Announcement • Jun 17
Thesis Gold & Silver Commences 2026 Exploration and Project Advancement Programs At Lawyers-Ranch Project
Thesis Gold & Silver Inc. announced that the 2026 exploration and project advancement programs are now underway at the Lawyers-Ranch Project, located in British Columbia's Toodoggone Mining District. The 2026 program is focused on advancing the Lawyers-Ranch Project toward completing a Feasibility Study before the end of 2027 through continued engineering and technical de-risking activities, expanding high-grade mineralization at Ranch with the goal of supporting future resource growth, mine life extension, and enhanced project economics, and advancing district-scale porphyry targets that have the potential to unlock significant value across the broader land package. The Feasibility Study will build on the Prefeasibility Study announced in December 2025 that outlined an open pit and underground operation with a 15-year mine life, an after-tax NPV5% of CAD 2,370 million, an after-tax IRR of 54.4% and a payback period of 1.1 years. The Prefeasibility Study base case assumed gold and silver prices of USD 2,900/troy ounce and USD 35/oz, respectively. In 2026, the company plans to complete approximately 20,000 metres of drilling, including approximately 12,000 metres focused on exploration targets at Ranch and Ranch East, and approximately 8,000 metres of geotechnical, hydrogeological, metallurgical, and geochemical drilling designed to support this Feasibility Study. The exploration program will focus on expanding high-grade gold and silver mineralization at Ranch and following up on promising porphyry targets identified during the 2025 exploration program at Ranch and Ranch East. Approximately 12,000 metres of exploration drilling at Ranch will focus on expanding zones of gold mineralization, continue testing new epithermal gold targets, as well as testing deeper porphyry targets identified at Ranch and Ranch East. Drilling at the Steve Zone will follow up on 2025 results, which intersected high-grade gold within a broad mineralized envelope. Advancing two high-quality porphyry targets identified at Ranch and Ranch East during the 2025 program. These targets represent different exposure levels within the continuum of porphyry epithermal systems. The Ranch Lithocap is inferred to overlie a potential porphyry system at depth. Alteration at Ranch East is consistent with exposure of deeper levels of a porphyry system. Additional work will consist of detailed mapping and surface sampling, talus fines sampling, and an IP geophysical survey. Approximately 8,000 metres of multipurpose geotechnical, metallurgical and hydrogeological drilling focused on advancing the Feasibility Study and related engineering studies. The drilling program is designed to improve understanding of the deposit, and will provide critical inputs for mine design, pit slope optimization, underground development planning, water management studies, and process plant design. Additional metallurgical studies at both Ranch and Lawyers to further classify rock comminution characteristics and optimize the processing flowsheet. The company continues to de-risk Lawyers-Ranch by advancing the Environmental Assessment process, which commenced in December 2025 with the submission of the Initial Project Description and Engagement Plan to the British Columbia Environmental Assessment Office, and the Initial Project Description and Plain Language Summary to the Impact Assessment Agency of Canada. The company continues to target receipt of an Environmental Assessment decision in early 2029. The technical content of this news release has been reviewed and approved by Michael Dufresne, M.Sc, P.Geol., P.Geo., a non-independent qualified person as defined by National Instrument 43-101.