Thunder Bay, Ontario--(Newsfile Corp. - October 19, 2026) - Thunder Gold Corp. (TSXV: TGOL) (FSE: Z25) (OTCQB: TGOLF) ("Thunder Gold" or the "Company") is pleased to announce the following exploration and infill diamond drill results from the Bench Target, at the Company's flagship Tower Mountain Property, 40 kilometres west of Thunder Bay, Ontario.

Highlights:

• TM26-221 intersected 1.178 g/t Au over 102.0 metres;
• TM26-221 terminated in mineralization averaging 0.785 g/t Au over 12.0 metres outside the current optimized pit limit;
• TM26-220, 200-metres above TM26-221, intersected 0.551 g/t Au over 75.0 metres;
• Results continue to demonstrate good to very good spatial and empirical correlation to the 2026 Mineral Resource Estimate ('MRE");
• Mineralization remains open at depth; and
• The Company is increasing the planned drilling at Tower Mountain based on the continuous mineralization defined by the latest drill holes.

TM26-216, 220 and 221 were drilled on a common section, testing Inferred Resources in the central portion of the Bench-3738-Ellen ("B-E") trend (Reference Table 1.0 and Figure 1.0). Table 2.0 summarizes the highlights of the three holes that are the subject of this release.

Wes Hanson, President and CEO states, "In the past two months we have completed ten (10) infill drill holes targeting the main B-E trend, a 700-metre long, 200-metre-wide zone of variably brecciated and altered volcanic and intrusive rocks west of the Tower Mountain Intrusive Complex ("TMIC"). Collectively, these holes have intersected 3.3 kilometres of continuous gold mineralization, averaging 0.468 g/t Au, as predicted by our 2026 Mineral Resource Estimate. The system outcrops at surface and is currently drill confined at a depth of, 400 metres. Our infill drilling, on 100-metre centres, not only suggest that the system continues at depth but also, that it may be strengthening with longer, continuous intervals over 1.0 g/t Au intersected more frequently. I am pleased to note that the Infill drilling clearly demonstrates the continuity, consistency and scalability of the property that caught my attention in 2022."

"I am also pleased to report that the MagnetoTellurics ("MT") Airborne Survey has been completed and the results are currently being reviewed / interpreted. We expect the results will highlight alteration changes at depth along the B-E trend to depths of up to 2.0 kilometres. We are also excited to see what the survey identifies within the 6.0 kilometres of untested halo circumference surrounding the TMIC."

Table 1.0 provides the location and orientation of holes TM26-216, 220 and 221

Figure 1.0 is a plan view showing the location of the drill holes reported in this news release.

Table 1.0 - B-E Target - Drill Hole Location Bearing and Dip

Figure 1.0 Bench Target Diamond Drill Plan - October 12, 2026

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5364/319375_e28bd631e4d29a53_001full.jpg

TM26-216

TM26-216 is the northern most hole on the common drill section (Reference Figures 1.0 and 2.0). It was collared north of the interpreted B-E contact, targeting scattered, low-grade gold values predicted in the model. TM26-216 intersected scattered, narrow (less than 30-metre long) intervals of mineralization at, or slightly higher than the 2026 MRE cut-off grade (0.19 g/t Au). The length, weight averaged drill hole returned an average grade slightly higher than the model predicted grade (Reference Figure 4.0).

TM26-220

TM26-220 was a step-back hole collared 100 metres south of TM26-216, targeting the upper portion of the B-E trend at the interpreted northern contact (Reference Figures 1.0 and 2.0). This hole collared and remained in semi-continuous mineralization to the end of the hole. TM26-220 intersected 75.0 metres averaging 0.551 g/t Au from 31.5 metres depth. Individual sample results range from trace to a high of 2.60 g/t Au. The hole remained in low-grade mineralization to the end of the hole, suggesting that the northern contact may be 75-100 metres further north from where it is currently interpreted (Reference Figure 2.0).

The length, weight averaged drill hole grade is slightly lower than the model predicted grade (Reference Figure 3.0).

TM26-221

TM26-221 was a 200-metre step back hole collared 200 metres south of TM26-220 (Reference Figures 1.0 and 2.0). This hole targeted the interpreted southern B-E contact. The results suggest that the southern contact is shifted approximately 50 metres to the south of the interpreted contact (Reference Figure 2.0).

