Ron Stewart, P. Geo, a 35 year Mining & Metals Industry veteran and now Senior Mining Analyst at Leede Jones Gable, lists a myriad of reasons for his BUY rating in a just released and thorough, 15 page initiation report on Thesis Gold.

In the opening paragraph of the report he states, “In our opinion, Thesis offers investors the opportunity for superior returns over the next few years as they advance on the path to production.  We are initiating coverage of Thesis Gold Inc. with a Buy rating and February 2025, $2.30 per share price target.”

As of this writing, Thesis stock is trading in the range of $0.75 to $0.80.

Mr. Stewart’s Investment Summary is as follows:

▪ 5.0M Gold-Equivalent Ounce (GEO) Resource. The current NI 43-101 mineral resource is comprised of 4.0M oz GEO of measured and indicated resources (82.0Mt @ 1.11 g/t Au, 31.9 g/t Ag) and 727K oz GEO of Inferred resources (12.4Mt @ 1.48 g/t Au, 24.8 g/t Ag).

▪ Exploration Potential. Over 20 prospects and deposits on the Ranch property remain open for exploration and resource expansion. High-grade mineralization open at depth beneath the AGB and Cliff deposits at Lawyers.

▪ Updated PEA Expected by Late Summer. The Company is planning to incorporate underground mining at Lawyers and satellite feed from Ranch in an updated PEA. We expect a significant increase in the annual GEO production to average over 200K oz per year over a mine life of 10 to 15 years.

▪ 65% Discount to Peers on an EV/oz Basis. On an enterprise value to total resource ounce basis, we estimate TAU is currently valued at approximately US$20/oz, equating to a 65% discount to a peer average of US$54.9/oz.

▪ New Chairman, Recast Board. William (Bill) Lytle was appointed Chairman in February. Mr. Lytle is a mining engineer with extensive construction and operating experience and is currently the Vice President & COO of B2Gold Corp (BTO.T, Not Rated), a highly successful intermediate international gold producer.

Leede Jones Gable becomes the fifth firm to pick up coverage on Thesis, following Cormark Securities ($2 Target), Ventum Financial ($1.55 Target) SCP Resource Finance ($2.40 Target), Raymond James ($2 Target). 

Shareholders and those watching Thesis should appreciate the fact that it’s rare for a junior resource company to attract coverage from five investment firms!