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Thesis Gold

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Thesis Gold and Silver Inc.

Investor website: https://www.thesisgold.com/

About

Thesis Gold and Silver Inc. is a precious metals development company focused on unlocking the potential of its 100% owned Lawyers-Ranch Project, located in British Columbia’s prolific Toodoggone Mining District. A Positive 2025 Pre-feasibility Study highlights robust project economics at Base Case prices of US$ 2,900/oz Au and US$ 35/oz Ag, including: After-tax NPV 5% of CAD 2.4 billion, IRR of 54.4%, Low Initial Capex of CAD 736.20 million, Low AISC of US$1,185/oz AuEq, Fast Payback Period of 1.1 years, and Silver contributes nearly ¼ of total revenue. The Company’s 2026 roadmap includes initiating a Feasibility Study and Detailed Engineering Studies to be completed in 2027, advancing the Environmental Assessment Process, and conducting a robust exploration and drill program to extend known gold/silver mineralization and testing deep porphyry targets to continue de-risking the Project. Thesis is elevating the Lawyers-Ranch Gold/Silver Project to the forefront of global precious metals ventures.

Verified company data

Cash position
$36,089,538
Shares outstanding
256870668
Fully diluted shares
308.3m
Mineral resource
The PFS is based on the Mineral Resource Estimate that includes the project’s maiden Mineral Reserve Estimate and was prepared by P&E Mining Consultants Inc., and APEX Geoscience Ltd., with an effective date of October 16, 2025. It is summarized below. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Significant Mineral Resource growth potential remains across both Lawyers and Ranch projects: - The underground Mineral Resource at Lawyers is open for expansion at depth - Ranch Mineral Resource zones also remain open - Over 20 undrilled targets hold potential for further discoveries. The Lawyers area contains the majority of the Mineral Resource hosted in low sulfidation style epithermal deposits, while the Ranch area, which makes up the remaining portion of the Mineral Resource, is a characteristic lithocap environment hosting high sulfidation deposits.
Projects
["Lawyers-Ranch Project: A Gold Project, With Meaningful Silver Leverage\n\nOverview: [Overview](https://www.thesisgoldsilver.com/lawyers-ranch-project/)\n\nProject Description: [Project Description](https://www.thesisgoldsilver.com/lawyers-ranch-project/)\n\nPFS: [PFS](https://www.thesisgoldsilver.com/lawyers-ranch-project/)\n\nMRE: [MRE](https://www.thesisgoldsilver.com/lawyers-ranch-project/)\n\nExploration: [Exploration](https://www.thesisgoldsilver.com/lawyers-ranch-project/)\n\nTechnical Reports: [Technical Reports](https://www.thesisgoldsilver.com/lawyers-ranch-project/)\n\nProject Highlights:\n\n**Excellent Infrastructure and Access** – Year-round road accessible with a permitted airstrip and potential for a nearby power tie-in; Lawyers-Ranch is approximately 45 km from the Kemess Copper-Gold Mine\n\n**Significant Gold-Silver Reserves and Resources** – Thesis has defined a total Mineral Reserve of 3.2 Moz AuEq (P&P) at 1.33 g/t AuEq, and a total Mineral Resource (including Mineral Reserves) of 4.5 Moz AuEq (M&I) at 1.21 g/t AuEq and 643 koz (Inf) at 1.23 AuEq\n\n**Silver production accounts for approximately 23% of project revenue Robust Pre-feasibility Study** – The study outlines a high-margin, 15.2-year operation with strong projected economics leveraging existing infrastructure\n\n**District Scale Exploration Potential** – numerous undrilled epithermal targets and underlying porphyry potential have been identified\n\n**Active Expansion and De-risking** – Ongoing permitting, technical studies, exploration and expansion drilling, and field reconnaissance are unlocking new growth opportunities across the project\n\nProject Timeline:\n\n- 2018: Acquired Lawyers Project and started modern exploration programs\n- 2019: Started environmental, metallurgical and engineering studies at Lawyers Project\n- 2020: Acquired Ranch Project and started modern exploration programs\n- 2021: Established agreements and commitments with First Nations and started metallurgical studies at Ranch Project\n- 2022: Published Mineral Resource Estimate and Preliminary Economic Assessment for Lawyers Project\n- 2023: Started environmental studies at Ranch Project and consolidated Lawyers-Ranch Project in August.