# EDGAR Filing Document

**Accession Number:** 0000711034
**File Stem:** 0001062993-26-002527
**Filing Date:** 2026-5
**Character Count:** 65706
**Document Hash:** 76658ffeaab582effd3049280b960199
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-26-002527.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0001062993-26-002527

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 50

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THUNDER MOUNTAIN GOLD INC
- **CENTRAL INDEX KEY:** 0000711034
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 911031075
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08429
- **FILM NUMBER:** 26967485

**BUSINESS ADDRESS:**
- **STREET 1:** 11770 W. PRESIDENT DR. STE F
- **CITY:** BOISE
- **STATE:** ID
- **ZIP:** 83713
- **BUSINESS PHONE:** 208-658-1037

**MAIL ADDRESS:**
- **STREET 1:** 11770 W. PRESIDENT DR. STE F
- **CITY:** BOISE
- **STATE:** ID
- **ZIP:** 83713

?xml version='1.0' encoding='ASCII'? Thunder Mountain Gold, Inc.: Form 10-Q - Filed by newsfilecorp.com

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 10-Q**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the quarterly period ended  **<u>March 31, 2026</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the transition period from __________ to __________

Commission File Number:  **<u>001-08429</u>**

![form10qx001.jpg](form10qxz001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **THUNDER MOUNTAIN GOLD, INC.** 

(Exact name of Registrant as specified in its charter)

---

| | |
|:---|:---|
| **Nevada** | **91-1031015** |
| (State or other jurisdiction of incorporation or organization) | (IRS identification No.) |
| **11770 W President Dr. STE F** |  |
| **Boise, Idaho** | **83713-8986** |
| (Address of Principal Executive Offices) | (Zip Code) |
| &nbsp;&nbsp;**(208) 658-1037** | &nbsp;&nbsp;**(208) 658-1037** |
| &nbsp;&nbsp;(Registrant's Telephone Number, including Area Code) | &nbsp;&nbsp;(Registrant's Telephone Number, including Area Code) |

---

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which<br>Registered** |
| None | N/A | N/A |

---

Securities registered pursuant to Section 12(g) of the Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Common Stock, $0.001 par value</u>**

(Title of Class)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

------

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

☐ Yes ☒ No

Number of shares of issuer's common stock outstanding at May [06], 2026: [93,505,579]

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [**PART I - FINANCIAL INFORMATION**](#page_4) | [**4**](#page_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Item 1. Financial Statements**](#page_4) | [**4**](#page_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**](#page_14) | [**14**](#page_14) |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Item 3. Quantitative and Qualitative Disclosures about Market Risk**](#page_17) | [**17**](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Item 4. Controls and Procedures**](#page_17) | [**17**](#page_17) |
| [**PART II - OTHER INFORMATION**](#page_18) | [**18**](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Item 1. Legal Proceedings.**](#page_18) | [**18**](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Item 1A. Risk Factors.**](#page_18) | [**18**](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**](#page_19) | [**19**](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Item 3. Defaults Upon Senior Securities.**](#page_19) | [**19**](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Item 4. Mine Safety Disclosures.**](#page_19) | [**19**](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Item 5. Other Information.**](#page_19) | [**19**](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Item 6. Exhibits.**](#page_20) | [**20**](#page_20) |
| [**SIGNATURES**](#page_21) | [**21**](#page_21) |

