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Thesis Gold Inc A TAU

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• Artemis Gold Inc Ordinary Shares ARTG
• Tudor Gold Corp Shs New TUD
• Skeena Resources Ltd SKE

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Instrument Name Thesis Gold Holdings Inc Instrument Symbol (TAU-X) Instrument Exchange TSX Venture

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Thesis Gold TSXV:TAU Stock Report

Thesis Gold Inc.

TSXV:TAU Stock Report

Market Cap: CA$123.6m

TAU Stock Overview

A junior resource company, engages in the mining of mineral properties in North America.

About the company

Trading at 93.9% below our estimate of its fair value

Became profitable this year

Risk Analysis

High level of non-cash earnings

Shareholders have been substantially diluted in the past year

Makes less than USD$1m in revenue (CA$0)

Does not have a meaningful market cap (CA$124M)

Thesis Gold Inc. Competitors

Guanajuato Silver

Vox Royalty

Lucara Diamond

Santacruz Silver Mining

Price History & Performance

Recent news & updates, price target increased by 8.7% to ca$1.98, thesis gold inc. appoints william lytle as non-executive chairman, thesis gold drills 60.00 metres of 4.53 g/t gold, including 19.00 metres of 10.39 g/t gold, thesis gold inc. reports all remaining assay results from the 2023 drill program at the 100% owned lawyers project, thesis gold inc. reports assay results from the jk zone at its 100% owned ranch project, thesis gold inc. provides an update on its exploration activities at the steve zone, situated within the company's 100% owned ranch gold project, recent updates, thesis gold inc. reports assay results from the bingo zone at its 100% owned ranch project, new minor risk - share price stability, thesis gold inc announces director changes, price target decreased by 19% to ca$1.90, thesis gold inc. drills 4.05 m of 119.49 g/t gold at the bonanza zone, thesis gold inc. drills 46.00 metres of 3.94 grams per tonne gold equivalent, expanding the dukes ridge deposit, thesis gold inc. announced that it has received cad 11.162915 million in funding, thesis gold inc., annual general meeting, dec 06, 2023, thesis gold inc. announces 2023/24 work plan for toodoggone district optimization and expansion, thesis gold inc. announced that it expects to receive cad 13.000215 million in funding, new major risk - shareholder dilution, high number of new directors, benchmark metals inc. (tsxv:bnch) completed the acquisition of thesis gold inc. (tsxv:tau)., new major risk - share price stability, thesis gold inc. announces management appointments, benchmark completes 6,000 metres of drilling to date and expands mineralization beneath the dukes ridge deposit, price target decreased by 7.4% to ca$1.25, price target decreased by 7.3% to ca$1.27, price target increased by 9.3% to ca$1.37, benchmark metals inc. announces positive results for mineralization expansion utilizing machine learning and ai, benchmark metals inc. appoints jody shimkus as independent member of the board of directors, price target decreased to ca$1.25, benchmark metals inc., annual general meeting, nov 16, 2022, benchmark metals inc. announced that it expects to receive cad 16.038 million in funding, benchmark metals inc. announces board changes, benchmark metals inc. reports the completion of preliminary economic assessment on the lawyers gold-silver project, north-central british columbia, canada, benchmark metals inc. to provide an update for the ongoing advancement of technical evaluations, benchmark delineates multiple new drill targets adjacent to the agb gold-silver deposit, benchmark metals inc. provides update on exploration drill target planning near the kodah and round mountain occurrences, benchmark increases overall gold ounces by 44% and 77% in the measured & indicated classification with expanded mineral resource estimate further derisking the gold-silver project, benchmark metals inc. drills 21.20 metres of 2.59 g/t gold equivalent and an additional 18.81 metres of 4.42 g/t gold equivalent at the cliff creek deposit, benchmark drills 54.60 metres of 3.73 g/t gold equivalent, including 9.60 metres of 19.39 g/t gold equivalent at the dukes ridge deposit, benchmark metals inc. announces signing of new agreement with the tahltan central government on may 2, 2022, benchmark metals inc. expands new discovery area with 77.00 metres at 1.56 g/t gold equivalent of gold-silver mineralization, benchmark metals inc. advances gold-silver project with technical and permitting work towards a mining decision, price target decreased to ca$2.25, less than half of directors are independent, benchmark metals inc., annual general meeting, jun 22, 2022, benchmark metals inc. announces new results from infill and expansion drilling at dukes ridge deposit, benchmark metals inc. advances engineering towards permitting a gold and silver mine, benchmark metals inc. announces new results from 4 drill holes extending across 750 metres strike-length from the cliff creek north to cliff creek mid zones, benchmark metals inc. announces new results from 3 multi-purpose drill holes at the agb deposit, benchmark metals inc. announces new results from 7 infill and expansion drill holes from the northern portion of the cliff creek deposit, benchmark metals inc. announces new results from 9 infill and expansion drill holes from the southern portion of the cliff creek deposit area, insider recently sold ca$29m worth of stock, benchmark metals inc. announces new results from 27 infill and expansion drill holes at the dukes ridge deposit, benchmark metals inc. drills 95.55 metres of 3.89 g/t gold equivalent from surface at the agb zone, benchmark metals inc. resumes gold-silver drill program, benchmark metals inc. announced that it has received cad 40.26672 million in funding from yamana gold inc., benchmark metals inc. discovers new copper-gold-silver potential and completes over 41,000 metres with six drill rigs, benchmark metals inc. provides an update on its ongoing exploration at the marmot and marmot east zones, benchmark metals inc. starts work program with four drill rigs and provides exploration update, benchmark metals inc. outlines gold-silver deposit expansion program, benchmark granted new work permit to advance gold-silver project along the path to mine permitting, benchmark designs extensive drill program to expand existing resources and target new gold-silver discoveries, insider recently sold ca$6.5m worth of stock, benchmark metals inc. commences 2021 project mobilization to support 100,000 metre drill program at its gold-silver project, benchmark metals inc. announce the initial bulk-tonnage mineral resource estimate (mre) for its lawyers gold-silver project, benchmark signs a detailed trilateral agreement with three partner nations to advance its gold-silver project, chairman & ceo exercised options to buy ca$740k worth of stock., here's why we're not too worried about benchmark metals' (cve:bnch) cash burn situation.

