09/14/2025
Dividend (Annual): n/a n/a 09/14/2025
Company Type: Mostly Gold Mostly Gold never
Group: Developer Developer never
Production ETA: n/a 01/01/2029 09/06/2024
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 09/06/2024
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 09/06/2024
Development Phase: none PEA Released 06/14/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 10
Developer: Likely Path to Production
 10
Developer: Likely Path to Production
 04/24/2023
Cash Flow Multiple: 3 4 09/14/2025

Resource Data

GOLD 09/06/2024
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 09/06/2024
Measured & Indicated: 4.00M 4.00M 09/06/2024
Inferred: 1.00M 1.00M 09/06/2024
Reserves & Resources: 5.00M 5.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 09/06/2024
Measured & Indicated: 2.72M 2.72M 09/06/2024
Inferred: 0.43M 0.43M 09/06/2024
Reserves & Resources: 3.15M 3.15M never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 09/06/2024
Extra Operating Cost: n/a n/a 09/06/2024
Total: $1,500 $1,800 09/06/2024
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 09/06/2024
Open Pit (Avg): n/a 1.50 g/t 09/05/2023
Recovery Rate: (CG)  85.00% (CG)  85.00% 09/14/2025
F
U
T
U
R
E		 Proven & Probable: 4.00M 4.00M 09/06/2024
Annual Production: 215,000oz. 250,000oz. 09/14/2025
Cash Cost: $950 $1,100 09/14/2025
Extra Operating Cost: $550 $700 09/14/2025
SILVER 09/06/2024
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 09/06/2024
Measured & Indicated: n/a n/a 09/06/2024
Inferred: n/a n/a 09/06/2024
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 09/06/2024
Measured & Indicated: n/a n/a 09/06/2024
Inferred: n/a n/a 09/06/2024
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 09/06/2024
Extra Operating Cost: n/a n/a 09/06/2024
Total: n/a n/a 09/06/2024
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 09/06/2024
Open Pit (Avg): n/a n/a 09/05/2023
Recovery Rate: n/a n/a 09/06/2024
F
U
T
U
R
E		 Proven & Probable: n/a n/a 09/06/2024
Annual Production: n/a n/a 09/06/2024
Cash Cost: n/a n/a 09/06/2024
Extra Operating Cost: n/a n/a 09/06/2024

Property

Last Analysis Data  (09/06/2024)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Exp Contwoyto
100 show
Early exploration.
Exp Lawyer
100 show
Early exploration.

Discovery

Size: 12,000 ha
Exp Ranch Project
100 show
Looks like a big mine.

Big drill holes

Several deposits

Size: 18,000 ha
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		 09/06/2024
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		 09/06/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 4.00M 4.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.72M 2.72M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $2,713.74M $5,090.78M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $2,713.74M $5,090.78M n/a
Max Profit / Current MCap: 25.242 16.049 n/a
Max Profit Per Share (Gold): $13.64 $18.58 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $13.64 $18.58 n/a
Total Free Profit Per Share: $12.91 $16.98 n/a
FD MCap / Gold Eq.: $39.53 $116.61 n/a
FD MCap / Silver Eq.: $0.44 $1.35 n/a
FD MCap / Per Metal
as % Spot Price:		 1.58% 3.18% n/a
EV / Gold Eq.: $33.81 $111.03 n/a
EV / Silver Eq.: $0.38 $1.29 n/a
EV / Per Metal
as % Spot Price:		 1.35% 3.02% n/a

Reserves &
Resources		 09/06/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 5.00M 5.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.15M 3.15M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $3,137.77M $5,886.21M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $3,137.77M $5,886.21M n/a
Max Profit / Current MCap: 29.186 18.557 n/a
Max Profit Per Share (Gold): $15.77 $21.48 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $15.77 $21.48 n/a
Total Free Profit Per Share: $15.04 $19.88 n/a
FD MCap / Gold Eq.: $34.18 $100.86 n/a
FD MCap / Silver Eq.: $0.38 $1.17 n/a
FD MCap / Per Metal
as % Spot Price:		 1.37% 2.75% n/a
EV / Gold Eq.: $29.24 $96.03 n/a
EV / Silver Eq.: $0.33 $1.11 n/a
EV / Per Metal
as % Spot Price:		 1.17% 2.62% n/a

Future Valuation (Cash Flow & Totals)

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