Thesis Gold Announces Positive Prefeasibility Study for Lawyers-Ranch Project: After-Tax NPV5% of $2.37 Billion and 54.4% IRR

Core Insights - Thesis Gold Inc. announced positive results from an independent Prefeasibility Study (PFS) for its Lawyers-Ranch Project, indicating strong economic viability and positioning the project among the top-tier development-stage gold projects globally [1][6][7]. Project Overview - The PFS outlines a plan for developing the Lawyers-Ranch Project using both open pit and underground mining methods, with ore processed at a single facility [3][13]. - The project has an after-tax NPV of CAD 2.37 billion and an IRR of 54.4%, with a payback period of 1.1 years [6][7]. Economic Highlights - At a gold price of USD 2,900/oz and silver at USD 35/oz, the project shows a pre-tax IRR of 73.5% and an NPV of CAD 3.73 billion [7]. - Initial capital expenditure is estimated at CAD 736.2 million, with a compelling after-tax NPV to initial capital ratio of 3.2:1 [7][29]. Production Metrics - The project is expected to produce an average of 266,000 AuEq ounces annually in the first three years, totaling 2.84 million AuEq ounces over the life of mine (LOM) [7][12]. - The average all-in sustaining costs (AISC) are projected at USD 1,185 per AuEq ounce [7][29]. Resource Estimates - The maiden Mineral Reserve statement includes 76.16 million tonnes of ore grading 0.97 g/t Au and 28 g/t Ag, resulting in a total AuEq grade of 1.33 g/t [7][25]. - The PFS is based on a Mineral Resource Estimate effective October 16, 2025, with significant potential for resource expansion and discovery [14][20]. Mining Strategy - The mining strategy integrates conventional open pit operations with underground longhole stoping, targeting high-grade zones [35][41]. - Approximately 96.8% of the mill feed will be sourced from open pit mining, with underground mining focused on deeper, higher-grade zones [35][36]. Processing and Infrastructure - The processing plant is designed for a throughput of 13,700 tonnes per day, utilizing a flexible flowsheet to recover gold and silver [44][46]. - Infrastructure includes open pit and underground mines, a processing plant, tailings storage, and supporting facilities [46][49]. Future Opportunities - The PFS identifies opportunities for further optimization in the upcoming Feasibility Study, including potential resource upgrades and exploration targets [10][13].