Drill Results Show High Grades Near Surface, At Depth
Research Report

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Disclosures for Ventum Capital Markets, Thesis Gold Inc., October 23, 2024

Analyst Certification I, Phil Ker, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this report. I am the research analyst primarily responsible for preparing this report.

Research Disclosures Ventum Financial Corp. and/or its affiliates have received compensation for investment banking services for the subject company over the preceding 12- month period. Ventum Financial Corp. and/or its affiliates expect to receive or intend to seek compensation for investment banking services from the subject company.

General Disclosure The affiliates of Ventum Financial Corp. are Ventum Financial (US) Corp., Ventum Financial Services Corp., and Ventum Capital Corp. Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is amongst other factors determined by revenue generated directly or indirectly from various departments including Investment Banking. Evaluation is largely on an activity-based system that includes some of the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and investment guidance, and client feedback. Analysts and all other Research staff are not directly compensated for specific Investment Banking transactions. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of Ventum Financial Corp. Ventum Financial Corp.’s policies and procedures regarding dissemination of research, stock rating and target price changes can be reviewed on our corporate website at www.ventumfinancial.com (Research: Research and Conflict Disclosure).

Thesis Gold Inc. (TAU:TSXV; THSGF:OTCQX; A3EP87:WKN) reported the first assays from just-completed resource definition and expansion drilling at Lawyers, part of its Lawyers-Ranch project in British Columbia, reported Phil Ker, Ventum Capital Markets analyst, in an Oct. 23 research note.

"New assays confirm near surface high-grade mineralization as well as continuity of known mineralization at depth," Ker wrote.

Potential Return of 60%

Ventum maintained its CA$1.55 per share price target on the Canadian explorer, noted Ker. Thesis was trading at the time of the report at about CA$0.97 per share, below the group average for gold developer peers in Ventum's coverage universe. From this price, the return to target reflects a 60% upside.

"As the company continues to derisk Lawyers-Ranch through various deliverables, we see ample opportunity for a further rerating in the stock," Ker wrote.

Thesis remains a Buy.

High Grades Near Surface, at Depth

Ker discussed the recent Lawyers drill program and the new results from it.

Thesis completed 4,100 meters (4,100m) of drilling at Lawyers, targeting areas of known mineralization near surface and at depth in Cliff Creek. The company released the results of eight holes.

Generally, the results showed high-grade intervals both near surface and deeper. Those near surface could help enhance the economics of the shallower horizons to be encompassed in open-pit mining. Those deeper align with expected underground mining stopes.

Some of the standout intercepts in the new data are:

• 8m of 7.29 grams per ton gold (7.29 g/t Au) and 327.75 g/t silver (Ag), or 11.39 g/t gold equivalent (Au eq), including 2m of 16.23 g/t Au and 866 g/t Ag, or 27.05 g/t Au eq, (near surface)
• 4.89m of 3.82 g/t Au and 119.76 g/t Ag, or 5.31 g/t Au eq, including 0.39m of 19.3 g/t Au and 791 g/t Ag, or 29.19 g/t Au eq, (at depth)

All drill results from the 2024 Lawyers drill program should help Thesis with resource modeling and could lead to upgrading of Inferred ounces, now accounting for 10% of the total resource. The mining company will incorporate these new data in its preliminary feasibility study (PFS) of Lawyers Ranch, to be completed in 2025.

Catalysts on the Horizon

In the near term, investors can expect additional results of various work done recently at Lawyers and at Ranch, noted Ker.

Next year, along with delivering the PFS, Thesis will start working on the environmental assessment.