Thesis Gold & Silver Inc. · TSXV:TAU
Thesis Gold & Silver — Investor Presentation (December 2025)
21 slides from Thesis Gold & Silver's investor presentation, Dec 1, 2025
Slide 1: Advancing the Lawyers-Ranch Gold-Silver Project
THESISGOLD.COM December 1, 2025 Advancing the Lawyers-Ranch Gold-Silver Project PFS PRESENTATION TSX-V TAU | OTCQX THSGF | FSE A3EP87
Slide 2: Disclaimer and Cautionary Notes
DISCLAIMER AND CAUTIONARY NOTES FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking information” including FOFI (as defined below) and financial outlook within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, stat
Slide 3: Today's Agenda
TODAY’S AGENDA Speakers EWAN WEBSTER President & CEO CHARLIE KNILANS Engineer Lawyers-Ranch Overview & PFS Results Project Development & Economics Mine Design & Production Profile Next Steps & Timeline Q&A 3
Slide 4: Lawyers-Ranch | Tier One Project & Jurisdiction
LAWYERS-RANCH | TIER ONE PROJECT & JURISDICTION Recognized Mining Jurisdiction. BRITISH COLUMBIA District-Scale (495 km2) Land Position Telegraph Toodoggone Mining District, in Northern BC Creek Dease Lake Iskut Kwadacha Good Infrastructure in place. Lawyers-Ranch Road & air accessible year-round Ts
Slide 5: Lawyers-Ranch | Infrastructure
LAWYERS-RANCH | INFRASTRUCTURE N TOODOGGONE Road from Prince George DISTRICT Provides year-round access Road Sturdee Airstrip Power Line Provides flight access from Vancouver & Thesis Tenure RANCH SITE regional airports (Terrace, Smithers, Prince George) Baker Shasta | TDG Gold Corp. LAWYERS SITE On
Slide 6: PFS Highlights
LAWYERS-RANCH PFS1 | HIGHLIGHTS COMPELLING PROJECT ECONOMICS Base Case Metal Prices Au US$2,900/oz | Ag US$35/oz DECEMBER 2025 PFS 2025 PFS 2024 PEA 2 • P&P Reserves: 3.2 Moz AuEq3 Pre-tax NPV5 ($M) 3,730 1,991 • M&I Resources4 (incl. Reserves): 4.6 Moz AuEq3 Pre-tax NPV:Initial Capex 5.0:1 3.3:1 •
Slide 7: PFS | Leverage to Gold & Silver
LAWYERS-RANCH PFS1 | LEVERAGE TO GOLD & SILVER SENSITIVITY ANALYSIS Base Case Spot Case Gold Price (US$/oz) 2,000 2,500 2,900 3,500 4,100 Silver Price (US$/oz) 24.00 28.00 35.00 43.00 51.00 Pre-Tax NPV5% ($M) 1,429 2,608 3,730 5,295 6,861 IRR % 34.9 55.8 73.5 96.3 117.4 After-Tax NPV5% ($M) 910 1,65
Slide 8: 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. Cl
Slide 9: 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 10: PFS | Mining Plan
LAWYERS-RANCH PFS1 | MINING PLAN Conventional Open Pit Truck-and-Shovel and LOM Metrics Unit Open Pit Underground Total Underground Longhole-stoping Operation Consisting of: Tonnes Kt 73,743 2,413 76,156 • 4 pits at Lawyers + 8 pits at Ranch Au Head Grade g/t 0.91 3.02 0.97 • Underground mining to a
Slide 11: PFS | Processing Flowsheet
LAWYERS-RANCH PFS1 | PROCESSING FLOWSHEET INDUSTRY STANDARD PROCESSING PLANT Processing sequence: • Crushing • Grinding • Flotation • Leaching, and • Merrill Crowe recovery circuit On-site Products: • Precious metals concentrate, and • Gold-silver doré bullion Average LOM Recoveries: • Au: 92.8% • A
Slide 12: 2025 PFS | Costs Breakdown
