Thesis Gold 公布 Lawyers-Ranch 项目预可行性研究：税后 NPV5% 为 23.7 亿加元、IRR 54.4%

除另有说明外，所有美元金额均以加元（“$”）计。

，/CNW/ - Thesis Gold Inc.（“Thesis”或“公司”）（TSXV: TAU）（WKN: A3EP87）（OTCQX: THSGF）欣然宣布，其位于不列颠哥伦比亚省（British Columbia）多产的 Toodoggone 矿区、由公司 100% 拥有的 Lawyers-Ranch 项目（“Lawyers-Ranch”或“项目”）的独立预可行性研究（“PFS”）取得积极结果。

该预可行性研究（PFS）由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及SLR Consulting Ltd.（“SLR”）依照《国家文书43-101——矿业项目披露标准》（“NI 43-101”）编制。NI 43-101 PFS技术报告将于本公告发布后45天内提交至SEDAR+网站www.sedarplus.ca及Thesis Gold网站www.thesisgold.com。

该PFS概述了采用露天和地下两种采矿方法开发Lawyers-Ranch联合项目的计划，矿石将在单一设施中加工。

PFS 要点总结如下：

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%
强劲的早期产量：前三年金当量（“AuEq”）*年产量强劲，平均为266,000盎司**，矿山全生命周期（“LOM”）内为187,000盎司**。
处理吨位增加、吞吐率提高、矿山寿命延长：尽管从矿山计划中剔除了推断资源量，总处理吨位仍增加了18%（相对于2024年初步经济评估）。选矿厂吞吐量提高了9%，达到每日13,700吨（t/d），且仅基于测定和指示资源量，矿山寿命延长至15年。
矿产储量：首次矿产储量声明，矿石量为7616万吨，金品位0.97克/吨、银品位28克/吨，金当量*总品位为1.33克/吨。
低全维持成本（“AISC†”）： 平均 AISC† 为每 AuEq** 盎司 1,185 美元。
白银：白银产量约占收入的23%。
快速回本：在黄金价格为2,900美元、白银价格为35美元的情况下，该项目提供1.1年的税后回本期。
资本支出：初始资本支出估计为7.362亿美元，税后NPV5%与初始资本之比为3.2:1，颇具吸引力。初始资本估算未考虑在初始调试和产能爬坡计划中处理库存矿可能带来的9110万美元预生产收入。
项目 上行空间：项目存在显著的上行空间，既体现在通过可行性研究进一步优化工程设计的潜力上，也体现在项目范围内尚未开发的勘探潜力上。题为“项目上行空间”的章节进一步详述了Lawyers-Ranch所具备的机会。

_{*矿产资源估算和矿产储量估算中，对采出物料/磨矿给料报告的AuEq（金当量）基于预期平均回收率93% Au和86.1% Ag，按金价2,000美元/盎司、银价24.50美元/盎司，以Ag对AuEq 80:1的换算比例计算。}

_{**AuEq 产量数值基于财务模型计算的可支付盎司，且不同矿床的金、银回收率各异，按金 US$2,900/盎司、银 US$35/盎司计算。}

AISC† 成本包括采矿成本、加工成本、矿山层面的一般及管理费用、场外费用、权利金、维持性资本、扩建资本和关闭成本。

总裁兼首席执行官 Ewan Webster 博士评论道：“凭借今日公布的预可行性研究结果，Thesis Gold 已跻身行业内最具价值创造力的故事之一。税后净现值 23.7 亿美元、内部收益率 54.4%、投资回收期 1.1 年，使 Lawyers-Ranch 稳居全球开发阶段金矿项目的顶级行列。该研究增强了项目的技术严谨性，提高了总处理矿石量，并大幅缩短了投资回收期，同时保留了异常强劲的早期生产曲线。我为我们的团队、Ausenco 以及我们的技术合作伙伴感到无比自豪，他们的工作为推进 Lawyers-Ranch 通过许可审批并迈向建设奠定了基础。重要的是，这并不是增长故事的终点。我们面前仍有显著的资源扩展和发现潜力，我们认为这份预可行性研究既是对我们迄今所发现成果的验证，也是下一阶段价值创造的基础。”

Bill Lytle，非执行主席，补充道：“我期待推进该项目通过可行性研究和许可审批，因为我们希望通过负责任地开发Ranch-Lawyers项目，为所有利益相关者创造显著价值。”

公司将举办网络直播电话会议，讨论PFS结果，时间为12月1日^st（星期一）美国东部时间上午10:00。加入会议：请访问 https://app.webinar.net/G0lQbExeaRm，或拨打1-289-815-3444（多伦多），或1 (800) 715-9871（北美免费电话）。更多详情，请访问https://thesisgold.com/investors/。

PFS 项目改进

对2024年PEA进行了全面审查，以识别并纳入优化措施，从而在研究推进至PFS级别的工程设计、成本估算和置信度时增强项目整体经济性。

审查认定，矿山开采顺序是增强项目经济性的首要机会。优化工作将高利润矿石提前开采，提高了选矿厂处理量，并重塑了生产计划以提升IRR并缩短投资回收期。这项工作凸显了Ranch矿石的经济重要性——来自项目Ranch部分（“Ranch Area”）的Ranch矿石、优先处理高品位地下矿石的价值，以及采用堆存方式的好处。因此，Ranch Area被提前至投产的前三年，地下截止品位提高至2.2克/吨金当量*，以最大化利润。

