Thunder Gold Announces Up to $5 Million Non-Brokered Private Placement of Flow-Through Shares
Thunder raised c$5m in a flow-through placement to extend the tower mountain drill program.
Thunder Gold Corp. announced a non-brokered private placement of up to 38,461,539 flow-through shares at C$0.13 per share, targeting gross proceeds of approximately C$5.0 million. The company designated the proceeds for exploration expenses on its 100%-owned Tower Mountain Gold Property in Ontario.
The offering includes finder compensation of up to 7% in cash and up to 7% in non-transferable warrants with a C$0.13 exercise price and a 24-month term. Qualifying expenditures will be incurred and renounced to subscribers by December 31, 2026. The placement is subject to TSX Venture Exchange approval and is expected to close around November 13, 2026.
This financing directly funds the previously announced extension of the infill drilling program, which was rescheduled to February 2027 to incorporate an additional 5,000 meters of planned drilling ahead of the updated Mineral Resource Estimate.
Thunder Gold Corp. (TGOL) has executed a financing to support its exploration roadmap, specifically aiming to extend the drilling program to convert Inferred resources to Indicated. This additional work is intended to facilitate a Mineral Resource Estimate (MRE) update, which management has pushed from December 2026 to February 2027. The capital raise is designed to cover the near-term cash burn associated with completing an additional 5,000 meters of drilling and covering operating expenses through the release of the updated MRE.
The placement price was set at C$0.13, aligning with the stock’s trading range over the past month of C$0.12–C$0.14. This price represents a modest premium to the immediate pre-announcement price of C$0.12, a structure standard for flow-through placements. The transaction adds approximately 38.5 million shares to the company’s existing 319 million outstanding shares, resulting in a dilution impact of approximately 12% on a fully diluted basis. This level of dilution falls within typical parameters for junior exploration financings. The proceeds provide the necessary liquidity to advance the project without operational disruption, confirming management's ability to secure capital at current market levels.
Thunder Gold Corp. (TGOL) is an exploration-stage company focused on the Tower Mountain Gold Property, located 40 km west of Thunder Bay, Ontario. The flagship project hosts the Tower Mountain Intrusive Complex (TMIC), a large-scale, low-grade gold system amenable to open-pit mining.
The January 2026 MRE reports 34.5 Mt at 0.46 g/t Au (Indicated) and 211.1 Mt at 0.45 g/t Au (Inferred), totaling 3.567 million ounces of contained gold. Economic assumptions for the MRE include a US$3,000/oz gold price, 80% metallurgical recovery, a 1.8:1 waste-to-ore strip ratio, and an all-in discovery cost of C$3.95/oz.
The company has completed over 47,000 meters of drilling to date, with recent infill programs demonstrating strong spatial and empirical correlation to the geological model, with actual grades trending 5–10% higher than modeled. Infrastructure includes year-round paved highway access, rail, and hydroelectric power at the property boundary.