---

------

**PART I - FINANCIAL INFORMATION**

**Item 1. Financial Statements**

---

| | | |
|:---|:---|:---|
| **Thunder Mountain Gold, Inc.** |  |  |
| **Condensed Consolidated Balance Sheets (Unaudited)** |  |  |
| *March 31, 2026 and December 31, 2025* |  |  |
|  | March 31,<br>2026 | December 31,<br>2025 |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1813057 | $2592167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription receivable |  | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 118796 | 56058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 1931853 | 2698225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net (Note 4) | 803969 | 592645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | **2735822** | $**3290870** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and other accrued liabilities | 86761 | $177371 |
| &nbsp;&nbsp;&nbsp;Accrued legal fees | 131685 | 131685 |
| &nbsp;&nbsp;&nbsp;Note payable - current (Note 6) | 37100 | 37100 |
| &nbsp;&nbsp;&nbsp;Deferred compensation (Note 5) | 1104625 | 1104625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 1360171 | 1450781 |
| Note payable - long term (Note 6) | 167900 | 167900 |
| Accrued reclamation costs | 86380 | 86380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 1614451 | 1705061 |
| Commitments and Contingencies (Notes 2 and 3) |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock; $0.0001 par value, 5,000,000 shares authorized; no shares issued or outstanding |  |  |
| &nbsp;&nbsp;&nbsp;Common stock; $0.001 par value; 200,000,000 shares authorized,<br>93,505,579 and 93,255,579 shares issued and outstanding, respectively (See Note 7) | 93506 | 93256 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 12152662 | 11976592 |
| &nbsp;&nbsp;&nbsp;Less: 11,700 shares of treasury stock, at cost | (24200) | (24200) |
| &nbsp;&nbsp;&nbsp;Less: Subscription receivable | (50000) |  |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (11220236) | (10629478) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Thunder Mountain Gold, Inc stockholders' equity** | 951732 | 1416170 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest in Owyhee Gold Trust (Note 3) | 169639 | 169639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 1121371 | 1585809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | **2735822** | $**3290870** |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

------

---

| | | |
|:---|:---|:---|
| **Thunder Mountain Gold, Inc.**<br>**Condensed Consolidated Statements of Operations (Unaudited)** | **Thunder Mountain Gold, Inc.**<br>**Condensed Consolidated Statements of Operations (Unaudited)** | **Thunder Mountain Gold, Inc.**<br>**Condensed Consolidated Statements of Operations (Unaudited)** |
|  | Three Months Ended | Three Months Ended |
|  | March 31, | March 31, |
|  | 2026 | 2025 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Exploration | $167128 | $67073 |
| &nbsp;&nbsp;&nbsp;Legal and accounting | 95186 | 45810 |
| &nbsp;&nbsp;&nbsp;Management and administrative | 332281 | 428463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 594595 | 541346 |
| Net operating loss | (594595) | (541346) |
| Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp;Other | 3837 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | 3837 | 1046 |
| **Net loss** | (590758) | (540300) |
| Net income - noncontrolling interest in Owyhee Gold Trust |  |  |
| Net loss - Thunder Mountain Gold, Inc. | $(590758) | $(540300) |
| Net loss per common share-basic and diluted | $(0.01) | $(0.01) |
| Weighted average common shares outstanding-basic and diluted | 93488912 | 73255579 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