除了对项目 Lawyers 部分（“Lawyers 矿区”）的四个露天矿坑以及八个 Ranch 矿区矿坑进行优化的采矿顺序安排外，Lawyers 矿区较大的矿坑壳被细分为分阶段扩帮，以提高运营灵活性、提前产出更多盎司，并降低矿山寿命期（LOM）早期的剥采比。同时，该项目将选矿厂处理能力提高了 9%，并在整个 LOM 内略微降低了露天开采的边界品位。

PFS 概述了 15 年的矿山寿命（LOM），期间处理 7,600 万吨矿石，前三年平均年产 266,000 盎司金当量（AuEq）**，以支持快速回本。全矿山寿命总产量为 284 万盎司金当量（AuEq）**。

PFS的结果已与2024年PEA进行对比，详见下表1：

表1：2025年PFS与2024年PEA结果对比
一般参数	单位	2025 PFS	2024 PEA	变化
税后净现值（5%）	百万美元	2,370	1,277	+86 %
税后内部收益率	%	54.4	35.2	+55 %
投资回收期	年	1.1	2.0	-45 %
应付金当量**	千盎司	2,837	3,025	-6 %
矿山寿命（LOM）	年	15.2	14	+7 %
税后净现值：初始资本	比率	3.2:1	2.1:1	+52 %
全部维持成本†/黄金当量** 盎司	美元/盎司	1,185	1,013	+17 %
露天矿剥采比	W:O	4.6	5.0	-8 %

项目上行空间

在计划未来开展可行性研究（Feasibility Study）中，有可能进一步改进该项目的机会包括以下内容：

预选：对Ranch Area矿石进行预选，以提高平均品位并降低从Ranch Area到位于Lawyers Area场址的选矿厂的运输成本。由ABH Engineering Inc.开展的初步评估，以及由Tomra Mining在德国进行的试验工作，显示Ranch矿石分选结果良好。
矿柱回收：PFS 未包含露天采场与地下巷道之间矿柱的回收。通过进一步研究，存在在不影响露天采场的情况下增加地下可采矿石量的机会。
露天坑岩土工程优化：在地质条件允许的关键位置，存在将Ranch露天坑部分区域边坡加陡的机会；补充钻探和提高岩体粒度将有助于细化和优化这些区域。
施工与调试优化：存在进一步优化施工与调试阶段的机会，特别是评估替代的取料来源以降低初始资本成本。
矿山寿命延长：
- Ranch和Lawyers两处的推断矿产资源未纳入PFS矿山规划。通过补充钻探提升这些推断盎司的分类级别，为潜在扩大可开采资源提供了机会。
- 整个Lawyers-Ranch矿权区内存在众多早期阶段和未钻探靶区，Thesis正专注于采用全面的、基于系统的方法，释放这一新兴斑岩矿区的额外勘探潜力。

预可行性研究概述

该预可行性研究（PFS）考虑在Lawyers矿区采用常规卡车-铲装露天开采（"OP"）作业，以通用设备规模向一座13,700吨/日（t/d）的行业标准选矿厂供矿，该选矿厂包括破碎、磨矿、浮选、浸出及Merrill Crowe回收回路，在现场生产贵金属精矿和金银合质金锭。

该预可行性研究（PFS）考虑采用深孔空场法转入地下开采（“U/G”），在运营第1至第7年期间，从Dukes Ridge和Cliff Creek矿床每日供应最多1,640吨矿石。该PFS还包括在运营前三年于Ranch Area进行承包采矿。

该PFS基于生效日期为2025年10月16日的矿产资源量估算更新，以及该项目首份生效日期为2025年10月27日的矿产储量声明。

Ausenco 于 2025 年 1 月被任命为首席顾问，负责按照 NI 43-101 标准编制 PFS。Ausenco 得到了以下协助：Mining Plus Canada Ltd.（“Mining Plus”）负责采矿和矿产储量，Knight Piésold Ltd.（“KP”）负责尾矿管理设施（“TMF”）、废石堆场（“WRSF”）设计和全场地水管理，Equilibrium 负责露天矿和地下岩土评估，Frank Wright Consulting Inc.（“Frank Wright”）负责冶金，P&E Mining Consultants Inc. 负责矿产资源估算，pHase Geochemistry Inc. 负责物料表征，SLR Consulting Ltd. 负责环境和许可。

预可行性研究参数与假设

PFS的财务建模由Ausenco完成，并包含以下参数和假设：

表2：PFS产量摘要
产量	单位	前5年平均	矿山全生命周期总计/平均
矿山寿命	年	不适用	15
处理给矿总量	千吨	25,168	76,156
采出废石	kt	119,746	341,960
露天开采剥采比	W:O	6.5	4.6
入选品位 - 金	克/吨	1.25	0.97
原矿品位 - 银	克/吨	35.76	28.1
入选品位 - 金当量*	克/吨	1.68	1.31
回收率 - Au	%	92.9	92.8
银回收率	%	79.4	81.6
应付黄金总量	千盎司	924	2,198
应付白银总量	千盎司	21,460	52,940
应付金当量总量**	千盎司	1,183	2,837
年均产量 - 金	千盎司/年	185	145
年均产量 - 银	千盎司/年	4,292	3,482
年均产量 - 金当量**	千盎司/年	237	187

