Location - Low Strip Ratio - Real Economics

Gold Ounces

3.5 Moz

Already Defined
3.0 Moz Inferred & 0.5 Moz Indicated
C$3.95/oz Discover Cost
Targeting 5 Moz by YE 2026

infrastructure

40 km

From Thunder Bay
Highway, Rail & Power within 3km
International Port
No Camp or Roads Required

upside

1.8:1

Peer-Leading Strip Ratio
Only 20% of System Drilled
IRGD Generational Potential
Consistent Gold Mineralization

Over 3 km of Continuous Gold Mineralization Identified Over the Last 2 Months

Location & Low Waste Mining Drive Real Project Economics — Not Grade Alone

Tower Mountain's low strip ratio is best-in-class.
Strip-adjusted grade sits above the peer group average.
STRIP RATIO
(Waste:Ore)​​
Lower is better!
Tower Mountain
1.8:1
Spanish Mountin
2.0:1
Springpole
3.0:1
Troilus
3.1:1
Moss Lake
5.3:1
Fenn-GIB
6.0:1
Novador
7.4:1
STRIP ADJUSTED GRADE
(g/t Au)
 
Fenn-GIB
0.104
Spanish Mountin
0.146
Troilus
0.155
Tower Mountain
0.161
Moss Lake
0.161
Novador
0.174
Springpole
0.185
Source: Atrium Research

Near-Term Value Catalysts for Thunder Gold

2026

15–25,000 m
Definition & Expansion

Q4 2026

Updated MRE
Target 1.5 Moz Indicated & 3.5 Moz Inferred

Q4 2026 / Q1 2027

Initial PEA
First Economic Study

2027+

Pre-Feasibility
Path to Development

Thunder Gold’s 3.5 million ounce gold deposit is yet to be reflected in its market valuation.

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