(Kitco News) Silver’s growing contribution to project economics is emerging as a strategic factor at Thesis Gold & Silver’s Lawyers-Ranch development in British Columbia’s Toodoggone mining district, potentially influencing how the project is financed as the company advances toward a feasibility study targeted for late 2027.
Speaking with Kitco Mining at the PDAC convention in Toronto, Chief Executive Officer Ewan Webster said the company recently added “Silver” to its name after a pre-feasibility study released in December 2025 showed the metal represents a meaningful share of project revenue.
The study outlined average annual production of about 187,000 ounces of gold equivalent over a 15-year mine life, including roughly 3.5 million ounces of silver per year. Webster said the results “reflect the scale of the silver component to our project.”
“In the PFS that came out in December, it was very clear that silver played a significant role in the economics of that, about 23% of the revenue coming from silver,” he said.
Webster also pointed to the relative scarcity of large, undeveloped silver projects in the sector. “[Lawyers-Ranch is] arguably one of the largest undeveloped projects in North America, and there's a real scarcity of silver projects out there,” he said.
That silver component could provide additional flexibility when the project reaches the financing stage. “We could stream a small percentage of the silver, essentially fund most of the CapEx of the whole project,” Webster noted.
Exploration and technical work are continuing alongside feasibility preparations. Thesis plans about 20,000 meters of drilling in 2026, including geotechnical and metallurgical drilling required for the feasibility study, as well as exploration targeting across the broader system. The company also plans deeper drilling to test porphyry-style mineralization below the near-surface gold system.
Recent exploration has focused on the Steve target, where drilling intersected 38 meters grading 3.62 grams per tonne gold. Webster said the follow-up program will help define the scale of mineralization while continuing to test regional targets across the property.
Permitting work is also progressing in parallel, with Webster saying the company has completed more than two years of environmental baseline studies at the project and has not identified major issues as it advances through the environmental assessment process.
Development work is supported by a strengthened balance sheet. On Feb. 26, 2026, the company announced it had closed a C$44 million strategic investment, including participation from AngloGold Ashanti and Centerra Gold. AngloGold acquired about 5% of the company through a private placement, while Centerra exercised participation rights to maintain its roughly 9.9% ownership.
Webster said the presence of two established producers among the company’s shareholders reinforces the project’s credibility as it advances through feasibility work, permitting, and exploration. “I think it’s a huge validation of the project, the team, how we’ve executed over the last couple of years,” he said.
As development work continues, Webster said the company remains “laser-focused” on advancing the project while continuing to test additional targets across the broader system.
Watch the full video on the Kitco Mining YouTube channel.
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