\n- 2024: Published first global Mineral Resource Estimate and Preliminary Economic Assessment for Lawyers-Ranch Project, and started engineering studies and expansion of metallurgical studies at Ranch Project.\n- Q1 2025: Commenced Pre-feasibility Study for Lawyers-Ranch Project in January.\n- Q4 2025: Announced results of PFS. Commenced Environmental Assessment Process\n- Q1 2026: Commence Feasibility and Detailed Engineering Studies\n- 2027: Expected submission of Environmental Assessment Draft Application\n- Early 2029: Expected Environmental Assessment Decision\n\nPre-Feasibility Study:\n\n**On December 1, 2025, Thesis Gold announced a Positive Prefeasibility Study (PFS) for the Lawyers-Ranch Project that significantly improved on a PEA released in 2024. The PFS was led by Ausenco Engineering Canada ULC and will be filed on SEDAR+ within 45 days of the announcement.**\n\nThe PFS assumes:\n\nA conventional truck and shovel open-pit mining (“OP”) operation with common equipment sizing feeding consisting of:\n\n- A 13,700 tonnes per day industry standard processing plant with crushing, grinding, flotation, leaching and a Merrill Crowe recovery circuit to produce gold/silver doré bullion and concentrates on site\n- Four pits at Lawyers site and 8 pits at Ranch site;\n- A crossover to underground mining (“U/G”) from the Dukes Ridge, Cliff Creek, and Ranch Deposits from years 2 to 14 using longhole stoping and a small zone of drift-and-fill to feed up to 2,500 t/d.\n- The 2025 PFS is based on a Mineral Resource Estimate which includes a maiden Mineral Reserve Estimate and was announced by the Company on December 1, 2025\n\nThe Company’s 2024 PEA was preliminary in nature. It included inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there was no certainty that the 2024 PEA would be realized. The Company’s 2025 PFS is the Company’s current technical report, and it entirely replaces the results of the 2024 PEA, which is no longer current and should no longer be relied upon. A copy of the Company’s 2024 PEA was filed on the Company’s SEDAR+ profile at www.sedarpus.ca on October 16, 2024.\n\nMineral Resource Estimate:\n\nThe PFS is based on the Mineral Resource Estimate that includes the project’s maiden Mineral Reserve Estimate and was prepared by P&E Mining Consultants Inc., and APEX Geoscience Ltd., with an effective date of October 16, 2025. It is summarized below. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.\n\nSignificant Mineral Resource growth potential remains across both Lawyers and Ranch projects:\n\n- The underground Mineral Resource at Lawyers is open for expansion at depth\n- Ranch Mineral Resource zones also remain open\n- Over 20 undrilled targets hold potential for further discoveries.\n\nThe Lawyers area contains the majority of the Mineral Resource hosted in low sulfidation style epithermal deposits, while the Ranch area, which makes up the remaining portion of the Mineral Resource, is a characteristic lithocap environment hosting high sulfidation deposits."]
Leadership
Ewan Webster Ph.D., P. Geo. (President, CEO, and Director), Coille van Alphen (Director, seasoned mining investment professional with over 15 years of experience across public equities, capital markets, and strategic investing. Currently serves as a Mining & Metals Portfolio Manager at Equinox Partners.), Russell Ball (Director, seasoned international mining executive with over 30 years of experience. Previously CEO of Calibre Mining Corp. and held senior roles at Goldcorp Inc. and Newmont Mining Corporation.), David Garratt (CFO, CPA, CA, brings over 20 years of financial leadership experience, including senior roles with several public mining companies.), Kettina Cordero (Vice President Investor Relations, over 15 years of expertise in investor relations and corporate communications within the mining industry.), Dr. Evan Orovan (Chief Geologist, highly experienced economic geologist specializing in porphyry-epithermal systems and exploration strategies with over 15 years of global experience.)

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