Thesis Gold Drills 8.00 Metres of 11.39 Grams per Tonne Gold Equivalent

Vancouver, October 23, 2024 - Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to announce assay results from the 2024 drill program at Lawyers, part of the 100% owned Lawyers-Ranch Project, located in the prolific Toodoggone Mining District of northern British Columbia.

The recently completed, positive Preliminary Economic Assessment (PEA) outlined a 90% Measured and Indicated potentially mineable resource. Consequently, the 2024 drill program was strategically focused on infilling, upgrading and potentially expanding the most impactful of the 10% inferred ounces by targeting those that could significantly contribute to the upcoming Prefeasibility Study (PFS) planned for late 2025.

Results from the 2024 drill program successfully confirmed high-grade, near-surface mineralization, while deeper intercepts confirmed modelled stopes and point to the potential for expanding the underground mining scenario with future drill campaigns. These results will be incorporated into the upcoming Prefeasibility Study (PFS), which is expected to further define project economics and resource classification.

2024 Drill Highlights

• 4100 metres (m) of drilling at Lawyers focused on resource infill and upgrading, both near surface and at depth (Figure 1).
• Shallow, high-grade gold and silver mineralization (Figure 2):
  • 24CCDD001 intersected;
    • 22.62 metres (m) of 1.16 grams per tonne (g/t) gold (Au) and 47.08 g/t silver (Ag), or 1.75 g/t gold equivalent** (AuEq), including,
    • 7.00 m of 3.17 g/t Au and 123.54 g/t Ag, or 4.72 g/t AuEq.
  • 24CCDD003 intersected;
    • 8.00 m of 7.29 g/t Au and 327.75 g/t Ag, or 11.39 g/t AuEq, including,
    • 2.00 m of 16.23 g/t Au and 866.00 g/t Ag, or 27.05 g/t AuEq.
    • An additional interval of 3.07 m intersected 6.69 g/t Au and 189.27 g/t Ag, or 9.05 g/t AuEq.
• Deeper intercepts confirmed and expanded modelled underground stopes:
  • 24CCDD005 intersected;
    • 4.89 m of 3.82 g/t Au and 119.76 g/t Ag, or 5.31 g/t AuEq, including,
    • 0.39 m of 19.30 g/t Au and 791.00 g/t Ag, or 29.19 g/t AuEq.
  • 24CCDD006 intersected;
    • 10.16 m of 0.90 g/t Au and 25.00 g/t Ag, or 1.21 g/t AuEq, including,
    • 2.00 m of 4.56 g/t Au and 141.00 g/t Ag, or 6.32 g/t AuEq.
  • 24DRDD001 intersected;
    • 6.00 m of 0.69 g/t Au and 224.17 g/t Ag, or 3.49 g/t AuEq, including,
    • 2.00 m of 0.58 g/t Au and 448.00 g/t Ag, or 6.18 g/t AuEq.
• The shallow, high-grade intercepts have the potential to upgrade near-surface resources and enhance the economics of the open-pit scenarios outlined in the PEA. In addition, the deeper intervals support further expansion of underground resources, extending the mine life and creating new opportunities for resource growth.

Dr. Ewan Webster, President and CEO, commented, "These latest drill results are extremely encouraging, as they both continue to validate the high-grade potential near surface and confirm continuity of mineralization at depth. The shallow, high-grade gold and silver intercepts provide an excellent opportunity to enhance the open-pit scenario, while the deeper intervals align well with the underground stopes outlined in the PEA. With silver prices trending upwards, the substantial silver content in these intercepts provides a meaningful tailwind to the project's economics, complementing the already projected 4 million+ ounces of average annual silver production outlined in the PEA. This progress is a key step in de-risking the project as we move toward our Pre-Feasibility Study in 2025."

Table 1. Assay Results from 2024 Lawyers Drilling.

*Intervals are core length.
**Gold equivalent is calculated using a 80:1 silver to gold ratio and metal recoveries of 90% for Au and 83% for Ag.

Figure 1: Oblique view of Lawyers Resource Area. Dashed lines represent lines of section for the following figures.

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Figure 2: Cross section showing results for 24CCDD001 and 24CCDD003 with 2024 MRE domains and the outline of the 2024 PEA conceptual open pit.

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.

On behalf of the Board of Directors

Thesis Gold Inc.

"Ewan Webster"

Ewan Webster Ph.D., P.Geo.
President, CEO, and Director

About Thesis Gold Inc.

Thesis Gold Inc. is a resource development company focused on unlocking the potential of its 100% owned Lawyers-Ranch Project, located in British Columbia's prolific Toodoggone Mining District. The recently completed Preliminary Economic Assessment (PEA) highlights robust project economics, including a 35.2% after-tax IRR and an after-tax NPV5% of C$1.28 billion, demonstrating the potential for significant value creation. Over the next 12 months, Thesis is dedicated to advancing the Project through critical development milestones, including the initiation of a Pre-Feasibility Study (PFS) and progressing permitting and environmental work. The Company will also continue to evaluate multiple high-potential exploration targets across the district, aiming to build on the substantial resource growth potential identified in the PEA. Through these strategic moves, Thesis Gold intends to elevate the Ranch-Lawyers Project to the forefront of global precious metals ventures.

¹Please refer to the Company's Preliminary Economic Assessment entitled, "Preliminary Economic Assessment, Lawyers Gold-Silver Project" with an effective date of September 9, 2022 filed under the Company's profile on SEDAR+ at www.sedarplus.ca.

²Details of the mineral resource estimate will be provided in a technical report with an expected effective date of May 1, 2024, prepared in accordance with National Instrument 43-101-Standards of Disclosure for Mineral Projects ("NI 43-101").

The scientific and technical content of this news release has been reviewed and approved by Michael Dufresne, M.Sc, P.Geol., P.Geo., a qualified person (QP) as defined by NI 43-101.

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's recently completed financings and the future plans or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market, and economic risks, uncertainties, and contingencies that may cause actual results, performance, or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis, which is available on the Company's profile on SEDAR+ at www.sedarplus.ca. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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