Benchmark Metals Inc. Announce New Results from Series of Drill Holes At the Agb Zone

Benchmark drills 122.00 metres of 1.70 g/t aueq from surface at the agb zone, benchmark metals inc. announces drilling update at cliff creek south, new 90-day low: ca$0.99, benchmark metals inc. announces compilation of new and historical gold and silver soil geochemical results, benchmark metals inc. announce new results from a series of drill holes at the agb zone, benchmark metals inc. announces new results from southern portion of the cliff creek deposit area, benchmark metals inc. drills 69.45 metres of 3.26 g/t gold equivalent from surface at agb zone, benchmark drills new discovery yielding 101 metres of 0.82 g/t gold equivalent, including 2 metres of 14.52 g/t gold equivalent, benchmark metals inc. announces new drill results from the cliff creek zone, benchmark's potential continues to grow with new discoveries along its 100% owned, road- accessible, 20 km gold-silver trend, new 90-day low: ca$0.93, benchmark metals inc. drills 30.63 metres of 3.39 g/t gold equivalent and extends mineralization to >300 metres depth at cliff creek zone, benchmark metals inc. announced that it has received cad 50.267661 million in funding, benchmark metals inc. appoints ian harris as vice-president of engineering, benchmark metals inc. announced that it expects to receive cad 21.000001 million in funding, new 90-day high - ca$1.06, shareholder returns.

Return vs Industry : TAU underperformed the Canadian Metals and Mining industry which returned 3.2% over the past year.

Return vs Market : TAU underperformed the Canadian Market which returned 9.9% over the past year.

Price Volatility

Stable Share Price : TAU's share price has been volatile over the past 3 months.

Volatility Over Time : TAU's weekly volatility (12%) has been stable over the past year.