表3：PFS经济结果摘要
一般	单位	矿山寿命
金价	美元/盎司	2,900
银价	美元/盎司	35.00
汇率	USD:CAD	1.35
运营成本	单位	矿山寿命期平均
采矿	美元/吨处理量¹	25.53
加工	美元/吨加工量¹	15.36
一般及行政费用	美元/吨处理量¹	5.64
合计	美元/吨处理量¹	46.53
AISC†	美元/金当量盎司**	1,185
资本成本	单位	矿山寿命期总计
初始资本	百万美元	736.2
维持性资本	百万美元	789.4
包括地下维持性资本：	百万美元	227.3
关闭资本	百万美元	71.8
残值抵扣	百万美元	(56.3)
资本总额	百万美元	1,541.1
税前财务数据	单位	矿山寿命期（LOM）
净现值（5%）	百万美元	3,730
内部收益率	%	73.5
投资回收期	年	0.8
税后财务数据	单位	矿山寿命期
净现值（5%）	百万美元	2,370
内部收益率	%	54.4
投资回收期	年	1.1
税后净现值：初始资本	比率	3.2:1

¹	不包括生产前运营成本和吨数。

应付黄金和白银的年总产量见图1。

查看配图：Figure 1: Annual Payable Precious Metals (CNW Group/Thesis Gold Inc.)

敏感性分析

对金属价格进行了敏感性分析，对项目关键经济指标的影响汇总如下：

表4：金属价格敏感性分析
			基准情形		现货¹
金价（美元）/盎司	2,000	2,500	2,900	3,500	4,100
白银价格（美元）/盎司	24.00	28.00	35.00	43.00	51.00

税前
净现值5%（百万美元）	1,429	2,608	3,730	5,295	6,861
内部收益率	34.9 %	55.8 %	73.5 %	96.3 %	117.4 %

税后
净现值5%（百万美元）	909	1,658	2,370	3,364	4,357
IRR	25.9 %	41.2 %	54.4 %	71.2 %	86.9 %
净现值5%：初始资本支出	1.2	2.3	3.2	4.6	5.9
投资回收期（年）	2.5	1.7	1.1	0.8	0.6

¹	假设现货价格为2025年11月24日。

矿产资源量估算

该预可行性研究（PFS）基于由 P&E Mining Consultants Inc. 和 APEX Geoscience Ltd. 编制的矿产资源估算，生效日期为2025年10月16日。其摘要见下表（表5）。不属于矿产储量的矿产资源不具有已证实的经济可行性。


矿产资源量区域	边界品位金当量 (克/吨)	分类	吨数 (千吨)	金 (克/吨)	银 (克/吨)	铜 (%)	金当量 (克/吨)	金 (千盎司)	银 (千盎司)	铜 (千吨)	金当量 (千盎司)
受露天坑约束的矿产资源量估算
律师区	0.25	探明	50,674	0.91	31.9	0.00	1.31	1,482	51,920	0	2,131
		指示	61,778	0.77	21.0	0.00	1.03	1,527	41,737	0	2,049
		M&I	112,452	0.83	25.9	0.00	1.16	3,009	93,657	0	4,179
		推断	8,583	0.59	16.3	0.00	0.80	164	4,509	0	220
牧场区	0.25	探明	376	3.91	1.3	0.02	3.93	47	16	0	47
		指示	3,502	1.77	10.1	0.06	1.90	200	1,137	2	214
		M&I	3,878	1.98	9.3	0.06	2.10	247	1,153	2	261
		推断	5,785	1.50	4.7	0.10	1.56	279	876	6	290
合计	0.25	探明	51,049	0.93	31.6	0.00	1.33	1,529	51,936	0	2,178
		指示	65,281	0.82	20.4	0.00	1.08	1,727	42,874	2	2,263
		M&I	116,330	0.87	25.3	0.00	1.19	3,256	94,810	2	4,441
		推断	14,369	0.96	11.7	0.04	1.10	443	5,385	6	510
露天采场外矿产资源量估算
律师区	1.20	推定	1,173	2.20	81.5	0.00	3.21	83	3,073	0	121
律师区	1.20	推断	1,334	1.72	51.7	0.00	2.36	74	2,216	0	101
牧场区	1.20	推定	26	1.89	6.6	0.09	1.98	2	5	0	2
牧场区	1.20	推断	530	1.80	4.2	0.16	1.85	31	71	1	32
合计	1.20	探明	1,199	2.19	79.8	0.00	3.19	84	3,078	0	123
合计	1.20	推断	1,863	1.74	38.2	0.05	2.22	104	2,286	1	133
矿产资源量估算总量
全部	合计	探明	51,049	0.93	31.6	0.00	1.33	1,529	51,936	0	2,178
		指示	66,480	0.85	21.5	0.00	1.12	1,811	45,952	2	2,386
		M&I	117,529	0.88	25.9	0.00	1.21	3,340	97,888	2	4,564
		推断	16,232	1.05	14.7	0.04	1.23	547	7,671	7	643

