AISC† costs consist of mining costs, processing costs, mine-level G&A, offsite charges, royalties, sustaining capital, expansion capital, and closure costs.
*AuEq reported for the mined materials/mill feed in mineral resource estimate and mineral reserve estimates assumes a conversion of 80:1 for Ag
to AuEq based on expected average expected recoveries of 93% Au and 86.1% Ag at US$2,000/oz Au and $24.50/oz Ag.
**AuEq production values are based on payable ounces as calculated by the financial model and have varying gold and silver recoveries by
deposit at a US$2,900/oz Au and US$35/oz Ag.
AISC† costs consist of mining costs, processing costs, mine-level G&A, offsite charges, royalties, sustaining capital, expansion capital, and
closure costs.
THESIS GOLD INC.
1050-1075 West Georgia Street
Vancouver, BC
Canada, V6E 3C9
Thesis Gold Announces Positive Prefeasibility Study for Lawyers-
Ranch Project: After-Tax NPV5% of $2.37 Billion and 54.4% IRR
All dollar amounts are in Canadian dollars (“$”) unless otherwise indicated.
Vancouver, British Columbia -- (December 1, 2025) – Thesis Gold Inc. (“Thesis” or the “Company”)
(TSXV: TAU | WKN: A3EP87 | OTCQX: THSGF) is pleased to announce positive results from an
independent Prefeasibility Study (“PFS”) for its 100% owned Lawyers -Ranch Project (“Lawyers-Ranch”
or the “Project”) in the prolific Toodoggone Mining District of British Columbia.
The PFS was prepared by Ausenco Engineering Canada ULC . (“ Ausenco”), Mining Plus Canada Ltd.
(“Mining Plus”), Knight Piésold Ltd. (“Knight Piésold”), Equilibrium Mining Inc. (“Equilibrium”), P&E
Mining Consultants Inc . (“P&E”), pHase Geochemistry Inc., Frank Wright Consulting, and SLR
Consulting Ltd. (“SLR”) in accordance with National Instrument 43 -101 – Standards of Disclosure for
Mineral Projects (“NI 43 -101”). The NI 43-101 PFS Technical Report will be filed on SEDAR + at
www.sedarplus.ca and Thesis Gold’s website www.thesisgold.com within 45 days of this announcement.
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 are summarized below:
• Strong Economics at US$2,900 per ounce of gold (oz Au) and US$35 per ounce of silver (oz Ag):
o Pre-tax: 73.5%, internal rate of return (“IRR”) and $3.73 billion net present value at a 5%
discount rate (“NPV5%”)
o After-tax: IRR of 54.4% and an NPV5% of $2.37 billion
o 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.
*AuEq reported for the mined materials/mill feed in mineral resource estimate and mineral reserve estimates assumes a conversion of 80:1 for Ag
to AuEq based on expected average expected recoveries of 93% Au and 86.1% Ag at US$2,000/oz Au and $24.50/oz Ag.
**AuEq production values are based on payable ounces as calculated by the financial model and have varying gold and silver recoveries by
deposit at a US$2,900/oz Au and US$35/oz Ag.
AISC† costs consist of mining costs, processing costs, mine-level G&A, offsite charges, royalties, sustaining capital, expansion capital, and
closure costs.
- 2 -
• 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, Aus enco, 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.”
The Company will host a webcast call to discuss the results of the PFS on Monday, December 1st at 10:00
am Eastern time. To join the call: visit https://app.webinar.net/G0lQbExeaRm, or dial 1-289-815-
3444 (Toronto), or 1 (800) 715 -9871 (toll free North America ). For more details , visit
https://thesisgold.com/investors/.
PFS Project Enhancements
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
*AuEq reported for the mined materials/mill feed in mineral resource estimate and mineral reserve estimates assumes a conversion of 80:1 for Ag
to AuEq based on expected average expected recoveries of 93% Au and 86.1% Ag at US$2,000/oz Au and $24.50/oz Ag.
**AuEq production values are based on payable ounces as calculated by the financial model and have varying gold and silver recoveries by
deposit at a US$2,900/oz Au and US$35/oz Ag.
AISC† costs consist of mining costs, processing costs, mine-level G&A, offsite charges, royalties, sustaining capital, expansion capital, and
closure costs.
- 3 -
subdivided into staged pushbacks to improve operational flexibility, bring additional ounces forward, and
reduce strip ratio s in the early years of the LOM . In parallel, the pro ject 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.