About the Company

Thesis Gold Inc., a junior resource company, engages in the mining of mineral properties in North America. The company explores for gold and silver deposits. It holds interest in the Ranch and Lawyers gold-silver projects located in the Toodoggone mining district of north central British Columbia, Canada.

Thesis Gold Inc. Fundamentals Summary

Is TAU overvalued?

Earnings & Revenue

Last Reported Earnings

Nov 30, 2023

Next Earnings Date

How did TAU perform over the long term?

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Thesis Gold Holdings Inc (THSGF)

Fundamentals.

• Market Capitalization, $K N/A
• Shares Outstanding, K N/A
• Annual Sales, $ 0 K
• Annual Income, $ 0 K
• 60-Month Beta N/A
• Price/Sales N/A
• Price/Cash Flow N/A
• Price/Book N/A
• Price/Earnings ttm N/A
• Earnings Per Share ttm N/A
• Most Recent Earnings N/A on N/A
• Next Earnings Date N/A
• Annual Dividend & Yield N/A (N/A)
• Most Recent Dividend N/A on N/A

Price Performance

Most recent stories.

Vancouver, British Columbia--(Newsfile Corp. - June 5, 2024) - Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to announce the successful completion of...

Vancouver, British Columbia--(Newsfile Corp. - May 1, 2024) - Thesis Gold Inc. (TSXV: TAU) (FSE: A3EP87) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to report an updated Mineral Resource Estimate...

Vancouver, British Columbia--(Newsfile Corp. - March 12, 2024) - Thesis Gold Inc. (TSXV: TAU) (FSE: A3EP87) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to report all remaining assay results...

Vancouver, British Columbia--(Newsfile Corp. - February 1, 2024) - Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to report assay results from drilling...

Vancouver, British Columbia--(Newsfile Corp. - January 11, 2024) - Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to report all remaining assay results...

Vancouver, British Columbia--(Newsfile Corp. - December 20, 2023) - Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to report assay results from the JK...

Vancouver, British Columbia--(Newsfile Corp. - December 7, 2023) - Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to provide an update on its exploration...

Vancouver, British Columbia--(Newsfile Corp. - November 20, 2023) - Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to report assay results from the Bingo...

Vancouver, British Columbia--(Newsfile Corp. - October 24, 2023) - Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to report assay results from the Bonanza...

Vancouver, British Columbia--(Newsfile Corp. - October 11, 2023) - Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to present another set of assay results...

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 96% Buy with a Strongest short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

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Thesis Gold Inc.

Ca8839301097, diversified mining.

• Thesis Gold Receives Positive Metallurgical Tests Results for Lawyers-Ranch Project: Achieves Average Precious Metal Recovery of 95% for Gold and 92% for Silver

Vancouver, British Columbia--(Newsfile Corp. - June 5, 2024) - Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF) (" Thesis " or the " Company ") is pleased to announce the successful completion of preliminary metallurgical testing at the Company's 100% owned Lawyers-Ranch Project. This testing aims to assess the economics of an expanded project that integrates high-grade feed from Ranch and higher-grade underground material to a processing site at Lawyers. The program was designed based on the updated Mineral Resource Estimate from May 1, 2024 ( link to news release ). The Project is road-accessible and forms a contiguous, 495 km 2 land package in the prolific Toodoggone Mining District in northern British Columbia.

The testing, completed by SGS Canada, focused on evaluation of the project's metallurgical response to a variety of flowsheets investigating gravity, flotation, and cyanidation methods. The comprehensive laboratory study concluded with the full treatment circuit evaluation including locked cycle flotation by testing of three separate master composites. These composites were from blended feed samples of known resources from both the Lawyers and Ranch properties that had variations in gold, silver, and sulphur head grade. The laboratory full circuit evaluation demonstrated a recovery range of 93% to 96% for gold and 86% to 96% for silver. This included producing a primary precious metal flotation concentrate with gold grades exceeding 160 g/t, indicating a marketable precious metal concentrate with favorable payables. The metallurgical results will be used as part of an updated preliminary economic assessment of the project, scheduled for Q3-2024.

