AngloGold Ashanti Plc takes 5% stake in Thesis Gold to accelerate Lawyers‑Ranch work

AngloGold Ashanti takes a strategic foothold in Thesis Gold to accelerate Lawyers-Ranch work

AngloGold Ashanti Plc is taking a strategic 5% stake in Thesis Gold Inc. by privately purchasing 13,858,883 common shares at C$2.79 apiece, a move that the two companies say will deepen technical collaboration on the Lawyers‑Ranch gold‑silver project. Under the subscription agreement announced by Thesis, AngloGold receives customary investor protections including financing and participation rights to maintain its holding, and the ability to appoint members to a technical committee tasked with oversight of ongoing studies.

The investment signals AngloGold Ashanti’s intent to contribute more than capital, leveraging its global operating experience and technical depth to support Thesis’s de‑risking and development work at Lawyers‑Ranch. Thesis’s management frames the tie-up as validation of the project’s scale and quality and says the arrangement creates collaborative opportunities for technical programs, study work and future financings. The companies expect the transaction to close on or about Feb. 26, 2026, subject to customary conditions.

By taking an active investor role with governance and participation rights rather than a passive holding, AngloGold Ashanti positions itself to influence the project's technical pathway and capital plan as Thesis advances metallurgical, resource and feasibility studies. Thesis says the partnership will complement its disciplined technical program and help unlock potential across the Lawyers‑Ranch district, while providing AngloGold with a pipeline exposure in a jurisdiction of strategic interest to the gold mining industry.

Centerra Gold exercise and combined financing

In a related move, Centerra Gold Inc. exercises its pre‑emptive right and subscribes for 2,059,730 shares at the same C$2.79 price, bringing its post‑closing stake to about 9.9% and adding roughly C$5.75 million to the financing. Combined proceeds from AngloGold Ashanti and Centerra total about C$44.41 million and issue 15,918,613 new Thesis shares.

Use of proceeds and next steps

Thesis says funds are earmarked for working capital, general corporate purposes and ongoing technical studies at Lawyers‑Ranch. The company and its new strategic investors underscore that the commitments are intended to reduce execution risk as Thesis advances toward more definitive engineering and permitting milestones.