The AL (THESIS III) occurrence is located 2.6 kilometres east-southeast of the summit of Alberts Hump (Toodoggone region), south of Abesti Creek and 1.7 kilometres southwest of the Bonanza occurrence (094E 079), 700 metres due north of the BV occurrence (094E 099). Smithers is 295 kilometres south. All the above mineral occurrences are within the current Ranch property.

The occurrence area is situated within a Mesozoic volcanic arc assemblage which lies along the eastern margin of the Intermontane Belt, a northwest-trending belt of Paleozoic to Tertiary sediments, volcanics and intrusions bounded to the east by the Omineca Belt and to the west and southwest by the Sustut and Bowser basins. Permian Asitka Group crystalline limestones are the oldest rocks exposed in the region. They are commonly in thrust contact with Upper Triassic Takla Group andesite flows and pyroclastic rocks. Takla volcanics have been intruded by the granodiorite to quartz monzonite Black Lake Suite of Early Jurassic age and are in turn unconformably overlain by or faulted against Lower Jurassic calcalkaline volcanics of the Toodoggone Formation (Hazelton Group).

The dominant structures in the area are steeply dipping faults which define a prominent regional northwest structural fabric trending 140 to 170 degrees. In turn, high angle, northeast-striking faults (approximately 060 degrees) appear to truncate and displace northwest-striking faults. Collectively these faults form a boundary for variably rotated and tilted blocks underlain by monoclinal strata.

The Adoogacho and Metsantan members of the Toodoggone Formation underlie the property. The Adoogacho Member consists of trachydacite ash-flow tuff with lenses of lapilli tuff, rare marlstone, and conglomerate near the base. The Metsantan Member is composed mainly of trachyandesite (latite) flows with lenses of lapilli tuff, and lahar; minor volcanic sandstone and conglomerate (Bulletin 86). The Metsantan Member, in part, directly overlies the basal Adoogacho Member and is also in fault contact with it. For a more detailed account of the local geology and alteration refer to the Bonanza occurrence (094E 079).

The AL (Thesis II/III) occurrence is hosted by a fault controlled, complex alteration system comprised of at least three distinct "core" zones of intense silicification separated by and surrounded by haloes of intense argillic alteration developed in hornblende feldspar porphyritic andesite tuff. The Thesis III alteration system has been explored along 300 metres of strike and is at least 100 metres wide near its centre point. A northwest trending system of faults forming a zone over 100 metres wide in areas of apparent dilation, appears to control both the Thesis III system and the Thesis II system centred 350 metres to the southeast. Other zones to the northwest including the Bingo (094E 272) and BBX (094E 193) occurrences are thought to be genetically related to this fault system.

The central silicified A zone is flanked by a roughly linear B zone to the southwest and a roughly circular to elliptical C zone to the northeast. The A zone consists of 7 to 30 metres of argillic alteration (less than 5 per cent limonite along fractures) flanking an intensely fractured, locally intensely brecciated, (cemented with quartz-barite) intensely silicified zone. The central area is quite massive with little interbedded argillized material, averaging 20 metres true thickness to roughly 50 metres depth. All three zones, at surface, narrow rapidly to linear zones to the northwest. The internal structure is very complex; faulting along north, northeast, and southeast trends is evident within the A zone. Slickensides within the core indicate left-lateral movement, often with a gentle south to southwest plunge. The lack of large offsets in the flanking B zone suggest that the A zone was the focus of most post-ore structural failure and the apparent concentration of higher gold values, brecciation and veining also suggests that pre- and syn-ore hydrothermal activity was confined to this section. The structure of the poorly exposed C zone is also highly complex. Along strike to the northwest and southeast, the thick central silicified mass appears to split at depth into two or three silicified bands 5 to 7 metres thick, separated by clay or clay-silica bands of roughly equivalent thickness.

