GoldHaven Resources Corp. press release
Thesis Gold Announces Positive Prefeasibility Study for Lawyers-Ranch Project: After-Tax NPV5% of $2.37 Billion and 54.4% IRR
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Thesis Gold Announces Positive Prefeasibility Study for Lawyers-Ranch Project: After-Tax NPV5% of $2.37 Billion and 54.4% IRR Canada NewsWire
All dollar amounts are in Canadian dollars ("$") unless otherwise indicated.
VANCOUVER, BC, Dec. 1, 2025 /CNW/ - Thesis Gold Inc. ("Thesis" or the "Company") (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF) is pleased to announce positive results from an independent Prefeasibility Study ("PFS") for its 100% owned Lawyers-Ranch Project ("Lawyers-Ranch" or the "Project") in the prolific Toodoggone Mining District of British Columbia.
The PFS was prepared by Ausenco Engineering Canada ULC. ("Ausenco"), Mining Plus Canada Ltd. ("Mining Plus"), Knight Piésold Ltd. ("Knight Piésold"), Equilibrium Mining Inc. ("Equilibrium"), P&E Mining Consultants Inc. ("P&E"), pHase Geochemistry Inc., Frank Wright Consulting, and SLR Consulting Ltd. ("SLR") in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). The NI 43-101 PFS Technical Report will be filed on SEDAR+ at www.sedarplus.ca and Thesis Gold's website www.thesisgold.com within 45 days of this announcement.
The PFS outlines a plan for developing the combined Lawyers-Ranch Project using both open pit and underground mining methods, with ore processed at a single facility.
PFS highlights are summarized below:
Strong Economics at US$2,900 per ounce of gold (oz Au) and US$35 per ounce of silver (oz Ag):Pre-tax: 73.5%, internal rate of return ("IRR") and $3.73 billion net present value at a 5% discount rate ("NPV5%")
After-tax: IRR of 54.4% and an NPV5% of $2.37 billion
At US$4,100/oz Au and US$51/oz Ag:Pre-tax: 117.4% IRR and $6.86 billion NPV5%
After-tax: 87.8% IRR and $4.36 billion NPV5%
Strong Early Production: Strong gold-equivalent ("AuEq")* annual production rates for the first three years averaging 266,000 ounces**, and 187,000 ounces** over the Life of Mine ("LOM").
Increased Tonnes Processed, Increased Throughput Rates and Extended Mine Life: Despite the removal of Inferred Resources from the mine plan, total tonnes processed rose by 18% (relative to the 2024 Preliminary Economic Assessment). Process plant throughput increased by 9% to 13,700 tonnes per day (t/d) and the mine life increased to 15-years, based solely on Measured and Indicated Resources.
Mineral Reserve: Maiden Mineral Reserve statement with 76.16 million tonnes of ore grading 0.97 g/t Au and 28 g/t Ag for a total AuEq* grade of 1.33 g/t.
Low All-in Sustaining Costs ("AISC†"): Average AISC† of US$1,185 per AuEq** ounce.
Silver: Silver production accounts for approximately 23% of revenue.
Quick Payback: The Project offers an after-tax payback period of 1.1 years at US$2,900 Au and US$35 Ag.
Capex: Initial capital expenditure is estimated at $736.2 million, with a compelling after-tax NPV5%:initial capital ratio of 3.2:1. The initial capital estimate does not consider a potential revenue of $91.1 million in pre-production revenue from processing stockpiles as part of the initial commissioning and ramp-up plan.
Project Upside: Significant project upside exists both in the potential to further optimize engineering design through a Feasibility Study, and in the project-wide exploration potential that remains untapped. The section entitled "Project Upside" further details the opportunities present at Lawyers-Ranch.
*AuEq reported for the mined materials/mill feed in mineral resource estimate and mineral reserve estimates assumes a conversion of 80:1 for Ag to AuEq based on expected average expected recoveries of 93% Au and 86.1% Ag at US$2,000/oz Au and $24.50/oz Ag.
**AuEq production values are based on payable ounces as calculated by the financial model and have varying gold and silver recoveries by deposit at a US$2,900/oz Au and US$35/oz Ag.
AISC† costs consist of mining costs, processing costs, mine-level G&A, offsite charges, royalties, sustaining capital, expansion capital, and closure costs.
