Mr. Ewan Webster reports

THESIS GOLD STEP-OUT DRILLING AT BINGO ZONE INTERSECTS 20.00 METRES OF 8.46 G/T GOLD, 36.96 G/T SILVER, AND 1.72% COPPER

Thesis Gold Inc. has released all remaining assay results from the 2023 drill program at the company's 100-per-cent-owned Ranch project. The Ranch project is road-accessible by way of the company's Lawyers gold-silver project, and, together, the two projects form a contiguous, 325-square-kilometre land package in the prolific Toodoggone mining district in Northern British Columbia.

Highlights:

• Near-surface mineralization: Significant portions of the mineralization at Bingo lie within or just below 50 vertical metres from surface.
• High-grade intercepts, including:
  • Drill hole 23BNGDD024 returned 20 m of 8.46 grams per tonne (g/t) gold (Au), 36.96 g/t silver (Ag) and 1.72 per cent copper (Cu), or 11.55 g/t gold equivalent (AuEq);
  • Drill hole 23BNGDD029 returned 38.90 m of 2.79 g/t Au, 4.79 g/t Ag and 0.58 per cent Cu, or 3.73 g/t AuEq;
  • Drill hole 23BNGDD035 returned 29.20 m of 2.64 g/t Au, 51.14 g/t Ag and 0.70 per cent Cu, or 4.36 g/t AuEq;
  • High-grade mineralization is associated with zones of massive enargite and chalcopyrite copper mineralization.
• Increased deposit footprint: In 2023, Thesis doubled the number of metres that had previously been drilled at the Bingo zone. Drilling has substantially increased the footprint of mineralization and suggests significant expansion potential in undrilled areas with similar geophysical signatures.
• Geological insight: The discovery of key controls on mineralization related to intersecting northwest-southeast, north-northwest-south-southeast, north-south and northeast-southwest faults enhances the company's targeting strategy for future drilling.
• Copper potential: The consistent presence of high-grade copper not only potentially enhances the project's overall value but could also indicate proximity to a potential porphyry system. Copper mineralization will become a key focus for advancing the company's understanding of the mineralizing system, and optimizing targeted exploration at Ranch.
• Strategic alignment: These results align with the company's 2023 strategic objectives for the Ranch project, demonstrating the potential for significant near-surface mineralization and continuation at depth. The expansion of the Bingo zone not only enhances the project's upside but also solidifies the company's path toward updating the mineral resource estimate (Q2 2024) and subsequent updated preliminary economic assessment (PEA) (Q3 2024).

Ewan Webster, president and chief executive officer, commented: "These stepout drilling results at the Bingo zone define strong near-surface mineralization, particularly the high-grade intercepts in drill holes 23BNGDD024, 23BNGDD029 and 23BNGDD035, underscoring the prospect's significant potential. Doubling the drilling efforts in 2023 has not only expanded the deposit footprint but also provided valuable geological insights, guiding our strategy for future exploration. The consistent presence of high-grade copper further enhances the project's value and hints at the proximity to a potential porphyry system."

The Bingo zone marks the northernmost tested extent of the Thesis structural corridor. The Thesis corridor is a more-than-1.5-kilometre-long structural zone that contains intersecting northwest, north-south and northeast faults associated with property-scale lineaments, evident in both topography and in multiple geophysical datasets. In the Bingo zone, and the rest of the Thesis structural corridor, there is no little exposed outcrop, so targeting efforts relied exclusively on historical drilling, trenching, geophysics and soil geochemistry.

Gold, silver and copper mineralization at Bingo is associated with the intersections between interpreted northwest-southeast-, north-northwest-south-southeast-, north-south- and northeast-trending faults, where linear topographic low points coincide with lineaments of low-moderate magnetic signal. These conditions are shared across the property, where magnetic lows are associated with hydrothermal alteration that has destroyed magnetic minerals in the host volcanic rocks. A shallow trend emerging at the Bingo zone indicates some combination of structural and stratigraphic control on the geometry of mineralization -- elevated gold, silver and copper is spatially associated with hydrothermal breccias that commonly mark contacts between lithologic units.

The alteration and mineralization at Bingo suggest that mineralization formed in the deeper parts of an epithermal system characterized by hotter, more acidic hydrothermal fluids. The tuffs and andesites that host mineralization exhibit intense degrees of massive and vuggy silica development, clays, including dickite, alunite and kaolinite, indicate advanced argillic conditions. Massive enargite and chalcopyrite are present in zones that returned significant copper and silver grades. High-grade gold is associated with these minerals, as well as significant barite.

With little to no exposed outcrop, there has been sparse exploration north of the Bingo zone, however, topography, geophysics and soil geochemistry indicate that there is potential for further discoveries in this largely unexplored region.

Quality assurance and 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 (over 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.

Incentive stock options

The company is also pleased to announce the grant of an aggregate of 4.02 million incentive stock options to certain directors, officers, employees and/or consultants of the company. In conjunction with his appointment as non-executive chairman of the board, William (Bill) Lytle was granted 370,000 options at an exercise price of 39 cents per share for a period of five years. The remaining 3.65 million options were granted at an exercise price of 47 cents per share for a period of five years. Such options are granted pursuant to the company's 10 per cent rolling stock option plan and are in accordance with the policies of the TSX Venture Exchange.

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 expansive 2023 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.

We seek Safe Harbor.