Lawyers-Ranch Project PFS: C$2.37B NPV, 54.4% IRR
Thesis Gold Inc.'s Lawyers-Ranch Project in British Columbia, Canada (Toodoggone District) has a Pre-Feasibility Study (PFS) outlining an after-tax NPV of C$2.37B, an after-tax IRR of 54.4%, and initial capital of C$736M. The mine plan runs 15 years at about 187000 oz AuEq per year.
Thesis Gold Inc.'s Lawyers-Ranch Project has reported Pre-Feasibility Study (PFS) results for the gold-silver project in British Columbia, Canada (Toodoggone District). The study headlines an after-tax net present value of C$2.37B at a 5% discount rate. It reflects Thesis Gold Inc.'s (TAU.V) latest disclosed economics for the asset.
Economics. The after-tax NPV is C$2.37B using a 5% discount rate. After-tax IRR is 54.4%. Initial capital expenditure is estimated at C$736M, with life-of-mine sustaining capital of C$789M. The study models a payback period of 1.1 years. All-in sustaining costs are pegged at 1185 USD/oz AuEq. Economics are based on Base Case: US$2,900/oz Au | US$35/oz Ag.
Production and mine plan. The project envisions an open-pit & underground operation. Life of mine is 15 years. Average annual production is approximately 187000 oz AuEq. Average head grade is 1.31 g/t AuEq LOM; 1.68 g/t AuEq first 5 yrs. Metallurgical recovery averages 92.8%.
Resources and ownership. The company holds a 100% interest in the project. Royalties and streams: Royal Gold NSRs: 0.5% at Lawyers; 2% at Ranch. No debt, no streams..
These figures are extracted from Thesis Gold Inc.'s technical disclosures and reflect the most recent PFS on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Proven & Probable | — | — | 3.2 Moz AuEq |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured & Indicated | — | 1.21 g/t AuEq (incl. 25.9 g/t Ag) | 4.6 Moz AuEq (incl. 97.9 Moz Ag) |
| Inferred | — | — | 0.6 Moz AuEq (incl. 7.7 Moz Ag) |
Our Analysis
- IRR after-tax
- 54.4%
higher than 82% of 362 projects we track
- NPV after-tax
- C$2.37B
higher than 87% of 488 projects we track
- Initial capex
- C$736M
31% of NPV
costlier than 72% of 472 projects we track
- Payback
- 1.1yrs
slower than 12% of 291 projects we track
- Mine life
- 15yrs
- Discount rate
- 5%
- Study price assumption
- Base Case: US$2,900/oz Au | US$35/oz Ag
- Spot gold today
- $4,363.00/oz
A C$2.37B after-tax NPV against a company worth roughly US$816M is a gap that demands an explanation, and there are two. Either the market has not connected this study to the equity, or it has looked at the build and decided the financing and permitting path is the real risk. The second reading has teeth: initial capex of C$736M is about 0.7x the company's entire market cap. A small-cap cannot quietly fund a build of that size, and this is the only project in the portfolio to carry it. That is the constraint that matters, not the headline number.
The returns themselves are strong on any measure. The 54.4% after-tax IRR ranks above 82% of the 362 projects tracked, and payback of 1.1 years sits ahead of 88% of the 291 projects tracked. Against the practical hurdle, developers typically need around 15% after-tax to attract project finance, and 20%+ where the developer is a higher-risk junior with little else in the portfolio, which fits this company. Capital intensity is genuinely light: capex is 31% of NPV, below 28% of the 472 projects tracked across all commodities. The study is a PFS, so the estimate carries a plus or minus 25% band and is not yet a build decision.
The price deck is the other lever. The study uses US$2,900/oz gold and US$35/oz silver against a live spot of $4,363.00/oz, so the economics are built well below where the metal trades today, which leaves room the numbers do not capture. British Columbia is a mining-friendly jurisdiction, though permitting timelines in the Toodoggone District are not trivial. The question that decides this: can a US$816M company finance a C$736M build without diluting away the value the NPV implies?
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.