Thesis Gold Announces Positive Prefeasibility Study for Lawyers-Ranch Project: After-Tax NPV5% of $2.37 Billion and 54.4% IRR

Thesis Gold announced the results of an independent Prefeasibility Study (PFS) for its 100%-owned Lawyers-Ranch Project in British Columbia. The PFS outlines extremely robust project economics, a significant improvement over the 2024 Preliminary Economic Assessment (PEA).

Key highlights of the PFS include: - After-Tax Net Present Value (NPV5%): C$2.37 billion - After-Tax Internal Rate of Return (IRR): 54.4% - Payback Period: 1.1 years (after-tax) - Initial Capital Expenditure (CapEx): C$736.2 million - Mine Life: 15 years - Life of Mine (LOM) All-In Sustaining Cost (AISC): US$1,185 per AuEq ounce - Average Annual Production (First 3 Years): 266,000 AuEq ounces - Maiden Mineral Reserve: 76.16 million tonnes grading 1.33 g/t AuEq, for 2.39 million contained Au ounces and 68.7 million contained Ag ounces.

These metrics are based on metal prices of US$2,900/oz gold and US$35/oz silver. The company plans to advance to a Feasibility Study and will initiate the Environmental Assessment (EA) process in December 2025.

This PFS is a transformative, game-changing event for Thesis Gold. It substantially de-risks the Lawyers-Ranch project and elevates it into the top tier of undeveloped gold projects globally. The progression from a PEA to a PFS is a critical milestone, and the results have exceeded reasonable expectations.

A chronological review of the company's news over the past year shows a clear and deliberate strategy of de-risking and value creation, which has culminated in this study: - Systematic De-risking: The company conducted targeted drilling programs throughout the year (Feb, Oct, Nov 2025 news) not just for exploration, but for geotechnical and hydrological purposes to support advanced engineering studies. This foresight has paid off in the quality of the PFS. - Successful Capital Raises: Thesis has demonstrated a strong ability to fund its activities, raising capital at progressively higher valuations: $10M at $0.60 (Dec 2024), $27.5M at $1.30-$1.56 (July 2025), and attracting a major strategic investment from Centerra Gold for $24M at $1.03 (April 2025). This financial strength enabled the work required for the PFS. - Strategic Partnerships: The investment by Centerra Gold, a mid-tier producer with the adjacent Kemess property, provided significant validation. Crucially, the equity investment by the Kwadacha, Tsay Keh Dene, and Takla First Nations (Sept/Nov 2025) is a major de-risking event for permitting and social license in British Columbia.

The PFS numbers represent a quantum leap from the already strong 2024 PEA (which projected a C$1.28B NPV and 35.2% IRR). The establishment of a maiden Mineral Reserve converts a significant portion of the resource into a bankable asset, which is fundamental for securing future project financing.

The most significant impact is on valuation. The after-tax NPV of C$2.37 billion is nearly five times the company's current market capitalization of approximately C$490 million. While the market will apply a discount for time, permitting, and financing risks, this massive valuation gap presents a compelling case for a significant stock re-rating. The initial CapEx of C$736M, while substantial, appears manageable in the context of a 1.1-year payback and the project's high rate of return.

The primary point of criticism, however, must be the aggressive base case metal price assumptions (US$2,900/oz Au, US$35/oz Ag). These are well above historical averages and present a significant risk. While the project's high IRR suggests it would remain economic at lower prices, the lack of a sensitivity analysis in the press release is a notable omission. The project's ultimate viability and financeability will depend on its economics at more conservative, long-term metal prices.

Thesis Gold Inc. is a Canadian mineral exploration and development company focused on its 100%-owned, 495 km² Lawyers-Ranch Gold-Silver Project. The project is located in the Toodoggone Mining District of British Columbia, a productive and mining-friendly jurisdiction. The company has successfully consolidated two adjacent historical projects (Lawyers and Ranch) and is aggressively advancing the combined asset through economic studies. The December 1, 2025, Prefeasibility Study has confirmed its potential as a tier-one mining asset with a 15-year mine life based on open-pit and underground methods.