Thunder Gold Announces Mineral Resource Estimate for the Tower Mountain Property

The news release on January 26, 2026, announces the maiden NI 43-101 Mineral Resource Estimate (MRE) for the 100%-owned Tower Mountain Gold Property in Ontario. The resource, estimated by Micon International Limited, is contained within an optimized open pit shell using a gold price of US$3,000/oz and an 80% metallurgical recovery. The MRE reports: - Indicated Resource: 34.5 million tonnes at 0.46 g/t Au, containing 514,000 ounces of gold. - Inferred Resource: 211.1 million tonnes at 0.45 g/t Au, containing 3,053,000 ounces of gold. - Key Parameters: Cut-off grade of 0.19 g/t Au, waste-to-ore strip ratio of 1.8, and an all-in discovery cost of C$3.95 per ounce. The CEO, Wes Hanson, states this validates the strategic focus on the western contact of the Tower Mountain Intrusive Complex and demonstrates the project's development potential.

This is a transformative, material-positive event for Thunder Gold. The release of a maiden resource is a critical de-risking milestone for any exploration company. The total resource of over 3.6 million ounces (combined) significantly exceeds the previously hinted conceptual target (40-80 Mt at 0.80-1.20 g/t Au) in tonnage, though at a notably lower grade (~0.45 g/t vs. 0.80-1.20 g/t). The low strip ratio and very low discovery cost are operationally positive. However, the market's reaction may be tempered by two factors: 1) the low grade, which challenges economic viability even at $3,000/oz gold, and 2) the fact that only 12% of the contained ounces are in the higher-confidence Indicated category, with the vast majority being Inferred. The news confirms the project's scale and continuity as management had projected, but the grade/quality of the resource may be viewed as a miss relative to earlier, more optimistic internal projections.

Thunder Gold Corp. is a Canadian gold exploration company. Its flagship asset is the 100%-owned Tower Mountain Gold Property, covering 2,500 hectares in the Shebandowan Greenstone Belt, approximately 50 km west of Thunder Bay, Ontario. The project surrounds the Tower Mountain Intrusive Complex (TMIC), with gold mineralization localized within altered rocks along its contacts. Historical work identified anomalous gold over a 1,500m strike length. Since 2021, the company has executed systematic drilling programs (Phases 1-3) leading to this maiden resource estimate.