# Financial Statements - YEAR ENDED - FEB 28, 2026

Source Brief: https://evesgoldminers.com/research/source-briefs/thesis-gold-silver-inc-financial-statements-year-ended-feb-28-2026-27317c64
Original source: https://www.thesisgoldsilver.com/_resources/financials/TAU_FS_Quarter_Ended_February_28_2026.pdf
EGM generated: 2026-09-27
Company: Thesis Gold & Silver Inc. (TAU)

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## Extracted Document Text

# Financial Statements - YEAR ENDED - FEB 28, 2026

Source: https://www.thesisgoldsilver.com/_resources/financials/TAU_FS_Quarter_Ended_February_28_2026.pdf
Fetched: 2026-09-12T07:11:33.631+00:00
Source artifact: 27317c64-90ee-43c7-be04-7f68626665aa
Normalizer input: text

## Content

# Financial Statements - YEAR ENDED - FEB 28, 2026
THESIS GOLD & SILVER INC.
Financial Statements
For the years ended February 28, 2026 and 2025
INDEPENDENT AUDITORS’ REPORT
To the Shareholders and Directors of Thesis Gold & Silver Inc. (formerly Thesis Gold Inc.)
Opinion
We have audited the financial statements of Thesis Gold & Silver Inc. which comprise:
• the statements of financial position as at February 28, 2026 and February 28, 2025;
• the statements of income (loss) and comprehensive income (loss) for the years then ended;
• the statements of changes in shareholders’ equity for the years then ended;
• the statements of cash flows for the years then ended; and
• the notes to the financial statements, including material accounting policy information and other explanatory
information.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of
the Company as at February 28, 2026 and February 28, 2025, and its financial performance and its cash flows for the
years then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards
Board.
Basis for Opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under
those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section
of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Independence
We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the
financial statements in Canada. We have fulfilled our other ethical responsibilities in accordance with these
requirements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements for the year ended February 28, 2026. These matters were addressed in the context of our audit
of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters.
The key audit matter communicated in our auditors’ report is as follows:
Assessment of Impairment Indicators of Exploration and Evaluation Assets
Key Audit Matter Description
Refer to Note 4 Significant judgments and sources of estimation uncertainty – Impairment of exploration and evaluation
assets, Note 3 Material accounting policies – Impairment of exploration and evaluation assets, and Note 8 – Exploration
and evaluation assets. The Company has exploration and evaluation assets with a carrying value of $219,769,471 as
at February 28, 2026.
We identified the evaluation of impairment indicators for exploration and evaluation assets as a key audit matter due to
the magnitude of exploration and evaluation assets and significance to the Company, the judgement in determining
whether factors exist that indicate impairment and the effort in performing procedures related to the evaluation of the
existence of impairment indicators for exploration and evaluation assets.
Audit Response
Our approach to addressing the matter included the following procedures:
• We assessed the status of the Company’s rights to explore by inspecting government mineral claim registries
and inquiring with management if any rights were not expected to be renewed.
• We assessed whether exploration and evaluation of the mineral property involved substantive expenditures
and inquired of management on the Company’s plans to continue with such expenditures on its mineral
property.
• We evaluated management’s assessment of potential impairment indicators and determined whether
management’s assessment was consistent with:
• information included in the Company's news releases, Management's Discussion and Analysis, and
other public filings;
• evidence obtained in other areas of the audit, including the results of exploration activities;
• current geological technical information reported in public filings; and
• information obtained from reading internal communications to management and the Board of
Directors meeting minutes and resolutions.
Other Information
Management is responsible for the other information. The other information comprises the Company’s Management
Discussion and Analysis to be filed with the relevant Canadian securities commissions.
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified
above and, in doing so, consider whether the other information is materially inconsistent with the financial statements
or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed on this other information, we conclude that there is a material misstatement
of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with
IFRS Accounting Standards as issued by the International Accounting Standards Board, and for such internal control
as management determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
Canadian generally accepted auditing standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future
events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Company to express an opinion on the financial statements. We are responsible for the direction,
supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are, therefore, the key audit matters. We
describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
The engagement partner on the audit resulting in this independent auditors’ report is Michael Ryan Ayre.
/s/Manning Elliott LLP
CHARTERED PROFESSIONAL ACCOUNTANTS
Vancouver, British Columbia
May 29, 2026
THESIS GOLD & SILVER INC. (formerly Thesis Gold Inc.)
Statements of Financial Position
(Expressed in Canadian dollars)
February 28, February 28,
Note 2026 2025
ASSETS
Current assets
Cash $ 76,105,041 $ 9,390,294
Short-term investment - 35,907
Goods and services tax receivable 193,824 106,080
Mining exploration tax credit receivable 5 1,814,344 4,646,781
Other receivables 34,381 39,571
Prepaid expenses and deposits 6 485,213 280,378
78,632,803 14,499,011
Non-current assets
Deposits 6 635,370 672,000
Equipment 7 43,736 774,329
Exploration and evaluation assets 8 219,769,471 189,003,885
Reclamation bonds collateral 9 553,017 588,730
Right-of-use asset 10 800,539 1,014,016
Total assets $ 300,434,936 $ 206,551,971
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities 11,16 $ 2,166,446 $ 1,628,513
Flow-through share premium liability 12 1,469,216 364,734
Current portion of lease liability 13 192,989 169,557
3,828,651 2,162,804
Non-current liabilities
Asset retirement obligation 14 2,175,488 2,167,264
Deferred income tax liability 19 20,497,194 17,107,750
Long-term po

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