THESIS GOLD Business Summary

Thesis Gold Inc. (TSXV: TAU; OTCQX: THSGF) is a precious metals development company primarily focused on the 100%-owned Lawyers-Ranch Gold-Silver Project in the Toodoggone Mining District of British Columbia. The company’s business model centers on the identification, evaluation, and advancement of high-grade mineral assets toward production, with revenue generation currently tied to future metal sales rather than active operations. As of February 2026, the company is transitioning from advanced exploration to project development, supported by a January 2026 Pre-Feasibility Study (PFS) that outlines a 15-year mine life with an average annual production of 187,000 gold-equivalent ounces. Its primary business segments include mineral exploration, environmental permitting, and feasibility engineering. Thesis Gold competes directly with other North American junior developers such as Dolly Varden Silver, Amex Exploration, and Banyan Gold; it distinguishes itself through its significant silver endowment—leading to an imminent rebranding to Thesis Gold & Silver Inc. on February 20, 2026—and a robust after-tax NPV5% of C$2.37 billion, positioning it as a top-tier developer in a Tier-1 jurisdiction. The leadership team is led by President and CEO Dr. Ewan Webster, a Professional Geoscientist with a Ph.D. in Geoscience who has been instrumental in the project's growth since 2018. He is supported by CFO David Garratt, who brings over 20 years of financial leadership from roles at Cordoba Minerals and Turquoise Hill Resources, and Chief Geologist Dr. Evan Orovan, an expert in porphyry-epithermal systems. Other key executives include Stephen Crozier (EVP, External Affairs & Sustainability), Kettina Cordero (VP, Investor Relations), and Nicholas Stajduhar (VP, Corporate Development). The board is chaired by William Lytle and includes seasoned industry veterans like Russell Ball, former CEO of Calibre Mining, and Coille van Alphen of Equinox Partners. The company maintains strong institutional and strategic backing, notably from AngloGold Ashanti, which acquired a 5% stake on February 19, 2026, alongside Centerra Gold (9.9% stake) and major shareholder Equinox Partners.