Mr. Ewan Webster reports

THESIS GOLD & SILVER RECEIVES CONFIRMATION OF SUBSTITUTED IMPACT ASSESSMENT PROCESS FOR LAWYERS-RANCH

Thesis Gold & Silver Inc. has received confirmation from the government of Canada that the Impact Assessment (IA) process for its 100-per-cent-owned Lawyers-Ranch gold-silver project will be substituted to the province of British Columbia (B.C.). As a result, B.C.'s Environmental Assessment Office (EAO) will conduct the IA for Lawyers-Ranch under the Environmental Assessment Act, SBC 2018, C.51 on behalf of the Impact Assessment Agency of Canada (IAAC).

Dr. Ewan Webster, Thesis's president and chief executive officer, and director, commented: "This is a significant milestone for the Lawyers-Ranch project and an important step toward a more efficient and co-ordinated permitting pathway. The substituted process provides greater certainty and clarity as we advance the project, while maintaining the high environmental, social and consultation standards expected by all parties. We believe Lawyers-Ranch has the potential to become an important source of precious metals for Canada, generating meaningful benefits for first nations, local communities, British Columbia and the country as a whole. We look forward to continuing to work collaboratively with governments, regulators and indigenous nations as we advance toward an environmental assessment decision."

The substituted IA process under Canada's IAA is expected to streamline permitting for Lawyers-Ranch by allowing the Province of B.C. to lead a single, consolidated environmental review in place of parallel federal and provincial assessments, provided federal requirements are met. This "one project, one review" approach is expected to reduce duplication, shorten timelines and lower administrative burden, while maintaining robust consideration of environmental, social and indigenous impacts. By aligning the provincial IA with federal permitting requirements and supporting federal participation and indigenous consultation, Thesis expects improved co-ordination, greater regulatory clarity and reduced uncertainty. Thesis expects an EA decision in early 2029.

The company commenced the project's environmental assessment (EA) and permitting process on Dec. 10, 2025, at both the provincial and federal levels by submitting an initial project description (IPD) and engagement plan to B.C.'s EAO and the IPD and a plain language summary to the IAAC. On May 22, 2026, the Hon. Julie Dabrusin, Canada's Minister of the Environment, Climate Change and Nature, approved the substitution of the conduct of the IA to the Province of B.C.

Minister Dabrusin's decision follows IAAC's determination that an IA is required pursuant to the Impact Assessment Act (IAA). The information gathered by EAO through the provincial EA will support a federal decision on the project under the IAA. Minister Dabrusin also noted that the substitution decision was made before the EAO's decision that the project is ready to proceed to a provincial EA, in order to provide process clarity, reduce timelines and increase efficiency.

About Thesis Gold & Silver Inc.

Thesis is a 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 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.