Ewan Webster, President and CEO of Thesis Gold Inc. (TSXV: TAU) (OTCQX: THSGF) (WKN: A3EP87), joins us for a comprehensive overview of the Pre-Feasibility Study (PFS) announced on December 1^st, at the combined Lawyers-Ranch Project, in the Toodoggone Mining District of British Columbia.

This Lawyers-Ranch project hosts a resource of 4.7 million gold equivalent ounces, with a substantial silver contribution, but the PFS economics are based solely on the Proven & Probable Reserves of 3.2 Moz AuEq.

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.
• 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 PFS did not include recovery of the crown pillar between the open pit and underground workings. With further study there is an opportunity to increase the mineable ore from underground without impacting the open pits.
• Inferred mineral resources from both Ranch and Lawyers are not captured within the PFS mine plan. Upgrading the classification of these Inferred ounces through additional drilling presents an opportunity to potentially expand the mineable materials.
• Numerous early-stage and undrilled targets exist across the entirety of the Lawyers-Ranch tenure, and Thesis is focused on a comprehensive, systems-based approach to unlocking additional exploration potential in an emerging porphyry district.

If you have any questions for Ewan regarding Thesis Gold, then please email them into us at Fleck@kereport.com or Shad@kereport.com.

• In full disclosure, Shad is a shareholder of Thesis Gold at the time of this recording and may choose to buy or sell shares at any time.

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