Mr. Ewan Webster reports

THESIS GOLD DRILLS 128.00 M OF 2.49 G/T AUEQ, INCLUDING 27.00 M OF 8.46 G/T AUEQ AT THE CLIFF CREEK DEPOSIT

Thesis Gold Inc. has released all remaining assay results from the 2023 drill program at the company's 100-per-cent-owned Lawyers project. The 2023 drilling campaign was strategically designed to enhance the project's value, predominantly exploring depth extensions of the mineralized zones that may be suitable for bulk tonnage underground mining methods. The results from this focused drilling campaign have not only met the company's objectives, but also indicate potential for expanding the estimated resource in the forthcoming updated mineral resource estimate (MRE). These findings will be incorporated into the subsequent updated preliminary economic assessment (PEA) to establish the economic framework for the potential minable portion of the resource. The company's road-accessible Lawyers gold-silver project, and adjacent Ranch project, form a contiguous, 325-square-kilometre land package in the prolific Toodoggone mining district in Northern British Columbia.

Highlights:

• Cliff Creek drilling: Designed to infill and expand high-grade mineralization below modelled open pits, with key highlights of:
  • 23CCDD001 intersected six metres of 4.83 grams per tonne (g/t) gold (Au) and 346.11 g/t silver (Ag), or 9.16 g/t gold equivalent (AuEq);
  • 23CCDD020 intersected 7.22 m of 5.59 g/t Au and 199.86 g/t Ag, or 8.09 g/t AuEq;
  • 23CCDD022 intersected 128 m of 1.97 g/t Au and 41.71 g/t Ag, or 2.49 g/t AuEq, including:
    • 27 m of 7.54 g/t Au and 74.29 g/t Ag, or 8.46 g/t AuEq, including:
      • 0.60 m of 316 g/t Au and 881 g/t Ag, or 327.01 g/t AuEq.
  • 23CCDD028 intersected 22 m of 3.71 g/t Au and 148.72 g/t Ag, or 5.57 g/t AuEq, including:
    • 7.86 m of 9.86 g/t Au and 396.76 g/t Ag, or 14.82 g/t AuEq.
• Shallower infill intersections with potential resource classification upgrades:
  • 23CCDD029 intersected 54.32 m of 1.80 g/t Au and 116.93 g/t Ag, or 3.26 g/t AuEq, including:
    • 39 m of 2.27 g/t Au and 156.45 g/t Ag, or 4.23 g/t AuEq.
• Updated MRE: Results to be included in a revised MRE, expected in early Q2 2024;
• Preliminary economic assessment: Focus on an updated PEA in Q3 2024, potentially transforming project economics with the incorporation of a potential underground mining scenario.

Ewan Webster, president and chief executive officer, commented: "We are thrilled with the outcomes of this year's drill program at the Lawyers project, which not only confirmed the continuation of deep mineralized zones but also achieved the specific objectives we set out at the beginning of the program. The extension of mineralization at depth, beyond our initial expectations, presents an exciting opportunity for further upside. In addition, we also look forward to sharing further drill results from the Ranch project as they become available."

Ian Harris, chief operating officer and mine engineer, stated: "The 2022 PEA highlighted significant, easily accessible underground potential beneath the conceptual pits at Cliff Creek and Dukes Ridge, which were not previously included in the minable resource. Our 2023 drilling campaign was strategically targeted to capitalize on these opportunities. The results have been promising, indicating potential extensions of these zones. We are now looking forward to incorporating these findings and evaluating the integration of underground bulk-tonnage mining early in the mine plan for an updated PEA, targeted for completion in Q3 2024. This approach aims to not only increase the overall minable resource, but also to bring higher-grade material into the mine plan sooner. We believe this could be transformative for the project, significantly enhancing both the design and economic outcomes."

The focus of the 2023 drill program was to infill previously delineated mineralization and confirm the continuity of deeper gold-silver mineralization at Cliff Creek and Dukes Ridge deposits. Successful infill drilling has established numerous pierce points that have the potential to upgrade resource classification into the measured and indicated categories. Results from the 2023 program also demonstrate continuity of deeper mineralized zones at both Cliff Creek and Dukes Ridge to depths of over 540 vertical metres and 400 vertical metres, respectively. These deeper intercepts are consistent with geological modelling and fall in line with stope models, meaning they have the potential to be combined with previously established deeper mineralized zones that may be included in an underground mining scenario in economic studies expected later this year.

Quality assurance/quality control

Results from samples were analyzed at ALS Global Laboratories (geochemistry division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). The sampling program was undertaken by company personnel under the direction of Rob L'Heureux, PGeol. A secure chain of custody is maintained in transporting and storing of all samples. Gold was assayed using a fire assay with atomic emission spectrometry and gravimetric finish when required (plus 10 g/t Au). Drill intervals with visible gold were assayed using metallic screening. Rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.

The technical content of this news release has been reviewed and approved by Michael Dufresne, MSc, PGeol, PGeo, a qualified person as defined by National Instrument 43-101.

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. 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. By integrating the Ranch project, the company aims to enhance the economics and bolster the overall project's potential. Central to this ambition is the 2023 50,000-metre drill program, which aims to define the high-grade underground resource at Lawyers and augment the near-surface high-grade deposits at Ranch. The company's road map includes releasing a combined Ranch-Lawyers resource estimate by Q2 2024, with an updated preliminary economic assessment slated for Q3 2024. Through these strategic moves, Thesis Gold aspires to elevate the Ranch-Lawyers project to the forefront of global precious metals ventures.

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