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Thesis Gold Files Updated Pea for Lawyers-Ranch Project

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Thesis Gold Inc. has filed an updated Preliminary Economic Assessment (PEA) for its Lawyers-Ranch Project in British Columbia. The new PEA, effective August 30, 2024, supports a 12,600 tonnes per day open pit mining operation over a 14-year mine life. Highlights include:

- Strong economics with a pre-tax IRR of 46.0% and NPV5% of C$1.99 billion
- After-tax IRR of 35.2% and NPV5% of C$1.28 billion
- Increased production: 32% increase in annual average production to 215,000 AuEq ounces
- Low AISC of US$1,013 per AuEq ounce
- Quick after-tax payback of 2.0 years
- Initial capital expenditure of C$598.4 million

The project shows robustness across a range of gold prices and significant potential for further resource growth and discoveries.

Thesis Gold Inc. ha presentato una Valutazione Economica Preliminare (PEA) aggiornata per il suo Progetto Lawyers-Ranch in British Columbia. La nuova PEA, valida dal 30 agosto 2024, supporta un operazione mineraria a cielo aperto di 12.600 tonnellate al giorno per una vita mineraria di 14 anni. I punti salienti includono:

- Forti economie con un IRR pre-tasse del 46,0% e un NPV5% di 1,99 miliardi di dollari canadesi
- IRR dopo le tasse del 35,2% e NPV5% di 1,28 miliardi di dollari canadesi
- Aumento della produzione: aumento del 32% della produzione media annuale a 215.000 once equivalenti d'oro
- AISC ridotto di 1.013 dollari USA per oncia equivalente d'oro
- Recupero rapido dopo le tasse di 2,0 anni
- Spesa in conto capitale iniziale di 598,4 milioni di dollari canadesi

Il progetto mostra robustezza su una gamma di prezzi dell'oro e un potenziale significativo per una maggiore crescita e scoperte di risorse.

Thesis Gold Inc. ha presentado una Evaluación Económica Preliminar (PEA) actualizada para su Proyecto Lawyers-Ranch en Colombia Británica. La nueva PEA, vigente a partir del 30 de agosto de 2024, respalda una operación minera a cielo abierto de 12.600 toneladas por día durante una vida útil de 14 años. Los aspectos destacados incluyen:

- Sólida economía con un IRR pre-impuesto del 46,0% y un NPV5% de 1.99 mil millones de dólares canadienses
- IRR después de impuestos del 35,2% y NPV5% de 1,28 mil millones de dólares canadienses
- Aumento de la producción: incremento del 32% en la producción promedio anual a 215,000 onzas equivalentes de oro
- Bajo AISC de 1,013 dólares estadounidenses por onza equivalente de oro
- Recuperación rápida después de impuestos de 2,0 años
- Gasto de capital inicial de 598,4 millones de dólares canadienses

El proyecto muestra solidez en una variedad de precios del oro y un potencial significativo para un mayor crecimiento y descubrimientos de recursos.

Thesis Gold Inc.는 브리티시컬럼비아에 있는 Lawyers-Ranch 프로젝트를 위한 업데이트된 초기 경제 평가(PEA)를 제출했습니다. 새 PEA는 2024년 8월 30일부터 유효하며, 하루 12,600톤 규모의 노천 광산 운영을 14년 동안 지원합니다. 주요 내용은 다음과 같습니다:

- 세금 전 IRR 46.0%와 NPV5% 19억 9천만 캐나다 달러의 강력한 경제성
- 세후 IRR 35.2%와 NPV5% 12억 8천만 캐나다 달러
- 생산 증가: 연간 평균 생산량이 32% 증가하여 215,000 AuEq 온스
- AuEq 온스당 낮은 AISC 1,013달러
- 세후 회수 기간이 2.0년으로 빠름
- 초기 자본 지출이 5억 9천8백40만 캐나다 달러

이 프로젝트는 다양한 금 가격에서도 안정성을 보여주며, 자원 성장 및 발견에 대한 상당한 잠재력을 가지고 있습니다.