Dr. Ewan Webster, President and CEO, commented, "With the prefeasibility results announced today, Thesis Gold is positioned as one of the strongest value-creation stories in the sector. An after-tax NPV of $2.37 billion, a 54.4% IRR, and a 1.1-year payback places Lawyers-Ranch firmly among the top tier of development-stage gold projects globally. The study strengthens the technical rigor of the project, increases total tonnes processed, and delivers a substantially improved payback period while preserving an exceptionally strong early-year production profile. I'm extremely proud of our team, Ausenco, and our technical partners, whose work provides the foundation for advancing Lawyers-Ranch through permitting and toward construction. Importantly, this is not the end of the growth story. With significant resource expansion and discovery potential still ahead of us, we view this PFS as both a validation of what we've discovered to date and as the foundation for the next phase of value creation."
Bill Lytle, Non-Executive Chairman, added, "I am looking forward to advancing the project through Feasibility Study and permitting, as we look to create significant value for all our stakeholders by responsibly developing the Ranch-Lawyers project."
The Company will host a webcast call to discuss the results of the PFS on Monday, December 1st at 10:00 am Eastern time. To join the call: visit https://app.webinar.net/G0lQbExeaRm, or dial 1-289-815-3444 (Toronto), or 1 (800) 715-9871 (toll free North America). For more details, visit https://thesisgold.com/investors/.
PFS Project Enhancements
A comprehensive review of the 2024 PEA was undertaken to identify and incorporate optimizations that would strengthen overall project economics as the study advanced to PFS-level engineering, cost estimating, and confidence.
The review identified mine sequencing as the primary opportunity to strengthen Project economics. Optimization work brought high-margin ore forward, increased mill throughput, and reshaped the production schedule to improve the IRR and shorten the payback period. This work highlighted the economic importance of Ranch ore, from the Ranch portion of the Project (the "Ranch Area"), the value of prioritizing higher-grade underground feed, and the benefits of a stockpiling approach. As a result, the Ranch Area was advanced to the first three years of production, and the underground cut-off grade was increased to 2.2 g/t AuEq* to maximize margins.
In addition to optimized mine-sequencing of the four pits in the Lawyers portion of the Project (the "Lawyers Area") as well as the eight Ranch Area pits, the larger pit shells at the Lawyers Area were subdivided into staged pushbacks to improve operational flexibility, bring additional ounces forward, and reduce strip ratios in the early years of the LOM. In parallel, the project incorporated a 9% increase to process plant throughput and a slight reduction in the open-pit cut-off grade over the LOM.
The PFS outlines a 15-year LOM processing 76 million tonnes, with average annual production of 266,000 AuEq** ounces in the first three years to support a rapid payback. Total life-of-mine production is 2.84 million AuEq** ounces.
The results of the PFS were compared to the 2024 PEA and are detailed in Table 1 below:
General
Unit
2025 PFS
2024 PEA
Change
After-Tax NPV (5%)
$M
2,370
1,277
+86 %
After-Tax IRR
%
54.4
35.2
+55 %
Payback Period
yrs
1.1
2.0
-45 %
Payable AuEq**
koz
2,837
3,025
-6 %
LOM
yrs
15.2
14
+7 %
After-Tax NPV:Initial Capital
ratio
3.2:1
2.1:1
+52 %
AISC†/AuEq** oz
US$oz
1,185
1,013
+17 %
Open Pit Stripping Ratio
W:O
4.6
5.0
-8 %
Table 1: Comparison of 2025 PFS to 2024 PEA Results
Project Upside
Opportunities to potentially further improve the project in the planned future Feasibility Study, include the following:
Pre-Concentration: Pre-concentration of Ranch Area ore to increase average grade and reduce haulage costs from Ranch Area to the process plant located at the Lawyers Area site. An initial assessment, conducted by ABH Engineering Inc. with test work performed by Tomra Mining in Germany, shows promising results for Ranch Ore Sorting.
Crown Pillar Recovery: The PFS did not include recovery of the crown pillar between the open pit and underground workings. With further study there is an opportunity to increase the mineable ore from underground without impacting the open pits.
Pit Geotechnical Optimization: Opportunities exist to steepen portions of the Ranch pits in key locations where ground conditions permit; additional drilling and improved rock-mass granularity will help refine and optimize these zones.
Construction and Commissioning Optimization: Additional opportunity exists to optimize the construction and commissioning phase, specifically evaluating alternative sources to borrow materials to reduce initial capital costs.
Mine Life Extension:Inferred Mineral Resources from both Ranch and Lawyers are not captured within the PFS mine plan. Upgrading the classification of these Inferred ounces through additional drilling presents an opportunity to potentially expand the mineable materials.
