Thunder Gold Intersects 232.5 Metres Averaging 0.450 g/t Au (Including 33.0 Metres Averaging 1.383 g/t Au) at Tower Mountain

Thunder Gold Corp. (TGOL) reported results from hole TM26-217 at the Bench Target on the Tower Mountain property, located 40 km west of Thunder Bay. The hole intersected 232.5 m averaging 0.450 g/t Au from 360.0 m, including 33.0 m averaging 1.383 g/t Au from 385.5 m to 418.5 m.

The full reported interval spans 360.0 m to 600.0 m, totaling 240.0 m at 0.438 g/t Au, with the following sub-intervals: - 25.5 m @ 0.243 g/t Au (360–385.5 m) - 33.0 m @ 1.383 g/t Au (385.5–418.5 m) - 45.0 m @ 0.076 g/t Au (418.5–463.5 m) - 54.0 m @ 0.530 g/t Au (463.5–517.5 m) - 75.0 m @ 0.278 g/t Au (517.5–592.5 m) - 7.5 m @ 0.054 g/t Au (592.5–600.0 m)

The total intercept from 9.0 m to 600.0 m measures 591.0 m at 0.209 g/t Au. The upper section from 9.0 m to 262.5 m comprises 253.5 m at 0.030 g/t Au, which is effectively barren. The headline 232.5 m at 0.450 g/t Au excludes the final 7.5 m of 0.054 g/t waste and the entire barren hangingwall.

Hole TM26-217 was collared at coordinates 300321E / 5377362N at an elevation of 428 m. It was drilled with a bearing of 40.0° and a dip of -49.5° to a true depth of 600.0 m, positioned west-to-east between the 3738 and Ellen Targets. The hole is located 200 m vertically below TM23-137, which returned 42.4 m at 1.106 g/t Au. Both holes are bisected by a late barren mafic dike, with higher grades observed at the dike contacts.

Aggregate infill drilling conducted from August 11 to September 28, 2026, consisted of six holes totaling 2,040.5 m and averaging 0.445 g/t Au. Reconciliation of the Mineral Resource Estimate (MRE) indicates that actual drilled grades are trending 12.5% above the model on a weighted-average basis, with hole-by-hole variances ranging from -38% for TM26-214 to +100% for TM26-210.

The updated 2026 MRE, effective January 19, 2026, defines an Indicated resource of 34.5 Mt at 0.46 g/t Au (514 koz) and an Inferred resource of 211.1 Mt at 0.45 g/t Au (3,053 koz). The estimate uses a cutoff of 0.19 g/t Au, a gold price of US$3,000/oz, and an 80% recovery rate. The updated MRE is guided for December 2026.

Thunder Gold Corp. (TGOL) is a pre-revenue explorer with a market capitalization of approximately C$56 million. The company has defined roughly 3.6 million ounces of gold but holds no Reserves and has not completed a Preliminary Economic Assessment. The next potential catalysts for the company’s thesis are the December 2026 Mineral Resource Estimate update and the deferred Q2 2027 scoping study; a single infill drill hole does not constitute a material event.

Recent drilling results from hole TM26-217 delivered an interval of 0.438–0.450 g/t Au. This performance aligns with the resource grade anchor of approximately 0.45–0.46 g/t Au, confirming expectations rather than missing them. The company reported a weighted-average reconciliation of +12.5%, an increase from the +10% reported in two releases prior. This modest positive reconciliation supports potential grade upside in the December MRE, though it does not materially move the net asset value on its own.

The stock has re-rated from approximately C$0.10 in July to a range of C$0.17–0.20 following earlier long, high-grade-looking holes, specifically TM26-210 (661.5 m @ 0.554 g/t Au) and TM21-107X (228.5 m @ 0.557 g/t Au). The share price currently sits at C$0.17, down from the C$0.20 high, roughly at the level that already assumes infill grades hold near resource grade. Because this release represents infill and resource-definition at resource grade, it serves as a confirming, incremental positive that the market has already priced in.

Thunder Gold Corp. (TSXV: TGOL; FSE: Z25; OTCQB: TGOLF) is a pre-revenue gold explorer with a market capitalization of approximately C$56 million and no debt. The company’s flagship asset is the 100%-owned Tower Mountain Property, a 7,625-hectare site located 40 km west of Thunder Bay beside the Trans-Canada Highway. The property features year-round access, hydroelectric power via 115/230 kV lines, and rail infrastructure within approximately 3 km.

As of January 19, 2026, the company reported an indicated resource of 34.5 million tonnes at 0.46 g/t for 514,000 ounces of gold, and an inferred resource of 211.1 million tonnes at 0.45 g/t for 3,053,000 ounces. These figures are based on a 0.19 g/t Au cutoff, a US$3,000/oz gold price, 80% recovery, and a 1.8:1 strip ratio, all within an optimized pit. Approximately 25% of the TMIC halo has been tested, while 75% remains untested. Prior disclosures not included in this release indicate that metallurgical testing on 16 samples showed average recoveries of approximately 84–85% across various lithologies, with the rock being net acid-consuming.

Thunder Gold also holds additional land packages, including an option on the 4,571-hectare Electra Ni property, the 625-hectare Thunder Lake Property, and the Halow and Kons patents. A second Timiskaming-conglomerate gold trend has been traced along the Thunder Lake Fault for more than 5 km.

In its presentation from September 2026, the company reported approximately 326.6 million shares outstanding, 23.5 million options, and 72.3 million warrants, resulting in a fully diluted count of approximately 422.5 million shares. Michael Wekerle held approximately 10.46% as of July 31, 2026, with insiders holding approximately 18%.

For the quarter ended July 31, 2026, Thunder Gold reported no revenue and an operating loss of C$400,000. Cash on hand was C$3.64 million, with a net loss of C$19,000, aided by warrant-exercise proceeds. Working capital stood at C$4.04 million with no debt. Financing cash flow was positive C$1.13 million, while capital expenditure and exploration outflows totaled approximately C$1.88 million. The company explicitly relies on equity financing.