Financial Statements – QUARTER ENDED – MAY 31, 2026

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# Financial Statements – QUARTER ENDED – MAY 31, 2026

Source: https://www.thesisgoldsilver.com/_resources/financials/TAU_FS_Quarter_Ended_May_31_2026.pdf
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# Financial Statements – QUARTER ENDED – MAY 31, 2026
THESIS GOLD & SILVER INC.
Condensed Interim Financial Statements
For the three months ended May 31, 2026 and 2025
THESIS GOLD & SILVER INC. (formerly Thesis Gold Inc.)
Condensed Interim Statements of Financial Position
(Unaudited - Expressed in Canadian dollars)
May 31, February 28,
Note 2026 2026
ASSETS
Current assets
Cash $ 71,164,064 $ 76,105,041
Goods and services tax receivable 161,834 193,824
Mining exploration tax credit receivable 5 1,634,537 1,814,344
Other receivables 34,381 34,381
Prepaid expenses and deposits 6 564,897 485,213
73,559,713 78,632,803
Non-current assets
Deposits 6 785,832 635,370
Equipment 41,549 43,736
Exploration and evaluation assets 7 223,638,894 219,769,471
Reclamation bonds collateral 8 553,017 553,017
Right-of-use asset 9 747,170 800,539
Total assets $ 299,326,175 $ 300,434,936
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities 10,15 $ 2,744,255 $ 2,166,446
Flow-through share premium liability 11 803,693 1,469,216
Current portion of lease liability 12 198,843 192,989
3,746,791 3,828,651
Non-current liabilities
Asset retirement obligation 13 2,166,141 2,175,488
Deferred income tax liability 20,382,090 20,497,194
Long-term portion of lease liability 12 564,601 616,678
Total liabilities $ 26,859,623 $ 27,118,011
SHAREHOLDERS’ EQUITY
Share capital 14(b) $ 292,599,704 $ 290,686,349
Share subscriptions received 14(b) - 423,858
Reserves 14 20,331,625 19,412,615
Deficit (40,464,777) (37,205,897)
Total shareholders’ equity $ 272,466,552 $ 273,316,925
Total liabilities and shareholders’ equity $ 299,326,175 $ 300,434,936
Subsequent events (Note 17)
Approved and authorized for issue on behalf of the Board of Directors:
/s/ Lisa Peterson /s/ Ewan Webster
Director Director
The accompanying notes are an integral part of these condensed interim financial statements. 2
THESIS GOLD & SILVER INC. (formerly Thesis Gold Inc.)
Condensed Interim Statements of Loss and Comprehensive Loss
(Unaudited - Expressed in Canadian dollars, except numbers of shares)
Three months ended May 31,
Note 2026 2025
Operating expenses
Marketing and investor relations $ (312,474) $ (372,270)
Management and consulting 15 (1,499,029) (346,895)
Office and administration (306,318) (57,103)
Professional fees (913,932) (684,757)
Regulatory and filing fees (31,410) (3,599)
Right-of-use asset depreciation 9 (53,369) (53,369)
Share-based compensation 14,15 (1,362,689) (65,009)
(4,479,221) (1,583,002)
Other income (expenses)
Interest income 460,185 214,023
Lease interest expense 12 (20,471) (25,138)
Settlement of flow-through share premium liability 11 665,523 364,734
Loss before tax (3,373,984) (1,029,383)
Deferred income tax recovery 115,104 149,254
Net loss and comprehensive loss $ (3,258,880) $ (880,129)
Net loss per share:
Basic and diluted $ (0.01) $ (0.00)
Weighted average number of shares outstanding:
Basic and diluted 278,474,010 221,715,435
The accompanying notes are an integral part of these condensed interim financial statements. 3
THESIS GOLD & SILVER INC. (formerly Thesis Gold Inc.)
