Thesis Gold Inc. (TSX-V: TAU) (WKN: A3EP87) (OTCQX: THSGF) is pleased to announce the first drill results of the 2025 season alongside the completion of a 86 line-kilometers (line-km) Induced Polarization geophysical survey at its 100%-owned, road-accessible Lawyers-Ranch Project in the Toodoggone mining district of northern British Columbia.

As part of this exploration season the Company concentrated on follow-up resource expansion at the Bingo zone (see February 18, 2025 news release) while also advancing the understanding of new and previously untested targets through additional geophysical surveys and drilling (Figure 1). These efforts build on the strong economics outlined in the 2024 Preliminary Economic Assessment (the 2024 PEA; Church et al., October 16, 2024), which demonstrated a strong after-tax NPV (5%) of C$1.28 billion, an IRR of 35.2%, and a 2.0-year payback period at US$1,930 gold and US$24 silver (see September 5, 2024 news release). Importantly, drill results such as those reported here not only expand the resource zones but also provide the opportunity to evaluate whether Ranch ounces, which were scheduled late in the mine plan in the PEA, could be brought forward. Bringing this material earlier into the mine plan has the potential to enhance project economics, improve payback, and further strengthen the overall development case.

The Company’s current work highlights the significant exploration and expansion potential that exists within this established economic framework. Updated project economics are expected in Q4 2025 with the results of a Prefeasibility Study (the 2025 PFS) led by Ausenco Engineering Canada ULC.

Highlights

• Resource Expansion at Bingo
  • Drillhole 25BNGDD001 intersected 0.73 grams per tonne gold (g/t Au), 2.17 g/t silver, and 0.35% copper over 13.61 metres beginning at 140.39 m downhole, immediately below a new zone first observed during geotechnical drilling in 2024 (see February 18, 2025 news release). This hole also contains a deeper, 1.90 m interval of 80.02 g/t Ag and 0.47% Cu beginning at 286.10 m. This is a unique mineralization signature compared to other parts of the Bingo zone.
  • Drillhole 25BNGDD002 intersected 89.30 m of 1.10 g/t Au from surface.
  • This intercept includes an interval of 12.00 m of 2.31 g/t Au, 3.47 g/t Ag, and 0.24% Cu beginning at 71.00 m downhole.
    • Mineralization in this hole extends 30 m beyond the currently modeled mineral resource domains. The hole was abandoned, ending in mineralization due to ground conditions, further emphasizing the expansion potential of the Bingo resource.
• New Geophysical Data provide important context for untested targets that had previously been defined solely by surface geochemical footprint.
  • Simcoe Geoscience was contracted to complete a 2D induced polarization (IP) survey, covering 86.1 line-km across the area outlined in Figure 1. This work has also led to the discovery of several compelling new targets, the details of which will be highlighted in a forthcoming release.
• The 2025 PFS initiated in January 2025 is on track for release later this fall.

Ewan Webster, President and CEO, shared, “Our work at Ranch this year continues to underscore the project’s potential beyond what is captured in the 2024 PEA. Drilling at Bingo emphasizes that there is still room for growth in the Ranch portion of the resource. In addition, the IP survey has opened up an entirely new perspective on the central portion of Ranch. This region stands out as a compelling area for discovery in an area where exploration efforts have previously taken a backseat.”

Bingo Zone Drilling Expands High-Sulfidation Mineralization

Drilling at the Bingo Zone was designed to accomplish multiple goals including: 1) expanding upon results from previous drill programs, and 2) metallurgical sampling within a known resource area (Figure 2). Drillhole 25BGNDD001 intersected chlorite–sericite–altered volcanic rocks, overprinted by domains of silica dickite alteration and crosscut by abundant mineralized anhydrite and barite veins. This style of alteration and mineralization occur in proximity to vuggy silica zones within the high-sulfidation epithermal system. Quartz–carbonate veins with elevated silver, copper, and zinc were intersected at 286.1 m downhole (1.90 m of 80.02 g/t Ag and 0.47% Cu). This style of alteration and mineralization is characteristic of intermediate-sulfidation systems highlighting the potential for a high-grade precious- and base-metal opportunity underlying the high-sulfidation domain that drives the Mineral Resource at Bingo.

Drillhole 25BNGDD002 intersected a broad, nearly 90 m, zone of intensely developed vuggy and leached silica that is locally overprinted by dickite–alunite alteration. These alteration signatures are characteristic of a high sulfidation epithermal system. Mineralization consists of gold- and silver-bearing copper sulfides and sooty sulfides that infill vugs and fracture networks. These results demonstrate the continuity of mineralization westward of the domains that form the existing Mineral Resource by >30 m (Fig. 3). This result further demonstrates the robust nature of the Bingo system and points to areas to continue building on the Mineral Resource base.

Table 1 – 2025 Assay highlights from drilling at Bingo Zone.

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, P.Geol. 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.

The technical content of this news release has been reviewed and approved by Michael Dufresne, M.Sc, P.Geol., P.Geo., a non-independent qualified person as defined by National Instrument 43-101.

The Company also announces that it entered into a market promotion agreement (the Agreement) with Epstein Research (Peter Epstein, or Epstein), pursuant to which Epstein will provide advertising services to Thesis in consideration for an aggregate of US$12,000 at a rate of US$2,000 per month for an initial term of six (6) months from May 15, 2025 to November 15, 2025. The Company has the right to renew the Agreement for an additional six month-term, subject to the approval of the TSXV. In accordance with the Agreement’s terms, Epstein will work with the Company on posting on social media and producing monthly articles and commentary designed to develop a positive and productive profile for Thesis within the marketplace. Epstein operates the website www.epsteinresearch.com and does not own any securities of the Company or any right to acquire securities of the Company. Epstein is an arm’s length party to the Company. Peter Epstein has a background in company & financial analysis, including having earned an MBA in Financial Analysis at NYU’s Stern School of Business. Epstein has over 20 years in buy-side analyst roles.

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. A 2024 Preliminary Economic Assessment highlights robust project economics, including a 35.2% after-tax IRR and an after-tax NPV5% of C$1.28 billion, demonstrating the potential for significant value creation. The Company’s 2025 roadmap includes a robust exploration and drill program, delivery of a Pre-Feasibility Study on the combined Lawyers-Ranch Project, and commencement of the Environmental Impact Assessment process. Through these strategic plan, Thesis Gold intends to elevate the Lawyers-Ranch Project to the forefront of global precious metals ventures.