Thunder Gold Announces Board Changes

• Board Appointment: Glenn Nolan (former Chief of Missanabie Cree First Nation and past PDAC President) appointed as Director; Nigel Lees transitioning to Advisory Board.
• Resource Confirmation: Company reiterated January 2026 Mineral Resource Estimate (MRE) for Tower Mountain property without material changes from previous filings.
  • Indicated: 34.5 Mt @ 0.46 g/t Au (514,000 oz).
  • Inferred: 211.1 Mt @ 0.45 g/t Au (3,053,000 oz).
• Technical Parameters: MRE based on US$3,000/oz gold price assumption, 80% recovery, and open-pit mining costs of US$3.0/t.
• Context: This release follows a new discovery announcement at the 'Star Target' (April 20) and acquisition of Halow Patent (April 16), serving to validate the resource base supporting these recent exploration successes.

• Asset Data: The MRE reiteration confirms no change in resource size or grade since January 2026. This is not a new catalyst but rather a confirmation of existing expectations, limiting immediate upside potential from this specific release alone.
• Governance: The appointment of Glenn Nolan adds significant value regarding Indigenous relations and permitting, which are critical bottlenecks for mining projects in Ontario. However, this is an incremental governance improvement rather than a direct valuation driver like a new resource estimate or financing.
• Market Expectations: Given the aggressive $3,000/oz gold price assumption used in the MRE (significantly higher than current spot prices), investors may view the resource numbers as optimistic rather than conservative. The lack of an updated MRE since January suggests management is prioritizing drilling over immediate re-estimation.
• Overall: The news supports the narrative established by recent drill results and financings but does not materially alter the investment thesis or valuation model compared to prior weeks.

• Flagship Project: Tower Mountain Gold Property (Shebandowan Greenstone Belt, Ontario).
• Location: 40 km west of Thunder Bay; adjacent to Trans-Canada Highway with rail access.
• Project Type: Open-pit gold deposit potential within the Tower Mountain Intrusive Complex (TMIC).
• Status: Exploration and Resource Definition Phase.
• Infrastructure: Year-round highway, nearby CN rail siding, hydro transmission line within 2 km of pit limit.
• Exploration Model: Low-cost exploration model with all-in drilling costs averaging ~C$275/m.