Thunder Gold Reports 1.793 g/t Au over 45.0 metres at UV Target Advancing Tower Mountain Resource Growth Strategy

Thunder Bay, Ontario--(Newsfile Corp. - July 16, 2026) - Thunder Gold Corp. (TSXV: TGOL) (FSE: Z25) (OTCQB: TGOLF) ("Thunder Gold" or the "Company") is pleased to announce exploration diamond drill results from the UV Target, at the Company's flagship Tower Mountain Property, 40 kilometres west of Thunder Bay, Ontario.

Six (6) holes totaling 2,937 metres targeted the down-dip projection of the main mineralized trend observed in historical diamond drill holes completed from 2002 to 2005. Three (3) holes, TM26-198, 199 and 200 targeted the projected trend 100 to 150 metres below the current bottom of the optimized pit constraining the Company's 2026 Mineral Resource Estimate (the "MRE"). The remaining holes targeted gaps in the MRE where there was insufficient drill data to estimate gold grades.

Key results from the program include:

• TM26-204: 142.0 metres averaging 0.668 g/t Au, including 45.0 metres averaging 1.793 g/t Au and 1.5 metres averaging 44.100 g/t Au, within and immediately adjacent to the 2026 MRE optimized pit limit.
• TM26-200: 238.5 metres averaging 0.259 g/t Au from 361.5 metres to 600.0 metres, consistent with historical results in TM11-63, TM04-13 and TM04-12.
• TM26-198: 39.0 metres averaging 0.320 g/t Au within 100 metres of surface, in a new mineralized zone immediately adjacent to the current optimized pit limit.
• TM26-203: 13.5 metres averaging 0.612 g/t Au from 3.0 to 16.5 metres depth in previously un-estimated rock.

Full assay results, including hole locations, orientations and section references, are provided in Tables 1 and 2 below.

Drilling has confirmed that the main mineralized trend at UV continues at depth and remains open, with grades and widths consistent with historical drilling and the 2026 MRE. Importantly, multiple new zones of mineralization above the 2026 MRE cut-off grade of 0.19 g/t Au were intersected in areas previously modeled as waste, providing potential to reduce the current 1.8:1 waste-to-ore strip ratio defined within the optimized pit.

Wes Hanson, President and CEO states, "These results materially advance our understanding of the UV Target and reinforce the continuity of gold mineralization below and adjacent to the current pit shell. The step-out holes confirm that the low-grade core at UV continues at depth and remains open, while the shallow holes have identified new zones of near-surface mineralization in areas previously modeled as waste. Together, this work supports our objective of growing and upgrading the Tower Mountain resource, improving the strip ratio and enhancing the overall economics of a potential open-pit operation."

"We are now completing exploration drilling at the Bench Target along the eastern margin of the optimized pit, which will conclude the current phase of drilling focused on un-estimated areas within the 2026 MRE pit shell. We plan to commence resource definition drilling on August 1, targeting conversion of Inferred Resources to Indicated, with completion expected by September 30 and results anticipated by mid-October in advance of an updated MRE, subject to any delays related to extreme forest fire conditions in northwestern Ontario."

Table 1.0 - UV Target Drill Hole Location and Alignment

Table 2.0 - Summary of Significant Results - UV Target

Figure 1.0 - Diamond Drill Plan, UV Target, February to June 2026

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Section A - A' TM26-198

TM26-198 was designed to test the downward continuation of the high-grade results reported in historical drill holes TM04-09, TM04-24 and TM21-90. The current optimized pit was unable to recover the mineralization associated with TM04-24 (88.5m @ 0.989 g/t Au) and TM21-90 (138.0 m @ 0.313 g/t Au) due to the unfavourable waste : ore strip ratio to access that mineralization. TM26-198 was drilled parallel to the southwestern edge of the optimized pit limit with two objectives:

1. Evaluate the down-dip continuity of the interpreted sub-vertical low-grade envelope; and
2. Evaluate the potential for "new" mineralization external to the current optimized pit limit.

Figure 2.0 - Section A - A' UV Target, February to June 2026

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The UV low-grade mineralization was projected between 400 and 600 metres downhole. TM26-198 intersected a flat lying fault at the predicted upper contact of the low-grade trend and there is a definite increase in the number of individual samples above the targeted cutoff grade of 0.20 g/t Au. However, results are scattered and inconsistent throughout the projected target. The higher grade (1.0 to 10.0 g/t Au) feldspar porphyries, common in the upper drill holes, were absent throughout the target horizon, suggesting that TM26-198 is drilled parallel to the high-grade feldspar porphyry intrusives. From 400 metres onward, silicification ranged from strong to intense and there is a notable decrease in both carbonate-sericite alteration and pyrite, two key factors associated with the MRE gold distribution. Further drilling is necessary to evaluate the northern edge of the UV system.