Numerous early-stage and undrilled targets exist across the entirety of the Lawyers-Ranch tenure, and Thesis is focused on a comprehensive, systems-based approach to unlocking additional exploration potential in an emerging porphyry district.
PFS Overview
The PFS considers a conventional truck and shovel open pit mining ("OP") operation at the Lawyers Area, with common equipment sizing feeding a 13,700 (t/d), industry standard processing plant that includes crushing, grinding, flotation, leaching and a Merrill Crowe recovery circuit, to produce both precious metals concentrate and gold-silver doré bullion on site.
The PFS considers a crossover to underground mining ("U/G") using longhole stoping to feed up to 1,640 t/d from the Dukes Ridge and Cliff Creek deposits during operational years one to seven. The PFS includes contract mining at the Ranch Area, during the first three years of operations.
The PFS is based on an update of the Mineral Resource Estimate with an effective date of October 16, 2025, and the first Mineral Reserve Statement for the Project, with an effective date of October 27, 2025.
Ausenco was appointed as lead consultant in January 2025 to prepare the PFS in accordance with NI 43-101 standards. Ausenco was assisted by Mining Plus Canada Ltd. ("Mining Plus") for mining and Mineral Reserve, Knight Piésold Ltd. ("KP") for tailings management facility ("TMF"), waste rock storage facility ("WRSF") design, and site-wide water management, Equilibrium for open pit and underground geotechnical assessment, Frank Wright Consulting Inc. ("Frank Wright") for metallurgy, P&E Mining Consultants Inc. for Mineral Resource estimation, pHase Geochemistry Inc. for material characterization, and SLR Consulting Ltd. for environmental and permitting.
PFS Parameters and Assumptions
The financial modeling for the PFS was completed by Ausenco and included the following parameters and assumptions:
Production
Unit
First 5-year Avg
LOM Total / Avg.
Mine Life
yrs
n/a
15
Total Processed Feed Tonnes
kt
25,168
76,156
Waste Mined
kt
119,746
341,960
OP Stripping Ratio
W:O
6.5
4.6
Head Grade - Au
g/t
1.25
0.97
Head Grade - Ag
g/t
35.76
28.1
Head Grade - AuEq*
g/t
1.68
1.31
Recovery Rate - Au
%
92.9
92.8
Recovery Rate - Ag
%
79.4
81.6
Total Payable Au
koz
924
2,198
Total Payable Ag
koz
21,460
52,940
Total Payable AuEq**
koz
1,183
2,837
Average Annual Production - Au
koz/yr
185
145
Average Annual Production - Ag
koz/yr
4,292
3,482
Average Annual Production - AuEq**
koz/yr
237
187
Table 2: Summary of PFS Production
General
Unit
LOM
Au Price
US$/oz
2,900
Ag Price
US$/oz
35.00
Exchange Rate
USD:CAD
1.35
Operating Costs
Unit
LOM Avg.
Mining
$/t Processed1
25.53
Processing
$/t Processed1
15.36
G&A
$/t Processed1
5.64
Total
$/t Processed1
46.53
AISC†
US$/AuEq** oz
1,185
Capital Cost
Unit
LOM Total
Initial Capital
$M
736.2
Sustaining Capital
$M
789.4
including U/G Sustaining Capital of:
$M
227.3
Closure Capital
$M
71.8
Salvage Credit
$M
(56.3)
Total Capital
$M
1,541.1
Pre-Tax Financials
Unit
LOM
NPV (5%)
$M
3,730
IRR
%
73.5
Payback Period
Yrs
0.8
After-Tax Financials
Unit
LOM.
NPV (5%)
$M
2,370
IRR
%
54.4
Payback Period
Yrs
1.1
After-Tax NPV:Initial Capital
Ratio
3.2:1
Table 3: Summary of PFS Economic Results
1
Excluding pre-production operating costs and tonnes.
The annual production of total payable gold and silver is presented in Figure 1.
Sensitivity Analysis
A sensitivity analysis to metal prices was performed and the impacts on the Project's key economic indicators are summarized below:
Base Case
Spot1
Gold Price ($US)/oz
2,000
2,500
2,900
3,500
4,100
Silver Price ($US)/oz
24.00
28.00
35.00
43.00
51.00
Pre-Tax
NPV5% ($M)
1,429
2,608
3,730
5,295
6,861
IRR
34.9 %
55.8 %
73.5 %
96.3 %
117.4 %
After Tax
NPV5% ($M)
909
1,658
2,370
3,364
4,357
IRR
25.9 %
41.2 %
54.4 %
71.2 %
86.9 %
NPV5%: Initial Capex
1.2
2.3
3.2
4.6
5.9
Payback Years
2.5
1.7
1.1
0.8
0.6
Table 4: Metal Price Sensitivity Analysis
1
Assumed spot price as of November 24, 2025.