The results of the PFS were compared to the 2024 PEA and are detailed in Table 1 below:
Table 1: Comparison of 2025 PFS to 2024 PEA Results
General Unit 2025 PFS 2024 PEA Change
After-Tax NPV (5%) $M 2,370 1,277 +86%
After-Tax IRR % 54.4 35.2 +55%
Payback Period yrs 1.1 2.0 -45%
Payable AuEq** koz 2,837 3,025 -6%
LOM yrs 15.2 14 +7%
After-Tax NPV:Initial Capital ratio 3.2:1 2.1:1 +52%
AISC†/AuEq** oz US$oz 1,185 1,013 +17%
Open Pit Stripping Ratio W:O 4.6 5.0 -8%
Project Upside
Opportunities to potentially further improve the project in the planned future Feasibility Study, include
the following:
• Pre-Concentration: 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:
o 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.
o 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.
*AuEq reported for the mined materials/mill feed in mineral resource estimate and mineral reserve estimates assumes a conversion of 80:1 for Ag
to AuEq based on expected average expected recoveries of 93% Au and 86.1% Ag at US$2,000/oz Au and $24.50/oz Ag.
**AuEq production values are based on payable ounces as calculated by the financial model and have varying gold and silver recoveries by
deposit at a US$2,900/oz Au and US$35/oz Ag.
AISC† costs consist of mining costs, processing costs, mine-level G&A, offsite charges, royalties, sustaining capital, expansion capital, and
closure costs.
- 4 -
PFS Overview
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.
Ausenco was appointed as lead consultant in January 202 5 to prepare the PFS in accordance with NI 43-
101 standards. Ausenco was assisted by Mining Plus Canada Ltd. (“Mining Plus”) for mining and Mineral
Reserve, Knight Piésold Ltd. (“KP”) for tailings management facility (“TMF”), waste rock storage facility
(“WRSF”) design, and site -wide water management , Equilibrium for open pit and underground
geotechnical assessment, Frank Wright Consulting Inc. (“Frank Wright”) for metallurgy , P&E Mining
Consultants Inc. for Mineral Resource estimation, pHase Geochemistry Inc. for material characterization,
and SLR Consulting Ltd. for environmental and permitting.
PFS Parameters and Assumptions
The financial modeling for the PFS was completed by Ausenco and included the following parameters and
assumptions:
Table 2: Summary of PFS Production
Production Unit First 5-year Avg LOM Total / Avg.
Mine Life yrs n/a 15
Total Processed Feed Tonnes kt 25,168 76,156
Waste Mined kt 119,746 341,960
OP Stripping Ratio W:O 6.5 4.6
Head Grade - Au g/t 1.25 0.97
Head Grade - Ag g/t 35.76 28.1
Head Grade - AuEq* g/t 1.68 1.31
Recovery Rate - Au % 92.9 92.8
Recovery Rate - Ag % 79.4 81.6
Total Payable Au koz 924 2,198
Total Payable Ag koz 21,460 52,940
Total Payable AuEq** koz 1,183 2,837
Average Annual Production - Au koz/yr 185 145
Average Annual Production - Ag koz/yr 4,292 3,482
Average Annual Production - AuEq** koz/yr 237 187
*AuEq reported for the mined materials/mill feed in mineral resource estimate and mineral reserve estimates assumes a conversion of 80:1 for Ag
to AuEq based on expected average expected recoveries of 93% Au and 86.1% Ag at US$2,000/oz Au and $24.50/oz Ag.
**AuEq production values are based on payable ounces as calculated by the financial model and have varying gold and silver recoveries by
deposit at a US$2,900/oz Au and US$35/oz Ag.
AISC† costs consist of mining costs, processing costs, mine-level G&A, offsite charges, royalties, sustaining capital, expansion capital, and
closure costs.
- 5 -
Table 3: Summary of PFS Economic Results
General Unit LOM
Au Price US$/oz 2,900
Ag Price US$/oz 35.00
Exchange Rate USD:CAD 1.35
Operating Costs Unit LOM Avg.
Mining $/t Processed1 25.53
Processing $/t Processed1 15.36
G&A $/t Processed1 5.64
Total $/t Processed1 46.53
AISC† US$/AuEq** oz 1,185
Capital Cost Unit LOM Total
Initial Capital $M 736.2
Sustaining Capital $M 789.4
including U/G Sustaining Capital of: $M 227.3
Closure Capital $M 71.8
Salvage Credit $M (56.3)
Total Capital $M 1,541.1
Pre-Tax Financials Unit LOM
NPV (5%) $M 3,730
IRR % 73.5
Payback Period Yrs 0.8
After-Tax Financials Unit LOM.
NPV (5%) $M 2,370
IRR % 54.4
Payback Period Yrs 1.1
After-Tax NPV:Initial Capital Ratio 3.2:1
1Excluding pre-production operating costs and tonnes.