TM26-198 successfully identified a new mineralized zone immediately adjacent to the current optimized pit limit intersecting 39.0 metres averaging 0.32 g/t Au within 100 metres of surface, immediately under the current optimized pit limit. Further shallow drilling is planned to expand this zone as it has the potential to increase the inferred resource.

Section B - B' TM26-199

TM26-199 was designed to test the downward continuation of the mineralization reported in historical drill holes TM04-03 (262.5 m @ 0.405 g/t Au), TM04-07 (168.0 m @ 0.237 g/t Au) and TM05-49 (243.0 m 2 0.241 g/t Au). TM26-199 was drilled parallel to the southwestern edge of the optimized pit limit with two objectives:

1. Evaluate the down-dip continuity of the interpreted sub-vertical low-grade envelope; and
2. Evaluate the potential for "new" mineralization external to the current optimized pit limit.

Figure 3.0 - Section B - B', UV Target, February to June 2026

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TM26-199 intersected scattered, narrow intervals greater than 0.20 g/t Au from surface to 390 metres depth, parallel to the southwestern edge of the 2026 MRE optimized pit limit.

TM26-199 intersected the projected low-grade core of the UV Target from 390.0 to 598.5 metres, almost exactly as predicted, 100 metres below the 2026 MRE optimized pit limit. Gold grades are consistently above 0.10 g/t Au and average 0.220 g/t across the 208.5 metre interval. These results are consistent with the historical drill results from 2002 through 2005.

Section C - C' TM26-200 and TM26-203

As with holes TM26-198 and 199, TM26-200 was designed to test the downward continuation of the low-grade core UV mineralization, 100 to 150 metres below the 2026 MRE optimized pit limit while also testing areas that were not estimated due to insufficient drill hole density.

TM26-203, a shallow hole, targeted gaps in the 2026 MRE model that were the result of insufficient drill coverage.

Figure 4.0 - Section C - C', UV Target, February to June 2026

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TM26-200 intersected 34.5 metres @ 0.282 g/t Au from the bottom of casing at 6.0 metres depth to 40.5 metres depth. The mineralization lies external to the current MRE optimized pit, in an area previously un-estimated due to insufficient drill hole density. From 40.5 metres to 361.5 metres, TM26-200 intersected scattered, narrow intervals above the 0.20 g/t Au. TM26-200 intersected 238.5 metres @ 0.282 g/t Au from 361.5 metres to the end of the hole at 600 metres. The results are consistent with the historical results in holes TM11-63 (231.0 metres @ 0.468 g/t Au), TM04-13 (246.0 metres @ 0.177 g/t Au) and TM04-12 (108.0 metres @ 0.530 g/t Au).

TM26-203 intersected 13.5 metres @ 0.612 g/t Au from the bottom of casing at 3.0 metres to `16.5 metres depth. The remaining 271.5 metres intersected scattered, narrow intervals greater than 0.20 g/t Au in what was previously un-estimated rock due to insufficient data.

Section D - D' TM26-202 and TM26-204

Holes TM26-202 and TM26-204 were drilled as 50-metre step out holes surrounding TM23-143 which reported 109.0 metres averaging 0.317 g/t Au.

Figure 5.0 - Section D - D', UV Target, February to June 2026

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TM26-202 intersected 38.0 metres @ 0.207 g/t Au over the final 38 metres of the hole. The mineralization projects vertically under TM23-143 (109.0 metres @ 0.317 g/t Au) and is interpreted to represent the southwestern contact of the low-grade core of the UV Target defined in drill sections A-A', B-B' and C-C').

TM26-204 intersected 142.0 metres @ 0.668 g/t Au including 45.0 metres @ 1.793 g/t Au within and immediately adjacent to the 2026 MRE optimized pit limit. This intersection offers excellent potential to increase the overall inferred resource as the 2026 MRE estimated this area to be waste, due to lack of drill hole coverage. Shallow follow-up drill holes are planned before September to expand this newly identified trend.

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. 110,000). 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 of 500,000 ozs (Indicated) with an additional 3,000,000 ozs (Inferred), parallel to the western contact of the intrusion. The remaining 75% of the contact demonstrates similar geology, alteration, and geophysical signatures and is untested by drilling. A second gold trend, identified at surface in 2026, outcrops at surface and is continuously mineralized over a 100-metre width. The gold mineralization occurs within Timiskaming-type conglomerates that can be traced along a southwest trend for over 5.0 kilometres. Both targets offer opportunity 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.

For more information about the Company please visit: www.thundergoldcorp.com.

On behalf of the Board of Directors,
Wes Hanson, P.Geo., President and CEO

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Source: Thunder Gold Corp.