Mineral Resource Estimate
The PFS is based on the Mineral Resource Estimate prepared by P&E Mining Consultants Inc., and APEX Geoscience Ltd., with an effective date of October 16, 2025. It is summarized below (Table 5). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Mineral
Resource
Area
Cut-off
AuEq
(g/t)
Classification
Tonnes
(k)
Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq
(g/t)
Au
(koz)
Ag
(koz)
Cu
(kt)
AuEq
(koz)
Pit-Constrained Mineral Resource Estimate
Lawyers Area
0.25
Measured
50,674
0.91
31.9
0.00
1.31
1,482
51,920
0
2,131
Indicated
61,778
0.77
21.0
0.00
1.03
1,527
41,737
0
2,049
M&I
112,452
0.83
25.9
0.00
1.16
3,009
93,657
0
4,179
Inferred
8,583
0.59
16.3
0.00
0.80
164
4,509
0
220
Ranch Area
0.25
Measured
376
3.91
1.3
0.02
3.93
47
16
0
47
Indicated
3,502
1.77
10.1
0.06
1.90
200
1,137
2
214
M&I
3,878
1.98
9.3
0.06
2.10
247
1,153
2
261
Inferred
5,785
1.50
4.7
0.10
1.56
279
876
6
290
Total
0.25
Measured
51,049
0.93
31.6
0.00
1.33
1,529
51,936
0
2,178
Indicated
65,281
0.82
20.4
0.00
1.08
1,727
42,874
2
2,263
M&I
116,330
0.87
25.3
0.00
1.19
3,256
94,810
2
4,441
Inferred
14,369
0.96
11.7
0.04
1.10
443
5,385
6
510
Out-of-Pit Mineral Resource Estimate
Lawyers Area
1.20
Indicated
1,173
2.20
81.5
0.00
3.21
83
3,073
0
121
Inferred
1,334
1.72
51.7
0.00
2.36
74
2,216
0
101
Ranch Area
1.20
Indicated
26
1.89
6.6
0.09
1.98
2
5
0
2
Inferred
530
1.80
4.2
0.16
1.85
31
71
1
32
Total
1.20
Indicated
1,199
2.19
79.8
0.00
3.19
84
3,078
0
123
Inferred
1,863
1.74
38.2
0.05
2.22
104
2,286
1
133
Total Mineral Resource Estimate
All
Combined
Measured
51,049
0.93
31.6
0.00
1.33
1,529
51,936
0
2,178
Indicated
66,480
0.85
21.5
0.00
1.12
1,811
45,952
2
2,386
M&I
117,529
0.88
25.9
0.00
1.21
3,340
97,888
2
4,564
Inferred
16,232
1.05
14.7
0.04
1.23
547
7,671
7
643
Source: APEX (2025)
Notes:
1.
Mr. Eugene Puritch, P.Eng., FEC, CET, and Mr. Yungang Wu, M.Sc., P.Geo., of P&E Mining Consultants Inc., are independent Qualified Persons as defined by NI 43-101 and are responsible for the Mineral Resource Estimate, with an effective date of October 16, 2025.
2.
Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
3.
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
4.
The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
5.
The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
6.
Historical mined areas were removed from the block-modelled Mineral Resources.
7.
The Lawyers Area includes the Cliff Creek (CC), Dukes Ridge (DR), Phoenix (PX), and Amethyst Gold Breccia (AGB) zones. The 2025 MRE includes updates to the CC, DR, and PX zones since the 2024 MRE. The AGB block model remains unchanged from the 2022 MRE but is restated with updated RPEEE constraints.
8.
The Ranch Area includes the Thesis II, Thesis III, Bingo, Barite Vein (BV), Bonanza-South, JK, Bonanza, and Ridge zones. The 2025 MRE updates all Ranch Area zones from the 2024 MRE.
9.
