Thesis Gold reports positive prefeasibility study for Lawyers-Ranch Project, British Columbia

Thesis Gold Inc. [TSXV: TAU; WKN: A3EP87; OTCQX: THSGF] reported positive results from an independent Prefeasibility Study (PFS) for its 100%-owned Lawyers-Ranch Project in the prolific Toodoggone Mining District of northern British Columbia.

The PFS was prepared by Ausenco Engineering Canada ULC., Mining Plus Canada Ltd., Knight Piésold Ltd., Equilibrium Mining Inc., P&E Mining Consultants Inc., pHase Geochemistry Inc., Frank Wright Consulting, and SLR Consulting Ltd. in accordance with NI 43-101 standards.

The PFS outlines a plan for developing the combined Lawyers-Ranch Project using both open pit and underground mining methods, with ore processed at a single facility.

PFS highlights – Strong Economics at US$2,900/oz of gold and US$35/oz silver – Pre-tax: 73.5%, internal rate of return (IRR) and $3.73 billion net present value at a 5% discount rate (NPV5%).

After-tax: IRR of 54.4% and an NPV5% of $2.37 billion at US$4,100/oz Au and US$51/oz Ag: Pre-tax: 117.4% IRR and $6.86 billion NPV5%; After-tax: 87.8% IRR and $4.36 billion NPV5%.

Strong Early Production: Strong gold-equivalent (AuEq) annual production rates for the first three years averaging 266,000 ounces, and 187,000 ounces over the Life-of-Mine (LOM).

Increased Tonnes Processed, Increased Throughput Rates and Extended Mine Life: Despite the removal of Inferred Resources from the mine plan, total tonnes processed rose by 18% (relative to the 2024 Preliminary Economic Assessment). Process plant throughput increased by 9% to 13,700 tonnes per day (t/d) and the mine life increased to 15-years, based solely on Measured and Indicated Resources.

Mineral Reserve: Maiden Mineral Reserve statement with 76.16 million tonnes of ore grading 0.97 g/t Au and 28 g/t Ag for a total AuEq* grade of 1.33 g/t.

Low All-in Sustaining Costs (AISC†): Average AISC† of US$1,185 per AuEq ounce.

Silver: Silver production accounts for approximately 23% of revenue.

Quick Payback: The Project offers an after-tax payback period of 1.1 years at US$2,900 Au and US$35 Ag.

Capex: Initial capital expenditure is estimated at $736.2 million, with a compelling after-tax NPV5%: initial capital ratio of 3.2:1. The initial capital estimate does not consider a potential revenue of $91.1 million in pre-production revenue from processing stockpiles as part of the initial commissioning and ramp-up plan.

Project Upside: Significant project upside exists both in the potential to further optimize engineering design through a Feasibility Study, and in the project-wide exploration potential that remains untapped. The section entitled “Project Upside” further details the opportunities present at Lawyers-Ranch.

Dr. Ewan Webster, President and CEO, commented, “With the prefeasibility results announced today, Thesis Gold is positioned 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.

“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. I’m extremely proud of our team, Ausenco, and our technical partners, whose work provides the foundation for advancing Lawyers-Ranch through permitting and toward construction. Importantly, this is not the end of the growth story. With significant resource expansion and discovery potential still ahead of us, 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.”

Bill Lytle, Non-Executive Chairman, added, “I am looking forward to advancing the project through Feasibility Study and permitting, as we look to create significant value for all our stakeholders by responsibly developing the Ranch-Lawyers project.”

A comprehensive review of the 2024 PEA was undertaken to identify and incorporate optimizations that would strengthen overall project economics as the study advanced to PFS-level engineering, cost estimating, and confidence.

The review identified mine sequencing as the primary opportunity to strengthen project economics. Optimization work brought high-margin ore forward, increased mill throughput, and reshaped the production schedule to improve the IRR and shorten the payback period. This work highlighted the economic importance of Ranch ore, from the Ranch portion of the Project (the Ranch Area), the value of prioritizing higher-grade underground feed, and the benefits of a stockpiling approach. As a result, the Ranch Area was advanced to the first three years of production, and the underground cut-off grade was increased to 2.2 g/t AuEq to maximize margins.

In addition to optimized mine-sequencing of the four pits in the Lawyers portion of the project (the Lawyers Area) as well as the eight Ranch Area pits, the larger pit shells at the Lawyers Area were subdivided into staged pushbacks to improve operational flexibility, bring additional ounces forward, and reduce strip ratios in the early years of the LOM. In parallel, the project incorporated a 9% increase to process plant throughput and a slight reduction in the open-pit cut-off grade over the LOM.