Metallurgical Testing Highlights :

Process Flowsheet Development : with gravity pretreatment, flotation, and leaching of secondary concentrate and float tails. The overall recovery range was 93% to 96% for gold and 86% to 96% for silver, demonstrating excellent extraction potential.

Gravity Pretreatment: Recovery ranged from 20 to 38% for gold, and 2 to 10% of silver at grades exceeding 360 g/t Au and 1190 g/t Ag, which is suitable for onsite doré production.

Primary Flotation Concentrate: Recovery ranging from 40% to 65% of gold producing a concentrate grade exceeding 160 g/t Au and 55% to 78% recovery for silver with a concentrate grade of over 5,000 g/t Ag.

Leaching: of a secondary float concentrate and the float tailing, scavenged an additional 8-20% of gold and 12-24% of silver.

Dr. Ewan Webster, President and CEO, commented "The excellent metallurgical results from the combined Lawyers-Ranch project highlight not only the high recoveries of 95% for gold and 92% for silver but also the marketable concentrate grades. These findings, based on blended composites from potential mining areas, provide a strong foundation for the upcoming preliminary economic assessment. Given the strength of these results, our continued efforts will be directed towards optimizing capital costs, operating costs, and maximizing payables, rather than addressing fundamental process challenges."

Flowsheet Development

The metallurgical testing initially involved variations to gravity separation, flotation, and cyanidation procedures for process optimization. The study concluded with a locked cycle flotation test on each of three master composites, with separate cyanidation of the scavenger concentrate. This was then combined with the leaching of the float tailing. The data compared well to open cycle float tests.

Each of the three master composites were to represent various mineral zones from both properties. This includes potential underground and open pit material from Lawyers and newly identified mineral zones at Ranch (see Table 1). Each zone composite was typically formed from 2 to 7 drill hole intervals averaging approximately 10 metres, with varying precious metal and sulphur (S) grades. These master composites therefore provide good confidence in the flowsheet response to the varying mineralogy of the project.

Table 1: Master Composite Blend

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/6169/211757_580c911db459c8dd_0001full.jpg

The flotation flowsheet for the locked cycle tests following gravity pretreatment are illustrated in Figure 1.

Figure 1: Flotation Flowsheet

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/6169/211757_580c911db459c8dd_0002full.jpg

Following laboratory test work optimization, the metallurgical response was confirmed by using locked cycle testing (see Figure 1 above) on three master composites representing blends from both Ranch and Lawyers. The test conditions consisted of grinding to an 80% particle passing size (P80) of 125 microns and subjecting the ground product to gravity treatment by centrifugal concentration. The centrifugal concentrate was cleaned by panning. Gravity tailing was sent to a differential flotation circuit with the primary (rougher) concentrate cleaned with a selective collector in three stages, while depressing pyrite with elevated slurry pH using lime. This generated a cleaned primary flotation concentrate accounting for approximately 2 wt.% of the feed mass having a high precious metal grades suitable for sale (see Table 2 below). A lower grade secondary scavenger flotation concentrate representing less than 3 wt.% of the mill throughput was pulled using a strong collector (potassium amyl xanthate). This material was then sent for aggressive leaching for 36 hours using high cyanide concentration. This residue was then combined with the flotation tailing for a final stage leach maintaining 1 g/L NaCN for 24 hours.

Overall, the combined testing showed that gravity pretreatment yielded a gold recoveries ranging from 17% to 38%. The silver recoveries were typically lower, ranging from 2% to 10%. When considering the combined processes of gravity and primary (rougher) flotation, the gold recoveries were notably high, with 86% for Composite M1(HG), 87% for Composite M2 (MG), and 77% for Composite M3 (LG). The combined silver recoveries were also substantial, achieving 81%, 85%, and 65% for the respective composites. The gravity and flotation concentrates demonstrated high grades and efficient recovery rates, for some zones. Stability in the locked cycle tests was generally good, with consistent mass, gold, and silver recoveries observed in the final three cycles. However, adjustments may be necessary in future test work, particularly to manage the re-floating of pyrite in high pyrite composites.

