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# Download PFS

Source: https://www.thesisgoldsilver.com/_resources/reports/108542-01-Lawyers-Ranch-PFS-NI-Technical-Report-FINAL.pdf
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# Download PFS
Lawyers - Ranch Project
NI 43 - 101 Technical Report and Pre - feasibility Study
British Columbia, Canada
Effective Date: December 1, 2025
Report Date: January 14 , 2026
Prepared for:
Thesis Gold Inc
1075 West Georgia Street, Suite 1050
Vancouver, B ritish Columbia , V6E 3C9
Prepared by:
Ausenco Engineering Canada ULC
1050 West Pender Street, Suite 1200
Vancouver, British Columbia , V6E 3S7
List of Qualified Persons:
Kevin Murray, P.Eng., Ausenco Engineering Canada ULC
Peter Mehrfert, P.Eng., Ausenco Engineering Canada ULC
William Stone, M.Sc., Ph.D., P.Geo., P&E Mining Consultants Inc
Jarita Barry, P.Geo. , P&E Mining Consultants Inc
Brian Ray, M.Sc., P.Geo., P&E Mining Consultants Inc
Yungang Wu, M.Sc., P.Geo., P&E Mining Consultants Inc
Eugene Puritch, P.Eng., FEC, CET, P&E Mining Consultants Inc
Frank Wright, P.Eng., F. Wright Consulting Inc
Peter Lock, B .Eng ., Mining Plus Ltd
Rita Tsai, P.Eng., Equilibrium Mining Inc
Mark Alban, P.Eng., Knight Piésold Ltd
Stephan Theben, Dipl. - Ing., SME RM, SLR Consulting Ltd
Andrea Samuels, P.Geo., pHase Geochemistry Inc
CERTIFICATE OF QUALIFIED PERSON
Kevin Murray, P.Eng.
I, Kevin Murray, P.Eng., certify that:
1. I am employed as a Principal Process Engineer with Ausenco Engineering Canada ULC, (Ausenco), with an office
address of 1050 West Pender, Suite 1200, Vancouver, BC, V6E 3S7.
2. This certificate applies to the technical report titled “Lawyers-Ranch Project, NI 43-101 Technical Report and Pre-
feasibility Study, British Columbia, Canada” (the Technical Report”), prepared for Thesis Gold Inc (the “Company”),
with a report date of January 14, 2026, and an effective date of December 1, 2025 (the “Effective Date”).
3. I graduated from University of New Brunswick with a Bachelor of Science in Chemical Engineering in 1995.
4. I am a member in good standing of Engineers and Geoscientists British Columbia (No. 32350), Northwest Territories
Association of Professional Engineers and Geoscientists (No. L4940) and Association of Professional Engineers and
Geoscientists of Saskatchewan (No. 82404).
5. I have practiced my profession continuously for 25 years. I have been directly involved in all levels of engineering
studies from preliminary economic assessments (PEAs) to feasibility studies. I have led preliminary test work
design, test work analysis and flowsheet development as well involvement in detailed design and commissioning.
I have also developed operating cost estimates and contributed to and reviewed capital cost estimates. I have been
involved with gold flotation concentrate production studies including Skeena’s Eskay Creek and Seabridge Gold’s
Courageous Lake projects as well as base metal flotation concentrate production studies including Trilogy’s Arctic
Project and Lumina’s Cangrejos Project.
6. I have read the definition of “Qualified Person” set out in the National Instrument 43-101 Standards of Disclosure
for Mineral Projects (“NI 43-101”) and certify that by virtue of my education, affiliation to a professional association
and past relevant work experience, I fulfill the requirements to be a “Qualified Person” for those sections of the
Technical Report that I am responsible for preparing.
7. I have not visited the project site.
8. I am responsible for Sections 1.1, 1.2, 1.18.1, 1.18.2, 1.18.5, 18.1, 18.2, 18.3, 18.7, 18.8, 24, 25.8, 25.14.1.5.2,
26.5.2, 26.5.3, and 27 of the Technical Report.
