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

Press Release

VANCOUVER, BC, Dec. 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):
  • Pre-tax: 73.5%, internal rate of return (“IRR”) and $3.73 billion net present value at a 5% discount rate (“NPV5%”)
  • After-tax: IRR of 54.4% and an NPV5% of $2.37 billion
  • 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.
• 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.

*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.

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, Ausenco, 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 1^st 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 subdivided into staged pushbacks to improve operational flexibility, bring additional ounces forward, and reduce strip ratios in the early years of the LOM. In parallel, the project 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.

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