Moderate to high-grade native gold mineralization is directly associated with barite and is hosted by intensely silicified, brecciated and microfractured rock with a characteristic porous, vuggy texture; the result of corroded, clay-altered plagioclase phenocrysts. The vugs are commonly partially filled or lined with barite crystals. Some coarse gold, up to 2 millimetres in diameter, occur as dendritic or mossy crystals growing on barite or lying on quartz-barite crystal boundaries. Most of the gold, however, is in the order of 10-100 microns in diameter. Surface mineralogy is dominantly comprised of quartz and barite. Trace amounts of pyrite, hematite, or limonite are also present.

Historic ore reserves (all categories, undiluted) are 121,551 tonnes grading 8.50 grams per tonne gold (Property File - Energex Minerals Ltd. Annual Report 1986). In 1986, Energex processed 209 tonnes of ore (through a 5.5-tonne pilot mill) from the Thesis III zone, resulting in 71,694 grams of gold.

In 1991, Cheni Gold Mines Inc. mined approximately 60,000 tonnes from the AL deposit and milled it at Lawyers mine (094E 066). In 2007, Micromine Consulting calculated a post-mining resource estimate at the Thesis III zone of 49,170 tonnes grading 8.03 grams per tonne gold (using a 3.5 grams per tonne gold cut-off) (Bowen, 2012).

A highlight from Thesis Gold's 2021 drilling at Thesis III was a 81.12 metre intercept grading 1.32 grams per tonne gold and 1.71 grams per tonne silver from 179 to 260.12 metres downhole in DDH 21TH3DD013 (Assessment Report 40428). In 2022, drilling tested the Thesis III-Thesis II gap (Thesis Structural corridor) with drill holes 22TH3DD021 and 22TH3DD022 returning values of 1.19 and 1.60 grams per tonne gold and 1.86 and 1.09 rams per tonne silver over 39.45 and 38.57 metre intervals, respectively. Additionally, drill hole 22TH3DD017 tested the Thesis III-Bingo gap returning values of 0.85 gram per tonne gold and 1.36 grams per tonne silver over a 25.4 metre interval (Assessment Report 41940).

Highlights from the 2023 drilling program include drill hole 23TH3DD013, which intersected 2.93 grams per tonne gold, 0.75 gram per tonne silver and 0.021 per cent copper over 24.32 metres and drill hole 23TH3DD017 which intersected 2.39 grams per tonne gold, 14.46 grams per tonne silver and 0.088 per cent copper over 39.9 metres (Assessment Report 41940).

The following MREs are from May 1, 2024 Technical Report and Updated Mineral Resource Estimate of the Lawyers-Ranch Gold-Silver Project – P & E Mining Consultants Inc. for Thesis Gold Inc. and August 30, 2024 Updated Preliminary Economic Assessment Lawyers-Ranch Project - JDS Energy and Mining Inc.:

Pit-Constrained Mineral Resource Estimate for the Ranch area major prospects (Bonanza, Ridge, Bingo, Thesis II, Thesis III, BV, JK and Eric) @ 0.4 g/t AuEq Cut-off

------------------------------------------------------------------------------------
Classification	Tonnes (k)	Au (g/t)	Ag (g/t)   	Cu %    AuEq (g/t)
Indicated		  4,259		 2.01	  9.5	       0.06         2.21
Inferred		  5,207		 1.79 	  5.3        0.12         2.03
-------------------------------------------------------------------------------------

Out-of-Pit Mineral Resource Estimate for the Ranch area major prospects (Bonanza, Ridge, Bingo, Thesis II, Thesis III, BV, JK and Eric) @ 1.5 g/t AuEq Cut-off

-------------------------------------------------------------------------------------
Classification	Tonnes (k)	Au (g/t)	Ag (g/t)	Cu %    AuEq (g/t)
Inferred		   579		 1.76 	  4.9 	0.19        2.07		
-------------------------------------------------------------------------------------

Work History

Drilling on the Thesis III consisted of 4667.0 metres in 70 holes. About 60 per cent of this drilling was completed mainly by Energex from 1985 to 1988; it tested the Thesis III zone over a northwest-southeast strike length of about 200 metres down to vertical depths of about 100 to 125 metres. Two separate diamond drilling programs were carried out in the Thesis III zone by AGC Americas Gold Corporation (1997) and Christopher James Gold Corp. (2006-07).