LAWYERS-RANCH 2025 PFS1 | COSTS BREAKDOWN CAPITAL & OPERATING COSTS BREAKDOWN2 Pre-Production Sustaining/Closure Total Capital Costs ($M) ($M) (C$M) $736.2M Initial Capital vs. $598.4M Open Pit Mining 79.1 181.0 260.1 2024 PEA3 Underground Mining 0.7 227.3 228.0 Increase reflects: Mineral Processing
Slide 13: 2025 PFS | Cash Flow Generation
LAWYERS-RANCH 2025 PFS1 | CASH FLOW GENERATION AFTER-TAX FREE CASH FLOW2 $1,200 $9,000 $1,000 $7,500 $6,768 Cumulative Cash Flow, CA$M (2025 Dollars) $800 $6,000 Cash Flow, C$M (2025 Dollars) $600 $4,500 $400 $3,000 $200 $1,500 -- -- -2 -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 ($200) ($1,500) Post-
Slide 14: Thesis Gold | Re-Rating Potential
THESIS GOLD | RE-RATING POTENTIAL TAU TRADING AT SIGNIFICANT DISCOUNT TO DEVELOPER PEERS AND PFS NPV Significant potential to re-rate based on peer group multiples and PFS cases TAU Market Value vs. Peer Valuations1 PFS NPV5% (C$) @ Base and Spot Case C$18.00 0.80x C$16.77 0.74x C$16.00 0.70x C$14.0
Slide 15: 2025 PFS | Site Overview
LAWYERS-RANCH 2025 PFS1 | SITE OVERVIEW Road to Ranch N Proposed Mill AGB Waste Rock ROBUST OPERATION • 15.2 Year LOM Cliff Creek • 1.68 g/t AuEq2 Head Grade First 5 yrs 1.8 km • 1.31 g/t AuEq2 Head Grade LOM • US$ 1,185/AuEq oz LOM AISC3 (co-product basis) m 1.7 k STRONG ECONOMICS* Dukes Ridge Tail
Slide 16: Lawyers-Ranch | Next Steps & Timeline
LAWYERS-RANCH | NEXT STEPS & TIMELINE 2020 RANCH ACQUIRED: 2024 BEGINNING OF MODERN FIRST LAWYERS-RANCH EXPLORATION GLOBAL MRE & PEA 2021 INITIATED RANCH 2027 SIGNED FIRST NATIONS ENGINEERING STUDIES Q2 2025 Q4 2025 SUBMIT EA DRAFT & EXPANSION OF APPLICATION AGREEMENTS & CENTERRA GOLD MADE ISSUED PF
Slide 17: Contact Us
THESISGOLD.COM Contact Us VANCOUVER OFFICE EWAN WEBSTER KETTINA CORDERO 1075 West Georgia Street, President, CEO & Director Vice President Investor Relations Suite 1050 Vancouver, BC, ewanw@thesisgold.com info@thesisgold.com Canada V6E 3C9 +1 672-910-0026 TSX-V TAU | OTCQX THSGF | FSE A3EP87
Slide 18: Appendix
APPENDIX 18
Slide 19: Environmental, Social & Governance
ENVIRONMENTAL, SOCIAL & GOVERNANCE Together we established exploration, engagement and Together we initiated baseline environmental communications agreements with our partner First studies as part of the permitting process Nations Thesis is providing employment, Wildlife monitoring and training and
Slide 20: Capital Structure | Strong Shareholder Support
CAPITAL STRUCTURE | STRONG SHAREHOLDER SUPPORT Strong Institutional Support Strategic Shareholders Equinox Partners Investment Management1 Franklin Advisers Inc. Centerra Gold2 : 9.9% interest Merk Investments LLC. Centerra owns the Gold/Copper Kemess Mine Waratah located in the Toodoggone District,
Slide 21: Capital Structure
CAPITAL STRUCTURE Capital Structure Unencumbered Institutional Analyst Coverage Common Shares Outstanding 260,510,000 Cormark Securities Inc. • No debt Stock Options Outstanding 13,363,196 Hannam & Partners Warrants Outstanding1 2,991,629 • No streaming Haywood Capital Markets Deferred Share Units 8
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