------

---

| | | |
|:---|:---|:---|
| **Thunder Mountain Gold, Inc.** |  |  |
| **Condensed Consolidated Statements of Cash Flows (Unaudited)** |  |  |
|  | Three Months Ended | Three Months Ended |
|  | March 31, | March 31, |
|  | 2026 | 2025 |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(590758) | $(540300) |
| Adjustments to reconcile net loss to net cash used by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Stock based compensation | 136320 | 325815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noncash lease expense |  | (46) |
| Change in: |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (62738) | 3939 |
| &nbsp;&nbsp;&nbsp;Accounts payable and other accrued liabilities | (90610) | (37021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (607786) | (247613) |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition of mineral property | (211324) |  |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | (211324) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuances of stock and warrants |  | 130000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 40000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 40000 | 130000 |
| Net increase (decrease) in cash and cash equivalents | (779110) | (117613) |
| Cash and cash equivalents, beginning of period | 2592167 | 481322 |
| **Cash and cash equivalents, end of period** | $**1813057** | $**363709** |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Thunder Mountain Gold, Inc.**<br>**Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)**<br>*For the three months ended March 31, 2026 and 2025* | **Thunder Mountain Gold, Inc.**<br>**Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)**<br>*For the three months ended March 31, 2026 and 2025* | **Thunder Mountain Gold, Inc.**<br>**Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)**<br>*For the three months ended March 31, 2026 and 2025* | **Thunder Mountain Gold, Inc.**<br>**Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)**<br>*For the three months ended March 31, 2026 and 2025* | **Thunder Mountain Gold, Inc.**<br>**Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)**<br>*For the three months ended March 31, 2026 and 2025* | **Thunder Mountain Gold, Inc.**<br>**Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)**<br>*For the three months ended March 31, 2026 and 2025* | **Thunder Mountain Gold, Inc.**<br>**Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)**<br>*For the three months ended March 31, 2026 and 2025* | **Thunder Mountain Gold, Inc.**<br>**Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)**<br>*For the three months ended March 31, 2026 and 2025* |  |
|  | **Common<br>Stock<br>Shares** | **Common<br>Stock<br>Amount** | **Additional<br>Paid-In<br>Capital** | **Treasury<br>Stock** | **Subscription<br>Receivable** | **Accumulated<br>Deficit** | **Non-<br>Controlling<br>Interest in<br>OGT** | **Total** |
| Balances at January 1, 2025 | 73255579 | $73256 | $7172547 | $(24200) |  | $(7799719) | $169639 | $(408477) |
| &nbsp;&nbsp;&nbsp;Stock based compensation |  |  | 325815 |  |  |  |  | 325815 |
| &nbsp;&nbsp;&nbsp;Net loss |  |  |  |  |  | (540300) |  | (540300) |
| Balances at March 31, 2025 | 73255579 | $73256 | $7498362 | $(24200) | $- | $(8340019) | $169639 | $(622962) |
| Balances at January 1, 2026 | 93255579 | $93256 | $11976592 | $(24200) | $- | $(10629478) | $169639 | $1585809 |
| &nbsp;&nbsp;&nbsp;Issuance of stock for stock options exercised | 250000 | 250 | 39750 |  |  |  |  | 40000 |
| &nbsp;&nbsp;&nbsp;Stock based compensation |  |  | 136320 |  |  |  |  | 136320 |
| &nbsp;&nbsp;&nbsp;Subscription Receivable |  |  |  |  | (50000) |  |  | (50000) |
| &nbsp;&nbsp;&nbsp;Net loss |  |  |  |  |  | (590758) |  | (590758) |
| Balances at March 31, 2026 | 93505579 | $93506 | $12152662 | $(24200) | $(50000) | $(11220236) | $169639 | $1121371 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

------

**1. Summary of Significant Accounting Policies and Business Operations**

The interim condensed consolidated financial statements of Thunder Mountain Gold, Inc. and its subsidiaries (collectively, "Thunder Mountain", "THMG", or "the Company") are unaudited. In the opinion of management, all adjustments, consisting of only normal recurring adjustments, and disclosures necessary for the fair statement of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2026. The condensed consolidated December 31, 2025 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

Business Operations

Thunder Mountain Gold, Inc. ("Thunder Mountain", "THMG", or "the Company") was originally incorporated under the laws of the State of Idaho on November 9, 1935, under the name of Montgomery Mines, Inc. In April 1978, the Montgomery Mines Corporation was obtained by a group of the Thunder Mountain property holders and changed its name to Thunder Mountain Gold, Inc., with the primary goal to further develop their holdings in the Thunder Mountain Mining District, located in Valley County, Idaho. Thunder Mountain Gold, Inc. takes its name from the Thunder Mountain Mining District, where its principal lode mining claims were located. For several years, the Company's activities were restricted to maintaining its property position and exploration activities. During 2005, the Company sold its holdings in the Thunder Mountain Mining District. During 2007, the Company acquired the South Mountain Mines property in southwest Idaho and initiated exploration activities on that property, which continue today.

Basis of Presentation and Going Concern

The accompanying consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. The Company has historically incurred losses, however, the Company has cash reserves sufficient to cover normal operating expenses for the following 12 months. If necessary, the Company continues to have the ability to raise additional capital in order to fund its future exploration and working capital requirements.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of the Company; its wholly owned subsidiaries, Thunder Mountain Resources, Inc. ("TMRI") and South Mountain Mines, Inc. ("SMMI"); and a company in which the Company owns 75% and has majority control, Owyhee Gold Trust, LLC ("OGT"). The Company's consolidated financial statements reflect the other investor's 25% noncontrolling, capped interest in OGT. Intercompany accounts are eliminated in consolidation.

Accounting Estimates

The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions include the carrying value of properties and mineral interests, environmental remediation liabilities, deferred tax assets, and stock-based compensation. Management's estimates and assumptions are based on historical experience and other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates.

