Thesis Gold Files Pre-Feasibility Technical Report for the Lawyers-Ranch Gold-Silver Project

Executive Summary

• Thesis Gold filed its NI 43‑101 pre‑feasibility study (2025 PFS) for the wholly owned Lawyers‑Ranch project on SEDAR+.
• The study reports strong economics: after‑tax IRR of 54.4% and NPV₅% of C$2.37 billion at US$2,900/oz Au and US$35/oz Ag, with a quick payback of ~1.1 years.
• Highlights include a maiden mineral reserve of 76.16 Mt @ 0.97 g/t Au & 28 g/t Ag (AuEq 1.33 g/t), initial capex of $736.2 M, and average AISC of US$1,185/AuEq oz.

Key Details

• Report filing: Pre‑feasibility Study (“2025 PFS”) filed on SEDAR+; technical report prepared by Ausenco Engineering Canada ULC et al., compliant with NI 43‑101.
• Economic assumptions (base case): US$2,900/oz Au and US$35/oz Ag.
• After‑tax results (base case):
• IRR 54.4%
• NPV₅% C$2.37 billion
• Payback period ≈1.1 years
• Upside scenario (US$4,100/oz Au & US$51/oz Ag):
• After‑tax IRR 87.8%
• NPV₅% C$4.36 billion
• Production outlook:
• First three years – average 266,000 AuEq oz/year (payable).
• 15‑year LOM – average 187,000 AuEq oz/year.
• Silver contributes ~23% of projected revenue.
• Mineral reserve: 76.16 Mt containing 0.97 g/t Au and 28 g/t Ag (AuEq 1.33 g/t).
• Capital expenditure: Estimated initial capex $736.2 M; after‑tax NPV₅%/capex ratio of 3.2:1 (excluding C$91.1 M pre‑production stockpile revenue).
• All‑in Sustaining Cost (AISC): US$1,185 per AuEq oz (average over LOM).
• Project upside: Potential for further engineering optimisation in a forthcoming Feasibility Study and untapped exploration potential across the project area.
• Forward‑looking actions: Environmental Assessment underway; Feasibility Study planned for 2026 to de‑risk and advance the project.

Notable Quotes

“The recently published Prefeasibility Study outlines robust project economics, including a 54.4% after‑tax IRR and an after‑tax NPV₅% of C$2.37 billion…underscoring the Project's strong value‑creation potential.” – Ewan Webster, President, CEO & Director, Thesis Gold Inc.