Thunder Gold Corp. (TSX-V: TGOL) (FSE: Z25) (OTCQB: TGOLF) is pleased to announce exploration diamond drill results from the Bench Target, at the Company’s flagship Tower Mountain Property, 40 kilometres west of Thunder Bay, Ontario.

Highlights:

• TM23-137X includes 294.0 metres averaging 0.418 g/t Au from collar to end of hole;
• TM23-137X terminates with an interval of 27.0 metres averaging 0.830 g/t Au, including 15.0 metres averaging 1.128 g/t Au;
• 68% of TM23-137X returned assays greater than the cut-off grade defining the current Mineral Resource Estimate (Jan.19, 2026);
• 92% of TM23-137X returned assay results greater than 0.10 g/t Au, demonstrating the consistency and size of the system.

TM23-137X is an extension of TM23-137, completed in 2023, intersected three distinct gold bearing zones as follows:

41.0 metres averaging 1.81 g/t Au (CAPPED), including 1.5 metres averaging 941.0 g/t Au;

23.0 metres averaging 0.77 g/t Au and

58.0 metres averaging 0.83 g/t Au.

TM23-137X has extended gold mineralization an additional 294 metres from the end of TM23-137 and includes:

277.5 metres averaging 0.436 g/t Au

TM23-137X parallels the 650-metre long, sub-vertical zone of brecciated and altered volcanic-intrusive rocks defining the core of the Bench Target mineralization (Reference Figure 1.0). This hole targeted a large area of Inferred Resource estimated by the 2026 Mineral Resource Estimate with the objective of converting all or a portion of the Inferred resource to the Indicated classification in the Q4, 2026 MRE update.

Wes Hanson, President and CEO states, “TM23-137X is yet another hole demonstrating the impressive continuity and consistency of the Tower Mountain mineralization that attracted me to join the company in 2022. The hole collared in, and remained in, consistent gold mineralization for 277.5 metres to the end of the hole, extending gold mineralization 150 metres (vertically) below the current resource model and optimized pit limit. Mineralization was intersected where predicted and persisted for the entirety of the hole, as predicted. Approximately 30% of TM23-137X falls within the current optimized pit constraining the current mineral resource for the project. The remaining 70% of the hole represents additional inferred resource potential. More importantly, this is the third deep hole in a row that extended the system and indicates that the system may be strengthening with depth.”

Mineralization occurs entirely within a sub-vertical, variably brecciated and altered sequence of intermediate volcanics and alkalic intrusives parallel to the central Tower Mountain Intrusive Complex. The brecciated sequence is cut by millimetre-scale quartz-carbonate-tourmaline stockworks. Pyrite, ranging from trace to 5% (locally) is persistent throughout all observed lithologies except late dikes.

Table 1.0 (below) shows the collar location data for hole TM23-137X, coincident with the terminus of original hole TM23-137 completed in 2023.

Table 1.0 – TM23-137X – Collar Location, Bearing and Dip

Figure 1.0 shows the locations and alignment of TM23-137X in plan.

Figure 1.0 Diamond Drill Plan – Tower Mountain Property

Table 2.0 (below) summarizes the entirety of TM23-137X from the bottom of the original hole to the end of the hole which terminated in mineralization.

Table 2.0 – Summary of Results – TM23-137 / TM23-137X

TM23-137 and TM23-137X fail to exit the mineralized target and therefore true width cannot be estimated.

Table 3.0 (below) presents the individual sample results for the entirety of TM23-137 / TM23-137X.

Figure 2.0 presents a cross sectional view of TM23-137 / TM23-137X.

Table 3.0 – TM23-137 / TM23-137X Interval Results

Figure 2.0 SECTION 5377550 N – Looking North

Quality Assurance and Quality Control

Diamond drilling utilizes NQ diameter tooling. The core is received at the on-site logging facility where it is, photographed, logged for geotechnical, physical properties and geological data. Samples are identified, recorded, and cut in half by wet diamond saw. Half the core is sent for assay at an accredited laboratory with the remaining half core stored on site. A standard sample length of 1.5 meters is typically employed, varying only at major lithological contacts.

Certified standards and blanks are randomly inserted into the sample stream and constitute approximately 10% of the sample stream. Certified standards and blank performance is monitored with any failures evaluated and investigated to determine if said failure is a result of error during submission. Any unexplained failures are identified and the five samples preceding and following the failure are re-assayed. Commencing in 2026, duplicate pulps are prepared at a rate of 1 in every 20 samples. The duplicate pulps are sent to a second independent analytical facility for analyses.

Activation Laboratories Ltd., Thunder Bay, Ontario, ISO/IEC 17025:2017 is the primary independent analytical service provider.

AGAT Laboratories, Thunder Bay, Ontario, ISO/IEC 17025:2017 is the secondary, independent analytical facility.