Cyanidation of the secondary flotation product further enhanced recovery. The circuit for leaching of the concentrate is small due to low mass pull, allowing for aggressive procedures in the first stage. The second stage leach is performed by recombing with float tailing, providing the overall leach response. For Composite M2 (MG), the mid grade blend cyanidation recovered an additional 9% of gold and 12% of silver. For Composite M1 (HG), the higher-grade blend recovered 8% of gold and 14% of silver, while for Composite M3 (LG), the lowest grade blend, an additional 19% of gold and 21% of silver were recovered from the overall leach circuit.

The combined metallurgical performance achieved excellent total recoveries of gold and silver. Composite M2 (MG) showed a total gold recovery of 96.3% and silver recovery of 96.4%. Composite M1 (HG) achieved 93.9% gold recovery and 94.4% silver recovery, while Composite M3 (LG) demonstrated 96.5% gold recovery and 86.3% silver recovery. These results underscore the effectiveness of the combined gravity, flotation, and cyanidation processes in maximizing precious metal recoveries. Summary of the results are available in Table 2.

Table 2: Master Composite Zone Blends and Head Assay

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/6169/211757_580c911db459c8dd_0003full.jpg

The preliminary findings indicate no issues with the flowsheet in terms of mass balance or recovery, affirming the project's robustness as it progresses.

Quality Assurance and Control

Original mineral samples that were selected for metallurgical evaluation were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). The geological sampling program was undertaken by Company personnel under the direction of Rob L'Heureux, P.Geol. Metallurgical testing was primarily performed by SGS Canada Inc. at their laboratory located in Burnaby BC. SGS is globally recognized in the mining industry and accredited with International Standards Organization (ISO) 9001 for quality assurance, and ISO/IEC 17025 for general requirements of laboratory competence in testing and calibration. A secure chain of custody is maintained in transporting and storing of all samples.

The technical content of this news release has been reviewed and approved by Frank Wright, P.Eng., independent metallurgical consultant and qualified person as defined by National Instrument 43-101.

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 is unlocking the combined potential of the Lawyers-Ranch Gold-Silver Project in the Toodoggone mining district of north central British Columbia, Canada. A 2022 Preliminary Economic Assessment for the Lawyers project alone projected an open-pit mining operation yielding an average of 163,000 gold equivalent ounces annually over a 12-year span 1 . By integrating the Ranch Project, the Company aims to enhance the economics and bolster the overall project's potential. Central to this ambition was the expansive 2023 drill program, which continues to define a high-grade out-of-pit Mineral Resource at Lawyers and augment the near-surface high-grade deposits at Ranch. The project now boasts a combined Measured & Indicated Mineral Resource of 4.0 Moz and an Inferred Mineral Resource of 727 koz, at respective grades of 1.51 and 1.82 g/t AuEq. The Company roadmap includes, new metallurgical work (now delivered), a robust 2024 exploration and drill program and a combined updated Preliminary Economic Assessment slated for Q3 2024. Through these strategic moves, Thesis Gold intends to elevate the Ranch-Lawyers Project to the forefront of global precious metals ventures.

1 Preliminary Economic Assessment: Lawyers Gold & Silver Project (2022). JDS Energy & Mining.

For further information or investor relations inquiries, please contact:

Dave Burwell Vice President Corporate Development Email: [email protected] 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.com . 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/211757

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Thesis gold receives positive metallurgical tests results for lawyers-ranch project: achieves average precious metal recovery of 95% for gold and 92% for silver.

Vancouver, British Columbia--(Newsfile Corp. - June 5, 2024) - Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF) (" Thesis " or the " Company ") is pleased to announce the successful completion of preliminary metallurgical testing at the Company's 100% owned Lawyers-Ranch Project. This testing aims to assess the economics of an expanded project that integrates high-grade feed from Ranch and higher-grade underground material to a processing site at Lawyers. The program was designed based on the updated Mineral Resource Estimate from May 1, 2024 ( link to news release ). The Project is road-accessible and forms a contiguous, 495 km 2 land package in the prolific Toodoggone Mining District in northern British Columbia.

