Dr. Ewan Webster reports

THESIS GOLD & SILVER COMMENCES 2026 EXPLORATION AND PROJECT ADVANCEMENT PROGRAMS AT LAWYERS-RANCH PROJECT

The 2026 exploration and project advancement programs are now under way at Thesis Gold & Silver Inc.'s Lawyers-Ranch project, located in British Columbia's prolific Toodoggone mining district. The 2026 program is focused on three key objectives:

• Advancing the Lawyers-Ranch project toward completing a feasibility study (FS) before the end of 2027 through continued engineering and technical derisking activities;
• Expanding high-grade mineralization at Ranch with the goal of supporting future resource growth, mine-life extension and enhanced project economics;
• Advancing district-scale porphyry targets that have the potential to unlock significant value across the broader land package.

The FS will build on the prefeasibility study (PFS) announced in December, 2025, that outlined an open-pit and underground operation with a 15-year mine life, an after-tax net present value (discounted at 5 per cent) of $2.37-billion, an after-tax interntal rate of return of 54.4 per cent and a payback period of 1.1 years. The PFS base case assumed gold and silver prices of $2,900 (U.S.) per troy ounce and $35 (U.S.) per troy ounce, respectively (see news release dated Dec. 1, 2025, entitled "Thesis Gold Announces Positive Prefeasibility Study for Lawyers-Ranch Project: After-Tax NPV5% of $2.37 Billion and 54.4% IRR").

In 2026, the company plans to complete approximately 20,000 metres of drilling, including approximately 12,000 m focused on exploration targets at Ranch and Ranch East and approximately 8,000 m of geotechnical, hydrogeological, metallurgical and geochemical drilling designed to support this FS.

2026 exploration program focus

The exploration program will focus on expanding high-grade gold and silver mineralization at Ranch and following up on promising porphyry targets identified during the 2025 exploration program at Ranch and Ranch East:

• Geological work:
  • Approximately 12,000 m of exploration drilling at Ranch will focus on expanding zones of gold mineralization, continuing testing new epithermal gold targets, as well as testing deeper porphyry targets identified at Ranch and Ranch East;
  • Drilling at the Steve zone will follow up on 2025 results, which intersected high-grade gold within a broad mineralized envelope (see news release dated Jan. 21, 2026, entitled "Thesis Gold Intersects 38.00 Metres of 3.62 grams per tonne (g/t) Au at Steve Zone, Ranch Project");
  • Advancing two high-quality porphyry targets identified at Ranch and Ranch East during the 2025 program:
    • These targets represent different exposure levels within the continuum of porphyry epithermal systems (see news release dated March 30, 2026, entitled "Thesis Gold & Silver Identifies Two Distinct Porphyry Targets on the Lawyers-Ranch Project");
    • The Ranch lithocap is inferred to overlie a potential porphyry system at depth;
    • Alteration at Ranch East is consistent with exposure of deeper levels of a porphyry system;
  • Additional work will consist of detailed mapping and surface sampling, talus fines sampling, and an IP (induced polarization) geophysical survey;
• Engineering work:
  • Approximately 8,000 m of multipurpose geotechnical, metallurgical and hydrogeological drilling focused on advancing the FS and related engineering studies;
  • The drilling program is designed to improve understanding of the deposit and will provide critical inputs for mine design, pit-slope optimization, underground development planning, water management studies and process plant design;
  • Additional metallurgical studies at both Ranch and Lawyers to further classify rock comminution characteristics and optimize the processing flow sheet.

Dr. Ewan Webster, president and chief executive officer, commented: "With a very positive prefeasibility study completed and the environmental assessment process well under way, 2026 will be an important year in advancing Lawyers-Ranch toward development. This year's program is designed to support multiple value drivers for the project, including key engineering and technical studies supporting the feasibility study, expansion of known high-grade gold mineralization at Ranch, and continued evaluation of the significant porphyry potential across our broader land package.

"The Steve zone remains one of the most exciting exploration opportunities within the Ranch project. Recent drilling has demonstrated the presence of high-grade gold mineralization within a broad mineralized system, and we believe there is considerable potential to continue growing the zone. Exploration success at Ranch has the potential to contribute additional high-grade ounces near existing infrastructure, support a mine-life extension and further strengthen project economics.

"Beyond our near-resource targets, we are also excited to advance two compelling porphyry targets at Ranch and Ranch East. These targets represent different levels of exposure within a large porphyry-epithermal system and have the potential to unlock an entirely new dimension of value across the Lawyers-Ranch district. We look forward to providing updates as results become available throughout the season."

The company continues to derisk Lawyers-Ranch by advancing the environmental assessment (EA) process, which commenced in December, 2025, with the submission of the initial project description (IPD) and engagement plan to the British Columbia Environmental Assessment Office and the IPD and plain-language summary to the Impact Assessment Agency of Canada. The company continues to target receipt of an EA decision in early 2029.

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 & Silver Inc.

Thesis is a Canadian precious metals development company focused on advancing its 100-per-cent-owned Lawyers-Ranch gold-silver project in British Columbia's prolific Toodoggone mining district, one of North America's most prospective emerging precious metals districts. Lawyers-Ranch hosts a large, high-quality gold-equivalent mineral resource with meaningful exposure to silver, which represents a significant component of the project and long-term value proposition.

Thesis is advancing Lawyers-Ranch through feasibility, permitting and continued exploration, with the objective of unlocking long-term value for shareholders and stakeholders.

We seek Safe Harbor.