Dr. Ewan Webster reports

THESIS GOLD & SILVER IDENTIFIES TWO DISTINCT PORPHYRY TARGETS ON THE LAWYERS-RANCH PROJECT

Thesis Gold & Silver Inc. has identified two, high-quality porphyry exploration targets at Ranch and Ranch East. These areas are within the company's 100-per-cent-owned Lawyers-Ranch gold-silver project located in the prolific Toodoggone mining district of Northern British Columbia.

The 2025 exploration program focused on two priorities: advancing the understanding of near-surface, high-grade gold in areas such as Bingo and Steve, and testing for porphyry potential at Ranch and Ranch East, a non-contiguous claim package 15 kilometres east of the Ranch resource area. Geological mapping, geochemical sampling, reinterpretation of alteration patterns and insights from the 2025 drill program have identified two distinct porphyry exploration targets. The emerging porphyry potential identified by the Thesis geology team adds to an already strong project foundation established by the 2025 prefeasibility study (the PFS) (see the news release dated Dec. 1, 2025, entitled "Thesis Gold Announces Positive Prefeasibility Study for Lawyers-Ranch Project: After-Tax NPV5% of $2.37 Billion and 54.4% IRR"), which outlined a base-case scenario with an after-tax NPV (net present value) (5 per cent) of $2.37-billion, a 54.4-per-cent IRR (internal rate of return), and a 1.1-year payback period at $2,900 (U.S.) gold and $35 (U.S.) silver.

With metal prices currently well above those base-case assumptions, the project already carries meaningful economic upside. The newly identified porphyry targets at Ranch and Ranch East represent additional opportunity to expand the resource base at Lawyers-Ranch and highlight real potential for this project beyond the development case established in the PFS.

Key highlights

• Two high-quality porphyry exploration targets identified within the Lawyers-Ranch project represent different exposure levels within the continuum of porphyry-epithermal systems:
  • Ranch:
    • The established resource is hosted in a well-developed high-sulphidation lithocap defined by silicic and advanced argillic alteration (alunite, pyrophyllite, dickite, pyrite).
    • A major hydrothermal upflow zone at Moly corridor was identified by targeting elevated molybdenum in surface samples and coincident resistivity and chargeability anomalies.
    • Well-developed silicic alteration and the presence of gusano textures and diatreme breccia supports proximity to a porphyry system.
    • Interpretation: Ranch lithocap is inferred to overlie a potential porphyry system at depth.
  • Ranch East:
    • Exposes high-temperature inner propylitic alteration at surface across a greater than one-kilometre footprint.
    • Includes magnetite-actinolite veins with albite halos and clast-selective epidote alteration.
    • Surface grab sampling returned elevated copper and silver values, including:
      • 2.31 per cent Cu (copper) (bornite bearing);
      • 1.76 per cent Cu with 14.0 parts per million Ag (silver) (chalcopyrite bearing).
    • Interpretation: consistent with exposure of deeper levels of a porphyry system.
• Exploration implications: The presence of both lithocap-hosted and deeper porphyry-level alteration indicates potential for multiple porphyry systems within the Lawyers-Ranch district:
  • The target identified at Ranch underlies many existing shallow, high-grade gold targets.
  • During the 2026 field season, Thesis will continue the work to advance these drill targets in addition to critical-path data collection required for an upcoming feasibility study.

Ewan Webster, president and chief executive officer, commented: "The identification of two porphyry systems at different levels of exposure highlights the district-scale potential emerging at Ranch. Ranch East provides a rare window into deeper levels of a porphyry system, while Ranch preserves the upper lithocap portion of a similar system. Together, these observations significantly expand the exploration potential across the project area, provide compelling new targets for further exploration and represent exciting upside to the mining scenario already established in our 2025 PFS."

Porphyry exploration in a magmatic-hydrothermal system

Porphyry-epithermal systems are characterized by predictable alteration patterns and overprinting relationships that can be used to vector toward mineralized intrusions at depth. At deeper levels, these systems commonly develop a domain of propylitic alteration that is zoned outward from a central intrusive complex. This alteration is characterized by mineral assemblages that transition from actinolite-bearing through epidote-dominant and outward into chlorite-altered rocks, reflecting a decrease in temperature away from the intrusion.

At shallow crustal levels, these systems may be overprinted by lithocaps consisting of silicic, advanced argillic and argillic alteration, which may host high-sulphidation mineralization. The Ranch resource area is characterized by the features that define a Lithocap environment.

The Green Rock and Lithocap environments are separated by a sericite-dominated transition zone, characterized by phyllic and intermediate argillic alteration. This zone represents the interface between lithocap and porphyry environments. Identifying this transition zone, and particularly where hydrothermal fluids were focused, is critical for vectoring toward a porphyry intrusion at depth.

Ranch Lithocap: high-sulphidation system above a potential porphyry

Within the Ranch area, high-sulphidation deposits like at Bonanza-Ridge, BV and the Thesis corridor, are hosted within a lithocap defined by silicic, advanced argillic and argillic alteration. These characteristics are typical of high-sulphidation epithermal environments that develop above deeper porphyry systems.

