Mr. Eric Jones reports

MFD INVESTMENT HOLDINGS SA ENTERS THE OPTIONS REVIEW PHASE FOR NEAR-TERM PRODUCTION WITH OCEAN PARTNERS AT THUNDER MOUNTAIN GOLD'S SOUTH MOUNTAIN MINE

MFD Investment Holdings SA has entered the option review phase with Ocean Partners USA Inc., a trader specializing in base and precious metal ores and concentrates, to evaluate near-term production pathways, including toll milling, direct shipping ore and concentrate production at Thunder Mountain Gold Inc.'s South Mountain mine. This work will be undertaken under the small-scale mining initiative between Thunder Mountain and MFD Investment, and co-ordinated by MFD (see news release dated Sept. 8, 2025). The program is targeting potential commencement of operations in 2026, subject to metallurgical outcomes, commercial terms, permitting and internal approvals. No production decision has been made.

"Engaging Ocean Partners at this stage allows MFD and Thunder Mountain Gold to evaluate pathways for near-term production from metallurgical compatibility to commercial terms," commented Eric T. Jones, president and chief executive officer of Thunder Mountain Gold. "The objective in this options review phase is to assemble decision quality data on toll milling and ore concentrate production so we can select the most executable and economic route forward."

Options review phase -- work streams:

• Metallurgical testwork: sample selection and testing to evaluate recoveries across all metals, product specifications and compatibility with toll processing;
• Processing pathways: reviewing toll-milling and direct shipping/sales options with Ocean Partners and qualified processors, including production throughput and campaign scheduling;
• Production scenarios: evaluation of concentrates versus direct ship, or toll milling and blending scenarios for the silver, zinc, gold and copper recovery;
• Sequencing and services: assessment of production sequencing and possibilities for third party services in execution of the preferred pathway;
• Production approaches for targeted areas, required services and operational sequencing;
• Commercial/economic evaluation: scoping-level cash flow and sensitivity work incorporating processing, transport and indicative commercial terms;
• Logistics and compliance: high-level review of haulage, permitting interfaces and product marketing considerations.

Thunder Mountain Gold will provide further updates as the option review phase advances and key milestones are reached.

About Thunder Mountain Gold Inc.

Thunder Mountain, a junior exploration company founded in 1935, owns interests in base and precious metal projects in the western United States. The company's principal asset is the South Mountain mine, a historic former Anaconda Mining development of zinc, silver, gold, lead and copper, located on private land in Owyhee county, Idaho. Thunder Mountain Gold also owns 100 per cent of the Trout Creek project -- a gold exploration project located along the western flank of the Shoshone mountain range in the Reese River Valley, adjacent to and surrounded by Nevada Gold Mines, a Barrick and Newmont Gold Inc. joint venture.

Technical data in this release

The technical information in this news release was reviewed and approved by Steven A. Osterberg, PhD, PG, QP, consulting geologist, a qualified person as defined by the U.S. SK-1300 Regulations and National Instrument 43-101 (Canada) standards.

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