The PFS outlines a 15-year LOM processing 76 million tonnes, with average annual production of 266,000 AuEq ounces in the first three years to support a rapid payback. Total life-of-mine production is 2.84 million AuEq ounces.

Opportunities to potentially further improve the project in the planned future Feasibility Study, include the pre-concentration of Ranch Area ore to increase average grade and reduce haulage costs from Ranch Area to the process plant located at the Lawyers Area site. An initial assessment, conducted by ABH Engineering Inc. with test work performed by Tomra Mining in Germany, shows promising results for Ranch Ore Sorting.

Crown Pillar Recovery: The PFS did not include recovery of the crown pillar between the open pit and underground workings. With further study there is an opportunity to increase the mineable ore from underground without impacting the open pits.

Pit Geotechnical Optimization: Opportunities exist to steepen portions of the Ranch pits in key locations where ground conditions permit; additional drilling and improved rock-mass granularity will help refine and optimize these zones.

Construction and Commissioning Optimization: Additional opportunity exists to optimize the construction and commissioning phase, specifically evaluating alternative sources to borrow materials to reduce initial capital costs.

Mine Life Extension: Inferred Mineral Resources from both Ranch and Lawyers are not captured within the PFS mine plan. Upgrading the classification of these Inferred ounces through additional drilling presents an opportunity to potentially expand the mineable materials.

Numerous early-stage and undrilled targets exist across the entirety of the Lawyers-Ranch tenure, and Thesis is focused on a comprehensive, systems-based approach to unlocking additional exploration potential in an emerging porphyry district.

The PFS considers a conventional truck and shovel open pit mining (OP) operation at the Lawyers Area, with common equipment sizing feeding a 13,700 (t/d), industry standard processing plant that includes crushing, grinding, flotation, leaching and a Merrill Crowe recovery circuit, to produce both precious metals concentrate and gold-silver doré bullion on site.

The PFS considers a crossover to underground mining (“U/G”) using longhole stoping to feed up to 1,640 t/d from the Dukes Ridge and Cliff Creek deposits during operational years one to seven. The PFS includes contract mining at the Ranch Area, during the first three years of operations.

The PFS is based on an update of the Mineral Resource Estimate with an effective date of October 16, 2025, and the first Mineral Reserve Statement for the Project, with an effective date of October 27, 2025.

The project infrastructure is designed to support a mining and processing operation with a 13,700 t/d throughput, operating on a 24-hour per day, seven day per week basis. The overall site layout will include open pit mines, underground mines, a processing plant, tailings storage facility, waste rock storage facilities, and supporting infrastructure including an accommodation complex, administration office, mine dry, mine maintenance facility, assay lab, and bulk fuel storage.

Site access will be via the existing access road connecting the site to the Kemess mine. A new site access road will branch off the existing access road, providing a more direct route onto the project site. Power will be supplied by a new 69kV transmission line connecting a new 230:69kV step down substation which will tap into the existing 230kV line at Kemess. The Kemess line is subsequently connected to BC Hydro’s Kennedy Siding Substation near Mackenzie BC. A 13.8 kV distribution system will be constructed to support site infrastructure.

Thesis holds the required permits and approvals to continue exploring the areas comprising the project. The project, located on Crown land in British Columbia within the traditional lands of the Tsay Keh Dene Nation, Kwadacha Nation, Takla Nation, and Tahltan Territory, will require additional permits, including an Environmental Assessment Certificate (EAC) and a federal decision statement.

Thesis has secured agreements with Indigenous groups, including a trilateral Exploration Cooperation and Benefit Agreement (Tsay Keh Dene Nation, Kwadacha Nation, and Takla Nation) as well as an Exploration Agreement with the Tahltan Central Government. Thesis is committed to establishing forums for the benefit of communities that will facilitate on-going engagement, sharing project information, and exploring economic opportunities throughout the project lifecycle.

With the PFS now complete, Thesis is advancing to a Feasibility Study (FS) for the project. FS data collection started during the 2025 field season where approximately 2,800 metres of drilling occurred with geotechnical data collected and installation of vibrating wire piezometers in three of the geotechnical holes.

The main focus of the 2026 field season will be to collect the remaining FS level data gaps for geotechnical and hydrogeological data as well as collection of additional FS metallurgical samples. Drilling will be planned to accomplish these multiple objectives, and multielement assays from the same holes when going through the ore body will continue to enhance the team’s geological understanding of the project.

Thesis Gold is focused on unlocking the potential of its 100%-owned Lawyers-Ranch Project in British Columbia’s prolific Toodoggone Mining District. Thesis Gold intends to initiate the Environmental Assessment Process in late 2025 and a Feasibility Study in 2026.