The annual production of total payable gold and silver is presented in Figure 1.
*AuEq reported for the mined materials/mill feed in mineral resource estimate and mineral reserve estimates assumes a conversion of 80:1 for Ag
to AuEq based on expected average expected recoveries of 93% Au and 86.1% Ag at US$2,000/oz Au and $24.50/oz Ag.
**AuEq production values are based on payable ounces as calculated by the financial model and have varying gold and silver recoveries by
deposit at a US$2,900/oz Au and US$35/oz Ag.
AISC† costs consist of mining costs, processing costs, mine-level G&A, offsite charges, royalties, sustaining capital, expansion capital, and
closure costs.
- 6 -
Figure 1: Annual Payable Precious Metals
Sensitivity Analysis
A sensitivity analysis to metal prices was performed and the impacts on the Project’s key economic
indicators are summarized below:
Table 4: Metal Price Sensitivity Analysis
Base Case Spot1
Gold Price ($US)/oz 2,000 2,500 2,900 3,500 4,100
Silver Price ($US)/oz 24.00 28.00 35.00 43.00 51.00
Pre-Tax
NPV5% ($M) 1,429 2,608 3,730 5,295 6,861
IRR 34.9% 55.8% 73.5% 96.3% 117.4%
After Tax
NPV5% ($M) 909 1,658 2,370 3,364 4,357
IRR 25.9% 41.2% 54.4% 71.2% 86.9%
NPV5%: Initial Capex 1.2 2.3 3.2 4.6 5.9
Payback Years 2.5 1.7 1.1 0.8 0.6
1 Assumed spot price as of November 24, 2025.
*AuEq reported for the mined materials/mill feed in mineral resource estimate and mineral reserve estimates assumes a conversion of 80:1 for Ag
to AuEq based on expected average expected recoveries of 93% Au and 86.1% Ag at US$2,000/oz Au and $24.50/oz Ag.
**AuEq production values are based on payable ounces as calculated by the financial model and have varying gold and silver recoveries by
deposit at a US$2,900/oz Au and US$35/oz Ag.
AISC† costs consist of mining costs, processing costs, mine-level G&A, offsite charges, royalties, sustaining capital, expansion capital, and
closure costs.
- 7 -
Mineral Resource Estimate
The PFS is based on the Mineral Resource Estimate prepared by P&E Mining Consultants Inc., and APEX
Geoscience Ltd., with an effective date of October 16, 2025. It is summarized below (Table 5). Mineral
Resources that are not Mineral Reserves do not have demonstrated economic viability.
Table 5: Summary of October 16, 2025 Mineral Resource Estimate
Mineral
Resource
Area
Cut-off
AuEq
(g/t)
Classification Tonnes
(k)
Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq
(g/t)
Au
(koz)
Ag
(koz)
Cu
(kt)
AuEq
(koz)
Pit-Constrained Mineral Resource Estimate
Lawyers Area 0.25
Measured 50,674 0.91 31.9 0.00 1.31 1,482 51,920 0 2,131
Indicated 61,778 0.77 21.0 0.00 1.03 1,527 41,737 0 2,049
M&I 112,452 0.83 25.9 0.00 1.16 3,009 93,657 0 4,179
Inferred 8,583 0.59 16.3 0.00 0.80 164 4,509 0 220
Ranch Area 0.25
Measured 376 3.91 1.3 0.02 3.93 47 16 0 47
Indicated 3,502 1.77 10.1 0.06 1.90 200 1,137 2 214
M&I 3,878 1.98 9.3 0.06 2.10 247 1,153 2 261
Inferred 5,785 1.50 4.7 0.10 1.56 279 876 6 290
Total 0.25
Measured 51,049 0.93 31.6 0.00 1.33 1,529 51,936 0 2,178
Indicated 65,281 0.82 20.4 0.00 1.08 1,727 42,874 2 2,263
M&I 116,330 0.87 25.3 0.00 1.19 3,256 94,810 2 4,441
Inferred 14,369 0.96 11.7 0.04 1.10 443 5,385 6 510
Out-of-Pit Mineral Resource Estimate
Lawyers Area 1.20
Indicated 1,173 2.20 81.5 0.00 3.21 83 3,073 0 121
Inferred 1,334 1.72 51.7 0.00 2.36 74 2,216 0 101
Ranch Area 1.20
Indicated 26 1.89 6.6 0.09 1.98 2 5 0 2
Inferred 530 1.80 4.2 0.16 1.85 31 71 1 32
Total 1.20
Indicated 1,199 2.19 79.8 0.00 3.19 84 3,078 0 123
Inferred 1,863 1.74 38.2 0.05 2.22 104 2,286 1 133
Total Mineral Resource Estimate
All Combined
Measured 51,049 0.93 31.6 0.00 1.33 1,529 51,936 0 2,178
Indicated 66,480 0.85 21.5 0.00 1.12 1,811 45,952 2 2,386
M&I 117,529 0.88 25.9 0.00 1.21 3,340 97,888 2 4,564
Inferred 16,232 1.05 14.7 0.04 1.23 547 7,671 7 643
Source: APEX (2025)
Notes:
*AuEq reported for the mined materials/mill feed in mineral resource estimate and mineral reserve estimates assumes a conversion of 80:1 for Ag
to AuEq based on expected average expected recoveries of 93% Au and 86.1% Ag at US$2,000/oz Au and $24.50/oz Ag.
