Thesis Gold & Silver Inc. · TSXV:TAU
Thesis Gold & Silver — Investor Presentation (September 2026)
24 slides from Thesis Gold & Silver's investor presentation, September 2026
Slide 1: A Clear Path Forward for Lawyers-Ranch
A Clear Path Forward for LAWYERS-RANCH One of Canada’s Strongest Undeveloped Projects Corporate Presentation September 2026 TSX-V TAU | OTCQX THSGF | FSE A422AH THESISGOLDSILVER.COM 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 | Why Invest
LAWYERS-RANCH | WHY INVEST COMPELLING ECONOMICS – Strong 2025 PFS1 Results 2025 PFS1 HIGHLIGHTS • Base Case scenario shows attractive economics (Base Case US$2,900/oz Au | US$35/oz Ag) • Significant leverage to Gold and Silver, and project optimization upside 15 YEARS MINE LARGE AuEq2 MINERAL RESOUR
Slide 4: Premier Project & Jurisdiction
LAWYERS-RANCH | PREMIER PROJECT & JURISDICTION BRITISH COLUMBIA – A PREMIER MINING JURISDICTION N TOODOGGONE • 503 km2 district-scale land position in the Toodoggone District • Stable, well-established jurisdiction with established permitting framework RANCH EAST DISTRICT • Cariboo Gold project | Os
Slide 5: 2025 PFS | Robust Economics
LAWYERS-RANCH 2025 PFS1 | ROBUST ECONOMICS SENSITIVITY ANALYSIS2 • Robust economics at Base Case (US$ 2,900/oz Au & US$ 35/oz Ag) • Significant upside at Spot Case3 (US$ 4,100/oz Au & US$ 51/oz Ag) and Upside Case (US$ 5,000/oz Au & US$ 90/oz Ag) • Efficient capital allocation and rapid payback NPV5
Slide 6: Thesis Gold & Silver | Relative Positioning to Peers
THESIS GOLD & SILVER | RELATIVE POSITIONING TO PEERS Lawyers-Ranch Ranks as One of the Most Attractive Junior-Owned Precious Metals Development Projects in North America on Capital Efficiency Basis dnfggg Bubble Size Indicates Relative NPV 1b,O$'C.R#COa,$O E1b,O$'C.R#COa,$OF dmfggg dlfggg R#'' ES#%T
Slide 7: PFS | Production Profile
LAWYERS-RANCH PFS1 | PRODUCTION PROFILE 13,700 TPD STANDARD PROCESSING PLANT TO PRODUCE CONCENTRATES AND GOLD/SILVER DORÉ • Potential to increase production profile and extend mine life through exploration at Lawyers and Ranch 350.0 Ranch open pit mining ends. Lawyers underground mining Ranch still
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 First 5 yrs Head Grade • 1.31 g/t AuEq2 LOM Head Grade 1.8 km • US$ 1,185/AuEq2/oz Avg. LOM AISC3 (co-product basis at US$2,900/oz Au an
Slide 9: PFS | Processing Flowsheet
LAWYERS-RANCH PFS1 | PROCESSING FLOWSHEET INDUSTRY STANDARD 13,700 TPD 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 Recove
Slide 10: Lawyers-Ranch | Permitting
LAWYERS-RANCH | PERMITTING ENVIRONMENTAL ASSESSMENT (EA) PROCESS SUMMARY EA PROCESS STEPS from IPD submission to decision • Lawyers-Ranch entered the BC Environmental Permitting Process in December 20251 IPD Submission • “One Project, One Review” under Substituted Early Engagement Impact Assessment2
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 on: Mandusa • Further extending known mineralization at Bingo
Slide 12: Toodoggone | System-Scale Exploration
TOODOGGONE | SYSTEM-SCALE EXPLORATION Toodoggone District Geology Anatomy of Porphyry-Epithermal Systems 12
Slide 13: Ranch & Ranch East | Porphyry Exploration Potential
RANCH & RANCH EAST | PORPHYRY EXPLORATION POTENTIAL RANCH EAST 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. surv
Slide 14: The Silver Lining
LAWYERS-RANCH | THE SILVER LINING LAWYERS-RANCH’S SILVER TORQUE4 MEANINGFUL CONTRIBUTOR TO LAWYERS-RANCH ECONOMIC PERFORMANCE 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: Thesis Gold & Silver | Capital Structure
THESIS GOLD & SILVER | CAPITAL STRUCTURE1 294,931,771 10,171,308 1,116,260 ~C$120 M WELL FUNDED & UNENCUMBERED Common Shares Stock Options Deferred Share Cash1 Outstanding1 Outstanding1 Units1 No Debt No Streams 1,955,500 446,500 308,621,339 C$1.1B Royal Gold NSRs • 0.5 % at Lawyers Restricted Share
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. ~9.7% Interest ~9.4% Interest Waratah Owner/operator of Kemess mine Ixios Asset Management SA Anchor Bolt FIRST NATIONS SHAR
Slide 17: Reclamation | Forward-Thinking Partnerships
RECLAMATION | FORWARD-THINKING PARTNERSHIPS BUILDING A NATIVE SEED BANK SINCE 2023 • In partnership with First Nations, environmental team, and NATS Nursery in Langley, BC REVEGETATION TRIALS STARTED IN 2026 • 2026 seed collection workshop completed • First seedlings planted this year, using plants
Slide 18: Lawyers-Ranch | De-Risking a Premier Au-Ag Project
LAWYERS-RANCH | DE-RISKING A PREMIER Au-Ag PROJECT H2 2025 2025 EXPLORATION PROGRAM 2020 FIRST NATIONS RANCH ACQUIRED: 2024 STRATEGIC Q2 2026 BEGINNING OF MODERN EXPLORATION FIRST LAWYERS-RANCH INVESTMENT SUMMER 2027 GLOBAL MRE & PEA EXPLORATION EA DRAFT PFS RESULTS PROGRAM APPLICATION 2021 INITIATE
Slide 19: Appendix – Leadership | Senior Management
APPENDIX – LEADERSHIP | 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
Slide 20: Appendix – Leadership | Board of Directors
APPENDIX – LEADERSHIP | 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, Ch
Slide 21: Appendix – Lawyers-Ranch 2025 PFS | Highlights
APPENDIX – 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 Moz Pre-
Slide 22: Appendix – Lawyers-Ranch 2025 PFS | Price Sensitivity
APPENDIX – LAWYERS-RANCH 2025 PFS1 | PRICE SENSITIVITY Base Spot Upside SENSITIVITY ANALYSIS Case Case2 Case 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 73.5 117.4 160.1 After-
Slide 23: Appendix – Mineral Reserves & Resources
APPENDIX – MINERAL RESERVES & RESOURCES LAWYERS-RANCH 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
Slide 24: Contact Us
Contact Us VANCOUVER OFFICE EWAN WEBSTER KETTINA CORDERO 1075 West Georgia Street, President, CEO & Director Vice President Investor Relations Suite 1050 Vancouver, BC, info@thesisgoldsilver.com Canada V6E 3C9 +1 672-910-0026 TSX-V TAU | OTCQX THSGF | FSE A422AH THESISGOLDSILVER.COM 24
Thesis Gold & Silver — Investor Presentation (September 2026) on 6ix