TSX-V-listed Thesis Gold has delivered a significantly strengthened prefeasibility study (PFS) for its Lawyers–Ranch gold/silver project in British Columbia, outlining a 15-year mine life, rapid payback and some of the strongest economics yet seen among development-stage gold projects.

The study outlines a combined openpit and underground operation producing an average 266 000 gold-equivalent ounces in the first three years, and 187 000 oz/y over life-of-mine.

At long-term prices of $2 900/oz gold and $35/oz silver, the PFS returns an after-tax net present value (NPV), using a 5% discount, of $2.37-billion and a 54.4% internal rate of return (IRR). Payback is estimated at just 1.1 years.

Initial capital expenditure (capex) is estimated at $736.2-million, giving an after-tax NPV-to-initial capex ratio of 3.2:1. All-in sustaining costs average $1 185/oz gold equivalent.

Thesis CEO Ewan Webster said the results positioned the company “as one of the strongest value-creation stories in the sector”.

“An after-tax NPV of $2.37-billion, a 54.4% IRR, and a 1.1-year payback places Lawyers-Ranch firmly among the top tier of development-stage gold projects globally,” he said. “The study strengthens the technical rigor of the project, increases total tonnes processed, and delivers a substantially improved payback period while preserving an exceptionally strong early-year production profile.”

Webster added that significant exploration and growth potential remained across the property. “We view this PFS as both a validation of what we've discovered to date and as the foundation for the next phase of value creation.”

The PFS incorporates refinements from the 2024 preliminary economic assessment, including a re-sequenced mine plan, a 9% increase in plant throughput to 13 700 t/d, and an 18% rise in tonnes processed — despite removing all inferred resources from the mine plan.

High-margin Ranch ore has been moved into the early production years, and the cut-off grade for underground material has been raised to 2.2 g/t gold-equivalent to improve margins. Staged pushbacks at the Lawyers pits reduce early strip ratios and bring ounces forward.

The project’s maiden reserve totals 76.16-million tonnes grading 0.97 g/t gold and 28 g/t silver. Total life-of-mine payable production is estimated at 2.84-million gold-equivalent ounces.