Gold Co.'s Ring Zone Reveals Blue Sky Potential
Research Report

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Disclosures for Ventum Capital Markets, Thesis Gold Inc., November 13, 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.

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Ventum Capital Markets analyst Phil Ker, in a research report published on November 13, 2024, maintained a Buy rating on Thesis Gold Inc. (TAU:TSXV; THSGF:OTCQX; A3EP87:WKN) with a target price of CA$1.80. The report follows Thesis Gold's announcement of assay results from the newly defined Ring Zone at its Lawyers-Ranch project in British Columbia.

Ker highlighted the significance of the results, stating, "New drill results released today from the first three drill holes on the high-priority Ring Zone confirm the discovery of near-surface, high-grade gold mineralization. The new zone signals opportunities across the Lawyers-Ranch property for areas of resource growth and blue sky potential, which can support mine life longevity beyond the current envisioned operating scope for the project."

The analyst noted key drill results, including "13.13 m grading 1.21 grams per tonne gold (g/t Au) including 0.45 m grading 5.92 g/t Au; 1.00 m grading 11.32 g/t Au; and 1.85 m grading 3.49 g/t Au."

Regarding future potential, Ker stated, "The Ring Zone is located within a broader 40 km2 alteration footprint, which contains over 20 additional exploration targets, many of which have yet to be drill tested. These results shine a light on Thesis' potential to continue adding more high-quality ounces to the current ~4.7 Moz AuEq MRE at the Lawyers-Ranch project."

The report highlighted upcoming catalysts, noting that "Thesis is in the process of completing the necessary permitting required to further de-risk the Lawyers-Ranch project, and with environments baseline studies near completion, the Company remains on track to initiate the Environmental Impact Assessment process in 2025 with plans to also commence a PFS."

Regarding valuation, Ker commented, "At present, Thesis Gold trades at a P/NAV of just 0.08x, well below its peer group average of 0.32x for other gold developers under coverage at Ventum. Given that the Company is backed by an ~4.7 Moz AuEq resource and strong annual production profile of ~215,000 oz AuEq LOM, we reiterate our Buy rating and CA$1.80 price target."

In conclusion, Ventum Capital Markets' maintenance of their Buy rating and CA$1.80 target price reflects confidence in Thesis Gold's exploration success and development potential. The share price at the time of the report of CA$0.65 represents a potential return of approximately 177% to the analyst's target price.