Thesis Gold Files Pre-Feasibility Technical Report for the Lawyers-Ranch Gold-Silver Project

Press Release

VANCOUVER, BC, Jan. 14, 2026 – Thesis Gold Inc. (“Thesis” or the “Company”) (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF) is pleased to announce the filing on SEDAR+ of the Pre-feasibility Study (the “2025 PFS”) for the wholly owned Lawyers-Ranch gold-silver Project (the “Project”, or “Lawyers-Ranch”), located in the Toodoggone District, in Northern British Columbia. Results from the 2025 PFS were announced by the Company on December 1, 2025. Refer to the news release entitled “Thesis Gold Announces Positive Prefeasibility Study for Lawyers-Ranch Project: After-Tax NPV5% of $2.37 Billion and 54.4% IRR“.

The Report, entitled “Lawyers-Ranch Project NI 43-101 Technical Report and Pre-feasibility Study”, was prepared by Ausenco Engineering Canada ULC., Mining Plus Canada Ltd., Knight Piésold Ltd., Equilibrium Mining Inc., P&E Mining Consultants Inc., pHase Geochemistry Inc., F. Wright Consulting Inc, and SLR Consulting Ltd. in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

2025 PFS Highlights

• 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
• Quick Payback period of 1.1 years
• Significant Upside 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 a 15-year Life of Mine (“LOM”).
• 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.
• Significant Exposure to Silver: Silver production accounts for approximately 23% of revenue.
• 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.

*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.

The 2025 PFS is available on SEDAR+ and on the Company’s website, www.thesisgold.com.

Qualified Persons

The scientific and technical content of this press release has been reviewed and approved by Michael Dufresne, M.Sc, P.Geol., P.Geo., a non-independent Qualified Person as defined by NI 43-101 Standards  of Disclosure for Mineral Projects.

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 full potential of its 100%-owned Lawyers-Ranch Gold-Silver Project, located in British Columbia’s prolific Toodoggone Mining District. The recently published Prefeasibility Study 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/oz Au and US$35/oz Ag), underscoring the Project’s strong value-creation potential. The Company has commenced the Environmental Assessment Process and plans to initiate a Feasibility Study in 2026 to further advance and de-risk the Project. Through these milestones, Thesis Gold is working to elevate the Lawyers-Ranch Project to the forefront of global precious metals development.

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 press release.

Non-GAAP Measures

Certain financial measures referred to in this press 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 press release are:

All-in Sustaining Cost and AISC per AuEq Ounce

AISC is reflective of all of the costs that are required to produce an ounce of gold from operations. AISC includes mining costs, processing costs, mine-level G&A, offsite charges, royalties, sustaining capital, expansion capital, and closure costs. AISC per AuEq ounce is calculated by dividing total AISC by the LOM payable AuEq ounces.

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