来源：APEX（2025）

注：
1.	P&E Mining Consultants Inc. 的 Eugene Puritch 先生（P.Eng.、FEC、CET）和 Yungang Wu 先生（M.Sc.、P.Geo.）是 NI 43-101 所定义的独立合资格人士，负责矿产资源量估算，估算生效日期为 2025 年 10 月 16 日。
2.	矿产资源量包含储量。不属于矿产储量的矿产资源量不具有已证实的经济可行性。
3.	矿产资源量估算可能受到环境、许可、法律、权属、税收、社会政治、市场或其他相关问题的重大影响。
4.	本次估算中的推断矿产资源量置信度低于指示矿产资源量，且不得转换为矿产储量。合理预期是，通过持续勘探，大部分推断矿产资源量有可能升级为指示矿产资源量。
5.	矿产资源量依据加拿大采矿、冶金与石油学会（CIM）编制、并经CIM理事会通过的《CIM矿产资源量与储量标准、定义（2014）》及《最佳实践指南（2019）》估算。
6.	历史开采区域已从块体模型矿产资源量中剔除。
7.	Lawyers Area 包括 Cliff Creek（CC）、Dukes Ridge（DR）、Phoenix（PX）和 Amethyst Gold Breccia（AGB）矿区。2025 MRE 包含自 2024 MRE 以来对 CC、DR 和 PX 矿区的更新。AGB 块模型与 2022 MRE 相比保持不变，但按更新后的 RPEEE 约束重新列报。
8.	Ranch Area 包括 Thesis II、Thesis III、Bingo、Barite Vein（BV）、Bonanza-South、JK、Bonanza 和 Ridge 矿区。2025 年 MRE 更新了 2024 年 MRE 中 Ranch Area 的所有矿区。
9.	经济假设包括金属价格：金 2,500 美元/盎司、银 30 美元/盎司、铜 8,800 美元/吨；汇率为 0.73 美元：加元；两个区域的金回收率均为 93%，Lawyers 和 Ranch 区域的银回收率分别为 86% 和 88%，Ranch 区域的铜回收率为 85%；加工成本和管理及一般费用分别为 17 加元/吨和 6 加元/吨。金当量值采用金银比 1:80 计算。铜未计入金当量计算。
10.	受露天坑约束的矿产资源量包括位于优化露天坑境界内的矿块，该境界依据上述经济假设，并结合矿化物料与废石4.0加元/吨的采矿成本，以及Lawyers区和Ranch区分别为52°和48°的边坡角得出。
11.	露天采坑外矿产资源量估算包括位于约束采坑壳体之下、构成连续且可能具有可开采形状的矿块，其依据上述经济假设以及90加元/吨的采矿成本得出。这些参数导致露天采坑外边界品位为1.20克/吨金当量。开采形状将矿化域内的物质包裹其中，最小水平宽度为2.0米（垂直于走向），目标垂直和水平尺寸约为10米（高）×20米（长）。

矿产储量

该预可行性研究（PFS）基于由 Mining Plus 编制、Thesis Gold 报告的矿产资源储量估算，生效日期为2025年10月27日。矿产资源储量估算汇总于下表6：

Table 6: Summary of October 27, 2025, Mineral Reserve Estimate
类别	吨数 (kt)	Au (g/t)	Ag (g/t)	AuEq (g/t)⁷	Au (koz)	Ag (koz)	AuEq (koz)
露天矿
探明
律师领域	31,582	0.97	33.45	1.39	990	33,965	1,414
牧场区	365	3.66	1.11	3.67	43	13	43
*露天矿小计：探明*	31,948	1.01	33.08	1.42	1,033	33,978	1,457
概略
Lawyers Area	39,661	0.79	20.16	1.04	1,007	25,709	1,329
Ranch Area	2,134	1.65	11.69	1.80	113	802	123
*Open Pit Subtotal: Probable*	41,795	0.83	19.73	1.08	1,120	26,511	1,452
Underground
Proven
Lawyers Area	1,301	2.96	115.68	4.41	124	4,839	184
*Underground Subtotal: Proven*	1,301	2.96	115.68	4.41	124	4,839	184
Probable
Lawyers Area	1,112	3.08	95.55	4.28	110	3,416	153
*Underground Subtotal: Probable*	1,112	3.08	95.55	4.28	110	3,416	153
Total
Proven	33,249	1.08	36.31	1.54	1,156	38,817	1,642
Probable	42,907	0.89	21.69	1.16	1,231	29,927	1,605
*Proven + Probable*	76,156	0.97	28.08	1.33	2,387	68,743	3,246

Source: Mining Plus (2025)

Notes:
1.	Classification of Mineral Reserves is in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014) of NI 43-101.
2.	The independent and qualified person for the Mineral Reserve, as defined by NI 43-101, is Peter Lock, FAusIMM.
3.	The effective date is October 27, 2025.
4.	Open Pit Mineral Reserves are reported using an AuEq cut-off grade of 0.29 g/t AuEq for the Lawyers Area pits and a 0.37 g/t for the Ranch Area.
5.	Underground Mineral Reserves are reported using a cut-off grade of 2.20 g/t diluted AuEq to determine the mining extents. Lower grade gaps within the extents were infilled using stopes that met the incremental cut-off grade of 1.7 g/t diluted AuEq. A lower mill feed cut-off grade of 1.5 g/t diluted AuEq was applied to mineralized development.
6.	Processing costs used in the cut-off grade calculation were $C 15.77/t milled for Lawyers Area feed and $15.91/t milled for Ranch Area feed; the costs used for sustaining capital, G&A, and Ranch Area ore haul were $C 2.49/t milled, $C 5.23/t milled, and $C 5.80/t milled, respectively.
7.	AuEq =Au + Ag/80, where Au is the gold grade in g/t and Ag is the silver grade in g/t.
8.	Mineral Reserves are reported using long-term gold and silver prices of $US 2,000/oz and $US 24.50/oz, respectively, and a foreign exchange rate of 1CAD = 0.73USD.
9.	The gold processing recovery assumptions used were 92.9% for the Lawyers Area mill feed and 93.2% for the Ranch Area feed. The silver processing recovery assumptions used were 86.1% for Lawyers Area mill feed and 88.4% for Ranch Area mill feed.
10.	A minimum mining width of 2.5 m was used for all underground assets.
11.	Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content.

