Thesis Gold & Silver Inc. · TSXV:TAU
Thesis Gold & Silver — Investor Presentation (May 2026)
21 slides from Thesis Gold & Silver's investor presentation, May 2026
Slide 1: Corporate Presentation: Lawyers-Ranch
CORPORATE PRESENTATION Lawyers-Ranch A Premier Canadian Precious Metals Development Project With Significant Silver Torque THESISGOLDSILVER.COM TSX-V TAU | OTCQX THSGF | FSE A422AH MAY 2026 1
Slide 2: Disclaimer & Cautionary Notes
DISCLAIMER & CAUTIONARY NOTES FORWARD-LOOKING STATEMENTS This presentation under no circumstances is to be construed to be an offering of securities of the Thesis Gold & Silver Inc. (“Thesis” or the “Company”). Neither this presentation nor its delivery to the recipient will constitute an offer to s
Slide 3: Lawyers-Ranch | Premier Project & Jurisdiction
LAWYERS-RANCH | PREMIER PROJECT & JURISDICTION Recognized Mining Jurisdiction District-scale (495 km2) land position Toodoggone Mining District, in Northern BC BRITISH COLUMBIA Telegraph Dease Lake Creek Large Gold-Silver Mineral Resource1 With Silver Torque Iskut Kwadacha 4.6 Moz AuEq2 M&I at 1.21
Slide 4: Lawyers-Ranch | Existing Infrastructure
LAWYERS-RANCH | EXISTING INFRASTRUCTURE N TOODOGGONE DISTRICT Road from Prince George RANCH EAST Provides year-round access Road Power Line Sturdee Airstrip Thesis Tenure Provides flight access from Vancouver & regional airports (Terrace, Smithers, Prince George) RANCH SITE Sun Summit | JD Project O
Slide 5: Lawyers-Ranch 2025 PFS | Highlights
LAWYERS-RANCH 2025 PFS1 | HIGHLIGHTS COMPELLING PROJECT ECONOMICS Base Case Metal Prices: Au US$2,900/oz | Ag US$35/oz • P&P Reserves: 3.2 Moz AuEq3 Pre-tax NPV5 ($M) 3,730 • M&I Resources4 (incl. Reserves): 4.6 Moz AuEq3 Pre-tax NPV:Initial Capex 5.1:1 • Inferred Resources4: 0.6 koz Pre-tax IRR (%)
Slide 6: PFS | Leverage to Gold & Silver
LAWYERS-RANCH PFS1 | LEVERAGE TO GOLD & SILVER Base Spot Case2 Upside SENSITIVITY ANALYSIS Case Case2 Gold Price (US$/oz) 2,000 2,500 2,900 4,100 5,000 Silver Price (US$/oz) 24.00 28.00 35.00 51.00 90.00 Pre-Tax NPV5% ($M) 1,429 2,608 3,730 6,861 10,483 IRR % 34.9 55.8 73.5 142.9 160.1 After-Tax NPV
Slide 7: PFS | Production Profile
LAWYERS-RANCH PFS1 | PRODUCTION PROFILE 13,700 TPD STANDARD PROCESSING PLANT TO PRODUCE CONCENTRATES AND GOLD/SILVER DORÉ 350.0 300.0 Metal Payable, koz AuEq 250.0 200.0 150.0 100.0 50.0 -- Y-2 Y-1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Total Payable Gold Total Payable Silver Total P
Slide 8: 2025 PFS | Lawyers Site Overview
LAWYERS-RANCH 2025 PFS1 | LAWYERS SITE OVERVIEW 13,700 tpd N Road to Ranch Proposed Mill AGB Waste Rock ROBUST OPERATION • 15 Year LOM Cliff Creek • 1.68 g/t AuEq2 Head Grade First 5 yrs • 1.31 g/t AuEq2 Head Grade LOM 1.8 km • US$ 1,185/AuEq oz Avg. LOM AISC3 (co-product basis at US$2,900/oz Au and
Slide 9: PFS | Processing Flowsheet
LAWYERS-RANCH PFS1 | PROCESSING FLOWSHEET INDUSTRY STANDARD 13,700 PROCESSING PLANT Processing sequence: • Crushing • Grinding • Gravity • Flotation • Leaching, and • Merrill Crowe recovery circuit On-site Products: • Precious metals concentrate, and • Gold-silver doré bullion Average LOM Recoveries
Slide 10: Lawyers-Ranch | Permitting
LAWYERS-RANCH | PERMITTING SUMMARY EA PROCESS STEPS ENVIRONMENTAL ASSESSMENT (EA) PROCESS from IPD submission to decision • Lawyers-Ranch entered the BC Environmental Permitting Process in December 20251 IPD Submission IPD Submission • Substituted EA Process: Early Engagement • Submitted Initial Pro
Slide 11: Lawyers-Ranch | Ranch Exploration Upside
