# Thesis Gold (TSXV:TAU)

> Thesis Gold and Silver Inc.

## About

Thesis Gold and Silver Inc. is a precious metals development company focused on unlocking the potential of its 100% owned Lawyers-Ranch Project, located in British Columbia’s prolific Toodoggone Mining District. A Positive 2025 Pre-feasibility Study highlights robust project economics at Base Case prices of US$ 2,900/oz Au and US$ 35/oz Ag, including: After-tax NPV 5% of CAD 2.4 billion, IRR of 54.4%, Low Initial Capex of CAD 736.20 million, Low AISC of US$1,185/oz AuEq, Fast Payback Period of 1.1 years, and Silver contributes nearly ¼ of total revenue. The Company’s 2026 roadmap includes initiating a Feasibility Study and Detailed Engineering Studies to be completed in 2027, advancing the Environmental Assessment Process, and conducting a robust exploration and drill program to extend known gold/silver mineralization and testing deep porphyry targets to continue de-risking the Project.

## Key facts

- **Cash position:** $36,089,538
- **Shares outstanding:** 278.81m
- **Fully diluted shares:** 291.2m
- **Warrants:** 425,000
- **Options:** 11.2m
- **Mineral resource:** Thesis has defined a total Mineral Reserve of 3.2 Moz AuEq (P&P) at 1.33 g/t AuEq, and a total Mineral Resource (including Mineral Reserves) of 4.5 Moz AuEq (M&I) at 1.21 g/t AuEq and 643 koz (Inf) at 1.23 AuEq. The PFS is based on the Mineral Resource Estimate that includes the project’s maiden Mineral Reserve Estimate and was prepared by P&E Mining Consultants Inc., and APEX Geoscience Ltd., with an effective date of October 16, 2025. Significant Mineral Resource growth potential remains across both Lawyers and Ranch projects: The underground Mineral Resource at Lawyers is open for expansion at depth, Ranch Mineral Resource zones also remain open, and over 20 undrilled targets hold potential for further discoveries. The Lawyers area contains the majority of the Mineral Resource hosted in low sulfidation style epithermal deposits, while the Ranch area, which makes up the remaining portion of the Mineral Resource, is a characteristic lithocap environment hosting high sulfidation deposits.
- **Projects:** ["Lawyers-Ranch Project: A Gold Project, With Meaningful Silver Leverage. Excellent Infrastructure and Access – Year-round road accessible with a permitted airstrip and potential for a nearby power tie-in; Lawyers-Ranch is approximately 45 km from the Kemess Copper-Gold Mine. Significant Gold-Silver Reserves and Resources – Thesis has defined a total Mineral Reserve of 3.2 Moz AuEq (P&P) at 1.33 g/t AuEq, and a total Mineral Resource (including Mineral Reserves) of 4.5 Moz AuEq (M&I) at 1.21 g/t AuEq and 643 koz (Inf) at 1.23 AuEq. Silver production accounts for approximately 23% of project revenue. Robust Pre-feasibility Study – The study outlines a high-margin, 15.2-year operation with strong projected economics leveraging existing infrastructure. District Scale Exploration Potential – numerous undrilled epithermal targets and underlying porphyry potential have been identified. Active Expansion and De-risking – Ongoing permitting, technical studies, exploration and expansion drilling, and field reconnaissance are unlocking new growth opportunities across the project."]
- **Leadership:** Ewan Webster (President, CEO, and Director, Ph.D., P. Geo. with extensive experience in mining and exploration.), Coille van Alphen (Director, seasoned mining investment professional with over 15 years of experience in public equities and capital markets.), Russell Ball (Director, seasoned international mining executive with over 30 years of experience, previously CEO of Calibre Mining Corp. and held senior roles at Goldcorp and Newmont.), David Garratt (CFO and Corporate Secretary, CPA, CA with over 20 years of financial leadership experience in public mining companies.), William (Bill) Lytle (Non-Executive Chairman, Senior Vice President & Chief Operating Officer of B2Gold Corp. with extensive expertise in managing mining operations.)

_Verified data last updated: 2026-05-15_

## Recent filings

- 2026-03-30 — press_release — [Thesis Gold & Silver Identifies Two Distinct Porphyry Targets on the Lawyers-Ranch Project](https://chat.orbiton.app/tau/preview/22617?documentId=22617)
- 2026-02-26 — press_release — [Thesis Gold & Silver Closes Strategic Investment by AngloGold Ashanti and Participation by Centerra Gold for C$44M](https://chat.orbiton.app/tau/preview/19180?documentId=19180)
- 2026-02-25 — other — [TAU_2026-02-25_14-54-18.pdf](https://chat.orbiton.app/tau/preview/18782?documentId=18782)
- 2026-02-25 — other — [TAU_2026-02-25_13-57-11.pdf](https://chat.orbiton.app/tau/preview/18781?documentId=18781)
- 2026-02-19 — press_release — [Thesis Gold Announces Strategic Investment by AngloGold Ashanti and Participation by Centerra Gold for C$44M](https://chat.orbiton.app/tau/preview/18319?documentId=18319)
- 2026-02-17 — press_release — [Thesis Gold Rebrands to Thesis Gold & Silver](https://chat.orbiton.app/tau/preview/17482?documentId=17482)
- 2026-02-06 — press_release — [Thesis Gold Strengthens Its Board of Directors with the Appointment of Ms. Coille van Alphen](https://chat.orbiton.app/tau/preview/16660?documentId=16660)
- 2026-01-29 — mda — [TAU_2026-01-29_16-37-11.pdf](https://chat.orbiton.app/tau/preview/15832?documentId=15832)

## Investor FAQ

### [Project Overview](https://chat.orbiton.app/tau/faq/project-overview)

Thesis Gold and Silver Inc. is focused on its 100% owned Lawyers-Ranch Project in British Columbia's Toodoggone Mining District. The project has a total Mineral Reserve of 3.2 Moz AuEq at 1.33 g/t AuEq and a total Mineral Resource of 4.5 Moz AuEq at 1.21 g/t AuEq, with significant growth potential across both Lawyers and Ranch projects.

### [Latest News](https://chat.orbiton.app/tau/faq/latest-news)

Recent news includes the identification of two distinct porphyry targets on the Lawyers-Ranch Project, as announced on March 30, 2026. Additionally, a strategic investment by AngloGold Ashanti and Centerra Gold totaling C$44M was closed on February 26, 2026.

## Live AI chat

- https://chat.orbiton.app/tau/chat
- Investor website: https://www.thesisgold.com/