Capital and Operating Costs

The PFS includes initial capital expenditures of $736.2 million, compared to $598.4 million in the 2024 PEA, a 23% increase. The increase reflects general cost inflation, a 9% increase in process plant throughput (from 12,600 t/d to 13,700 t/d), increased definition for facilities associated with water management, an increase in electrical design and equipment costs, and the mining of the Ranch Area accelerated to year one of operations. The total sustaining costs are estimated at $861.2 million, inclusive of contingency, estimated closure costs of $71.8 million, and estimated salvage credit of $56.3 million.

LOM operating costs for the Project are estimated to average $46.53 per tonne processed excluding pre-production operating costs and tonnes. The PFS is based on an owner-operated model for mining the Lawyers Area open pits, contractor mining for the Ranch Area open pits, and an owner-operated underground operation at the Lawyers Area. Mill feed distribution over the LOM is 3.2% of the ore processed from the Lawyers Area underground, 3.3% from the Ranch Area open pit via contractor, and the remaining 93.5% is from the Lawyers area owner-operated open pits.

The capital and operating cost estimate was developed in Canadian Dollars ($) in Q3 2025. The capital cost summary is presented in Table 7 and the operating cost summary is presented in Table 8.

Table 7: Summary of Capital Costs
Capital Costs	Pre-Production ($M)	Sustaining / Closure ($M)	Total ($M)
Open Pit Mining	79.1	181.0	260.1
Underground Mining	0.7	227.3	228.0
Mineral Processing	246.1	0.0	246.1
Tailings and Waste Management	70.7	293.1	363.8
On-site Infrastructure	103.1	0.0	103.1
Off-site Infrastructure	1.9	45.1	47.0
Project Indirects	56.0	0.8	56.8
EPCM	53.6	0.0	53.6
Owner's Costs	20.1	0.0	20.1
Closure	0.0	71.8	71.8
Subtotal 1	631.2	819.2	1,450.3
Contingency	98.7	42.0	140.7
Subtotal 2	729.8	861.2	1,591.0
Capitalized Process OPEX	6.4	0.0	6.4
Salvage Credit	0.0	(56.3)	(56.3)
Total Capital Costs	736.2	804.9	1,541.1
*Numbers may not sum due to rounding

Table 8: Summary of Operating Costs (Excluding Pre-Production)
Operating Costs	$/t Mined^	Average Annual $M^^	LOM $M
OP Mining – Lawyers	4.13	105.2	1,578.1
UG Mining – Lawyers	100.58	34.7	242.7
OP Mining – Ranch	4.65	36.9	110.7
Operating Costs	$/t Processed	Average Annual $M	LOM $M
Mining – Total	25.53	129.54	1931.4
Processing**	15.36	78.07	1,162.5
G&A	5.64	28.6	426.9
Total	46.53	236.1	3,520.8
Numbers may not sum due to rounding *Processing operating costs include waste management and infrastructure ^Open pit mining costs are presented as $/t mined, Underground mining costs are presented as $/t ore mined ^^Average annual mining costs reflect the costs allocated to an area divided by the years that area is in operation.

Mining

The PFS outlines a mining strategy that integrates conventional open pit truck-and-shovel operations with underground longhole stoping, supported by a stockpiling approach to maintain a maximum annual processing rate of 5.1 million tonnes per annum (Mtpa). Approximately 96.8% of the mill feed will be sourced from open pit mining, as most of the defined Mineral Reserves are located near-surface. In contrast, underground mining will target deeper, higher-grade zones at the Lawyers Area.

Over the LOM, the Project is expected to deliver 76.2 Mt of mill feed at an average grade of 1.33 g/t AuEq*, containing approximately 2.39 million ounces ("Moz") of gold and 68.74 Moz of silver. These estimates are based on cut-off grades of 0.29 g/t AuEq* for the Lawyers Area open pits and 0.37 g/t AuEq* for the Ranch Area open pits. The underground Mineral Reserve diluted cut-off grade of 2.2 g/t AuEq* was used to define the mining footprint. Additionally, an incremental cut-off grade of 1.5 g/t AuEq* was applied to development, while a cut-off grade of 1.7 g/t AuEq* was used for additional infill stopes.

Figure 2 presents the annual mill feed by ore source, along with the mined AuEq* grade.

查看配图：Figure 2: Milled Reserve Schedule (CNW Group/Thesis Gold Inc.)

Note: AuEq = Au + Ag/80

Open Pit Mining

Open pit mine design was guided by a series of optimized shells for each deposit. This mine design consists of four pits at the Lawyers Area and eight small pits at the Ranch Area, with a combined strip ratio of 4.6:1. Where operational widths allowed, these shells were subdivided into pushbacks to improve operational flexibility and optimize the production schedule. Approximately 73.7 Mt of open pit Mineral Reserve has been defined with grades of 0.91g/t Au and 25.51 g/t Ag, containing 2.15 Moz of gold and 60.49 Moz of silver.

