Thesis Gold Merger Forms New District-Scale Opportunity in BC’s Prolific Golden Horseshoe

• Thesis Gold President & CEO discusses the recent merger with Benchmark Metals to create a district-scale gold project in British Columbia
• The combined assets offer cost savings and the ability to expedite permitting, with the goal of building "world-class asset"
• Drilling and resource estimate updates planned for 2024, followed by revised PEA to improve project economics
• Current treasury funds upcoming milestones and the Company will re-evaluate market conditions before deciding on further studies
• Highlights jurisdiction's infrastructure, favorable geology and recent M&A activity from majors

About Thesis Gold

Thesis Gold is a mining company operating in the Toodoggone region of north central British Columbia, Canada. In 2022, Thesis Gold strategically merged with Benchmark Metals, combining the Ranch and Lawyers gold-silver projects.

The Lawyers project already has a 2022 Preliminary Economic Assessment projecting an average annual production of 163,000 gold equivalent ounces over 12 years from an open-pit mine. Thesis Gold aims to improve these production estimates by integrating the neighboring Ranch project and better defining the high-grade underground resource at Lawyers.

Key activities underway include a 50,000-metre drill program focused on the underground Lawyers resource and near-surface deposits at Ranch. By Q2 2024, Thesis Gold plans to release a combined resource estimate for both projects. An updated Preliminary Economic Assessment incorporating the Ranch project’s contribution is expected in Q3 2024.

Through merging these assets and expanding drilling and analysis, Thesis Gold seeks to maximize the potential of the Ranch-Lawyers mining complex. The company's roadmap aims to position this venture among the foremost precious metals operations globally.

According to Thesis President & CEO Ewan Webster, the complementary assets and adjacent locations offer potential cost savings and other synergies.

Webster explains that individually, the projects were progressing well, with Benchmark's Lawyer's asset boasting an existing resource. However, combining them offers scale and unlocks the ability to optimize and streamline various functions given their proximity. The goal is to build "one kind of world-class asset." He believes the projects mesh well, preventing common M&A pitfalls.

Interview with President & CEO, Ewan Webster

Post-Merger Plans and Activities

According to Webster, the drilling completed this year was "very strategically planned" to support upcoming milestones. He says the 2024 resource estimate will provide an initial baseline incorporating both deposits' mineralization for the first time. However, he expects significant expansion potential from the earlier-stage Ranch project.

"Scale is what it comes down to...there's never a perfect time for mergers but I think this particular merger really made sense."

The subsequent updated Preliminary Economic Assessment is intended to improve metrics using higher-grade material from Ranch to supplement the underground and open pit resources delineated at Lawyers. Webster says this sequencing aims to bring high-grade ounces into the mine plan early.

Approach to Development and Production

Asked about eventually developing a combined operation, Webster says a central mill at Lawyers is currently envisioned, with high-grade Ranch material trucked 24 km for initial processing before Lawyers underground output ramps up in Year 2. The existing Lawyers open pits would be mined later in the schedule. This aims to optimize high-grade feed in the project's earlier years while deferring major capital outlays. He stresses that having distinct mining operations with shared infrastructure prevents inflated costs relative to the two previous stand-alone scenarios.

Market Conditions and Future Studies

Given current market volatility and cost inflation, Webster indicates remaining responsive to evolving conditions regarding further economic studies and feasibility work. He notes sufficient funding is in place through 2024, including plans to achieve the upcoming resource and PEA milestones. Beyond this, additional drilling is likely required to support more advanced technical work, but the next steps will be assessed at the appropriate time.

Staffing, Permitting and Regional Infrastructure

Webster highlights how combining efforts cuts duplicated roles and streamlines permitting. This enables leveraging shared infrastructure, resources and community/First Nations relationships, another significant synergistic benefit. In terms of location, he touts the district's roads, hydro grid and other infrastructure alongside an impressive roster of active major miners and prolific exploration histories as key advantages.

Shareholder Base Changes

According to Webster, the merger prompted some turnover among the dual holder base as certain funds took profits. However, he reports new investors recognizing the enhanced potential have replaced much of this rotation. He emphasizes that communicating the updated, combined thesis will be instrumental in continuing to broaden the shareholder profile.

"I think the story now is very well received...we're going to be able to have a significant resource here that people want to see - the type of scale that you want to see that is going to attract large corporates."

The Investment Case for Thesis Gold

• Merger creates large, higher-grade resource base approaching critical mass needed to attract majors
• Exploration upside and operational synergies offer value proposition beyond current ounces
• Base case economics expected to improve substantially in 2024 PEA update
• Current funding sufficient to achieve near-term de-risking milestones
• Location in established B.C. gold district checks infrastructure, jurisdiction boxes
• Consolidation play also limits the need for external acquisition targets in pre-production

Thesis Gold’s merger with Benchmark Metals shifts the value proposition substantially compared to the previous stand-alone entities. While diligence is required as the integration advances, Webster presents a compelling case that 2+2=5 applies here, with the merged asset boasting critical mass to vie for a superior premium. Expect meaningful nearer-term updates providing further clarity on whether this thesis holds.