Author: Atrium Research November 04, 2026
Riley Venton, P.Eng | Equity Research Analyst | [email protected] | 705-927-0466
Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314
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What you need to know:
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Since our last update, TGOL has reported assays from four infill holes, highlighted by 0.46 g/t Au over 451.5m (TM26-222) and 0.53 g/t Au over 290.1m (TM26-223).
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The MRE update has been rescheduled to February 2027 to include 5,000m of drilling planned before December 20ᵗʰ.
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In addition, TGOL has appointed a key board member, and this morning announced $5M in flow through to fund further exploration.
Thunder Gold Corp. (TGOL:TSXV, TGOLF:OTCQB) continues to move the Tower Mountain Project forward, and we have gotten a handful of updates so far this week. This has included more impressive drill intercepts, a key BOD appointment, and a flow-through financing, which we discuss in detail below. We are maintaining our BUY rating and $0.60/share target price on Thunder Gold.
0.46 g/t over 451.5m & 0.53 g/t over 290.1m. Since our last update (read here), TGOL has released results for four infill holes at the Bench Target. TM26-223 intersected 0.53 g/t over 290.1m, including 1.07 g/t over 57.0m at the SE limit of the B-E trend, while TM25-188/188X hit 0.41 g/t over a combined 336.0m at the northern contact. In Tuesday’s release, TGOL reported 0.46 g/t over 451.5m (from 60.0m) from TM26-222 targeting the center of the trend, which included intervals of 0.88 g/t over 39.0m and 1.11 g/t over 28.5m. Through 14 holes reported to date TGOL has intersected ~4.4km of semi-continuous gold mineralization averaging ~0.45 g/t. Most of this has come within the current pit shell; however, some holes have extended mineralization below the pit with longer and higher-grade intervals vs. upper levels, and the B-E trend remains open in all directions for expansion.
Rescheduling MRE update till February to include recent success. TGOL plans to complete a further 5,000m of drilling prior to December 20ᵗʰ, and as a result, has decided to push the MRE update so that the planned meters can be included. This will allow the Company to maximize the conversion of Inferred resources to the Indicated category, particularly given the minimal variation we have seen vs. the current MRE model so far this year. As a reminder, TGOL’s goal for the update was a 5Moz total resource with 1.5Moz upgraded to Indicated. The additional drilling increases our confidence TGOL will deliver, if not beat, this goal.
Strengthening the team. On Monday (Nov 2ⁿᵈ), the Company announced the addition of Pierre A. J. Julien to the BOD. Mr. Julien is a senior mining executive with 40+ years of mining leadership experience across multiple areas of the sector. He is well-regarded in the industry, having served as Chair of the Canadian Mineral Processors (CMP) society and President of the Canadian Institute of Mines and Metallurgy (CIM) and has recently joined the Board of the Canadian Mining Hall of Fame. Pierre views Tower Mountain as a generation gold asset with rare infrastructure advantages, and we are encouraged he has joined the TGOL team.
Flow Through. This morning, TGOL announced a non-brokered private placement for $5M, comprising up to ~38.5M FT shares at $0.13/sh. Proceeds will be used to fund ongoing exploration, and at an all in drilling cost of ~$250/m, and an impressive discovery cost of ~$3.95/oz in the initial MRE, we expect the financing will fund material drilling and growth over the next ~12 months.
Our Take TGOL’s ongoing drill program continues to deliver, and in our view, waiting a few more months for the MRE so that an additional 5,000m of drilling can be included is a solid trade off given the success to date. TGOL continues to position itself to execute at Tower Mountain, which was on display this week with a further strengthened team, and bolstered balance sheet to continue low-cost drilling.
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