Economic assumptions include metal prices of US$2,500/oz Au, US$30/oz Ag, and US$8,800/tonne Cu; an exchange rate of 0.73 US$:CAD$; process recoveries of 93% Au for both Areas, 86% and 88% Ag for the Lawyers and Ranch areas, respectively, and 85% Cu for the Ranch Area; and processing and G&A costs of CAD$17/t and CAD$6/t, respectively. AuEq values are calculated using an Au-to-Ag ratio of 1:80. Cu is not included in the AuEq calculation.
10.
Pit-constrained Mineral Resources include blocks within an optimized pit shell derived using the economic assumptions described above, together with a mining cost of CAD$4.0/t for mineralized and waste material, and pit slopes of 52° and 48° for the Lawyers and the Ranch Areas, respectively.
11.
Out-of-pit Mineral Resource Estimates include blocks below the constraining pit shell that form continuous and potentially mineable shapes, derived using the economic assumptions described above together with a mining cost of CAD$90/t. These parameters result in an out-of-pit cut-off grade of 1.20 g/t AuEq. Mining shapes encapsulate material within domains with a minimum horizontal width of 2.0 m (perpendicular to strike) and target vertical and horizontal dimensions of approximately 10 m (H) by 20 m (L).
Mineral Reserve
The PFS is based on the Mineral Reserve Estimate prepared by Mining Plus and reported by Thesis Gold with an effective date of October 27, 2025. The Mineral Reserve Estimate is summarized in Table 6 below:
Category
Tonnes
(kt)
Au
(g/t)
Ag
(g/t)
AuEq
(g/t)7
Au (koz)
Ag (koz)
AuEq
(koz)
Open Pit
Proven
Lawyers Area
31,582
0.97
33.45
1.39
990
33,965
1,414
Ranch Area
365
3.66
1.11
3.67
43
13
43
Open Pit Subtotal: Proven
31,948
1.01
33.08
1.42
1,033
33,978
1,457
Probable
Lawyers Area
39,661
0.79
20.16
1.04
1,007
25,709
1,329
Ranch Area
2,134
1.65
11.69
1.80
113
802
123
Open Pit Subtotal: Probable
41,795
0.83
19.73
1.08
1,120
26,511
1,452
Underground
Proven
Lawyers Area
1,301
2.96
115.68
4.41
124
4,839
184
Underground Subtotal: Proven
1,301
2.96
115.68
4.41
124
4,839
184
Probable
Lawyers Area
1,112
3.08
95.55
4.28
110
3,416
153
Underground Subtotal: Probable
1,112
3.08
95.55
4.28
110
3,416
153
Total
Proven
33,249
1.08
36.31
1.54
1,156
38,817
1,642
Probable
42,907
0.89
21.69
1.16
1,231
29,927
1,605
Proven + Probable
76,156
0.97
28.08
1.33
2,387
68,743
3,246
Table 6: Summary of October 27, 2025, Mineral Reserve Estimate
Source: Mining Plus (2025)
Notes:
1.
Classification of Mineral Reserves is in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014) of NI 43-101.
2.
The independent and qualified person for the Mineral Reserve, as defined by NI 43-101, is Peter Lock, FAusIMM.
3.
The effective date is October 27, 2025.
4.
Open Pit Mineral Reserves are reported using an AuEq cut-off grade of 0.29 g/t AuEq for the Lawyers Area pits and a 0.37 g/t for the Ranch Area.
5.
Underground Mineral Reserves are reported using a cut-off grade of 2.20 g/t diluted AuEq to determine the mining extents. Lower grade gaps within the extents were infilled using stopes that met the incremental cut-off grade of 1.7 g/t diluted AuEq. A lower mill feed cut-off grade of 1.5 g/t diluted AuEq was applied to mineralized development.
6.
Processing costs used in the cut-off grade calculation were $C 15.77/t milled for Lawyers Area feed and $15.91/t milled for Ranch Area feed; the costs used for sustaining capital, G&A, and Ranch Area ore haul were $C 2.49/t milled, $C 5.23/t milled, and $C 5.80/t milled, respectively.
7.
AuEq =Au + Ag/80, where Au is the gold grade in g/t and Ag is the silver grade in g/t.
8.
Mineral Reserves are reported using long-term gold and silver prices of $US 2,000/oz and $US 24.50/oz, respectively, and a foreign exchange rate of 1CAD = 0.73USD.
9.
The gold processing recovery assumptions used were 92.9% for the Lawyers Area mill feed and 93.2% for the Ranch Area feed. The silver processing recovery assumptions used were 86.1% for Lawyers Area mill feed and 88.4% for Ranch Area mill feed.