Thunder Gold Intersects Continuous Gold Mineralization Averaging 1.178 g/t Au Over 102.0 Metres at Tower Mountain, Ontario

Thunder Gold Corp. (TGOL) reported assay results from three infill drill holes—TM26-216, TM26-220, and TM26-221—on a common section testing Inferred Resources in the central Bench-3738-Ellen ("B-E") trend.

TM26-221, drilled to a total depth of 450 meters with a bearing of 40° and a dip of -50.1°, entered the southern B-E contact at 198.0 meters and remained in mineralization until 357.0 meters. This interval returned 159.0 meters @ 0.894 g/t Au, with a true width of 118.0 meters. Within that, the section from 255.0 to 357.0 meters yielded 102.0 meters @ 1.178 g/t Au, with a true width of 75.7 meters. A barren mafic dyke was encountered from 357.0 to 438.0 meters, followed by a terminal interval of 12.0 meters @ 0.785 g/t Au from 438.0 to 450.0 meters.

Sub-intervals reported for TM26-221 include: - 16.5 m @ 0.220 g/t Au - 19.5 m @ 0.646 g/t Au - 6.0 m @ 0.065 g/t Au - 15.0 m @ 0.354 g/t Au - 102.0 m @ 1.178 g/t Au

TM26-220 returned 75.0 meters @ 0.551 g/t Au from 31.5 to 106.5 meters. The whole-hole average was 296.2 meters @ 0.268 g/t Au from 3.8 to 300.0 meters, with the true width listed as unknown.

TM26-216, the northernmost hole, showed scattered intervals at or around the 0.19 g/t cutoff. The whole-hole average was 270.0 meters @ 0.150 g/t Au from 81.0 to 351.0 meters, plus 7.5 meters @ 0.273 g/t Au and isolated intervals of 1.5 meters @ 3.480 g/t Au and 1.5 meters @ 1.260 g/t Au.

CEO commentary stated that ten infill holes drilled over two months have intersected 3.3 kilometers of continuous gold mineralization, averaging 0.468 g/t Au, as predicted by the company's 2026 Mineral Resource Estimate (MRE). The three new holes suggest the southern contact sits approximately 50 meters south and the northern contact 75–100 meters north of the previous interpretation. Drilling is being increased, and a MobileMT airborne survey covering 285 line-kilometers was flown, with results expected by November 15, 2026.

Reconciliation of the ten post-MRE infill holes shows an average grade approximately 10% above the model-predicted grade, with a per-hole spread ranging from -38% to +100%.

Thunder Gold Corp. (TGOL) is conducting infill and resource-definition drilling on the central B-E trend, targeting Inferred blocks to convert them to Indicated ahead of the December 2026 Mineral Resource Estimate (MRE) update and the Q2 2027 scoping study. The company describes the work as resource-definition rather than a discovery or major step-out, noting that the B-E trend is already included in the current MRE.

As a pre-revenue explorer with a market capitalization of approximately C$45 million, Thunder Gold holds a 3.57 moz resource. The enterprise value per resource ounce stands at roughly US$12–13, compared to a peer average cited at approximately US$28, suggesting the market has already priced in the large, low-grade, early-stage resource and the potential for conversion.

Recent drilling results confirm and modestly exceed resource grade on one section, adding a true-width-constrained data point and hinting at pit-limit extension at depth and to the north. The results do not alter the scale of the existing 3.57 moz resource nor contain an economics milestone, but they support the ongoing MRE conversion work.

The primary benchmark for this drilling is the resource grade of approximately 0.45 g/t, rather than the gram-metres of previous high-grade holes. The stock re-rated from C$0.06 to C$0.20 between December 2025 and August 2026, then round-tripped approximately 30% to C$0.14 by mid-October. Delivering a hole at approximately twice the resource grade over a true width of 76 meters represents a positive delta against expectations for infill drilling, though the market has already partially embedded this confirmation.

Thunder Gold Corp. (TSXV: TGOL / FSE: Z25 / OTCQB: TGOLF), based in Thunder Bay, Ontario, reported cash reserves of C$3.64 million as of the quarter ended July 31, 2026. The pre-revenue explorer, which carries no debt, holds a working capital of approximately C$4.04 million and total equity of C$15.74 million. The company’s book value stands at approximately C$0.05 per share, a figure noted as prior-period context not disclosed in the current release.

The company’s flagship asset is the 100%-owned Tower Mountain Property, a 7,625-hectare project located 40 kilometers west of Thunder Bay. The property is situated on the Trans-Canada Highway, with rail and hydroelectric power available at its boundary.

An effective Mineral Resource Estimate (MRE) dated January 19, 2026, outlines the following resources at a cutoff grade of 0.19 g/t:

• Indicated: 34.5 Mt @ 0.46 g/t = 514 koz
• Inferred: 211.1 Mt @ 0.45 g/t = 3,053 koz

Approximately 25% of the TMIC halo has been drilled to date. Beyond the flagship property, the company has identified a second trend described as a Timiskaming-type conglomerate. This feature is 100 meters wide and has been traced for 5 kilometers along the Thunder Lake Fault, designated as the Star Target. Additional exploration potential includes the Electra nickel/gold option and small patent or claim acquisitions that expand the company’s footprint.

Management includes President and CEO Wes Hanson, who also serves as Qualified Person (QP), alongside CFO David Speck. The board of directors includes Glenn Nolan and Donovan Bailey. Michael Wekerle holds approximately 10.46% of the company, a stake that was partially diluted in July 2026. The company has approximately 320–327 million shares outstanding, along with 23.5 million options and approximately 74 million warrants with strike prices ranging from $0.10 to $0.175.

For the fiscal year ended April 30, 2026, Thunder Gold reported an operating loss of C$1.70 million and a net loss of C$0.41 million. Exploration and PP&E capital expenditures totaled C$2.35 million. These activities were financed through placements and warrant exercises, which generated C$5.98 million in FY2026. The company’s going-concern status remains dependent on equity financing.