Mining Developer Further De-Risks Excellent Gold-Silver Potential in Toodoggone District

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Thesis Gold Inc. (TAU:TSXV; THSGF:OTCQX; A3EP87:WKN)  announced assay results from its 2025 drilling program at Lawyers, part of the fully owned Lawyers-Ranch gold-silver project in the renowned Toodoggone Mining District of British Columbia, according to a release.

This year's efforts concentrated on geotechnical, hydrological, and metallurgical studies to support the ongoing Prefeasibility Study (PFS) and advance the technical work needed for future feasibility-level designs, underscoring the company's ongoing commitment to reducing project risks. This program builds on the strong economics outlined in the 2024 Preliminary Economic Assessment (the "2024 PEA"; Church et al., October 16, 2024), which demonstrated robust economics with a base price of US$1,930 for gold and US$24 for silver, resulting in an after-tax NPV (5%) of CA$1.28 billion, an IRR of 35.2%, and a 2.0-year payback period (see September 5, 2024 news release).

"The objective at Lawyers this year was to complete critical-path data collection to prepare Thesis for more advanced engineering studies beyond the completion of the PFS later this year," President and Chief Executive Officer Ewan Webster said. "Over the years, our technical team has developed a strong understanding of project objectives, allowing us to design programs that balance current and future project needs to maintain steady progress on de-risking."

The company said it is progressing towards Feasibility Study (FS) and Environmental Assessment (EA) data collection with 2,772 meters of drilling focused on geotechnical, hydrogeological, and metallurgical studies at Cliff Creek and Dukes Ridge.

Details of Results

The release said multipurpose geotechnical drilling confirmed "a robust deposit model with high-grade gold and silver."

Drillhole 25GTDD002 intersected:

• 12 meters of 2.28 grams per tonne gold (g/t Au) and 16.71 g/t silver (Ag), or 2.49 g/t gold equivalent (AuEq), starting at 294.5 meters downhole, including 7.5 meters of 3.17 g/t Au and 20.08 g/t Ag, or 3.42 g/t AuEq
• A lower interval, starting at 339.77 meters downhole, of high-grade silver measuring 2.98 meters of 3.53 g/t Au and 107.63 g/t Ag, or 4.87 g/t AuEq, including 1.48 meters of 9.75 g/t Au and 307.84 g/t Ag, or 13.60 g/t AuEq

Drillhole 25GTDD003 intersected:

• 3.1 meters of 5.12 g/t Au and 210.39 g/t Ag, or 7.75 g/t AuEq
• 4.04 meters of 2.52 g/t Au and 22.58 g/t Ag, or 2.79 g/t AuEq

Drillhole 25GTDD005 (Figure 2) intersected:

• 2.11 meters of 4.14 g/t Au and 78.58 g/t Ag, or 5.12 g/t AuEq, starting at 22 meters downhole
• 21.5 meters of 1.92 g/t Au and 15.88 g/t Ag, or 2.11 g/t AuEq, starting at 96.75 meters downhole, including 4.25 meters of 6.28 g/t Au and 51.12 g/t Ag, or 6.92 g/t AuEq
• 43.75 meters of 1.48 g/t Au and 26.86 g/t Ag, or 1.81 g/t AuEq, starting at 383.5 meters downhole, including 4.47 meters of 5.43 g/t Au and 6.63 g/t Ag, or 5.51 AuEq

The drilling focused on conceptual pit walls and major faults within the deposit that both influence mineralization and could impact pit design, the company said. Comprehensive geotechnical logging was performed on all holes, while televiewer and hydrogeological data were gathered from six and five holes, respectively. These datasets will guide feasibility-level engineering studies and may be integrated into environmental modeling to support the Environmental Assessment process.

In addition to informing engineering and environmental studies, Thesis said each hole also offered a chance to examine modeled fault zones and mineralization domains. Several gold-silver intervals consistent with the Company's geological models were intersected, further validating Thesis's understanding of the deposit. Although mineralization was not the primary focus of the program, the results continue to bolster the team's confidence in the resource model and overall deposit geometry.

Analysts: 'Ongoing Exploration' Will Drive Shares

Drilling results released by the company for Ranch in October revealed gold-copper-silver mineralization, including a substantial 89.3-meter mineralized intersection from the surface at 1.1 g/t, noted Hannam & Partners Analyst Jonathan Guy in an updated research note on October 7. Guy also noted that Thesis has completed a geophysical survey that identified several targets, which are now being pursued.

