Dr. Ewan Webster reports

THESIS GOLD COMPLETES FIRST TRANCHE OF $11.24 MILLION FINANCING

Thesis Gold Inc. has completed a first closing of the brokered private placement announced on Sept. 7, 2023, for gross proceeds of $4,821,710, representing 4,267,000 premium flow-through common shares. It is expected that the second and final tranche consisting of up to 6,899,600 flow-through common shares for additional gross proceeds of up to $6,416,628 (the "FT Shares") will close on or about October 10, 2023.

Ewan Webster, President, and CEO commented, "With this financing now complete, these funds will allow us to unlock significant value across our projects, achieving key milestones over the next 12 months, including the completion of our 50,000-meter drilling program, an updated global resource estimate covering both the Ranch and Lawyers Projects, followed by a new Preliminary Economic Assessment (PEA)."

The gross proceeds from the sale of Premium FT Shares and FT Shares (collectively the "Flow-Through Shares") will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the Company's projects in Canada. All Qualifying Expenditures will be renounced in favour of the subscribers of the Flow-Through Shares effective December 31, 2023.

The Offering was made pursuant to an agency agreement (the "Agency Agreement") among the Company and a syndicate of agents led by Clarus Securities Inc. and including PI Financial Corp. and Cormark Securities Inc. (the "Agents").

Pursuant to the Agency Agreement, the Company (i) paid the Agents a cash commission representing 6% of the gross proceeds raised under the Offering; and (ii) issued to the Agents 256,020 broker warrants each entitling the holder to acquire one non-flow-through common shares of the Company at a price of $1.13 per share at any time for a period of 24 months from the closing date of the Offering.

All securities issued pursuant to this Offering are subject to a restricted hold period of four months and a day, under applicable Canadian securities legislation. The Offering remains subject to the final approval of the TSX Venture Exchange (the "TSXV").

About Thesis Gold Inc.

Thesis Gold, following its strategic merger with Benchmark Metals, is unlocking the combined potential of the Ranch and Lawyers Gold-Silver Projects in the Toodoggone mining district of north-central British Columbia, Canada. The 2022 Preliminary Economic Assessment for the Lawyers Project alone projected an open-pit mining operation that would yield 163,000 gold equivalent ounces annually over a 12-year span. The Company is now evaluating the integration of the Ranch project, aiming to enhance these figures and bolster the overall potential. Central to this ambition is the 50,000-metre drill program, designed to define the high-grade underground resource at Lawyers and augment the near-surface high-grade deposits at Ranch. The Company's roadmap includes the release of a global Company resource estimate by Q2 2024, followed by an updated Preliminary Economic Assessment in Q3 2024. Through these strategic initiatives, Thesis Gold aspires to rise to the forefront of global precious metals ventures.

We seek Safe Harbor.