The testing, completed by SGS Canada, focused on evaluation of the project's metallurgical response to a variety of flowsheets investigating gravity, flotation, and cyanidation methods. The comprehensive laboratory study concluded with the full treatment circuit evaluation including locked cycle flotation by testing of three separate master composites. These composites were from blended feed samples of known resources from both the Lawyers and Ranch properties that had variations in gold, silver, and sulphur head grade. The laboratory full circuit evaluation demonstrated a recovery range of 93% to 96% for gold and 86% to 96% for silver. This included producing a primary precious metal flotation concentrate with gold grades exceeding 160 g/t, indicating a marketable precious metal concentrate with favorable payables. The metallurgical results will be used as part of an updated preliminary economic assessment of the project, scheduled for Q3-2024.

Metallurgical Testing Highlights :

Process Flowsheet Development : with gravity pretreatment, flotation, and leaching of secondary concentrate and float tails. The overall recovery range was 93% to 96% for gold and 86% to 96% for silver, demonstrating excellent extraction potential.

Gravity Pretreatment: Recovery ranged from 20 to 38% for gold, and 2 to 10% of silver at grades exceeding 360 g/t Au and 1190 g/t Ag, which is suitable for onsite doré production.

Primary Flotation Concentrate: Recovery ranging from 40% to 65% of gold producing a concentrate grade exceeding 160 g/t Au and 55% to 78% recovery for silver with a concentrate grade of over 5,000 g/t Ag.

Leaching: of a secondary float concentrate and the float tailing, scavenged an additional 8-20% of gold and 12-24% of silver.

Dr. Ewan Webster, President and CEO, commented "The excellent metallurgical results from the combined Lawyers-Ranch project highlight not only the high recoveries of 95% for gold and 92% for silver but also the marketable concentrate grades. These findings, based on blended composites from potential mining areas, provide a strong foundation for the upcoming preliminary economic assessment. Given the strength of these results, our continued efforts will be directed towards optimizing capital costs, operating costs, and maximizing payables, rather than addressing fundamental process challenges."

Flowsheet Development

The metallurgical testing initially involved variations to gravity separation, flotation, and cyanidation procedures for process optimization. The study concluded with a locked cycle flotation test on each of three master composites, with separate cyanidation of the scavenger concentrate. This was then combined with the leaching of the float tailing. The data compared well to open cycle float tests.

Each of the three master composites were to represent various mineral zones from both properties. This includes potential underground and open pit material from Lawyers and newly identified mineral zones at Ranch (see Table 1). Each zone composite was typically formed from 2 to 7 drill hole intervals averaging approximately 10 metres, with varying precious metal and sulphur (S) grades. These master composites therefore provide good confidence in the flowsheet response to the varying mineralogy of the project.

Table 1: Master Composite Blend

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/6169/211757_580c911db459c8dd_0001full.jpg

The flotation flowsheet for the locked cycle tests following gravity pretreatment are illustrated in Figure 1.

Figure 1: Flotation Flowsheet

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/6169/211757_580c911db459c8dd_0002full.jpg

Following laboratory test work optimization, the metallurgical response was confirmed by using locked cycle testing (see Figure 1 above) on three master composites representing blends from both Ranch and Lawyers. The test conditions consisted of grinding to an 80% particle passing size (P80) of 125 microns and subjecting the ground product to gravity treatment by centrifugal concentration. The centrifugal concentrate was cleaned by panning. Gravity tailing was sent to a differential flotation circuit with the primary (rougher) concentrate cleaned with a selective collector in three stages, while depressing pyrite with elevated slurry pH using lime. This generated a cleaned primary flotation concentrate accounting for approximately 2 wt.% of the feed mass having a high precious metal grades suitable for sale (see Table 2 below). A lower grade secondary scavenger flotation concentrate representing less than 3 wt.% of the mill throughput was pulled using a strong collector (potassium amyl xanthate). This material was then sent for aggressive leaching for 36 hours using high cyanide concentration. This residue was then combined with the flotation tailing for a final stage leach maintaining 1 g/L NaCN for 24 hours.