Samples are, received, dried, crushed to 80% passing 2.0 mm. A 250-gram sample is split and pulverized. Samples are analyzed for gold using a 30-gram lead collection fire assay fusion (FA) with an atomic absorption (AAS) finish. All assay results greater than 5.0 g/t Au are re-assayed using a gravimetric analysis. All assays greater than 30.0 g/t Au are re-assayed using screen metallics where a representative 1000-gram sample is split sieved at 149µm. Assays are performed on the entire +149 µm fraction and two splits of the -149 µm fraction. A final assay is calculated based on the weight of each size fraction.

Qualified Person

Technical information in this news release has been reviewed and approved by Wes Hanson, P.Geo., President and CEO of Thunder Gold Corp., who is a Qualified Person under the definitions established by NI 43-101.

About the Tower Mountain Gold Property

The 7,625-hectare, 100%-owned Tower Mountain Property is beside the Trans-Canada highway, 40-km west of Thunder Bay, Ontario (pop. 120,000). Gold mineralization occurs in variably brecciated and altered rocks surrounding the calc-alkalic Tower Mountain Intrusive Complex. Drilling to date has established an initial mineral resource parallel to the western contact of the intrusion representing approximately 25% of the TMIC halo.

The MRE has an effective date of January 19, 2026. A Technical Report titled ” NI 43-101 Technical Report for the 2026 Mineral Resource Estimate on the Tower Mountain Project, Ontario, Canada.” is available on the Company’s website at www.thundergoldcorp.com and on SEDAR+ (www.sedarplus.ca) under the Company’s Issuer profile.

The Report was prepared by Charley Murahwi, P.Geo., FAusIMM.; William Lewis, P.Geo., Tudorel Ciuculescu, P.Geo., and Richard Gowans, P.Eng., all of Micon International Limited Toronto, Ontario, Canada. The Report was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects and CIM Definition Standards of Mineral Resources and Mineral Reserves.

The MRE is summarized as follows:

Tower Mountain Mineral Resource Estimate – January 19, 2026

Notes:

1. The effective date of this MRE is January 19, 2026.
2. Messrs. William Lewis, P.Geo., Charley Murahwi, P.Geo., FAusIMM, and Tudorel Ciuculescu, P.Geo. from Micon International Limited are the Qualified Persons (QPs) responsible for this MRE.
3. The MRE has been classified in the Indicated and Inferred categories. At this time, there are no Measured resources at the Tower Mountain Project.
4. The calculated gold cut-off grade is 0.19 g/t Au.
5. An average specific gravity (SG) value of 2.77 g/cm³ was used.
6. The MRE used economic assumptions for open pit mining. The following economic parameters were used for generating the cut-off grade: a gold price of US$3,000/oz, 80% recovery, open pit mining cost of US$3.0/t, processing costs of US$8.0/t, general and administration cost of US$3.5/t, transportation cost of US$2.5/oz of gold, and a royalty of 3%.
7. The open pit used slope angles of 30° in overburden and 50° in fresh rock.
8. The block model is orthogonal and has a parent block size of 5 m x 5 m x 5 m, with minimum sub-block size of 2.5 m x 2.5 m x 2.5 m.
9. The open pit optimization used a re-blocked size of 10 m x 10 m x 10 m.
10. The mineral resources described above have been prepared in accordance with the current Canadian Institute of Mining, Metallurgy and Petroleum Standards and Practices.
11. Numbers have been rounded to the nearest million tonnes and nearest thousand ounces. Differences may occur in totals due to rounding.
12. Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Mineral Resources are uncertain in nature and there has been insufficient exploration; however, it is reasonably expected that a significant portion of Inferred Mineral Resources could be upgraded into Indicated Mineral Resources with further exploration.
13. Micon QPs have not identified any legal, political, environmental, or other relevant factors that could materially affect the potential development of the mineral resources and of the estimate.

The remaining 75% of the TMIC halo demonstrates similar geology, alteration, and geophysical signatures and is untested by drilling.

A second gold trend, identified in 2026, outcrops at surface and is continuously mineralized over a 100-metre width. This gold mineralization occurs within Timiskaming-type conglomerates that have been traced for over 5.0 kilometres along a southwest trend paralleling the Thunder Lake Fault. The Company believes both targets offer opportunities to materially increase the total resource through systematic drilling.

About Thunder Gold Corp.

Thunder Gold is advancing the Tower Mountain project in Thunder Bay, Ont. — an emerging gold system with the scale, consistency and quality to support a long-life, open-pit operation. Results from the disciplined drill programs have consistently reinforced confidence in the continuity and predictability of the discovery while highlighting significant potential for expansion across multiple zones of the Tower Mountain intrusive complex. With industry-leading drilling costs, existing infrastructure and a skilled local work force, Tower Mountain represents a rare combination of size, scalability and cost-effective growth.

At Thunder Gold, our vision is clear: to unlock a discovery that has the potential to become a transformational gold project, delivering long-term value for shareholders while contributing to the future of Canada’s mining industry.