TM26-221 intersected the southern B-E contact at a depth of 198.0 metres and remained in continuous, homogeneous gold mineralization to a depth of 357.0 metres, averaging 0.894 g/t Au. A large, barren mafic dike disrupts the mineralization from 357.0 metres to 438.0 metres before transitioning into continuous, homogeneous mineralization from 438.0 metres to the end-of-hole at 450.0 metres depth (Reference Tables 2.0 and 3.0).

The high grade gold intersected at the end-of-hole suggests that the hole failed to exit the target and that both the northern contact as well as the northern pit limit could extend to the north.

Figure 2.0 - Cross Section TM26-216,220 and 221

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5364/319375_e28bd631e4d29a53_002full.jpg

Gold grades ranged from trace (expressed as 0.003 g/t Au in Table 3.0) to a maximum of 3.61 g/t Au from the southern contact to the end-of-hole. The length, weight averaged drill hole grade is slightly lower than the model predicted grade (Reference Figure 3.0).

Additional drilling is planned on this section.

Table 2.0 - TM26-216, 220 and 221 Significant Results

True Width is estimated where sufficient data allows.
True Width is NOT estimated where there is currently insufficient data to allow estimation.

Table 3.0 -TM26-221

Table 3.0 -TM26-221 (continued)

Table 3.0 -TM26-221 (continued)

To view the core photos for the interval 255.0 metres to 357.0 metres please visit: Thunder Gold Core Images

MRE Reconciliation

Reconciliation of drill results to date for the Bench Target relative to the 2026 MRE model suggest an overall grade increase relative to model-predicted grades. Figure 3.0 presents a summary of model-predicted grades compared to actual drilled grade for the ten (10) infill holes completed to date. All ten holes post-date the 2026 MRE model and therefore can be compared directly to model-predicted grades to measure the predictive accuracy of the model.

The results indicate significant variation on a hole-by-hole basis, ranging from a low of -38% (TM26-214) to a high of 100% (TM26-210). This is typical and within expected tolerances. On a length-weighted average basis, the comparison suggests that actual drilled grade of all ten holes is ~10% higher than the predicted modeled grade.

Similar results are observed for the project to date exploration drill holes completed at the UV Target and the holes drilled along the eastern margin of the 2026 MRE optimized pit limit, targeting the large un-estimated portion of the model (Reference Figure 4.0). The exploration data set also suggests that drilled grades are returning higher values than what is currently predicted by the 2026 MRE.

Both analyses exclude mineralization intersected outside the 2026 MRE model limit, specifically, the high-grade results intersected in holes TM26-210 and TM23-137X that extend beyond the base of the 2026 MRE model.

Figure 3.0 - Modelled Grade Versus Drilled Grade, Infill Drilling, 2026; Weighted by Interval Length

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5364/319375_e28bd631e4d29a53_003full.jpg

Figure 4.0 - Modelled Grade Versus Drilled Grade, Exploration Drilling, 2026; Weighted by Interval Length

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5364/319375_e448019414257afd_001full.jpg

MagnetoTellurics Airborne Survey

Expert Geophysics Surveys Inc. ("EGS") has been contracted to complete a Mobile MagnetoTellurics ("MobileMT") airborne survey of the TMIC and the magnetic low halo surrounding the TMIC outward for at least 500 metres based on current airborne magnetic surveys. A total of 285-line kilometres, spaced 100 metres apart, shall be flown in an east-west orientation across the TMIC and the prospective halo mineralization.

Numerous case studies, largely from porphyry copper-gold deposits worldwide, suggest Mobile MT can effectively isolate resistivity variation to depths of up to 2.0 kilometres from surface. The Company believes that alteration effectively controls gold mineralization and alteration can be effectively mapped from resistivity response.

The proposed 285 line-kilometre Mobile MT is planned to be completed by October 31, 2026, with initial results available by November 15^th, in advance of the final drill holes planned for the 2026 field season.

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 ("TMIC"). 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 ("Micon"), Toronto, Ontario, Canada. The Report was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") 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.

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

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

The information contained herein contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively, "forward-looking statements"). Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. All statements, other than statements of historical fact, are forward-looking statements and are based on predictions, expectations, beliefs, plans, projections, objectives and assumptions made as of the date of this news release, including the Company's plans regarding exploring its mineral exploration properties; anticipated results of geophysical surveys, drilling programs, geological interpretations and potential mineral recovery. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate funding on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to the gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty or reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise any forward-looking statements, other than as required by applicable law, to reflect new information, events or circumstances, or changes in management's estimates, projections or opinions. Actual events or results could differ materially from those anticipated in the forward-looking statements or from the Company's expectations or projections.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/319375