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Canadian developer advancing the large Lawyers-Ranch gold-silver project in the Toodoggone district of British Columbia.
Canadian developer advancing the large Lawyers-Ranch gold-silver project in the Toodoggone district of British Columbia.
Earns nothing yet; drilling and feasibility work are funded by selling shares, and the company's worth depends on proving that Lawyers-Ranch is economic and winning permits in northern British Columbia.
In one line: No US peer..
Moat: none (installed base). Pre-production developer; value rests on a large resource still needing feasibility, permits and financing.
Headquarters: Vancouver, Canada
Size Thesis Gold & Silver (TAU.V) is a Canada Materials company (Precious Metals) with a market value of $516M, the 337th largest of 420 Canada companies the cockpit tracks. Shares closed at C$2.45 on 6 Nov 2026.
Performance Over six months the shares fell 31.4%, against -11.9% for the median peer and +5.2% for the Canada market (cap-weighted) — 4th lowest of 21 in its peer set.
Valuation It trades at 2.24× book value against a peer median of 3.04× (9th cheapest of 19).
Price implies The share price implies a return on equity of about 24.4%; Thesis Gold & Silver delivers -4.5%, so the price asks more than the business earns today.
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$0 | C$0 | C$0 | C$0 | C$0 |
| Revenue growth | — | — | — | — | — |
| Gross profit | -C$253,745 | -C$213,477 | -C$94,315 | C$0 | C$0 |
| EBITDA | -C$14.9M | -C$9.35M | -C$5.08M | -C$4.36M | -C$3.89M |
| Net income | -C$12.4M | -C$5.91M | -C$1.65M | C$888,552 | -C$4.86M |
| Free cash flow | -C$11.3M | -C$6.48M | -C$7.33M | C$4.48M | -C$10.3M |
| Capital expenditure | C$30.8M | C$30.0M | C$20.4M | C$32.8M | C$23.2M |
| Total debt | C$1.50M | C$809,667 | C$972,222 | C$29,535 | C$115,234 |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Thesis Gold & Silver TAU.V | $516M | -31% | n/a | -5% | 2.24× | 24.4% |
| Osisko Gold OGG.V | $814M | -18% | +805% | 8% | 0.99× | 13.4% |
| Skeena Resources SKE.TO | $3.90B | +6% | n/a | -175% | 31.93× | 388.4% |
| Artemis Gold ARTG.V | $6.76B | +18% | +148% | 50% | 6.43× | 58.6% |
| Banyan Gold BYN.V | $554M | +18% | n/a | -5% | 5.50× | 64.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TAU.V | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.9% | -7.7% | 4th lowest of 21 |
| 6-month return | -31.4% | -11.9% | 4th lowest of 21 |
| Return on equity | -4.5% | -19.0% | 7th highest of 18 |
| Price / book | 2.24× | 3.04× | 9th cheapest of 19 |
| ROE the price implies | 24.4% | 17.6% | 8th most demanding of 19 |
| ROE delivered | -4.5% | -19.0% | 7th highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Thesis Gold & Silver TAU.V | Canada | $516M | -31% | n/a | -5% | 2.24× | 24.4% | -4.5% |
| Contango Silver & Gold CTGO | United States | $520M | -43% | n/a | -24% | 1.52× | 8.1% | -23.7% |
| Goldgroup Mining GORO.V | Canada | $500M | -21% | +215% | n/a | n/a | n/a | n/a |
| Rox Resources RXL.AX | Australia | $532M | +13% | n/a | -19% | 2.77× | 12.8% | -19.0% |
| WIA Gold WIA.AX | Australia | $533M | -22% | n/a | -4% | 3.99× | 17.1% | -3.9% |
| Ausgold AUC.AX | Australia | $495M | +42% | n/a | -6% | 3.30× | 37.4% | -6.2% |
| Turaco Gold TCG.AX | Australia | $540M | +29% | n/a | -31% | 8.06× | 112.3% | -31.4% |
| IperionX IPX | United States | $540M | -66% | n/a | -74% | 5.42× | 64.6% | -74.1% |
| Brightstar Resources BTR.AX | Australia | $542M | +68% | +91% | -30% | 1.81× | 16.9% | -29.6% |
| Goldsky Resources GSKR.V | Canada | $543M | -28% | n/a | -22% | 1.75× | 15.8% | -21.8% |
| Forrestania Resources FRS.AX | Australia | $547M | -33% | n/a | -23% | 1.63× | 16.6% | -23.2% |
| Banyan Gold BYN.V | Canada | $554M | +18% | n/a | -5% | 5.50× | 64.9% | -4.8% |
| Andean Precious Metals APM.TO | Canada | $555M | -20% | +63% | 49% | 1.84× | 21.4% | 49.2% |
| Aurelia Metals AMI.AX | Australia | $477M | +16% | +40% | 20% | 1.48× | 15.7% | 20.2% |
| Heliostar Metals HSTR.TO | Canada | $475M | +10% | n/a | n/a | 4.21× | 38.5% | n/a |
| Gold Reserve GRZ.V | Canada | $560M | -19% | n/a | -41% | 4.59× | 12.9% | -41.5% |
| Thor Explorations THX.V | Canada | $466M | -26% | +29% | 55% | 1.00× | 12.0% | 54.9% |
| Meteoric Resources MEI.AX | Australia | $464M | +12% | n/a | -110% | 10.07× | 83.0% | -109.8% |
| Rusoro Mining RML.V | Canada | $457M | -5% | n/a | n/a | n/a | n/a | n/a |
| Integra Resources ITR.V | Canada | $453M | -20% | +71% | 5% | 1.65× | 18.2% | 5.0% |
| Anglo Asian Mining AAZ.L | United Kingdom | $590M | +30% | +220% | 58% | 4.42× | 39.4% | 58.0% |