Interview with Wes Hanson, President & CEO of Thunder Gold Corp.

Recording date: 2nd March 2026

Headline: Thunder Gold's Tower Mountain: A Large-Scale Ontario Gold Project With a Clear Re-Rating Path

Thunder Gold Corp (TSXV:TGOL) is developing the Tower Mountain gold project in northwestern Ontario, 40 kilometres from Thunder Bay. The company recently published a maiden resource estimate of 3.5 million ounces comprising 3 million inferred and 500,000 indicated ounces, and is targeting 5 million ounces alongside a preliminary economic assessment by the end of the current year. For investors evaluating junior gold equities, Tower Mountain offers an unusual combination of geological consistency, infrastructure accessibility, exploration upside, and a management team with direct open-pit development experience.

The deposit's defining characteristic is the predictability of its drill results. Of 190 holes drilled across 47,000 metres of total drilling, 180 returned average grades of 0.33 to 0.37 g/t across full hole lengths, from surface to the bottom of each hole, regardless of depth or rock type. This is the hallmark of a large, disseminated intrusion-related gold system where gold is distributed evenly through a wide pyrite cloud rather than concentrated in narrow, unpredictable shear zones. That consistency translates directly into lower operational risk in a future mining scenario and a more straightforward path through the economic study process.

The project's infrastructure position is equally compelling. Paved highway, rail access, and existing utilities sit within 3 kilometres of the resource pit. The site is accessible year-round, and a 40-minute drive away from Thunder Bay city with an established mining services sector. These factors significantly reduce the capital intensity of any future development compared to remote northern projects where road and power construction alone can consume hundreds of millions of dollars before a shovel enters the ground.

The near-term investment case centres on resource category conversion. At current per-ounce market valuations of $10–20 for inferred ounces, Thunder Gold trades at a meaningful discount to more advanced peers. The company's stated priority to infill drilling to convert inferred ounces to indicated status has historically produced three-to-four-times increases in per-ounce valuations without requiring new discovery. With approximately $5 million in treasury and 66 cents of every dollar directed into drilling, management has the capital to execute that program and deliver a credible PEA.

The longer-term case rests on the three unexplored contacts of the intrusive body, each carrying geophysical signatures consistent with the known western resource. If those contacts host comparable mineralization, the total resource could approach 12 million ounces, a scale that places Tower Mountain firmly in the range of acquisition targets for mid-tier producers facing reserve depletion at current gold prices.

At a gold price that has fundamentally re-rated the economics of large-tonnage, lower-grade deposits, Tower Mountain sits in a strategically attractive position: sufficient scale to matter to a mid-tier acquirer, infrastructure to support competitive capital costs, and enough drilling upside to justify continued exploration investment. The key near-term variables are drill results and PEA delivery. Investors willing to accept early-stage resource and liquidity risk may find the current valuation offers meaningful upside relative to those catalysts.

View Thunder Gold's company profile: https://www.cruxinvestor.com/companies/thunder-gold-corp