9. I am independent of the Company, as independence is defined in Section 1.5 of NI 43-101.
10. I have not been previously involved with the Lawyers-Ranch Project.
11. I have read NI 43-101 and the sections of the Technical Report for which I am responsible have been prepared in
compliance with that Instrument. As of the effective date of the Technical Report, to the best of my knowledge,
information and belief, the sections of the Technical Report for which I am responsible contain all scientific and
technical information that is required to be disclosed to make those sections of the Technical Report not
misleading.
Dated: January 14, 2026
“Signed and sealed”
Kevin Murray, P.Eng.
Ausenco Engineering Canada ULC Permit to Practice 1001905, Engineers and Geoscientists British Columbia.
Page 1 of 1
CERTIFICATE OF QUALIFIED PERSON
Peter Mehrfert , P. Eng.
I, Peter Mehrfert, P. Eng., certify that:
1. I am a Professional Engineer, currently employed as Principal Process Engineer, with Ausenco Engineering Canada
Inc., with an office at 1050 W Pender St, Vancouver, BC V6E 3S7.
2. This certificate applies to the technical report titled “Lawyers-Ranch Project, NI 43-101 Technical Report and Pre-
feasibility Study, British Columbia, Canada” (the Technical Report”), prepared for Thesis Gold Inc (the “Company”),
with a report date of January 14, 2026, and an effective date of December 1, 2025 (the “Effective Date”).
3. I graduated from the University of British Columbia with a Bachelor of Applied Science in Mining and Mineral
Process Engineering in 1996.
4. I am a Professional Engineer registered and in good standing with Engineers and Geoscientists British Columbia
(registration #24527).
5. I have practiced my profession continuously for 30 years and have been involved in the design, evaluation and
operation of mineral processing facilities during that time. Approximately half of my professional practice has been
the supervision and management of metallurgical test work related to feasibility and pre-feasibility studies of
projects involving flotation and leaching technologies. Previous projects that I have worked on that have similar
features to Lawyers-Ranch are: Panuco, Springpole, North Island and Spanish Mountain Gold. I have collaborated
on the development of project financial models for 3 years with Ausenco on several projects.
6. I have read the definition of “Qualified Person” set out in the National Instrument 43-101 Standards of Disclosure
for Mineral Projects (“NI 43-101”) and certify that by virtue of my education, affiliation to a professional association
and past relevant work experience, I fulfill the requirements to be a “Qualified Person” for those sections of the
Technical Report that I am responsible for preparing.
7. I visited the project site on July 9 to 10, 2025.
8. I am responsible for Sections 1.17, 1.19, 1.21, 1.22, 1.23, 2.1, 2.2, 2.3 2.4.3, 2.5, 2.6.1, 2.7, 3, 17, 19, 21.1, 21.2.1 to
21.2.3, 21.2.5 to 21.2.11, 21.3.1, 21.3.2, 21.3.4, 21.3.5, 22, 25.1, 25.7, 25.9, 25.14.1.4, 25.14.2.5, and 26.1 of the
Technical Report.
9. I am independent of the Company, as independence is defined in Section 1.5 of NI 43-101.
10. I have not been previously involved with the Lawyers-Ranch Project.
11. I have read NI 43-101 and the sections of the Technical Report for which I am responsible have been prepared in
compliance with that Instrument. As of the effective date of the Technical Report, to the best of my knowledge,
information and belief, the sections of the Technical Report for which I am responsible contain all scientific and
technical information that is required to be disclosed to make those sections of the Technical Report not
misleading.
Dated: January 14, 2026
“Signed and sealed”
Peter Mehrfert, P. Eng.
Ausenco Engineering Canada ULC Permit to Practice 1001905, Engineers and Geoscientists British Columbia
Page 1 of 1
CERTIFICATE OF QUALIFIED PERSON
William Stone, P.Geo.
I, William Stone, P.Geo., certify that:
1. I am employed as an Independent Consulting Geologist with P&E Mining Consultants Inc (P&E), with an office
address of 2 Country Court Blvd, Suite 400, Brampton, Ontario, L6W 3W8.