Overall, the combined testing showed that gravity pretreatment yielded a gold recoveries ranging from 17% to 38%. The silver recoveries were typically lower, ranging from 2% to 10%. When considering the combined processes of gravity and primary (rougher) flotation, the gold recoveries were notably high, with 86% for Composite M1(HG), 87% for Composite M2 (MG), and 77% for Composite M3 (LG). The combined silver recoveries were also substantial, achieving 81%, 85%, and 65% for the respective composites. The gravity and flotation concentrates demonstrated high grades and efficient recovery rates, for some zones. Stability in the locked cycle tests was generally good, with consistent mass, gold, and silver recoveries observed in the final three cycles. However, adjustments may be necessary in future test work, particularly to manage the re-floating of pyrite in high pyrite composites.

Cyanidation of the secondary flotation product further enhanced recovery. The circuit for leaching of the concentrate is small due to low mass pull, allowing for aggressive procedures in the first stage. The second stage leach is performed by recombing with float tailing, providing the overall leach response. For Composite M2 (MG), the mid grade blend cyanidation recovered an additional 9% of gold and 12% of silver. For Composite M1 (HG), the higher-grade blend recovered 8% of gold and 14% of silver, while for Composite M3 (LG), the lowest grade blend, an additional 19% of gold and 21% of silver were recovered from the overall leach circuit.

The combined metallurgical performance achieved excellent total recoveries of gold and silver. Composite M2 (MG) showed a total gold recovery of 96.3% and silver recovery of 96.4%. Composite M1 (HG) achieved 93.9% gold recovery and 94.4% silver recovery, while Composite M3 (LG) demonstrated 96.5% gold recovery and 86.3% silver recovery. These results underscore the effectiveness of the combined gravity, flotation, and cyanidation processes in maximizing precious metal recoveries. Summary of the results are available in Table 2.

Table 2: Master Composite Zone Blends and Head Assay

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/6169/211757_580c911db459c8dd_0003full.jpg

The preliminary findings indicate no issues with the flowsheet in terms of mass balance or recovery, affirming the project's robustness as it progresses.

Quality Assurance and Control

Original mineral samples that were selected for metallurgical evaluation were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). The geological sampling program was undertaken by Company personnel under the direction of Rob L'Heureux, P.Geol. Metallurgical testing was primarily performed by SGS Canada Inc. at their laboratory located in Burnaby BC. SGS is globally recognized in the mining industry and accredited with International Standards Organization (ISO) 9001 for quality assurance, and ISO/IEC 17025 for general requirements of laboratory competence in testing and calibration. A secure chain of custody is maintained in transporting and storing of all samples.

The technical content of this news release has been reviewed and approved by Frank Wright, P.Eng., independent metallurgical consultant and qualified person as defined by National Instrument 43-101.

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 is unlocking the combined potential of the Lawyers-Ranch Gold-Silver Project in the Toodoggone mining district of north central British Columbia, Canada. A 2022 Preliminary Economic Assessment for the Lawyers project alone projected an open-pit mining operation yielding an average of 163,000 gold equivalent ounces annually over a 12-year span 1 . By integrating the Ranch Project, the Company aims to enhance the economics and bolster the overall project's potential. Central to this ambition was the expansive 2023 drill program, which continues to define a high-grade out-of-pit Mineral Resource at Lawyers and augment the near-surface high-grade deposits at Ranch. The project now boasts a combined Measured & Indicated Mineral Resource of 4.0 Moz and an Inferred Mineral Resource of 727 koz, at respective grades of 1.51 and 1.82 g/t AuEq. The Company roadmap includes, new metallurgical work (now delivered), a robust 2024 exploration and drill program and a combined updated Preliminary Economic Assessment slated for Q3 2024. Through these strategic moves, Thesis Gold intends to elevate the Ranch-Lawyers Project to the forefront of global precious metals ventures.

1 Preliminary Economic Assessment: Lawyers Gold & Silver Project (2022). JDS Energy & Mining.

For further information or investor relations inquiries, please contact:

Dave Burwell Vice President Corporate Development Email: [email protected] 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.com . 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/211757

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