**AuEq production values are based on payable ounces as calculated by the financial model and have varying gold and silver recoveries by
deposit at a US$2,900/oz Au and US$35/oz Ag.
AISC† costs consist of mining costs, processing costs, mine-level G&A, offsite charges, royalties, sustaining capital, expansion capital, and
closure costs.
- 8 -
1. Mr. Eugene Puritch, P.Eng., FEC, CET, and Mr. Yungang Wu, M.Sc., P.Geo., of P&E Mining Consultants Inc., are independent
Qualified Persons as defined by NI 43-101 and are responsible for the Mineral Resource Estimate, with an effective date of October
16, 2025.
2. Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated
economic viability.
3. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant issues.
4. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and
must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could
potentially be upgraded to an Indicated Mineral Resource with continued exploration.
5. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Stan ding
Committee on Reserve Definitions and adopted by the CIM Council.
6. Historical mined areas were removed from the block-modelled Mineral Resources.
7. The Lawyers Area includes the Cliff Creek (CC), Dukes Ridge (DR), Phoenix (PX), and Amethyst Gold Breccia (AGB) zones. The
2025 MRE includes updates to the CC, DR, and PX zones since the 2024 MRE. The AGB block model remains unchanged from the
2022 MRE but is restated with updated RPEEE constraints.
8. The Ranch Area includes the Thesis II, Thesis III, Bingo, Barite Vein (BV), Bonanza-South, JK, Bonanza, and Ridge zones. The 2025
MRE updates all Ranch Area zones from the 2024 MRE.
9. Economic assumptions include metal prices of US$2,500/oz Au, US$30/oz Ag, and US$8,800/tonne Cu; an exchange rate of 0.73
US$:CAD$; process recoveries of 93% Au for both Areas, 86% and 88% Ag for the Lawyers and Ranch areas, respectively, and 85%
Cu for the Ranch Area; and processing and G&A costs of CAD$17/t and CAD$6/t, respectively. AuEq values are calculated using an
Au-to-Ag ratio of 1:80. Cu is not included in the AuEq calculation.
10. Pit-constrained Mineral Resources include blocks within an optimized pit shell derived using the economic assumptions described
above, together with a mining cost of CAD$4.0/t for mineralized and waste material, and pit slopes of 52° and 48° for the Lawyer s
and the Ranch Areas, respectively.
11. Out-of-pit Mineral Resource Estimates include blocks below the constraining pit shell that form continuous and potentially mineable
shapes, derived using the economic assumptions described above together with a mining cost of CAD$90/t. These parameters result in
an out-of-pit cut-off grade of 1.20 g/t AuEq. Mining shapes encapsulate material within domains with a minimum horizontal width of
2.0 m (perpendicular to strike) and target vertical and horizontal dimensions of approximately 10 m (H) by 20 m (L).
Mineral Reserve
The PFS is based on the Mineral Reserve E stimate prepared by Mining Plus and reported by Thesis Gold
with an effective date of October 27, 2025. The Mineral Reserve Estimate is summarized in Table 6 below:
Table 6: Summary of October 27, 2025, Mineral Reserve Estimate
Category Tonnes
(kt)
Au
(g/t)
Ag
(g/t)
AuEq
(g/t)7 Au (koz) Ag (koz) AuEq
(koz)
Open Pit
Proven
Lawyers Area 31,582 0.97 33.45 1.39 990 33,965 1,414
Ranch Area 365 3.66 1.11 3.67 43 13 43
Open Pit Subtotal: Proven 31,948 1.01 33.08 1.42 1,033 33,978 1,457
Probable
Lawyers Area 39,661 0.79 20.16 1.04 1,007 25,709 1,329
Ranch Area 2,134 1.65 11.69 1.80 113 802 123
Open Pit Subtotal: Probable 41,795 0.83 19.73 1.08 1,120 26,511 1,452
Underground
Proven
Lawyers Area 1,301 2.96 115.68 4.41 124 4,839 184