"We view this as a positive for the shares as it demonstrates the potential of Ranch — which currently only hosts a resource of 700 koz (out of the total resource of 4.7 Moz) and is underexplored relative to Lawyers — with potential both near surface and at depth," the analyst wrote. "We expect the shares to be driven by ongoing exploration, the publication of the Pre-Feasibility Study that is due before the end of 2025, and any progress with Centerra on integrating the development of Lawyers-Ranch, with the potential restart of the mothballed Kemess operation."

He continued, "Our valuation is CA$3.98/share, offering 114% upside to the current share price."

Drilling at the Bingo target intersected 89.3 meters at 1.1 g/t from the surface (25BNGDD002), extending mineralization 30 meters below the currently modeled domains and demonstrating the deposit's growth potential, Guy wrote.

Mineralization is hosted in vuggy, leached silica overprinted by dickite–alunite alteration typical of high-sulfidation systems. Hole 25BNGDD001 intersected 0.73 g/t gold, 2.17 g/t silver, and 0.35% copper over 13.61 meters from 140.39 meters; mineralization in this hole has a structure distinct from other areas of Bingo, with altered volcanics overprinted by dickite–alunite alteration crosscut by anhydrite and barite veins. This is more typical of an intermediate sulfidation system with higher grade potential underlying the high-sulfidation system at Bingo.

This drilling is part of a 10,000-meter program to follow up on targets at Ranch, with untested porphyry potential at depth and shallower epithermal targets, the analyst said. A 5,000-meter geotechnical drilling program has also been conducted as part of the PFS, along with metallurgical studies and the second year of baseline environmental studies at Ranch. Following the publication of the PFS, TAU plans to begin a feasibility study and detailed engineering studies, with the submission of the draft Environmental Assessment in 2027 and an EA decision in 2028, paving the way for development.

The Catalyst: Is Gold's Rally Over?

Gold prices have recently retreated, sparking speculation about whether the yellow metal's impressive rally this year is nearing its end, according to a report by TheStreet on November 17. After reaching record highs near US$4,400 per ounce in October, the precious metal dropped below US$4,000 per ounce by late October, as noted in the report. Since then, it has fluctuated, trading between US$3,900 and US$4,205, before closing at US$4,054 on November 17. This recent volatility has left gold enthusiasts debating whether to "buy the dip" or sell to lock in profits.

Gold and silver prices surged sharply in early U.S. trading on Wednesday, Jim Wyckoff reported for Kitco News on November 19. The mid-week increase was driven by safe-haven demand amid a jittery U.S. stock market and in anticipation of significant U.S. economic data. December gold rose by US$50.70 to reach US$4,117.10, while December silver climbed by US$1.549 to US$52.07.

Traders and investors are eagerly awaiting key U.S. economic releases, Wyckoff noted. The main points of focus include the FOMC meeting minutes due later today and Thursday's jobs report from the Labor Department, both of which could provide insights into the U.S. interest rate outlook. U.S. agencies have started releasing economic data that was delayed due to the federal government shutdown.

There is concern among traders and investors that upcoming economic data might limit the Fed's ability to ease further, given policymakers' skepticism, he said. Concerns over high valuations in tech stocks have dampened risk sentiment, enhancing the safe-haven appeal of gold and silver amid the recent stock market downturn.

Goldman Sachs President John Waldron commented that stock indexes might face further declines. "It strikes me the market could pull back further from here," Waldron said in an interview at the Bloomberg New Economy Forum in Singapore on Wednesday.

Ownership and Share Structure¹

About 70% of the company is owned by institutions and strategic entities, and about 3% is owned by insiders, according to the company. The remaining is retail.

Top shareholders include Equinox Partners Investment Management with 14.42%, Merk Investments LLC with 6.49%, Franklin Advisers Inc. with 5.57%, 1832 Asset Management LP with 2.31%, and Schroder Investment Management Ltd. with 2.07%.

The company has 259.92 million shares outstanding. At the time of writing, its market cap was CA$429.43 million, and it trades in a 52-week range of CA$0.51 and CA$2.08.