Within this broader system, the Moly corridor emerged as a key zone of interest for the 2025 exploration program based on elevated molybdenum and gold values in surface samples and coincident geophysical anomalies. Elevated molybdenum is atypical of high-sulphidation epithermal systems and more commonly associated with porphyry environments, suggesting the lithocap may overlie a porphyry system at depth.

Several additional features further support this interpretation. Gusano textures, defined by wormy and patchy domains of dickite, pyrophyllite, diaspore and white mica, have been observed at depth at the Steve zone. In lithocap systems, these textures are commonly associated with the transition zone directly above porphyry deposits.

A diatreme breccia has also been identified within the Moly corridor. In lithocap environments, these breccias are typically linked to the focused release of hydrothermal fluids above underlying porphyry intrusions and can highlight zones of concentrated fluid upflow. The interpretation of a hydrothermal upflow zone adjacent to the diatreme in the Moly corridor is supported by intensely developed silicic and alunite-dominant advanced argillic alteration and a coincident resistivity anomaly. Similar upflow zones in high-sulphidation systems are typically positioned directly above porphyry intrusions and represent key vectors toward mineralized centres at depth.

At both Steve zone and Moly corridor, alteration transitions from advanced argillic assemblages into sericite-dominant alteration with localized windows of propylitic alteration. This transition is broadly coincident with a chargeability anomaly, interpreted to reflect the presence of a pyrite-rich plume.

Taken together, these geological, geochemical and geophysical observations are interpreted to define the transition from lithocap alteration into porphyry-style alteration, supporting the presence of a preserved porphyry system beneath the Ranch lithocap.

Ranch East: inner propylitic alteration and copper-silver mineralization

Ranch East claims were staked in 2024 in part, due to the presence of the regionally significant Kyba Red Line, which represents the unconformable boundary between Triassic and Jurassic volcanic units. In both the Golden Triangle and the greater Toodoggone district, this boundary is spatially associated with numerous porphyry and epithermal deposits, and is widely accepted as a prospectivity marker for potential porphyry-style mineralization.

In contrast to the Ranch lithocap and underlying transition zone, the target at Ranch East is characterized by high-temperature, inner propylitic alteration (actinolite subzone) and copper-silver mineralization. These characteristics were observed at surface during a 2025 field mapping campaign and suggest that erosion has exposed the deeper portions of a porphyry system in this area.

The zone of inner-propylitic-altered rock contains clast-selective and pervasive epidote alteration and veins, quartz-sulphide veins and, most notably, magnetite-actinolite veins with albite halos developed within volcanic host rocks. These features are extensive and occur across an area at least one kilometre in length within a surrounding three-kilometre-long gossanous zone. Copper-silver mineralization identified through surface sampling is locally associated with the inner-propylitic features described above and is more broadly present across the Ranch East tenure.

Together, these observations and the spatial extent across which they occur indicate that Ranch East represents a compelling porphyry exploration target and provides a rare window into deeper levels of a porphyry-style hydrothermal system within the district.

Exploration implications

The coexistence of inner propylitic alteration at Ranch East and a high-sulphidation lithocap and underlying upflow zone at Ranch indicates that the district preserves multiple levels of porphyry-related hydrothermal systems. This framework significantly expands the exploration potential across the Ranch area and supports the interpretation that additional porphyry systems may be present within the broader project area.

Future exploration in 2026 will focus on advancing these targets through continued mapping and sampling across the Ranch East alteration system, expanding geophysical surveys to refine potential intrusive centres, and drilling to test priority porphyry targets across the project.

Quality assurance and control

Samples were analyzed at Bureau Veritas Minerals Laboratories in Vancouver, Canada (an ISO/IEC 17025-accredited facility). The sampling program was undertaken by company personnel under the direction of Andrew Turner, PGeol, PGeo. 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.

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

Grant of equity compensation

Thesis granted, to directors, officers and employees, an aggregate of: (i) 1.36 million stock options; (ii) 402,000 restricted share units (RSUs); (iii) 393,000 performance share units (PSUs); and (vi) 261,000 deferred share units (DSUs) with all awards governed by the company's omnibus long-term incentive plan and each applicable award agreement.

Each vested option entitles the holder to purchase one common share of the company at an exercise price of $2.70 per common share for five years from March 27, 2026. The options vest one-third on the first, second and third anniversaries of the grant date.

Each vested RSU entitles the holder to receive one common share upon settlement. The RSUs vest one third on the first, second and third anniversaries of the grant date.

Each vested PSU entitles the holder to receive one common share upon settlement. The PSUs vest upon satisfaction of certain corporate objectives established by the company over a three-year period.

Each vested DSU entitles the holder to receive one common share upon settlement. The DSUs vest and settle on the DSU holder's termination date.

About Thesis Gold & Silver Inc.

Thesis Gold & Silver is Canadian precious metals development company focused on advancing its 100-per-cent-owned Lawyers-Ranch gold-silver project in British Columbia's prolific Toodoggone mining district, one of North America's most prospective emerging precious-metals districts. Lawyers-Ranch hosts a large, high-quality gold equivalent mineral resource with meaningful exposure to silver, which represents a significant component of the project and long-term value proposition.

Thesis Gold & Silver is advancing Lawyers-Ranch through feasibility, permitting and continued exploration, with the objective of unlocking long-term value for shareholders and stakeholders.

We seek Safe Harbor.