In summary, as of 2012, the Thesis III deposit has been extensively trenched and drill tested over a strike length of about 300 metres down to, on average, vertical depths of about 100 metres. At its widest, the alteration zone exceeds 100 metres in width. It is comprised of three distinct core zones of silicification (known as A, B and C) separated and surrounded by haloes of intense argillic alteration developed in a porphyritic andesite host rock. Moderate to high-grade gold mineralization is directly associated with barite and is hosted by silicified, brecciated and micro-fractured rock with a characteristic porous, vuggy texture, resulting from the leaching.

From 2020 through 2023, Thesis Gold Inc. completed programs of prospecting, mapping, geochemical (rock and soil) sampling, ground and airborne geophysical surveys, re-logging/re-sampling of historical drill core, and extensive digitization and compilation of existing exploration data on their Ranch property. From 2021 to 2023, 368 diamond drill holes, totaling 68,481.6 metres were completed on the Ranch property, with the majority of the drilling targeting the major prospects of Bonanza, Ridge, Bingo, Thesis II, Thesis III, BV, JK and Eric. Metallurgical testing and environmental monitoring/baseline and geotechnical studies and infrastructure upgrading were also initiated during this period, along with First Nations consultations. Drilling at the major prospects on the Ranch property expanded the known mineralized zones along strike and at depth.

Work on Thesis III prospect by Thesis Gold Inc. commenced in 2020, with relogging and resampling of five historical diamond drill holes. Gold assays were moderate, maximizing at 0.311 gram per tonne over 12 metres in hole A06-03. From 2021 to 2023, 61 diamond drill holes were completed for a total of 12,594 metres and 5 reverse circulation holes (457 metres) were drilled in 2021. Drilling in 2022 discovered the "West zone", approximately 100 metres west of Thesis III, and 5 drill holes confirmed an 80 metre strike length and up to 185 metres vertical depth of the new discovery.

In 2022, drill holes 22TH3DD021 and 22TH3DD022 tested the 100 metre gap between Thesis III and Thesis II to the southeast, and drill hole 22TH3DD017 tested the 150 metres Thesis III-Bingo gap to the northwest. This resulted in expansion of the Thesis III zone to 400 metres along strike and 400 metres down-dip. In 2023, 15 of the 22 drill holes targeted at Thesis III encountered significant gold, silver and copper mineralization.

In August 2023, Benchmark Metals Inc. merged with Thesis Gold Inc., joining the Lawyer Project, located in similar Toodoggone Formation rocks to the southeast, with Thesis Gold's Ranch Project.

A NI 43-101 & 43-101F1 Technical Report and Updated Mineral Reserve Estimate of the Lawyer-Ranch Gold-Silver Project was prepared for Thesis Gold Inc. by P & E Mining Consultants Inc. in May 2024 and an updated Preliminary Economic Assessment (PEA) was completed for the Lawyers-Ranch Project by JDS Energy & Mining Inc. effective August 30, 2024.

In 2024, drilling at the Ranch property was designed to advance engineering and environmental baseline studies in preparation for a Prefeasibility Study led by Ausenco Engineering Canada ULC and Mining Plus Canada Consulting Ltd. with 2,226 metres of drilling focused on geotechnical and hydrogeological studies (Thesis Gold Inc. Press Release Feb. 18, 2025).

See Bonanza (094E 079) for further geological and work history details of the Thesis III prospect. This prospect is presently (2025) contained within the Ranch (AL) property, along with a number of other prospects including Eric (094E 314), Thesis II (094E 274), Ridge (094E 078), Bingo (094E 272), BV (094E 099), and JK (094E 194).