THUNDER MOUNTAIN GOLD Business Summary

Thunder Mountain Gold Inc. (THMG) operates as a junior mineral exploration and development firm focused on high-grade polymetallic deposits, primarily zinc, silver, gold, and copper. The company's revenue model is transitioning from pure-play exploration toward near-term production, utilizing a strategic small-scale production agreement with MFD Investment Holdings SA that employs a non-dilutive, staged revenue-sharing structure. Its primary business segments are centered on its flagship South Mountain Mine in Idaho—an advanced-stage project with over 8,000 feet of existing underground infrastructure—and the 100%-owned Trout Creek gold project in Nevada's Battle Mountain-Eureka Trend. THMG competes directly with other junior and mid-tier miners such as Fortitude Gold (FTCO), Gold Resource Corp (GORO), and Perpetua Resources (PPTA). Within this landscape, THMG occupies a niche as a micro-cap developer leveraging private land ownership to bypass federal permitting hurdles, positioning itself as a domestic supplier of critical metals for the renewable energy and industrial sectors. Originally founded in 1935, the company is currently led by a management team with over 150 years of collective industry experience. President and CEO Eric T. Jones, who has spearheaded executive management since 2007, brings a 30-year pedigree including roles as General Manager of the Stibnite Mine for Dakota Mining and engineering positions at Hecla Mining. The technical leadership was significantly bolstered in 2025 with the appointments of Chief Operating Officer Ron Espell, a 30-year veteran of Barrick Gold and McEwen Mining, and Vice President of Operations Rocky Chase, who possesses 38 years of mine development expertise. Governance is overseen by Chairman Ralph Noyes, a former Vice President at Hecla Mining, and notable board member James Sabala, the former CFO of both Hecla and Coeur Mining. This leadership core is supported by strategic partner MFD Investment Holdings, which coordinates the company's current options review phase for commercial production pathways.