Thesis Gold & Silver Secures C$44M from Mining Giants to Fast-Track BC Project

VANCOUVER, BC – February 26, 2026 – Thesis Gold & Silver Inc. (TSXV: TAU) has successfully closed a landmark C$44 million strategic investment, securing the backing of two global mining heavyweights and providing a major catalyst for its flagship Lawyers-Ranch Project in British Columbia.

The financing round is highlighted by a significant C$38.7 million investment from AngloGold Ashanti plc, one of the world's largest gold producers, which now holds a 5.0% stake in the junior developer. Reinforcing its long-term confidence, existing shareholder Centerra Gold Inc. also participated, investing an additional C$5.7 million to maintain its 9.9% pro rata ownership.

A Major Vote of Confidence

The transaction, which saw shares issued at C$2.79, is being hailed as a powerful endorsement of both Thesis's management and the quality of its primary asset. The infusion of capital from such prominent industry players significantly de-risks the development path for the Lawyers-Ranch Project and signals strong market belief in its potential.

For AngloGold Ashanti, the investment marks a strategic entry point into a promising Canadian precious metals district. In connection with the deal, AngloGold has secured an investor rights agreement that grants it the ability to maintain its shareholding interest in future financings and appoint a representative to a technical committee. This structure suggests a long-term partnership rather than a passive investment, providing Thesis with access to world-class technical expertise as it advances its project. The market reacted positively to the news, with AngloGold's own shares seeing an intraday jump following the initial announcement.

Centerra Gold's continued participation builds on its initial investment in April 2025. The company's decision to exercise its pro rata rights underscores its commitment and aligns with its strategy of investing in high-potential juniors located in strategic jurisdictions. Centerra's own investor rights agreement gives it similar participation rights and a path to board representation, solidifying its role as a key partner in the project's future. This move is consistent with Centerra's recent pattern of taking strategic 9.9% stakes in promising Canadian exploration companies.

Unlocking the Toodoggone's Potential

This major financing does more than just bolster Thesis Gold & Silver's treasury; it casts a bright spotlight on British Columbia's Toodoggone Mining District. Described as one of North America's most prospective emerging precious-metals regions, the district is rapidly gaining credibility, and this investment by a global major like AngloGold Ashanti is expected to catalyze further interest and activity.

The strategic logic is particularly compelling given Centerra Gold's established presence in the region. Centerra operates its Kemess asset nearby and has publicly cited the "extraordinary potential" of the Lawyers-Ranch Project and the opportunity to leverage existing infrastructure to unlock regional synergies. This creates a powerful dynamic where two major companies have a vested interest in the successful development of not just a single project, but the broader district.

The Toodoggone is known for its rich mineral endowment, and the successful advancement of the Lawyers-Ranch Project could serve as a template for other explorers in the area. With significant capital now flowing into the region, supported by the technical and operational experience of major partners, the Toodoggone is firmly positioned to become a key contributor to Canada's precious metals output in the coming years.

Accelerating Lawyers-Ranch to Feasibility

The C$44 million in gross proceeds will be directly deployed to advance the Lawyers-Ranch Gold-Silver Project through its next critical phases. The project is already well-advanced, with a robust Pre-Feasibility Study (PFS) published in December 2025 that outlined compelling economics.

The PFS projected an after-tax Net Present Value (NPV) of C$2.37 billion and a remarkable Internal Rate of Return (IRR) of 54.4%, based on metal prices of US$2,900 per ounce of gold and US$35 per ounce of silver. The study outlined a 15-year mine life with an average annual production of 187,000 gold-equivalent ounces, supported by a substantial mineral resource of 4.6 million gold-equivalent ounces in the measured and indicated categories.

With funding now secured, Thesis plans to launch a full Feasibility Study (FS) in 2026. The upcoming field season will be dedicated to gathering the essential data required for this next level of technical study, including detailed geotechnical drilling, hydrogeological analysis, and advanced metallurgical test work.

"The proceeds from the private placement will be used for working capital and general corporate purposes, including work related to the technical studies currently underway at the Lawyers-Ranch gold-silver Project," stated Ewan Webster, President and CEO of Thesis Gold & Silver, in the company's official announcement.

Concurrently, the company is navigating the British Columbia Environmental Assessment (EA) process. Having recently completed the early engagement public comment period, Thesis is working with the BC Environmental Assessment Office, First Nations, and other stakeholders to advance the project responsibly, targeting an EA decision by early 2029.

A Blueprint for Growth in a Strong Gold Market

The partnership between Thesis, AngloGold Ashanti, and Centerra offers a compelling blueprint for success in the junior mining sector. In an industry where capital can be scarce and technical hurdles are immense, securing strategic investment from established producers provides a crucial advantage that extends far beyond the balance sheet.

The current market environment, with gold prices having surged over the past two years, has made major producers increasingly keen to secure their future production pipelines by investing in high-quality development-stage assets. Thesis Gold & Silver, with its large, high-grade resource in a stable jurisdiction, proved to be an ideal target.

This collaboration allows Thesis to accelerate its development timeline while benefiting from the deep operational and technical knowledge of its partners. The formation of a technical committee with appointees from the majors will provide invaluable oversight and guidance as the project moves towards a construction decision. For shareholders, this strategic alignment not only validates the asset's quality but also significantly mitigates execution risk, creating a clearer and more confident path toward unlocking the immense value outlined in the project's economic studies.

The successful closing of this financing marks a transformative moment for Thesis Gold & Silver, elevating it from a promising explorer to a well-funded developer with a clear and achievable path to becoming Canada's next major precious metals producer.