Thesis Gold Inc. has officially filed the Pre-feasibility Study (PFS) for its wholly-owned Lawyers-Ranch gold-silver Project. Located in the Toodoggone District of Northern British Columbia, the project’s PFS, referred to as the 2025 PFS, was submitted on SEDAR+ for public review. This filing follows the company’s announcement of the study’s key findings on December 1, 2025.
The comprehensive technical report, titled “Lawyers-Ranch Project NI 43-101 Technical Report and Pre-feasibility Study,” was a collaborative effort by a team of reputable consulting firms, including Ausenco Engineering Canada ULC, Mining Plus Canada Ltd., Knight Piésold Ltd., Equilibrium Mining Inc., P&E Mining Consultants Inc., pHase Geochemistry Inc., F. Wright Consulting Inc, and SLR Consulting Ltd. Their work adheres to the stringent standards set forth by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
**2025 PFS Highlights Showcase Robust Economics**
The 2025 PFS paints a compelling picture of the Lawyers-Ranch Project’s financial viability, particularly at assumed commodity prices of $2,900 per ounce for gold and $35 per ounce for silver.
Key economic indicators from the study include:
* **Pre-tax Returns:** An impressive internal rate of return (IRR) of 73.5% and a net present value (NPV) at a 5% discount rate (NPV5%) of $3.73 billion.
* **After-tax Returns:** A strong after-tax IRR of 54.4% and an after-tax NPV5% of $2.37 billion.
* **Payback Period:** A remarkably short payback period of just 1.1 years.
The study also explores the project’s potential under more optimistic price scenarios, assuming gold at $4,100 per ounce and silver at $51 per ounce. In this upside case:
* **Pre-tax Returns:** The IRR escalates to 117.4%, with an NPV5% of $6.86 billion.
* **After-tax Returns:** The IRR reaches 87.8%, and the NPV5% stands at $4.36 billion.
**Production and Resource Outlook**
The 2025 PFS forecasts strong annual production, with average gold-equivalent (AuEq) production of 266,000 ounces for the first three years and 187,000 ounces over the projected 15-year mine life (LOM). This is supported by a maiden Mineral Reserve statement detailing 76.16 million tonnes of ore with an average grade of 0.97 g/t gold and 28 g/t silver, resulting in a gold-equivalent grade of 1.33 g/t.
Operating costs are projected to be competitive, with an estimated all-in sustaining cost (AISC) of $1,185 per AuEq ounce. The project also benefits from significant silver by-product credits, which contribute approximately 23% of the total revenue.
**Capital Investment and Future Potential**
The initial capital expenditure for the project is estimated at $736.2 million. Notably, this estimate does not account for a potential $91.1 million in pre-production revenue from processing stockpiles during the initial commissioning and ramp-up phase. The ratio of after-tax NPV5% to initial capital stands at a compelling 3.2:1, highlighting the project’s efficient capital deployment.
Thesis Gold emphasizes that substantial upside potential exists for the Lawyers-Ranch Project. This includes further optimization of engineering designs through a future Feasibility Study and significant untapped exploration potential across the project area.
**Technical Reporting and Company Outlook**
The scientific and technical information within this press release has been reviewed and approved by Michael Dufresne, M.Sc., P.Geol., P.Geo., who is a Qualified Person under NI 43-101.
Thesis Gold Inc. is actively advancing the Lawyers-Ranch Gold-Silver Project, aiming to realize its full potential within British Columbia’s Toodoggone Mining District. The company has initiated the Environmental Assessment process and plans to commence a Feasibility Study in 2026. This strategic progression is designed to further de-risk the project and position it as a significant player in global precious metals development.
**Understanding Non-GAAP Measures**
Thesis Gold utilizes certain financial measures, such as All-in Sustaining Cost (AISC) and AISC per AuEq Ounce, which are not recognized under International Financial Reporting Standards (IFRS). These non-GAAP measures provide additional insights into the company’s operational costs and may not be directly comparable to similar measures reported by other companies. AISC is defined as the total costs required to produce an ounce of gold, encompassing mining, processing, mine-level general and administrative expenses, offsite charges, royalties, sustaining capital, expansion capital, and closure costs. AISC per AuEq ounce is calculated by dividing total AISC by the payable AuEq ounces over the mine life.
**Cautionary Statement Regarding Forward-Looking Information**
This press release contains forward-looking information, including financial outlooks, which are based on current expectations, estimates, and projections as of the date of this release. These statements are not historical facts and involve inherent risks, uncertainties, and contingencies that could cause actual results to differ materially from those anticipated. Factors that could influence these outcomes include uncertainties in economic evaluations, the success of future exploration activities, potential errors in geological and financial modeling, changes to project parameters, delays in advancement, equipment and labor availability, fluctuations in commodity and foreign exchange rates, insurance limitations, accidents, capital availability, regulatory approvals, labor disputes, and opposition from various stakeholders. The company does not undertake to update this forward-looking information except as required by applicable securities laws.
The forward-looking information, including financial outlooks and metrics such as NPV and IRR, is based on management’s current assumptions and should not be relied upon as definitive indicators of future performance. Actual results may differ significantly from these projections.
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