Thunder Gold Intersects Continuous Gold Mineralization Averaging 0.531 g/t Au over 388.5 Metres at Tower Mountain, Ontario

Thunder Gold Corp. (TGOL) reported drill results from three holes in the B-E Trend / 205 Target area at Tower Mountain, located 40 km west of Thunder Bay, Ontario, on November 10, 2026.

The infill hole TM26-225 intersected 388.5 m at 0.531 g/t Au from 175.5 m to 564.0 m downhole, with a true width of 245.1 m. This interval lies between the southern contact at 175.5 m and the northern contact at 564.0 m. The whole hole returned 596.6 m at 0.398 g/t Au from 3.4 m to 600.0 m downhole, representing a true width of 377.1 m. This includes 172.1 m at 0.132 g/t from 3.4 m to 175.5 m and 36.0 m at 0.236 g/t from 564.0 m to 600.0 m.

Nested intervals within TM26-225 include: - 36.0 m at 1.000 g/t (228.0–264.0 m, TW 22.7 m) - 45.0 m at 0.655 g/t (300.0–345.0 m, TW 28.4 m) - 19.5 m at 1.237 g/t (385.5–405.0 m, TW 12.3 m) - 79.5 m at 0.598 g/t (427.5–507.0 m, TW 50.2 m) - 1.5 m at 2.957 g/t (598.5–600.0 m)

Exploration hole TM26-226, targeting the 205 zone, intersected 61.5 m at 0.196 g/t Au from 79.5 m downhole, including 1.5 m at 1.170 g/t and 25.5 m at 0.255 g/t. The whole hole returned 297.0 m at 0.096 g/t Au from 3.0 m to 300.0 m. True width was not estimated.

Exploration hole TM26-224, also targeting the 205 zone, returned 297.5 m at 0.079 g/t Au for the whole hole, including 12.0 m at 0.469 g/t (30.0–42.0 m) and 24.0 m at 0.152 g/t (97.5–121.5 m). True width was not estimated.

The drilling program consisted of 15 infill holes totaling 5,100 m, averaging 0.447 g/t Au, which were added to the "2027 MRE database." Reconciliation of 15 post-MRE holes showed results ranging from −73% (TM26-219) to +97% (TM26-210), with a length-weighted average of +5% versus the model. A multi-cutoff sensitivity table for TM26-225 is provided for cut-offs of 0.00, 0.20, and 0.40 g/t, with a stated minimum horizontal width of 6.0 m (9.0 m interval length).

The Mineral Resource Estimate (MRE), restated effective January 19, 2026, includes Indicated resources of 34.5 Mt at 0.46 g/t (514 koz) and Inferred resources of 211.1 Mt at 0.45 g/t (3,053 koz). The estimate uses a 0.19 g/t cutoff, US$3,000/oz gold price, 80% recovery, US$3.0/t mining cost, US$8.0/t processing cost, US$3.5/t G&A, 3% royalty, and a 1.8:1 strip ratio. The MRE update is now described as occurring in early 2027.

Thunder Gold Corp. (TGOL) is a pre-revenue explorer with no preliminary economic assessment, reserves, or mine in operation. The company’s equity is valued at approximately C$42.5 million against a 3.567 moz resource, representing roughly C$12/oz of contained gold, a valuation well below the peer range cited in the company’s own deck. This valuation reflects a bet on conversion and scale rather than any single drill hole.

On November 3, one week ago, the company reported hole TM26-222, which returned 451.5 m at 0.456 g/t with a true width of 245.0 m (206 g·m core, 111.7 g·m true). Today’s release includes hole TM26-225, which returned 388.5 m at 0.531 g/t with a true width of 245.1 m (206 g·m core, 130 g·m true). The results share the same true width to the decimetre and core gram-metres to within 0.2%, with a slightly better grade over a shorter interval. This result is substantively a repeat of the data released seven trading days ago, presented with a higher headline grade.

The exploration holes are net-neutral to mildly negative on information. They confirm that the area currently modelled as waste contains gold, but at grades of 0.196 g/t and 0.079 g/t, which represents zero-margin rock at the MRE's own US$3,000/oz deck. The drilling does not establish a coherent new zone. The programme-level statistic of 5.1 km in 15 holes at 0.447 g/t is equal to the resource grade, indicating conversion rather than an upgrade.

The mineral resource estimate update has slipped from December 2026 to February 2027, and is now targeted for "early 2027." The scoping study is scheduled for Q2 2027 per the most recent MD&A. Each delay postpones the catalyst that could re-rate the equity.

For an infill programme, the benchmark is the resource grade of 0.45–0.46 g/t. On that basis, TM26-225 clears the bar by approximately 15–18%. Relevant recent comparators include TM26-222 (0.456 g/t / 245.0 m TW, Nov 3), TM26-223 (0.527 g/t / 159.7 m TW, Oct 26), and TM26-210 (0.554 g/t / 375 m TW, Aug 11).