2. This certificate applies to the technical report titled “Lawyers-Ranch Project, NI 43-101 Technical Report and Pre-
feasibility Study, British Columbia, Canada” (the Technical Report”), prepared for Thesis Gold Inc (the “Company”),
with a report date of January 14, 2026, and an effective date of December 1, 2025 (the “Effective Date”).
3. I graduated from Dalhousie University with a Bachelor of Science (Honours) in Geology in 1983 and from the
University of Western Ontario with a Master of Science in Geology in 1985 and a Doctor of Philosophy in Geology
in 1988.
4. I am a professional geologist registered with the Professional Geoscientists Ontario (No. 1569).
5. I have practiced my profession continuously for 40 years with experience in in many exploration and mining
projects located in the Americas, Europe, Australia and South America, covering a range of commodities, including
precious metals and base metals. My work experience as an exploration and consultant geologist includes
fieldwork, tenure management, drill program planning and execution, historical data compilation and syntheses,
GIS and 3D modelling and interpretation, geological research, and contributions to many technical reports.
6. I have read the definition of “Qualified Person” set out in the National Instrument 43-101 Standards of Disclosure
for Mineral Projects (“NI 43-101”) and certify that by virtue of my education, affiliation to a professional association
and past relevant work experience, I fulfill the requirements to be a “Qualified Person” for those sections of the
Technical Report that I am responsible for preparing.
7. I have not visited the project site.
8. I am responsible for Sections 1.3 to 1.9, 2.6.2, 4 to 9, 23, and 26.2 of the Technical Report.
9. I am independent of the Company as independence is defined in Section 1.5 of NI 43-101.
10. I have been previously involved with the Lawyers-Ranch Project as a “Qualified Person” for a Technical Report titled
“Updated Preliminary Economic Assessment Lawyers-Ranch Project and Property, Stikine Terrane, BC” by P&E
Mining Consultants Inc JDS Energy & Mining Inc for Thesis Gold Inc dated October 16, 2024. I was also a “Qualified
Person” for a Technical Report titled “Technical Report and Updated Mineral Resources Estimate of the Lawyers-
Ranch Gold-Silver Project, Stikine Terrane, British Columbia”, by P&E Mining Consultants Inc and F. Wright
Consulting Inc for Thesis Gold Inc dated June 13, 2024. I was also a “Qualified Person” for a Technical Report titled
“Technical Report and Updated Mineral Resource Estimate of the Lawyers Gold-Silver Property, Omineca Mining
Division, British Columbia, Canada”, by P&E Mining Consultants Inc., F. Wright Consulting Inc., and One-eighty
Consulting Group for Benchmark Meals Inc., dated June 28, 2021.
Page 1 of 2
11. I have read NI 43-101 and the sections of the Technical Report for which I am responsible have been prepared in
compliance with that Instrument. As of the effective date of the Technical Report, to the best of my knowledge,
information and belief, the sections of the Technical Report for which I am responsible contain all scientific and
technical information that is required to be disclosed to make those sections of the Technical Report not
misleading.
Dated: January 14, 2026
“Signed and sealed”
William Stone, P.Geo.
P&E Mining Consultants Inc Permit to Practice 1000275, Engineers and Geoscientists British Columbia
Page 2 of 2
CERTIFICATE OF QUALIFIED PERSON
Jarita Barry, P.Geo.
I, Jarita Barry, P.Geo., certify that:
1. I am employed as an Independent Consulting Geologist with P&E Mining Consultants Inc (P&E), with an office
address of 2 Country Court Blvd., Suite 400, Brampton, Ontario, L6W 3W8.
2. This certificate applies to the technical report titled “Lawyers-Ranch Project, NI 43-101 Technical Report and Pre-
feasibility Study, British Columbia, Canada” (the Technical Report”), prepared for Thesis Gold Inc (the “Company”),
with a report date of January 14, 2026, and an effective date of December 1, 2025 (the “Effective Date”).
3. I graduated from RMIT University of Melbourne wit

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