The mining sequence prioritizes high-grade material in the schedule, while stockpiling lower-grade material to optimize feed grade. It also includes mining out select pits to establish development access for underground operations which enables, the delivery of higher-grade underground mill feed. The open pit operation is planned for 15 years, preceded by a two-year pre-production period. Average material movement, inclusive of stockpile reclaim, is estimated at 78.2 kt/d, with peak movement reaching 89.0 kt/d. This excludes pre-production material movement.

The open pit mining activities for the Lawyers Area will be undertaken by an owner-operated truck and shovel fleet with conventional drill, blast, load and haul operations. All mining activities at the Ranch Area will be undertaken by a mining contractor. Given the overall scale of operations and equipment requirements, a diesel-powered fleet has been selected.

Underground Mining

Underground mining in the Lawyers Area will take place at the Dukes Ridge and Cliff Creek (North and South) Deposits. The underground will utilize longhole stoping to achieve a production rate of 1,640 t/d. Stopes will be extracted in a retreat sequence and backfilled with unconsolidated waste rock and/or cemented rock fill. All waste from underground development will be used as backfill.

The mine will be developed using conventional underground equipment, including development jumbos, longhole drills, bolters, LHDs, and haul trucks. Mineralized material will be hauled to the surface and to a stockpile facility near the portal, where open pit equipment will transport stockpiled material to the crusher.

查看配图：Figure 3: Longitudinal Projection of Lawyers Underground Looking West (CNW Group/Thesis Gold Inc.)

Approximately 2.4 Mt of underground Mineral Reserve have been defined with grades of 3.02 g/t Au and 106.40 g/t Ag, containing 234,000 oz of gold and 8.26 Moz of silver. Underground mine production will occur during the first seven years of the Project's 15-year mine life.

Processing

The metallurgical test program demonstrates the Project is well suited to a conventional treatment circuit that allows for flexibility to suit the blended feed characteristics of the mineralized material from the Lawyers and Ranch Areas. The PFS metallurgical test work program was completed at SGS Canada Inc.'s metallurgical lab in Burnaby, BC and the testing builds on previous test work. The test work shows that lower sulphide material responds well to cyanide leaching and that higher sulphide material has a poor leach response but can be readily recovered by flotation. The operating philosophy of Lawyers-Ranch will allow for production of a saleable flotation concentrate, while maintaining the ability to leach various process streams to produce doré at site. The flowsheet is designed to be flexible and operates to recover gold via gravity recovery, flotation, and leaching.

The proposed flowsheet has a primary grind to a product particle size 80% passing 140 microns feeding a differential flotation circuit. Gravity pretreatment is included prior to flotation. The flexible flotation circuit allows production of two types of flotation concentrates: one is a high-grade saleable concentrate, and the second is a lower grade scavenger concentrate that is reground before further processing via a more intensive concentrate leach. When processing Ranch ore as a blend, the high-grade concentrate is assumed to be saleable but when the mill feed switches to feeding ore just from the Lawyers Area deposits, the flowsheet has the option to maximize revenue by leaching the concentrate onsite to produce additional doré from the concentrate rather than selling the flotation product.

查看配图：Figure 4: Process Flowsheet (CNW Group/Thesis Gold Inc.)

Project Infrastructure

The Project infrastructure is designed to support a mining and processing operation with a 13,700 t/d throughput, operating on a 24-hour per day, seven day per week basis. The overall site layout will include open pit mines, underground mines, a processing plant, tailings storage facility, waste rock storage facilities, and supporting infrastructure including an accommodation complex, administration office, mine dry, mine maintenance facility, assay lab, and bulk fuel storage.

Site access will be via the existing access road connecting the site to the Kemess mine. A new site access road will branch off the existing access road, providing a more direct route onto the project site. Power will be supplied by a new 69kV transmission line connecting a new 230:69kV step down substation which will tap into the existing 230kV line at Kemess. The Kemess line is subsequently connected to BC Hydro's Kennedy Siding Substation near Mackenzie BC. A 13.8 kV distribution system will be constructed to support site infrastructure.

The TMF is designed as a conventional thickened slurry tailings storage facility with a downstream embankment construction. Each mining site has a WRSF where material characterized as non-acid generating will be stored. Results from preliminary material characterization suggest potentially acid-generating volumes and onset timing can be managed through pit backfilling for long-term storage. Water treatment is included in the design to create a robust water management plan to handle a range of climatic conditions.

A regional site map is presented in Figure 5. The overall site layout showing the proposed location of the Lawyers Area on-site infrastructure is provided in Figure 6, and the Ranch Area site layout showing infrastructure is provided in Figure 7.

查看配图：Figure 5: Regional Map of Thesis Claims and the Lawyers and Ranch Sites (CNW Group/Thesis Gold Inc.)

查看配图：Figure 6: Lawyers Site General Arrangement (CNW Group/Thesis Gold Inc.)

查看配图：Figure 7: Ranch Site General Arrangement (CNW Group/Thesis Gold Inc.)