Condensed Interim Statements of Cash Flows
(Unaudited - Expressed in Canadian dollars)
Three months ended May 31,
2026 2025
Operating activities
Net loss for the period $ (3,258,880) $ (880,129)
Adjustments for:
Right-of-use asset depreciation 53,369 53,369
Share-based compensation 1,362,689 65,009
Lease interest expense 20,471 25,138
Settlement of flow-through share premium liability (665,523) (364,734)
Deferred income tax recovery (115,104) (149,254)
Changes in non-cash working capital:
Goods and services tax receivable 31,990 (64,242)
Prepaid expenses and deposits (230,146) 58,284
Accounts payable and accrued liabilities (1,228,520) (1,532,864)
Cash used in operating activities $ (4,029,654) $ (2,789,423)
Investing activities
Exploration and evaluation asset expenditures $ (2,070,254) $ (1,131,584)
Mining exploration tax credit receipts 179,807 3,310,625
Cash (used in) provided by investing activities $ (1,890,447) $ 2,179,041
Financing activities
Proceeds from private placements $ - $ 24,163,965
Proceeds from agents’ warrant exercises 180,000 -
Proceeds from stock option exercises 865,818 778,029
Share issuance costs - (139,082)
Lease payments (66,694) (65,722)
Cash provided by financing activities $ 979,124 $ 24,737,190
Change in cash (4,940,977) 24,126,808
Cash, beginning of period 76,105,041 9,390,294
Cash, end of period $ 71,164,064 $ 33,517,102
Supplemental disclosure of operating cash flows
Interest received $ 460,185 $ 214,023
The accompanying notes are an integral part of these condensed interim financial statements. 4
THESIS GOLD & SILVER INC. (formerly Thesis Gold Inc.)
Condensed Interim Statements of Changes in Shareholders’ Equity
(Expressed in Canadian dollars, except number of shares)
Share Total
Common Share subscriptions Reserves shareholders’
shares capital received (Note 14) Deficit equity
Balance, February 28, 2025 212,826,496 $ 197,460,278 $ - $ 18,150,865 $ (31,299,655) $ 184,311,488
Shares issued for cash 23,460,160 24,163,965 - - - 24,163,965
Share issuance costs - (139,082) - - - (139,082)
Stock options exercise 1,176,612 1,383,509 - (605,480) - 778,029
Share-based compensation - - - 65,009 - 65,009
Net loss and comprehensive
loss - - - - (880,129) (880,129)
Balance, May 31, 2025 237,463,268 222,868,670 - 17,610,394 (32,179,784) 208,299,280
Shares issued for cash 16,658,050 45,462,931 - - - 45,462,931
Issuance of flow-through
shares 18,814,000 27,569,930 - - - 27,569,930
Flow-through share
premium - (7,815,230) - - - (7,815,230)
Share issuance costs - (1,955,305) - - - (1,955,305)
Stock options exercise 1,850,320 1,857,100 423,858 (458,060) - 1,822,898
Agents’ warrants exercise 2,566,630 2,698,253 - (341,482) - 2,356,771
Share-based compensation - - - 2,601,763 - 2,601,763
Net loss and comprehensive
loss - - - - (5,026,113) (5,026,113)
Balance, February 28, 2026 277,352,268 290,686,349 423,858 19,412,615 (37,205,897) 273,316,925
Stock options exercise 1,296,261 1,676,355 (423,858) (386,679) - 865,818
Agents’ warrants exercise 300,000 237,000 - (57,000) - 180,000
Share-based compensation - - - 1,362,689 - 1,362,689
Net loss and comprehensive
loss - - - - (3,258,880) (3,258,880)
Balance, May 31, 2026 278,948,529 $ 292,599,704 $ - $ 20,331,625 $ (40,464,777) $ 272,466,552
The accompanying notes are an integral part of these condensed interim financial statements. 5
THESIS GOLD & SILVER INC. (formerly Thesis Gold Inc.)
Notes to the Condensed Interim Financial Statements
For the three months ended May 31, 2026 and 2025
(Unaudited - Expressed in Canadian dollars, unless otherwise noted)
1. NATURE OF OPERATIONS
Thesis Gold & Silver Inc. (formerly Thesis Gold Inc.) (the “Company” or “Thesis”) was incorporated
pursuant to the Business Corporations Act of British Columbia on November 9, 2010. Its registered office
is located at 700 West Georgia Street, Suite 2200, Vancouver, British Columbia, Canada, V7Y 1K8. The
principal place of business is located at 1075 West Georgia Street, Suite 1050, Vancouver, British
Columbia, Canada, V6E 3C9. The Company is listed for trading on the TSX Venture Exchange under the
symbol “TAU”, on the OTCQX under the symbol “THSGF”, and on the Frankfurt Stock Exchange under
symbol “A422AH”.
