Thesis Gold Inc. (TSX-V: TAU) (WKN: A3EP87) (OTCQX: THSGF) is pleased to announce assay results from the 2025 drill program at the Steve Zone, part of the 100% owned Lawyers-Ranch gold-silver Project located in the prolific Toodoggone Mining District of British Columbia. The 2025 exploration program at Steve was designed to test zones interpreted to potentially host high-grade gold (Au) mineralization that was not included in the current Mineral Resource Estimate or the Pre-feasibility Study (PFS) economic model. Previous drilling in 2022 and 2023 (9 holes total) intersected broad zones of lower-grade gold mineralization; however, geological interpretation suggested that higher-grade gold zones were likely present within the broader mineralized system. Results from the 2025 program confirm this interpretation, with drilling intersecting high-grade gold within wide zones of continuous mineralization. These results demonstrate the potential for Steve to contribute to future mineral resource growth and support potential mine plan expansion, providing a strong foundation for follow-up drilling in the 2026 field season.

Key Highlights:

High-grade Au confirmed within broad mineralized envelope, validating geological interpretation and demonstrating continuity from earlier drilling at the Steve Zone, including:

• Drillhole 25STVDD005 intersected:
  • 77.00 m core length of 1.86 grams per tonne (g/t) Au beginning at 262.00 metres (m) downhole, including:
    • 38.00 m of 3.62 g/t Au
    • 12.41 m of 8.06 g/t Au
    • 3.00 m of 15.47 g/t Au

Broad zones of lower-grade Au mineralization intersected across multiple drillholes, highlighting the scale and continuity of the Steve mineralized system, including:

• Drillhole 25STVDD004 intersected:
  • 46.00 m of 0.23 g/t Au beginning at 530.00 m downhole, including:
    • 14.00 m of 0.46 g/t Au
    • 2.00 m of 1.21 g/t Au

• Drillhole 25STVDD005 intersected:
  • 223.00 m of 0.19 g/t Au beginning at 556.00 m downhole to end of hole, which finished in 29.00 m of 0.21 g/t Au
• The confirmation of mineralization from surface through to depths greater than 500 m supports the interpretation of a vertically extensive epithermal system and reinforces the potential for depth extensions beyond previously tested levels at Ranch.

Near-surface, silver-enriched mineralization intersected within an oxidized zone, indicating vertical metal zonation and potential near-surface silver (Ag) mineralization, including:

• Drillhole 25STVDD004 intersected:
  • 2.00 m of 75.06 g/t Ag beginning at 8.00 m downhole, including:
    • 1.10 m of 110.01 g/t Ag

Geological setting:

• Localized high-grade Au is associated with silica–barite veining and brecciation, hosted within a broader silica–dickite–altered, Au-bearing system

Ewan Webster, President and CEO, shared, “Steve continues to deliver results that underscore the strength of our exploration thesis at Ranch. The intersection of shallow, high-grade gold within broad mineralized zones confirms continuity from earlier drilling and demonstrates the scale and upside potential of the system. With Steve not currently included in the Ranch Mineral Resource or PFS, these results highlight a clear opportunity for future growth through continued exploration as we advance toward feasibility-level studies.”

The 2025 drill program at the Steve Zone, consisting of five drill holes, was completed as an exploration follow-up to the high-grade gold discovery made in 2022 and expanded through drilling in 2023. Drilling focused on defining the continuity of mineralization and the relationship between localized high-grade gold and broader mineralized envelopes (Figure 1).

Results show that very high-grade gold occurs within broad zones of continuous mineralization, consistent with earlier drilling. High-grade gold at Steve is associated with silica–barite veining and brecciation within a silica–dickite–dominant alteration assemblage, surrounded by more extensive lower-grade gold and silver mineralization (Figure 1).

Barite-associated gold mineralization at Steve shares similarities with other barite-bearing zones at Ranch, including Bingo, BV and Bonanza, where barite is also associated with high-grade gold. At Steve, this relationship is expressed as broad mineralized zones with localized high-grade intervals, consistent with a vertically and laterally extensive epithermal system.

Shallow drilling also intersected silver-enriched mineralization within an oxidized zone, indicating vertical metal zonation. Collectively, these results define Steve as a distinct mineralized centre within the Ranch Project and support continued exploration.

Table 1. Assay Results from 2025 Steve Zone Drilling.

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., P.Geo. 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 ½ split and assayed at HQ diameter.

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.

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.