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TGOL: New At-Surface Discovery ~500m West; Further Land Consolidation

What you need to know:
• Thunder Gold announced initial results from its 2026 drill program, highlighted by a new at-surface discovery ~500m west (Star Target).
• Grades are consistent with the current resource, and well above cut-off, over strong widths.
• This morning’s results, in combination with the Company’s recently expanded land package, outlines substantial opportunity for growth.
• Drilling for the remainder of the year will focus on infilling the resource.
• We recently initiated research coverage on TGOL (see our report here).

This morning, Thunder Gold Corp. (TGOL:TSXV, TGOLF:OTC) announced initial drill results from its 2026 drill program at the Tower Mountain Project in Ontario. Drilling was focused on the Star Target, ~500m west of the current resource pit, leading to the discovery of at-surface mineralization over notable lengths. The intercepts display identical grades and interval lengths to results along the western TMIC contact hosting the current resource, displaying potential for further resource growth at Tower Mountain. This follows recent property consolidation, which expands the untested district and offers substantial opportunity for additional growth. We are maintaining our BUY rating and target price of $0.60/share on Thunder Gold.

Star Target Drill Highlights
• TM26-193:
o 0.364 g/t Au over 73.5m, including 0.779 g/t over 16.5m
• TM26-194:
o 0.513 g/t Au over 35.5m, including 0.832 g/t over 15.0m
• TM26-197:
o 0.366 g/t Au over 13.5m, including 0.572 g/t over 7.5m

We remind readers that Tower Mountain is a lower grade, low strip, uniform deposit with a 3.6Moz resource averaging 0.45 g/t. The grades outlined this morning are consistent with the resource grade and well above the resource’s cut-off grade of 0.19 g/t, while displaying notable widths. TGOL’s fully funded 15,000m drill campaign is primarily focused on infilling the resource pit, which is currently largely in the inferred category (~3.05Moz of the ~3.6Moz total). Moving forward, drilling is anticipated to focus on infill, and the Company plans to release an upgraded and expanded resource by year-end with a target of ~5Moz.

The Star Target lies within a 200m wide, east-northeast trending Timiskaming conglomerate unit, which has been previously mapped over 5km from Bateman Lake to the northern edge of the TMIC. The new trend doubles TGOL’s target opportunities within 5km of Tower Mountain, both within the original claims and the recently optioned Electra block (discussed below). This morning’s release included 5 holes drilled at the Star Target. Holes 193, 194, and 197 returned strong above cut-off intercepts, with 193 and 194 outcropping to surface, while holes 195 and 196 did not report significant values; however, 195 displayed elevated grades at the bottom of the hole, possibly stopping short of mineralization.