Thesis Gold identifies targets at Lawyers-Ranch

Executive Summary

• Thesis Gold & Silver Inc. identified two distinct high-quality porphyry exploration targets (Ranch and Ranch East) on its 100%-owned Lawyers-Ranch project in Northern British Columbia.
• The Ranch target is interpreted to overlie a potential porphyry system beneath a high-sulphidation lithocap, supported by elevated molybdenum, gusano textures, and diatreme breccia.
• The Ranch East target exposes deeper levels of a porphyry system via high-temperature inner propylitic alteration and copper-silver mineralization, indicating district-scale potential for multiple porphyry systems.

Key Details

• Project Location: Lawyers-Ranch gold-silver project, Toodoggone mining district, Northern British Columbia (100% owned).
• Ranch Target (Lithocap/Upflow Zone):
  • Identified as a well-developed high-sulphidation lithocap defined by silicic and advanced argillic alteration (alunite, pyrophyllite, dickite, pyrite).
  • Major hydrothermal upflow zone identified at the "Moly corridor" via elevated molybdenum in surface samples and coincident resistivity/chargeability anomalies.
  • Geological indicators supporting proximity to a porphyry system include well-developed silicic alteration, gusano textures (wormy/patchy domains of dickite, pyrophyllite, diaspore, white mica), and diatreme breccia.
  • Interpretation: The Ranch lithocap is inferred to overlie a potential porphyry system at depth.
• Ranch East Target (Deep Porphyry Exposure):
  • Located 15 km east of the Ranch resource area; non-contiguous claim package.
  • Exposes high-temperature inner propylitic alteration (actinolite subzone) across a >1 km footprint.
  • Features include magnetite-actinolite veins with albite halos and clast-selective epidote alteration.
  • Surface grab sampling returned elevated copper and silver values, including:
    • 2.31% Cu (bornite bearing).
    • 1.76% Cu with 14.0 ppm Ag (chalcopyrite bearing).
  • Interpretation: Consistent with exposure of deeper levels of a porphyry system.
• Strategic Context:
  • Targets add to the foundation established by the Dec 1, 2025 Prefeasibility Study (PFS), which reported an after-tax NPV5% of $2.37 billion, 54.4% IRR, and 1.1-year payback at $2,900/oz Au and $35/oz Ag.
  • Current metal prices are above base-case assumptions, providing economic upside.
  • The coexistence of lithocap-hosted and deeper porphyry-level alteration suggests potential for multiple porphyry systems within the district.
• Future Plans:
  • 2026 field season will focus on advancing drill targets, critical-path data collection for an upcoming feasibility study, expanding geophysical surveys, and drilling to test priority porphyry targets.
• Technical Verification:
  • Samples analyzed at Bureau Veritas Minerals Laboratories (ISO/IEC 17025-accredited).
  • Technical content reviewed by Michael Dufresne, MSc, PGeol, PGeo (NI 43-101 Qualified Person).

Notable Quotes

• "The identification of two porphyry systems at different levels of exposure highlights the district-scale potential emerging at Ranch. Ranch East provides a rare window into deeper levels of a porphyry system, while Ranch preserves the upper lithocap portion of a similar system. Together, these observations significantly expand the exploration potential across the project area, provide compelling new targets for further exploration and represent exciting upside to the mining scenario already established in our 2025 PFS." — Ewan Webster, President and CEO.

Admin Details

• Equity Compensation: Thesis granted an aggregate of:
  • 1.36 million stock options (Exercise price: $2.70; Vesting: 1/3 annually for 3 years; Expiry: March 27, 2026).
  • 402,000 restricted share units (RSUs) (Vesting: 1/3 annually for 3 years).
  • 393,000 performance share units (PSUs) (Vesting: Upon satisfaction of corporate objectives over 3 years).
  • 261,000 deferred share units (DSUs) (Vesting/Settlement: On termination date).
  • All awards governed by the company's omnibus long-term incentive plan.