The stock peaked at C$0.20 between August 19 and September 4 and has since round-tripped to C$0.13, marking a 35% drawdown from the high and falling below the C$0.15 level seen from October 13–19. The market has not priced in the recent drilling, as the stock has drifted back to and is now being diluted at its own placement price.

At a market capitalization of approximately C$42 million, an infill confirmation inside the existing pit shell does not change the scale, grade, or odds of the system. It validates a model the market has already been told is validated twice in the last month. A change in thesis would require a PEA with capital and operating numbers, a material Inferred to Indicated conversion, or a genuinely grade-bearing new zone, none of which are present in this release.

Offsetting factors include a C$5.0 million flow-through placement at C$0.13, involving up to 38.46 million shares and approximately 12% dilution, struck on November 13. The placement included 7% finder cash and 7% finder warrants at C$0.13. The company’s capital structure carries roughly 72 million warrants at C$0.10–C$0.15 per the investor deck. Cash was C$3.64 million at July 31, 2026, against a drilling burn of C$1.88 million in a single quarter.

• TM26-222: 451.5 m at 0.456 g/t, true width 245.0 m (206 g·m core, 111.7 g·m true)
• TM26-225: 388.5 m at 0.531 g/t, true width 245.1 m (206 g·m core, 130 g·m true)
• TM26-223: 0.527 g/t at 159.7 m true width
• TM26-210: 0.554 g/t at 375 m true width

Thunder Gold Corp. (TSXV: TGOL; FSE: Z25; OTCQB: TGOLF) is a pre-revenue gold explorer whose sole material asset is the 100%-owned, 7,625-hectare Tower Mountain property. Located 40 km west of Thunder Bay, Ontario, the property is adjacent to the Trans-Canada Highway with road, rail, and hydro at the boundary.

The company’s resource estimate, prepared by Micon International and effective January 19, 2026, under an NI 43-101 report, defines an Indicated resource of 34.5 Mt at 0.46 g/t for 514 koz and an Inferred resource of 211.1 Mt at 0.45 g/t for 3,053 koz. This totals 245.6 Mt at 0.45 g/t for 3.567 moz. The estimate utilizes a cutoff of 0.19 g/t Au, a specific gravity of 2.77, and a gold price of US$3,000/oz with 80% recovery. Operating assumptions include US$3.0/t mining, US$8.0/t processing, US$3.5/t G&A, US$2.5/oz transport, and a 3% royalty. With a 1.8:1 strip ratio, 100% of the resource sits inside an optimised pit. There is no Measured category, no reserves, and no Preliminary Economic Assessment (PEA).

Geologically, the deposit consists of disseminated and breccia-hosted gold in the halo of the Tower Mountain Intrusive Complex. The current resource covers approximately 25% of the TMIC halo, while the remaining 75% is untested but geologically and geophysically similar. A second trend in Timiskaming-type conglomerate outcrops at the surface, is mineralised across a 100 m width, and has been traced over 5 km.

In 2026, Thunder Gold added several land packages. The Kons Patent comprises 31 ha of freehold inside the boundary, acquired for US$50,000 plus 700,000 shares. The Thunder Lake Property consists of 625 ha, obtained for 250,000 shares plus a 2% NSR with a US$1M half buy-back option. The Electra Property includes 4,571 ha contiguous to the main claim, secured for C$175,000 plus 1,000,000 shares over 24 months, subject to a 2.5% legacy NSR. The company divested Seagull Lake for C$75,000 plus 15.99M Rift shares, retaining a 1.0% NSR.

The capital structure comprised 319.2M shares outstanding as of July 31, 2026, with approximately 327M per the company's September materials. This includes up to 38.46M flow-through shares at C$0.13, announced November 4, 2026, with closing expected around November 13. The company holds approximately 23.5M options at C$0.05–0.15 and ~72.3M warrants at C$0.10–0.15, according to the investor deck. Michael Wekerle holds approximately 10.46% on a partially diluted basis as of July 2026. The company has no debt.

Financial data for the quarter ended July 31, 2026, shows cash of C$3.64M, down from C$4.72M. Total assets stood at C$16.0M, with total liabilities of C$0.28M and equity of C$15.7M, resulting in a book value of approximately C$0.05/share. The company reported a Q1 operating loss of C$0.40M, an investing outflow of C$1.58M, and a financing inflow of C$1.13M from warrant exercises. For the fiscal year ending April 30, 2026, the operating loss was C$1.70M, with a financing inflow of C$5.98M.

The board and management team includes Wes Hanson as CEO, President, and Qualified Person; David Speck as CFO; and Dr. E. Strashin as Chair. Additional directors appointed on November 2, 2026, are S. Jobin-Bevans, D. Bailey, W. Bates, G. Nolan, and P. Julien.