LAWYERS-RANCH | RANCH EXPLORATION UPSIDE • Ranch remains largely underexplored • 2025 exploration extended Road to Lawyers N mineralization at Bingo1 and intersected high-grade mineralization at Steve2 • 2026 exploration program to focus Mandusa on: • Further extending known mineralization at Bingo
Slide 12: Ranch & Ranch East | Porphyry Exploration Potential
RANCH & RANCH EAST | PORPHYRY EXPLORATION POTENTIAL Ranch East’s Target 2026 Exploration Plans • Located near regionally significant Kyba Red Line, a recognized marker • To advance targets through continued mapping, sampling, expanded geophysical for porphyry-style mineralization in the district. su
Slide 13: Thesis Gold & Silver | Re-Rating Potential
THESIS GOLD & SILVER | RE-RATING POTENTIAL TAU TRADING AT SIGNIFICANT DISCOUNT TO DEVELOPER PEERS AND PFS NPV Significant potential to re-rate based on peer group multiples and PFS cases TAU Market Value vs. Peer Valuations1 PFS NPV5% (C$) @ Base and Upside Case1 C$20.00 0.90x C$18.44 C$18.00 0.80x
Slide 14: Lawyers-Ranch | The Silver Lining
LAWYERS-RANCH | THE SILVER LINING MEANINGFUL CONTRIBUTOR TO LAWYERS-RANCH ECONOMIC PERFORMANCE LAWYERS-RANCH’S SILVER TORQUE4 Ag Production (Moz/yr) • 23% of total revenues will be derived from Silver North American Mines & Development Projects • Production in Years 1-5 is estimated at 4.3 Moz/yr (S
Slide 15: Capital Structure
CAPITAL STRUCTURE 278,464,068 12,349,984 125,000 1,116,260 UNENCUMBERED Common Shares Stock Options Warrants Deferred Share No Debt Outstanding Outstanding Outstanding1 Units No Streams 1,902,000 393,000 294,350,312 C$939.8M Royal Gold NSRs Restricted Share Performance Share Fully Diluted Market • 0
Slide 16: Thesis Gold | Strong Shareholder Base
THESIS GOLD | STRONG SHAREHOLDER BASE STRONG INSTITUTIONAL SUPPORT STRATEGIC SHAREHOLDERS1 Equinox Partners Investment Management* Franklin Advisers Inc. Merk Investments LLC. Owner/operator of Kemess mine Acquired 5% Interest in February 2026. Waratah acquired 9.9% Interest in April 2025. Ixios Ass
Slide 17: Lawyers-Ranch | De-Risking a Premier Au-Ag Project
LAWYERS-RANCH | DE-RISKING A PREMIER AU-AG PROJECT 2020 RANCH ACQUIRED: 2024 Q4 2025 BEGINNING OF MODERN FIRST LAWYERS-RANCH EXPLORATION GLOBAL MRE & PEA Q2 2025 PFS RESULTS ANNOUNCED1 CENTERRA GOLD 9.9% 2021 INITIATED RANCH STRATEGIC 2027 STARTED EA SUBMIT EA DRAFT SIGNED FIRST NATIONS ENGINEERING
Slide 18: Leadership Overview
LEADERSHIP OVERVIEW SENIOR MANAGEMENT Dr. Ewan Webster Ph.D Geology David Garratt CEO, Director & President CFO & Corporate Secretary Registered Geoscientist in BC. +10 years of experience in the mining sector, Financial leader with over 20 years of experience in the mining sector, focusing on explo
Slide 19: Leadership Overview: Board of Directors
LEADERSHIP OVERVIEW BOARD OF DIRECTORS Bill Lytle Chair Registered engineer (Colorado, USA) with +25 years in the mining industry. Currently, B2Gold Corp.’s Senior VP and COO. BSc in Chemical Engineering and MSc in Civil Engineering. Jody Shimkus Thomas Mumford Ph.D Geology, P.Geo. Director, Chair o
Slide 20: PFS | Mineral Reserves & Resources
LAWYERS-RANCH PFS | MINERAL RESERVES & RESOURCES 2025 MINERAL RESERVES & RESOURCES ESTIMATE1 Mineral Reserve Notes: 1. Classification of Mineral Reserves is in accordance with the CIM Definition Standards for Mineral Resources and Mineral Tonnes Au Ag AuEq Au Ag Reserves (May 2014) of NI 43-101. Cla
Slide 21: Thank You | Contact Us
THANK YOU Contact Us VANCOUVER OFFICE EWAN WEBSTER KETTINA CORDERO 1075 West Georgia Street, President, CEO & Director Vice President Investor Relations Suite 1050 Vancouver, BC, ewanw@thesisgoldsilver.com info@thesisgoldsilver.com Canada V6E 3C9 +1 672-910-0026 THESISGOLDSILVER.COM TSX-V TAU | OTCQ
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