Thunder Gold Intersects 409.5 Metres Averaging 0.307 g/t Au (Including 111.0 Metres Averaging 0.514 g/t Au) at Tower Mountain

Thunder Gold Corp. (TGOL) reported three infill diamond drill holes from the Bench Target, all located within the 2026 Mineral Resource Estimate (MRE) optimized pit limit, alongside a reconciliation of six post-MRE holes against the block model.

As reported, downhole lengths for the new intercepts are as follows:

• TM26-214 (bearing 60°, dip -50°, TD 501 m): 496.0 m @ 0.271 g/t Au from 5.0 m to end-of-hole (table true width 230.1 m); includes 409.5 m @ 0.307 g/t from 21.0 m (TW 190.0 m); includes 111.0 m @ 0.514 g/t from 319.5-430.5 m (TW 51.5 m); and 70.5 m @ 0.123 g/t from 430.5-501.0 m (TW 32.7 m).
• TM26-212 (bearing 40°, dip -49.6°, TD 600 m): 592.5 m @ 0.144 g/t Au from 7.5-600.0 m (true width unknown); upper 369.0 m @ 0.060 g/t; lower 223.5 m @ 0.283 g/t from 376.5 m; terminates with 84.0 m @ 0.442 g/t from 513.0-597.0 m.
• TM26-211 (bearing 40°, dip -64.9°, TD 402 m): 396.0 m @ 0.110 g/t Au from 6.0 m to end-of-hole (true width unknown); did NOT intersect the main Bench trend; targeted an area the model defines as waste.

Model reconciliation results show TM26-214 returned 0.271 g/t against a model prediction of 0.434 g/t (-38%); TM26-212 returned 0.144 g/t against 0.194 g/t (-26%); and TM26-211 returned 0.110 g/t against 0.093 g/t (+18%, but essentially waste). All six post-MRE Bench holes average "+10%" versus model, with individual variance from -38% to +100%.

Thunder Gold Corp. (TGOL) released drill results that confirm the geometry and scale of its mineralization while highlighting discrepancies between the current data and previous resource models. The company is a pre-revenue explorer with no cash flow, and materiality is measured against a ~C$55M equity. The release serves as an infill and resource-definition update, focusing on the conversion of Inferred resources to Indicated and the predictive accuracy of the geological model.

The market had previously priced in a successful conversion of Inferred to Indicated resources, an updated Mineral Resource Estimate (MRE) by year-end, and a scoping study in 2027. This narrative contributed to the stock rising from C$0.06 in January to C$0.20 in September, roughly a tripling.

The latest results confirm contacts within 25 meters and identify a 230-meter true-width interval. A key intercept included a 51.5-meter true-width slice at 0.514 g/t. However, the data provides the first hard evidence that the 2026 MRE over-predicted grade in the specific blocks being converted, with variances of -38% and -26%. One hole missed the trend, and the conversion-uplift metric has fallen from +30% to +10%. There was no new zone, no step-out, and no resource growth outside the pit, nor were there metallurgical or economic milestones.

While the results do not break the 3.5 moz story, they remove the grade-lift option from the conversion narrative and raise questions about the December MRE, which is the next catalyst the price is carrying.

Expected share-price impact is a modest-to-material negative, in the region of -5% to -12%, as the shortfall versus the model is digested. The scale and true-width confirmation are likely to cap the downside. The market has already drifted from C$0.20 to C$0.17 into this release, and did not reward the two stronger releases of September 14 and 17. The tape is tired of drill news and is now discriminating on quality.

Thunder Gold Corp. (TSXV: TGOL; OTCQB: TGOLF; FSE: Z25) is a pre-revenue gold explorer headquartered in Thunder Bay, Ontario. Its flagship asset is the 100%-owned Tower Mountain Property, a 7,625-hectare site located 40 km west of Thunder Bay on the Trans-Canada Highway, with nearby rail and hydro infrastructure. The property hosts brecciated and altered rocks surrounding the calc-alkalic Tower Mountain Intrusive Complex. A mineral resource estimate (MRE) effective January 19, 2026, prepared by Micon International, covers only the western contact, which represents approximately 25% of the intrusion halo, leaving the remaining 75% untested.

The MRE identifies an Indicated category of 34.5 million tonnes at 0.46 g/t for 514,000 ounces of gold, and an Inferred category of 211.1 million tonnes at 0.45 g/t for 3,053,000 ounces. These figures are based on an optimized open pit model with a 1.8:1 strip ratio, a 0.19 g/t cut-off, US$3,000/oz gold price, and 80% recovery. No Measured category is reported. A second target involves a Timiskaming-type conglomerate trend, including the Star, Bateman, and Halow prospects, plus the optioned Electra and acquired Thunder Lake ground. This trend is traced over 5.0 km at up to 100 m width and remains in the discovery stage with no current resource.

According to the company’s September 2026 deck and financials, Thunder Gold has approximately 326.6 million shares outstanding, 23.5 million options priced between C$0.05 and C$0.15, and 72.3 million warrants priced between C$0.10 and C$0.15, resulting in approximately 422.5 million fully diluted shares. The company carries no debt and held C$3.64 million in cash as of July 31, 2026.

For the fiscal year ended April 30, 2026, the company reported a net loss of C$409k against C$1.70 million in operating expenses. In the first quarter of 2027, ending July 31, 2026, operating expenses were C$400k, with a net loss of C$19k. Investing outflows totaled C$1.58 million for exploration, while financing inflows of C$1.13 million resulted from warrant exercises. The MD&A notes a reliance on equity financing and targets 15,000 meters of drilling in FY2027, a 50% conversion of Inferred to Indicated resources, an updated MRE by December 2026, and a scoping study in Q2 2027. Net income in FY2026 was supported by non-cash items rather than operational performance. Notable holder Michael Wekerle owns approximately 10.46% on a partially diluted basis as of July 2026, having purchased at C$0.116.