Dr. Ewan Webster reports

THESIS GOLD & SILVER ANNOUNCES ANGLOGOLD ASHANTI TO INCREASE ITS STRATEGIC INVESTMENT THROUGH A C$58.5M OFFERING

AngloGold Ashanti PLC will purchase securities of Thesis Gold & Silver Inc. through an offering of hard-dollar common shares and flow-though shares with aggregate gross proceeds of $58,462,111. Pursuant to the offering, AngloGold Ashanti will increase its strategic investment in Thesis from approximately 5 per cent to 9.7 per cent of the issued and outstanding common shares of the company. The investment increase follows AngloGold Ashanti's initial 5-per-cent strategic investment in Thesis completed in February, 2026, and further strengthens the relationship between the two companies as Thesis continues to advance its 100-per-cent-owned Lawyers-Ranch gold-silver project in British Columbia's Toodoggone mining district.

Dr. Ewan Webster, president and chief executive officer of Thesis, commented: "We are very pleased that AngloGold Ashanti has elected to significantly increase its investment in Thesis. We believe their decision to increase their position represents a strong endorsement of the quality and scale of Lawyers-Ranch and the progress our team continues to make advancing the project. Having AngloGold Ashanti as a global gold producer as significant strategic shareholder provides further validation of Lawyers-Ranch and positions Thesis exceptionally well as we advance through feasibility, permitting and continued exploration."

The offering will consist of: (i) 8,342,257 common shares at a price of $3.4118 per common share for gross proceeds of $28,462,112; (ii) 2,020,202 common shares issued as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada) at a price of $4.95 per B.C. CEE flow-through share for gross proceeds of $10-million; and (iii) 4,282,655 common shares issued as flow-through shares within the meaning of Subsection 66(15) of the Tax Act at a price of $4.67 per national CEE flow-through share for gross proceeds of $19,999,999.

The gross proceeds of the offering from the issuance of flow-through shares will be used by the company to incur (or be deemed to incur) eligible Canadian exploration expenses (as defined in Subsection 66.1(6) of the tax act) that qualify as flow-through mining expenditures (as defined in Subsection 127(9) of the tax act) related to Lawyers-Ranch. Qualifying expenditures with respect to the B.C. CEE flow-through shares will also qualify as B.C. flow-through mining expenditures as such term is defined in Section 4.721(1) of the Income Tax Act (British Columbia). Qualifying expenditures in an aggregate amount not less than the gross proceeds from the issue of the flow-through shares will be incurred (or deemed to be incurred) by the company on or before Dec. 31, 2027, and will be renounced by the company in favour of the subscribers for the flow-through shares, effective on or before Dec. 31, 2026. The gross proceeds of the offering from the issuance of common shares will be used for working capital and general corporate purposes, including work related to the technical studies currently under way at Lawyers-Ranch.

In connection with closing of the offering, the company and AngloGold Ashanti will enter into an amended and restated investor rights agreement, superseding the current investor rights agreement dated Feb. 26, 2026, which will provide for, among other things, certain investor rights to AngloGold Ashanti that are customary for transactions of this nature upon satisfaction of certain conditions.

All securities issued pursuant to the offering are subject to a four-month hold period in accordance with the policies of the TSX Venture Exchange and applicable securities laws. The offering is subject to final approval by the TSX-V.

The company anticipates the offering will close on or around Aug. 27, 2026, subject to satisfying customary closing conditions.

About Thesis Gold & Silver Inc.

Thesis is a Canadian precious metal 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 metal 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 a 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.