Name of the Project
Lawyers-Ranch gold/silver project.

Location
Toodoggone mining district of British Columbia, Canada.

Project Owner/s
Resource development company Thesis Gold.

Project Description
A prefeasibility study (PFS) published in December 2025 presents a plan for developing the combined Lawyers-Ranch project using openpit and underground mining methods, with ore processed at a single facility. 

The PFS proposes a conventional truck-and-shovel openpit mining operation at the Lawyers area, with common equipment sizing and feeding a 13 700 t/d, industry-standard processing plant that includes crushing, grinding, flotation, and leaching, as well as a Merrill Crowe recovery circuit to produce precious metals concentrate and gold/silver doré bullion on site. 

A crossover to underground mining using longhole stoping is then suggested to feed up to 1 640 t/d from the Dukes Ridge and Cliff Creek deposits during operational years 1 to 7. 

The PFS includes contract mining at the Ranch area during the first three years of 
operations. 

The project is expected to produce about 187 000 oz of gold equivalent production over the 15-year life-of-mine (LoM), with average production estimated at 145 000 oz/y of gold and 3.48-million ounces a year of silver.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has strong economics, with a pretax internal rate of return of 73.5% and a net present value, at a 5% discount rate, of $3.73 billion, at $2 900/oz of gold. The project offers an after-tax payback period of 1.1 years at US$2,900 Au and $35 silver.

Capital Expenditure
Initial capital expenditure is estimated at $736.2-million.

Planned Start/End Date
Not stated.

Latest Developments
Thesis Gold has initiated an environmental assessment and permitting process at provincial and federal levels. 

Significant project upside exists to further optimise the engineering design through a feasibility study, and in the project-wide exploration potential that remains untapped. 

The main focus of the 2026 field season will be to collect the remaining feasibility study-level data gaps for geotechnical and hydrogeological data, as well as the collection of additional feasibility study metallurgical samples

Key Contracts, Suppliers and Consultants
Ausenco Engineering Canada, Mining Plus Canada, Knight Piésold, Equilibrium Mining Inc, P&E Mining Consultants Inc, pHase Geochemistry Inc, Frank Wright Consulting and SLR Consulting (PFS).

Contact Details for Project Information
Thesis Gold VP investor relations, tel +1 672 910 0026 or email kettinac@thesisgold.com.