Thesis Gold Inc. a déposé une Évaluation Économique Préliminaire (PEA) mise à jour pour son Projet Lawyers-Ranch en Colombie-Britannique. La nouvelle PEA, applicable à partir du 30 août 2024, soutient une opération minière à ciel ouvert de 12 600 tonnes par jour sur une durée de vie minière de 14 ans. Les points forts incluent:

- Une économie solide avec un IRR avant impôts de 46,0 % et un NPV5% de 1,99 milliard CAD
- IRR après impôts de 35,2 % et NPV5% de 1,28 milliard CAD
- Augmentation de la production: augmentation de 32 % de la production moyenne annuelle à 215 000 onces équivalentes d'or
- AISC faible de 1 013 USD par once équivalente d'or
- Récupération rapide après impôts de 2,0 ans
- Dépenses d'investissement initiales de 598,4 millions CAD

Le projet montre une robustesse sur une gamme de prix de l'or et un potentiel significatif pour une croissance supplémentaire et des découvertes de ressources.

Thesis Gold Inc. hat eine aktualisierte Vorläufige Wirtschaftlichkeitsbeurteilung (PEA) für das Lawyers-Ranch-Projekt in British Columbia eingereicht. Die neue PEA, gültig ab dem 30. August 2024, unterstützt eine Tagebau-Bergbauoperation von 12.600 Tonnen pro Tag über eine Lebensdauer von 14 Jahren. Wichtige Aspekte sind:

- Starke Wirtschaftlichkeit mit einem IRR vor Steuern von 46,0% und einem NPV5% von 1,99 Milliarden CAD
- Nach-Steuern-IRR von 35,2% und NPV5% von 1,28 Millionen CAD
- Erhöhung der Produktion: 32% Steigerung der durchschnittlichen Jahresproduktion auf 215.000 AuEq Unzen
- Niedriger AISC von 1.013 USD pro AuEq Unze
- Schnelle Rückzahlung nach Steuern von 2,0 Jahren
- Anfangsinvestitionen von 598,4 Millionen CAD

Das Projekt zeigt Robustheit über ein Spektrum von Goldpreisen und erhebliches Potenzial für weiteres Ressourcenwachstum und Entdeckungen.

Positive
  • Strong economic indicators with high IRR and NPV values
  • 32% increase in annual average production to 215,000 AuEq ounces
  • 55% increase in Life-of-mine production to 3.0 million AuEq ounces
  • Low all-in sustaining cash cost of US$1,013 per AuEq ounce
  • Quick after-tax payback period of 2.0 years, 29% decrease from previous PEA
  • Favorable after-tax NPV5% to initial capital ratio of 2.1:1
  • Project remains robust across a wide range of gold prices
Negative
  • Initial capital expenditure requirement of C$598.4 million

Vancouver, British Columbia--(Newsfile Corp. - October 16, 2024) - Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to announce the Company has filed on SEDAR+ an updated Preliminary Economic Assessment ("PEA") technical report (the "Report") for its wholly owned Lawyers-Ranch Project located in British Columbia, Canada. This updated PEA supersedes the previously filed Lawyers-only PEA (effective date September 9, 2022).

The Report, entitled "Updated Preliminary Economic Assessment for the Lawyers-Ranch Project and Property" was independently prepared by JDS Energy & Mining Inc. of Vancouver, British Columbia, Canada in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and has an effective date of August 30, 2024.

The updated PEA results support a 12,600 tonnes per day open pit mining operation over a 14-year mine life. Highlights include:

  • Strong Economics: Pre-tax internal rate of return ("IRR") of 46.0%, pre-tax net present value at a 5% discount rate ("NPV5%") of C$1.99 billion, after-tax IRR stands at 35.2%, and an after-tax NPV5% of C$1.28 billion, using US$1,930 per ounce of gold and US$24 per ounce of silver (see Table 1).
  • Gold Price Sensitivity: The project remains robust at a wide range of gold prices from US$1,750 to US$2,500 with after-tax IRR of 28.8% to 52.8% (see Table 2).
  • Increased Production: The 2024 PEA saw a considerable increase in production versus the previous (2022) PEA with a 32% increase in annual average production to 215,000 gold-equivalent ("AuEq"*) ounces, including an average 273,000 gold-equivalent ounces annually over the first three years, and a 55% increase in Life-of-mine ("LOM") production to 3.0 million gold-equivalent ounces, extending mine life to over 14 years.
  • Low AISC: LOM all-in sustaining cash cost ("AISC") of US$1,013 per ounce of gold equivalent.
  • Quick Payback: The project offers a quick after-tax payback of 2.0 years, a 29% decrease compared to the previous (2022) PEA.
  • Capex: Initial capital expenditure is estimated at C$598.4 million, with a compelling after-tax NPV5% to initial capital ratio of 2.1:1.
  • Project Upside: Significant Mineral Resource growth potential remains across both Lawyers and Ranch projects. The underground Mineral Resource at Lawyers is still open for expansion at depth, while Ranch Mineral Resource zones also remain open. Additionally, there are over 20 unexplored targets that hold potential for further discoveries.

The PEA and summary above, is preliminary in nature and includes the use of inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable then to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.

More details can be found on Thesis' news release announcing the updated PEA dated September 5, 2024.

The PEA is available on SEDAR+ and Thesis' website, www.thesisgold.com.

AuEq* = Au + Ag/87

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 recently completed Preliminary Economic Assessment (PEA)[1] 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. Over the next 12 months, Thesis is dedicated to advancing the Project through critical development milestones, including the initiation of a Pre-Feasibility Study (PFS) and progressing permitting and environmental work. The Company will also continue to evaluate multiple high-potential exploration targets across the district, aiming to build on the substantial resource growth potential identified in the PEA. Through these strategic moves, Thesis Gold intends to elevate the Ranch-Lawyers Project to the forefront of global precious metals ventures.

[1] Please refer to the Company's Preliminary Economic Assessment titled, "Updated Preliminary Economic Assessment, Lawyers Gold-Silver Project" with an effective date of August 30, 2024 filed under the Company's profile on SEDAR+ at www.sedarplus.ca, which also provides details of the Company's mineral resource estimates.

The scientific and technical content of this news release has been reviewed and approved by Michael Dufresne, M.Sc, P.Geol., P.Geo., and Carly Church, P.Eng., PMP, Qualified Persons as defined by National Instrument 43-101-Standards of Disclosure for Mineral Projects.

For further information or investor relations inquiries, please contact:

Dave Burwell
Vice President Corporate Development
Email: daveb@thesisgold.com
Tel: 403-410-7907
Toll Free: 1-888-221-0915

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.

Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's recently completed financings and the future plans or prospects of the Company. 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 described in the risk factors in the Company's most recent annual management's discussion and analysis, which is available on the Company's profile on SEDAR+ at www.sedarplus.ca. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/226876

FAQ

What are the key economic highlights of Thesis Gold's updated PEA for the Lawyers-Ranch Project (THSGF)?

The updated PEA for Thesis Gold's Lawyers-Ranch Project shows a pre-tax IRR of 46.0%, pre-tax NPV5% of C$1.99 billion, after-tax IRR of 35.2%, and after-tax NPV5% of C$1.28 billion, using US$1,930 per ounce of gold and US$24 per ounce of silver.

How has the production capacity changed in Thesis Gold's 2024 PEA compared to the previous one?

The 2024 PEA shows a 32% increase in annual average production to 215,000 gold-equivalent ounces and a 55% increase in Life-of-mine production to 3.0 million gold-equivalent ounces, extending the mine life to over 14 years.

What is the estimated all-in sustaining cash cost (AISC) for the Lawyers-Ranch Project (THSGF)?

The Life-of-mine all-in sustaining cash cost (AISC) for the Lawyers-Ranch Project is estimated at US$1,013 per ounce of gold equivalent.

What is the initial capital expenditure required for Thesis Gold's Lawyers-Ranch Project as per the 2024 PEA?

The initial capital expenditure for the Lawyers-Ranch Project is estimated at C$598.4 million, with an after-tax NPV5% to initial capital ratio of 2.1:1.

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