Lawyers-Ranch PFS: $2.37B NPV, 54.4% IRR
Thesis Gold Inc.'s Lawyers-Ranch in Toodoggone Mining District, Northern British Columbia, Canada has a Pre-Feasibility Study (PFS) outlining an after-tax NPV of $2.37B, an after-tax IRR of 54.4%, and initial capital of $736M. The mine plan runs 15 years at about 187000 koz AuEq per year.
Thesis Gold Inc.'s Lawyers-Ranch has reported Pre-Feasibility Study (PFS) results for the gold, silver project in Toodoggone Mining District, Northern British Columbia, Canada. The study headlines an after-tax net present value of $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 $2.37B using a 5% discount rate. After-tax IRR is 54.4%. Initial capital expenditure is estimated at $736M, with life-of-mine sustaining capital of $789M. The study models a payback period of 1.1 years. All-in sustaining costs are pegged at 1185 USD/AuEq oz. Economics are based on Au US$2,900/oz, Ag US$35/oz (Base Case).
Production and mine plan. The project envisions an open-pit operation. Life of mine is 15 years. Average annual production is approximately 187000 koz AuEq. Average head grade is 1.31 g/t AuEq LOM; 1.68 g/t AuEq first 5 years. 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.
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 (incl. Reserves) | — | 1.21 g/t AuEq | 4.6 Moz AuEq |
| Measured & Indicated (incl. Reserves) - Silver | — | 25.9 g/t Ag | 97.9 Moz Ag |
| Inferred | — | — | 0.6 koz AuEq |
| Inferred - Silver | — | — | 7.7 Moz Ag |
Our Analysis
This project delivers a top-quartile 54.4% after-tax IRR, well above the 15-20% threshold required to attract financing for a single-asset junior. The 5% discount rate used to calculate the $2.37B NPV is at the low end of industry convention, which inflates the headline figure; a more standard rate would compress that value meaningfully. Still, the 1.1-year payback and capital intensity of 31% (capex-to-NPV) are genuinely strong, reducing funding risk despite the $736M initial outlay.
The NPV is roughly 4x the company's market cap. That gap can signal the market has not priced in the project's full potential, or it may reflect skepticism around permitting timelines in Northern British Columbia, financing dilution for a junior of this size, or the study's gold price assumption of $2,900/oz. The single most important watch-item is execution risk: a junior developer must secure project finance and navigate a remote, high-latitude jurisdiction without a construction track record.
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.