Thesis Gold mobilizes exploration crews to Lawyers-Ranch, British Columbia

Thesis Gold Inc. [TSXV: TAU; OTCQX: THSGF; WKN: A3EP87] has mobilized crews for the 2025 exploration season at its 100%-owned Lawyers-Ranch Project, located in northern British Columbia’s prolific Toodoggone mining district.

The company is advancing work toward a prefeasibility study (PFS), targeted for release in Q4 2025. This season’s program will lay critical groundwork for future engineering studies, with geological efforts focused on defining the project’s broader potential. Concurrently, engineering and environmental initiatives will continue to derisk the project ahead of the environmental assessment (EA) process, anticipated to begin in the second half of 2025.

2025 program highlights – Geological work: More than 10,000 metres of drilling will be split between resource expansion and testing undrilled prospects at Ranch.

A portion of this season’s drill program will be directed toward follow-up drilling at the Ring zone, a discovery made in 2024.

Resource expansion drilling will target the Bingo and Steve zones, where the technical team sees significant upside to help unlock broader project-scale potential.

Thesis will test several new targets for near-surface, epithermal-style mineralization while also advancing its understanding of deeper porphyry potential, as highlighted by geological, geochemical and geophysical anomalies. The Toodoggone district remains significantly underexplored for porphyry systems, and this season’s program will include drilling at multiple high-potential porphyry centres identified across the project area.

Thesis has contracted Simcoe Geoscience to conduct a 3-D induced polarization (IP) survey. These data will be utilized in drill targeting later this season.

During the latter part of the summer, field crews will mobilize to the company’s satellite claim blocks, the North and East claims, to build on a successful preliminary mapping and prospecting program from 2024.

Engineering work: Five thousand metres of multipurpose geotechnical drilling will provide preliminary information to allow the company to move swiftly from the 2025 PFS to further engineering studies in 2026.

Drilling aimed at characterizing the structural integrity of rock both within the resource and in the conceptual pit walls will support important project design criteria, including pit slopes, underground mine geotech and estimates for mine/pit inflow.

Additional metallurgical studies at both Ranch and Lawyers will help further classify rock comminution characteristics and optimize the processing flow sheet.

Additional geochemical sampling will go toward further classifying the acid-base conditions of mineralized and waste material.

Environmental studies: The required two years of baseline data collection at Lawyers are complete, with continuing studies focused on monitoring and upkeep.

Ranch is in the final months of baseline data collection. Biologists and hydrogeologists will be on site this summer to continue characterizing the project’s aquatic, terrestrial, geochemical and meteorological components.

Dr. Ewan Webster, president and CEO, commented: “We are excited to launch the 2025 exploration season at our Lawyers-Ranch project. Building on the momentum of previous years, this season’s comprehensive geological, engineering and environmental programs are focused on continued project derisking and value creation. With over 15,000 metres of drilling planned, our objectives are to expand known resources, test high-priority new epithermal and porphyry targets, and support long-term development. Concurrent engineering and environmental baseline work will continue to underpin future technical studies and advance the environmental assessment process. These efforts reflect our commitment to efficiently advancing the Lawyers-Ranch project as a premier precious metals asset.”

The Lawyers-Ranch project offers significant exploration potential, with over 20 undrilled gold showings and numerous areas identified with promising geological, geochemical and geophysical anomalies. This year, the company plans to focus on anomalies within the Ranch project area that show promise for future discoveries. Throughout the winter, the technical team has been leveraging a robust geochemical and geophysical data set to highlight a prospective corridor between Ring, Steve, Mandusa and Golden Furlong at the Ranch area. The exploration potential in this region is twofold as Thesis aims to leverage the opportunity for additional discoveries of shallow epithermal-style mineralization that have the potential to further unlock clues about the porphyry potential below the Ranch lithocap, with some deeper holes testing favourable structures and intersecting anomalies.

Dr. Evan Orovan, chief geologist, commented: “I am excited to get to the Lawyers-Ranch project this summer to contextualize this winter’s desktop work with some boots-on-the-ground geology. Drawing from my global experience in porphyry-epithermal systems, I expect to learn a lot from this summer’s “xploration program and our new targets at Ranch.”

To date, Thesis has made significant progress in derisking the Lawyers-Ranch project. The coming PFS, targeted for release in Q4 2025, builds on the strong results of the preliminary economic assessment (PEA) announced on Sept. 5, 2024, which outlined an after-tax net present value (discounted at 5%) of $1.28 billion, a 35.2% internal rate of return and a 2.0-year payback period. Part of this summer’s objective is to initiate key data collection to support a feasibility-level engineering study, planned to commence immediately following the completion of the PFS.

Environmental baseline studies are critical to understanding site-specific conditions prior to project development. These studies require a minimum of two years of data collection covering air, water, soil and biological resources. Once complete, continuing monitoring ensures that the established baseline can inform accurate environmental modelling and support the EA process expected to kick off in the second half of 2025. This summer, biologists will complete the final months of baseline data collection at Ranch and continue monitoring efforts at both Ranch and Lawyers.

Thesis granted 500,000 stock options to employees; 750,000 deferred share units to directors; and 1.5 million RSUs to directors and an officer with all awards governed by the omnibus long-term incentive plan and each applicable award agreement.

Each vested option is good to buy one common share of the company at an exercise price of $1.20 per common share for five years from June 4, 2025. Half the options vest on the first anniversary of the grant date, with the remaining vesting on the second anniversary of the grant date.

Each vested RSU entitles the holder to receive one common share on settlement. The RSUs vest upon the earlier of the termination date of the holder and 10 years. Each vested DSU entitles the holder to receive one common share upon settlement. The DSUs vest and settle on the DSU holder’s termination date.

Thesis Gold’s recently completed PEA highlights robust project economics, including a 35.2% after-tax IRR and an after-tax NPV (discounted at 5%) of $1.28-billion, demonstrating the potential for significant value creation. The company’s 2025 road map includes a robust exploration and drill program, delivery of a prefeasibility study on the combined Lawyers-Ranch project, and commencement of the environmental impact assessment process.