Thesis is a Canadian precious metals mining company focused on advancing its 100%-owned Lawyers-
Ranch gold-silver project in British Columbia’s Toodoggone Mining District, one of North America’s most
prospective emerging precious-metals districts.
On March 1, 2025, the Company completed a vertical short-form amalgamation (“Amalgamation”) under
the Business Corporations Act with its wholly owned subsidiary, Thesis Gold (Holdings) Inc. Following
the Amalgamation, the resulting entity adopted the name “Thesis Gold Inc.”, maintained the same articles
and management as the Company, issued no new securities and maintained the symbol “TAU”.
On February 19, 2026, the Company changed its name from Thesis Gold Inc. to Thesis Gold & Silver
Inc., with its shares continuing to trade under the symbol “TAU”.
For the three months ended May 31, 2026, the Company had no operating revenue and incurred a net
loss of $3,258,880 (May 31, 2025 - $880,129). With cash of $71,164,064 (February 28, 2026 -
$76,105,041) and working capital of $69,812,922 (February 28, 2026 - $74,804,152) at May 31, 2026,
the Company believes that it has adequate resources to fund its planned exploration, evaluation and
general corporate expenditures for at least twelve months from the reporting date. Accordingly, these
condensed interim financial statements are prepared on a going concern basis.
2. BASIS OF PREPARATION
a) Statement of compliance
These condensed interim financial statements were approved by the Company’s Board of Directors and
authorized for issuance on July 29, 2026.
These condensed interim financial statements have been prepared in accordance with IAS 34 Interim
Financial Reporting (“IAS 34”). These condensed interim financial statements do not include all
disclosures required by IFRS® Accounting Standards for annual financial statements. Accordingly, they
should be read in conjunction with the Company’s audited financial statements for the year ended
February 28, 2026 (the “Annual Financial Statements”).
b) Basis of measurement
These financial statements have been prepared using the historical cost basis, except for certain financial
assets and liabilities which are measured at fair value. In addition, except for cash flow information, these
financial statements have been prepared using the accrual method of accounting.
6
THESIS GOLD & SILVER INC. (formerly Thesis Gold Inc.)
Notes to the Condensed Interim Financial Statements
For the three months ended May 31, 2026 and 2025
(Unaudited - Expressed in Canadian dollars, unless otherwise noted)
c) Functional and presentation currency
These financial statements are presented in Canadian dollars. The functional currency of the Company
is the Canadian dollar, which is the currency of the primary economic environment in which it operates.
d) Operating segments
The Company operates in one operating segment, being the acquisition, exploration and evaluation of
mineral properties in Canada. The Company's Chief Executive Officer, who has been identified as the
chief operating decision maker, reviews the results of the Company from the perspective of advancing
the Lawyers-Ranch gold-silver project for the purpose of allocating resources and assessing
performance. All the Company's non-current assets are located in Canada, and the Company has no
revenues from external customers.
e) Comparative period information
Certain comparative amounts for the three months ended May 31, 2025, have been reclassified to
conform with the current period’s presentation.
f) Change of financial year-end
Pursuant to National Instrument 51-102 – Continuous Disclosure Obligations, the Company decided to
align its financial statement and continuous disclosure requirements with the majority of its industry peers
by changing its financial year-end from the last day of February to December 31, effective March 1, 2026.
During the transition period resulting from this change of year-end, the Company will prepare financial
statements for the ten-month period ending December 31, 2026, and condensed interim financial
statements for the three-month period ending May 31, 2026, and the three- and six-month periods ending
August 31, 2026. Commencing January 1, 2027, the Company will prepare financial statements for the
years ending December 31 and condensed interim financial statements for the quarterly periods ending
March 31, June 30 an

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