Mr. Ewan Webster reports

THESIS GOLD CONTINUES TO DERISK LAWYERS-RANCH THROUGH DRILLING

Thesis Gold Inc. has released assay results from the 2025 drill program at Lawyers, part of the 100-per-cent-owned Lawyers-Ranch gold-silver project, located in the prolific Toodoggone mining district of British Columbia. This year's work focused on geotechnical, hydrological and metallurgical studies to support the continuing prefeasibility study (PFS) and to advance the technical work required for future feasibility-level designs, reflecting the company's continued commitment to derisking the project. This program builds on strong economics outlined in the 2024 preliminary economic assessment (the 2024 PEA; Church et al., Oct. 16, 2024), where a base price of $1,930 (U.S.) gold and $24 (U.S.) silver demonstrated robust economics with an after-tax NPV (net present value) (5 per cent) of $1.28-billion, an IRR (internal rate of return) of 35.2 per cent and a 2.0-year payback period (see Sept. 5, 2024, news release).

Key highlights:

• Advancing toward feasibility study (FS) and environmental assessment (EA) data acquisition:
  • 2,772 metres (m) of drilling focused on geotechnical, hydrogeological and metallurgical studies at Cliff Creek and Dukes Ridge (Table 1).
• Multipurpose geotechnical drilling confirms a robust deposit model with high-grade gold and silver:
  • Drill hole 25GTDD002 intersected:
    • 12.00 m of 2.28 grams per tonne gold (g/t Au) and 16.71 g/t silver (Ag), or 2.49 g/t gold equivalent (AuEq) beginning at 294.50 m downhole including 7.50 m of 3.17 g/t Au and 20.08 g/t Ag, or 3.42 g/t AuEq;
    • A lower interval, beginning at 339.77 m downhole, of high-grade silver measuring 2.98 m of 3.53 g/t Au and 107.63 g/t Ag, or 4.87 g/t AuEq, including 1.48 m of 9.75 g/t Au and 307.84 g/t Ag, or 13.60 g/t AuEq.
  • Drill hole 25GTDD003 intersected:
    • 3.10 m of 5.12 g/t Au and 210.39 g/t Ag, or 7.75 g/t AuEq;
    • 4.04 m of 2.52 g/t Au and 22.58 g/t Ag, or 2.79 g/t AuEq.
  • Drill hole 25GTDD005 intersected:
    • 2.11 m of 4.14 g/t Au and 78.58 g/t Ag, or 5.12 g/t AuEq beginning at 22.00 m downhole;
    • 21.50 m of 1.92 g/t Au and 15.88 g/t Ag, or 2.11 g/t AuEq beginning at 96.75 m downhole including 4.25 m of 6.28 g/t Au and 51.12 g/t Ag, or 6.92 g/t AuEq;
    • 43.75 m of 1.48 g/t Au and 26.86 g/t Ag, or 1.81 g/t AuEq beginning at 383.50 m downhole including 4.47 m of 5.43 g/t Au and 6.63 g/t Ag, or 5.51 AuEq.

Ewan Webster, president and chief executive officer, shared: "The work objective at Lawyers this year was to complete critical-path data collection to prepare Thesis for more advanced engineering studies beyond the completion of the PFS later this year. Over the years, our technical team developed a strong understanding of project objectives, allowing us to design programs that balance current and future project needs to maintain steady progress on derisking."

Thesis's 2025 Lawyers drill program was designed to help position the company for a future FS with seven holes designed for geotechnical, hydrogeological and metallurgical investigations. Drilling targeted conceptual pit walls and major faults modelled within the deposit that both control mineralization and have the potential to affect pit design. Detailed geotechnical logging was completed on all holes, while televiewer and hydrogeological data were collected from six and five holes, respectively. The resulting data sets will inform feasibility-level engineering studies and may be incorporated into environmental modelling to support the environmental assessment process.

In addition to informing engineering and environmental studies, each hole also provided an opportunity to test modelled fault zones and mineralization domains. Several gold-silver intervals consistent with the company's geological models were intersected, further validating Thesis's understanding of the deposit. Although mineralization was not the primary focus of the program, results continue to reinforce the team's confidence in the resource model and overall deposit geometry.

Quality assurance and control

Samples were analyzed at Bureau Veritas Minerals Laboratories in Vancouver, Canada (an ISO/IEC 17025-accredited facility). The sampling program was undertaken by company personnel under the direction of Andrew Turner, PGeol, PGeo. A secure chain of custody is maintained in transporting and storing of all samples. Gold was assayed using a fire assay with atomic emission spectrometry. Core was one-half split and assayed at HQ diameter.

The technical content of this news release has been reviewed and approved by Michael Dufresne, MSc, PGeol, PGeo., a non-independent qualified person as defined by National Instrument 43-101.

About Thesis Gold Inc.

Thesis Gold is a resource development company focused on unlocking the potential of its 100-per-cent-owned Lawyers-Ranch project, located in British Columbia's prolific Toodoggone mining district. A 2024 preliminary economic assessment highlights robust project economics, including a 35.2-per-cent after-tax IRR (internal rate of return) and an after-tax NPV5 (net present value, 5-per-cent discount rate) per cent of $1.28-billion, demonstrating the potential for significant value creation. The company's 2025 road map includes a robust exploration and drill program, delivery of a prefeasibility study on the combined Lawyers-Ranch project, and commencement of the environmental assessment process. Through this strategic plan, Thesis Gold intends to elevate the Lawyers-Ranch project to the forefront of global precious metals ventures.

We seek Safe Harbor.