Taranis Summarizes 2025 Surface Exploration Efforts; New Discoveries Demonstrate the Thor Deposit Remains Open In At Least Three Directions

The most recent news release from December 15, 2025, titled "Taranis Summarizes 2025 Surface Exploration Efforts; New Discoveries Demonstrate the Thor Deposit Remains Open In At Least Three Directions," provides an update on the company's 2025 exploration field work at its Thor project in British Columbia.

Key points from the release: - New Exploration Targets Identified: Two new areas have been identified: - Horton Area (Donkey Pit & Gold Pit): Located west of the existing Thor deposit, this area yielded high-grade gold and silver float samples and soil anomalies. A Donkey Pit outcrop sample returned 0.617 g/t Au and 27 g/t Ag. The Gold Pit is highlighted as a high-grade prospect with historical channel samples and a large conductive geophysical anomaly. - Mountain Goat Creek Rockslide (SIF North Boulder Field): A newly discovered rockslide northwest of the Thor deposit with a gold-bearing boulder field. Grab samples from the toe returned gold values up to 2.810 g/t Au. - Exploration Activities: The work included soil sampling, mapping of mineralized boulders, and geophysical survey interpretation. - Drill-Ready & Permitted: All newly identified targets are described as drill-ready and permitted, with potential to expand the existing Mineral Resource. - Outstanding Shares: The release states 102,421,487 shares issued and outstanding, and 119,972,613 fully-diluted shares.

This news release is a summary of surface exploration findings and the identification of new drill-ready targets. While the discovery of new prospective areas (Horton, Mountain Goat Creek Rockslide) with high-grade surface samples is generally positive for long-term potential, the impact is mitigated by a significant omission: the lack of analytical results from the 2,505 meters of diamond drilling completed earlier in 2025.

Previous news on October 20, 2025, announced the completion of this drilling program, stating "Analytical results pending." Similarly, the October 27, 2025, release mentioned the Borr Zone discovery from drilling (hole Thor-256) with "analytical results mentioned but not provided in detail." The market would typically anticipate these drill assays, which provide definitive subsurface data, following completion announcements. The current release, focusing solely on surface findings and new exploration targets, effectively defers the release of those crucial drill results. This silence on previously completed drilling could imply that the results are either inconclusive, still being processed, or not as positive as anticipated, leading to a focus on new surface targets to maintain positive sentiment.

The high-grade nature of the surface samples (up to 2.810 g/t Au at Mountain Goat Creek, and historical 6.38 g/t Au, 576 g/t Ag at Gold Pit within Horton) is encouraging for expanding the resource footprint. However, surface samples, particularly float samples, are not representative of in-situ mineralization and require drill confirmation.

Financially, the company remains in a precarious position. The Q3 2025 financial statements (November 20, 2025) showed a critically low cash balance ($471,706) and a negative working capital of -$254,777. While the company completed a small private placement in July 2025, it used cash from financing activities. Identifying new drill-ready targets is positive for future exploration, but the company's immediate need for capital for these drilling programs remains.

In conclusion, while the news identifies promising new surface targets, the lack of any update on previous drilling results prevents it from being a material positive. It's a routine exploration update that highlights potential but defers on concrete findings from previously completed work. This deferral introduces a degree of uncertainty.

Taranis Resources Inc. is a mineral exploration company primarily focused on the Thor project located in the Revelstoke Mining District of British Columbia, Canada. Taranis holds a 100% interest in the mineral rights for the Thor Property.

Flagship Project: Thor - Commodities: Silver, Gold, Lead, Zinc, Copper, and other critical minerals like Indium and Antimony. - Geological Model: The company has extensively developed a "linked epithermal-porphyry" geological model, which postulates that the known near-surface, high-grade epithermal deposit is underlain by a deeper, larger intrusive-hosted deposit that was the source of the mineralization. This model represents a shift from historical exploration efforts. - Key Targets: - Epithermal Deposit: A two-kilometer-long, near-surface epithermal deposit, which forms the basis of a NI 43-101 mineral resource estimate (April 11, 2024). - Intrusive Targets (I-1 & Z-900/1300): Deeply buried resistive features identified through airborne magnetotelluric surveys. I-1 is a 1.2 km circular target, at least 400m below surface, considered the likely source of metals. Z-900/1300 is an elongated alteration zone overlying I-1, showing anomalous gold and associated pathfinder elements. - Borr Zone: A new discovery 1.4 km southeast of the Thor deposit, showing epithermal mineralization from drilling (analytical results pending). - Ferguson Rockslide: A newly identified area 2 km southeast of the deposit with high-grade gold in surface samples, suggesting potential for a large epithermal deposit. - Horton Area: West of the Thor deposit, newly identified through surface exploration, showing high-grade gold and silver float samples and soil anomalies, potentially linked to the "Gold Pit" occurrence. - Mountain Goat Creek Rockslide: Northwest of the Thor deposit, a new area with gold-bearing boulders. - Exploration Activities: Taranis employs systematic exploration techniques including airborne geophysics (magnetotelluric), soil sampling, rock sampling, detailed geological mapping, and mass-balance alteration studies on drill core to define and prioritize drill targets. - Development Stage: Currently in the advanced exploration stage. The company has a permit for a 10,000-tonne bulk sample and has initiated discussions with the Ministry of Critical Minerals regarding a potential full mining operation.