Permitting and Studies

Thesis holds the required permits and approvals to continue exploring the areas comprising the Project. Historical environmental studies were conducted prior to and during the operation of the Cheni Mine, with recent monitoring overseen by the BC Ministry of Energy, Mines and Low Carbon Innovation. In the past two years, Thesis has initiated additional environmental baseline studies to support ongoing exploration and prepare for an environmental assessment application. The Project, located on Crown land in British Columbia within the traditional lands of the Tsay Keh Dene Nation, Kwadacha Nation, Takla Nation, and Tahltan Territory, will require additional permits, including an Environmental Assessment Certificate (EAC) and a federal decision statement. The project plans to follow a concurrent environmental permitting and impact assessment process, in concert with federal and provincial regulators after the submission of an Initial Project Description. The region has Indigenous communities with strong land and resource use traditions. Thesis has secured agreements with Indigenous groups, including a trilateral Exploration Cooperation and Benefit Agreement (Tsay Keh Dene Nation, Kwadacha Nation, and Takla Nation) as well as an Exploration Agreement with the Tahltan Central Government. Thesis is committed to establishing forums for the benefit of communities that will facilitate on-going engagement, sharing project information, and exploring economic opportunities throughout the project lifecycle.

Project Update and Next Steps

With the PFS now complete, Thesis is advancing to a Feasibility Study ("FS") for the Project. FS data collection started during the 2025 field season where approximately 2,800 meters of drilling occurred with geotechnical data collected and installation of vibrating wire piezometers in three of the geotechnical holes. A portion of the FS metallurgical samples were selected from these geotechnical holes as a starting point for the FS level metallurgical program in conjunction with remaining samples from the PFS program. In 2025, the Company completed a broad geochemical sampling program, correlated with the preliminary PFS mine plan, incorporating both new and historical core, as part of the technical work supporting the FS. Thesis intends to initiate an Environmental Assessment ("EA") process with the British Columbia Environmental Assessment Office and the Government of Canada's Impact Assessment Agency of Canada in December 2025 through the submission of an Initial Project Description.

The main focus of the 2026 field season will be to collect the remaining FS level data gaps for geotechnical and hydrogeological data as well as collection of additional FS metallurgical samples. Drilling will be planned to accomplish these multiple objectives, and multielement assays from the same holes when going through the ore body will continue to enhance the team's geological understanding of the project. Key aspects of the 2026 data collection include:

Geotechnical/Hydrogeological Site Investigation (FS Level) for:
- Tailings Storage Facility (Lawyers)
- Process Plant (Lawyers)
- Camp Foundations and Mine Maintenance Facility Area (Lawyers)
- Open Pits (Lawyers-Ranch)
- Waste Rock Storage Facility (Lawyers-Ranch)
- Metallurgical Sample Generation (Lawyers-Ranch)
Project-Scale Hydrogeology Site Investigation Program: to continue the monitoring well network to support the development of a site-wide water balance.
Mineral Processing and Recovery Testwork to validate processing methods and for optimization of FS flowsheet. A key component will be a geometallurgical study to investigate the variability of mineralized material to identify if there is a lower capital cost alternative to the robust and flexible flowsheet developed for the PFS.
Conduct Ore Sorting Testwork on the Ranch Area material to investigate the opportunity for the FS.
Complete Geochemical Characterization of Lawyers-Ranch waste and mineralization, including static and kinetic test work to inform the FS and the EA process.

Once the 2026 field season data collection is complete, Thesis will assess the remainder of the FS schedule and kickoff the engineering and cost estimation portion of the study.

Qualified Persons and NI 43-101 Technical Report

The 2025 PFS for the Lawyers-Ranch Project summarized in this news release was completed by Ausenco and will be incorporated in a NI 43-101 technical report that will be available under the Company's SEDAR+ profile at www.sedarpus.ca, and on the Company's website, within 45 days of this news release.

The affiliation for each of the independent Qualified Persons (as defined under NI 43-101) involved in preparing the 2025 PFS, upon which the technical report will be based, are as follows:

Kevin Murray, P.Eng., Ausenco Engineering Canada ULC
Eugene Puritch, P.Eng., FEC, CET, P&E Mining Consultants Inc.
Yungang Wu, M.Sc., P.Geo., P&E Mining Consultants Inc.
William Stone, M.Sc., Ph.D., P.Geo., P&E Mining Consultants Inc.
Jarita Barry, P.Geo., P&E Mining Consultants Inc.
Brian Ray, M.Sc., P.Geo., P&E Mining Consultants Inc.
Peter Lock, Beng (Mining), Mining Plus Canada Ltd.
Rita Tsai, P.Eng., Equilibrium Mining Inc.
Frank Wright, P.Eng., F. Wright Consulting Inc.
Mark Alban, P.Eng., Knight Piésold Ltd.
Stephan Theben, Dipl.-Ing., SME RM, SLR Consulting Ltd.
Andrea Samuels, P.Geo., pHase Geochemistry Inc.

Data Verification

The Qualified Persons responsible for the 2025 PFS and its related technical report have verified the data for which they are accountable, including the sampling, analytical, and test data underlying the information disclosed in this news release. Geological, mine engineering and metallurgical reviews included, among other things, reviewing drill data and core logs, review of geotechnical and hydrological studies, environmental and community factors, the development of the life of mine plan, capital and operating costs, transportation, taxation and royalties, and review of existing metallurgical test work. In the opinion of the Qualified Persons, the data, assumptions, and parameters used in the sections of the 2025 PFS that they are responsible for preparing are sufficiently reliable for those purposes. The technical report in respect of the 2025 PFS, when filed, will contain more detailed information concerning individual Qualified Persons responsibilities, associated quality assurance and quality control, and other data verification matters, and the key assumptions, parameters and methods used by the Company.

