Thesis Gold & Silver Announces Change of Auditor

Auditor switch signals governance focus, but no new financial or project progress disclosed.

Risk flags

• ●Operational risk is elevated due to the lack of disclosed progress on feasibility, permitting, or exploration at the Lawyers-Ranch project. Without concrete milestones or timelines, investors have no visibility into when or if the project will advance.
• ●Financial disclosure risk is high, as the announcement omits all financial statements, cash balances, burn rates, or funding plans. This lack of transparency makes it impossible to assess the company’s solvency or capital needs.
• ●Pattern-based risk arises from the use of promotional language ('large, high-quality gold equivalent Mineral Resource') without any supporting data or resource estimates. This is a common red flag in junior mining disclosures.
• ●Timeline/execution risk is significant, as all value creation claims are long-term and forward-looking, with no near-term catalysts or measurable targets. Investors face the risk of indefinite delays or non-delivery.
• ●Governance risk is present in any auditor change, even when framed as strategic. While the company asserts no 'reportable event' or modified opinions, the true rationale for the switch is not substantiated with evidence.
• ●Disclosure risk is compounded by the omission of any discussion of project economics, permitting status, or exploration results. Investors are left without the information needed to make an informed assessment of project viability.
• ●Capital intensity risk is implied by the reference to advancing a 100%-owned gold-silver project through feasibility and permitting, which are typically expensive and time-consuming. No funding sources or capital plans are disclosed.
• ●Geographic risk is present due to the project’s location in British Columbia, which, while mining-friendly, still requires navigation of complex permitting and First Nations consultation processes. No mention is made of these challenges or the company’s approach to them.

Bottom line

For investors, this announcement is a routine governance update with no new information on financial health, project progress, or near-term value catalysts. The switch to Deloitte LLP as auditor may signal a desire for greater credibility or alignment with future growth, but without supporting evidence, it is not a material investment signal. The company’s narrative about project potential and long-term value is entirely unsupported by data in this release—there are no resource estimates, economic studies, or operational milestones disclosed. No notable institutional figures or strategic investors are named, so there is no external validation of the company’s prospects. To change this assessment, the company would need to disclose specific project milestones (such as feasibility study results, permitting progress, or funding commitments) and provide transparent financial statements. Investors should watch for the next reporting period to see if any substantive progress is reported on the Lawyers-Ranch project or if financial disclosures improve. At present, this announcement is best viewed as a neutral governance update worth monitoring for future developments, but not as a signal to act. The single most important takeaway is that, absent new financial or project data, the company’s long-term value claims remain entirely aspirational and unproven.

Announcement summary

(TSXV:TAU) Thesis Gold & Silver Inc. announced that the Board of Directors has appointed Deloitte LLP as the Company's new auditor, replacing Manning Elliott LLP, effective June 9, 2026. The Former Auditor resigned as auditor of the Company effective June 9, 2026. For the Company's two most recent fiscal years, there were no modified opinions expressed in the auditor's reports on the Company's consolidated financial statements. There has not been a "reportable event" under National Instrument 51-102 – Continuous Disclosure Obligations. The Company has filed a Notice of Change of Auditor in respect of this change under its profile on SEDAR+ at www.sedarplus.ca. Thesis is focused on advancing its 100%-owned Lawyers-Ranch Gold-Silver Project in British Columbia's prolific Toodoggone Mining District, one of North America's most prospective emerging precious-metals districts. The company projects advancing Lawyers-Ranch through feasibility, permitting, and continued exploration, with the objective of unlocking long-term value for shareholders and stakeholders.

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