Qualified Person

The scientific and technical content of this news release has been reviewed and approved by Michael Dufresne, M.Sc, P.Geol., P.Geo., a non-independent Qualified Persons as defined by NI 43-101.

On behalf of the Board of Directors

Thesis Gold Inc.

"Ewan Webster"

Ewan Webster Ph.D., P.Geo.

President, CEO, and Director

About Thesis Gold Inc.

Thesis Gold Inc. is a resource development company focused on unlocking the potential of its 100%-owned Lawyers-Ranch Project, located in British Columbia's prolific Toodoggone Mining District. The Company recently completed a 2025 Pre-Feasibility Study, which outlines robust project economics, including a 54.4% after-tax IRR and an after-tax NPV5% of C$2.37 billion at US$2,900 and US$35.00 per ounce of gold and silver, respectively, demonstrating significant value-creation potential. Thesis Gold intends to initiate the Environmental Assessment Process in late 2025 and a Feasibility Study in 2026. Through these steps, the Company aims to further de-risk the Lawyers-Ranch Project and advance it toward becoming a leading global precious metals development opportunity.

For further information or investor relations inquiries, please contact:

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Non-GAAP Measures

Certain financial measures referred to in this news release are not recognized measures under IFRS and are referred to as non-GAAP financial measures or ratios. These measures have no standardized measures under IFRS and may not be comparable to similar measures presented by other issuers. The definitions established and calculations provided by the Company are based on management's reasonable judgment and are consistently applied. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

The non-GAAP financial measures used in this news release are:

Total Operating Costs and Total Operating Costs per Tonne Processed

Operating Costs are reflective of the cash cost of production. Operating Costs include mining costs, processing costs, water and waste management costs, and on-site general and administrative costs. Total Operating Costs per tonne processed is calculated as total Operating Costs divided by total LOM tonnes processed, excluding pre-production Operating Costs and tonnes.

All-in Sustaining Cash Cost and AISC per AuEq Ounce

AISC is reflective of all of the cash costs that are required to produce an ounce of gold from operations. AISC includes Operating Costs, treatment and refining costs, royalties, sustaining capital, expansion capital, and closure costs, less salvage credits. AISC per AuEq ounce is calculated as dividing total AISC by the LOM payable AuEq ounces.

Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking information" including FOFI (as defined below) and financial outlook within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the development of Lawyers-Ranch in the PFS, mineralized material processing, highlights of the PFS including the pre and after tax IRR, annual production rates, a range of potential gold prices, the extension of the operation of the mine life to 15 years, information respecting a Maiden Mineral Reserve statement, after-tax payback, capital expenditures at the Project, optimization of engineering design through a Feasibility Study, outlines of processing and production potential, the potential for further Project improvements including pre-concertation, crown pillar recovery, pit geotechnical optimization, construction and commissioning optimization, waste management and closure optimization, and potential mine life extension through reprocessing material characterized as waste and upgrading the classification of inferred ounces through additional drilling, projected mining operations under the PFS, information respecting a Mineral Resource Estimate and Mineral Reserve Estimate, capital and operating costs under the PFS, location of potential mining at the Project, mine design, processing, project infrastructure including new site access, permitting and studies including an environmental permitting and impact assessment process, and advancement of a Feasibility Study including collection of additional data for the Feasibility Study. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market, and economic risks, uncertainties, and contingencies that may cause actual results, performance, or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are risks respecting uncertainties inherent to the conclusions of economic evaluations and economic studies, changes the parameters of the Project, including budget and schedule, uncertainties with respect to actual results of current exploration activities, delays in the advancement of the Project, including with respect to drilling activities, equipment availability and/or issues, labour force shortages, fluctuations in metal and foreign exchange rates, limitation on insurance coverage, accidents, lack of available capital to the Company, failure to obtain necessary regulatory approvals as the project advances, labour disputes and other risks of the mining industry, the ability of the Company and stakeholders to realize the anticipated benefits of the Project, delays in obtaining governmental approvals or in the completion of development or construction activities, opposition by social and non-government organizations to mining projects, unanticipated title disputes, claims or litigation, cyber-attacks and other cybersecurity risks and changes to tax regimes in the jurisdictions relevant to the Company and other risks described in the Company's filings, including in the risk factors in the Company's most recent management's discussion and analysis, which are available on the Company's profile on SEDAR+ at www.sedarplus.ca.

The forward-looking information contained in this news release also includes financial outlooks and other forward-looking metrics relating to the Company and the Project, including references to financial and business prospects, future results of operations, performance and estimated NPV and IRR. Such information, which may be considered future oriented financial information (FOFI) or financial outlooks within the meaning of applicable Canadian securities laws, has been approved by management of the Company as of the date hereof. Such FOFI and financial outlooks are based on assumptions which management believes are reasonable as of the date hereof, having regard to the industry, business, financial conditions, plans and prospects of the Company, including the PFS. These projections are provided to describe the prospective performance of the Project and readers are cautioned such information may not be appropriate for other purposes. Such information is highly subjective and should not be relied on as necessarily indicative of future results and actual results may differ significantly from such projections. FOFI and financial outlook constitute forward-looking statements and are subject to the same assumptions, uncertainties, risk factors and qualifications above.

The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

_{*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.

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