------

Recent Accounting Pronouncements

*Accounting Standards Updates*

In November 2024, the Financial Accounting Standards Board ("FASB") issued ASU 2024-03, *Disaggregation of Income Statement Expenses (Subtopic 220-40)*. The standard requires public business entities to disclose additional information about certain expense categories included in income statement captions, including purchases of inventory, employee compensation, depreciation, depletion, and amortization. The amendments also require qualitative disclosures regarding other significant expense components included within the same income statement captions. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The company is currently evaluating the impact of the standard on its consolidated financial statement disclosures.

Net Income (Loss) Per Share

The Company is required to have dual presentation of basic earnings per share ("EPS") and diluted EPS. The Company calculates basic earnings (loss) per share by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding during the applicable reporting period. Diluted earnings per share reflect potentially dilutive common stock equivalents, including options and warrants that could share in our earnings through the conversion to common shares, except where their inclusion would be anti-dilutive. For the three months ended March 31, 2026 and 2025, outstanding warrants of 22,400,000 and 12,400,000, respectively, and outstanding stock options of 5,945,000 and 4,865,000, respectively, were excluded from the calculation of diluted earnings per share, as their effect would have been anti-dilutive due to the net loss for the periods.

**2. Mineral Interest Commitments** 

The Company holds leases pertaining to land parcels adjacent to its South Mountain patented and unpatented mining claims. The details of these leases are as follows:

***Lowry Lease:***

On October 24, 2008, the Company executed a lease agreement with William and Nita Lowry for a duration of 6 years, encompassing 376 acres at a rate of $20 per acre. Following the passing of the original lessors, the lease was inherited by Michael Lowry, their son. On October 24, 2025, the Company entered into an extension of the lease agreement with Michael for an additional 21-year term through October 24, 2046. Under the amended agreement, annual lease payments are $40 per acre for the first seven-year period, $50 per acre for the second seven-year period, and $60 per acre for the final seven-year period.

***Looten Lease:***

On June 2, 2025, the Company executed a lease agreement with Kevin and Jo Looten for an initial term of 7 years, encompassing 18 acres at a rate of $30 per acre. The lease includes an option to extend for an additional 10 years at a revised rate of $40 per acre.

***Lequerica & Sons Lease:***

On August 22, 2025, the Company executed a lease agreement with Lequerica & Sons, Inc. covering 432 acres for an initial term of seven years at an annual rental rate of $30 per acre. The lease includes an option to extend for an additional seven years at a revised rate of $40 per acre. The agreement contains a right of first refusal in favor of the Company with respect to the underlying property in the event of a proposed sale by the lessor.

The leases have no work requirements. It is the current intention of the Company to engage in negotiations for new leases with the current landowners upon the expiration of the existing lease agreements. The negotiations may involve modifications to terms, rates, or other conditions as mutually agreed upon by the parties involved.

------

***Idaho State Mineral Lease:***

In March 2026, the Company was awarded mineral lease rights on approximately 3,500 acres of Idaho state land through a competitive auction process and submitted a winning bid of $210,000. In connection with the proposed lease, the Company also paid 2026 lease rent of $10,495 and a minimum annual royalty of $10,000.

As of March 31, 2026, the lease was subject to final approval by the Idaho State Land Board and had not yet been formally executed. Upon execution, the lease is expected to have a 20-year term and require ongoing annual lease payments and minimum royalty obligations to maintain the lease in good standing.

***Unpatented Mining Claims:***

The Company holds unpatented mining claims in the Trout Creek area in Nevada and the South Mountain Project in Idaho. The number of claims at the South Mountain Project increased significantly during 2025 as a result of additional claim staking activities.

The claim fees are paid on these unpatented claims annually as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Target Area** | **2026** |
| &nbsp;&nbsp;Trout Creek - State of Nevada | $5200 |
| &nbsp;&nbsp;Trout Creek - Lander County, Nevada | 324 |
| &nbsp;&nbsp;South Mountain - BLM | 109928 |
| &nbsp;&nbsp;**Total** | $**115452** |

---

**3. South Mountain Project**

*SMMI Joint Venture - OGT, LLC*

The Company's wholly owned subsidiary SMMI is the sole manager of the South Mountain Project in its entirety through a separate Mining Lease with Option to Purchase ("Lease Option") with the Company's majority-owned subsidiary OGT. SMMI has an option to purchase the South Mountain mineral interest for a capped $5 million less net returns royalties paid through the date of exercise. The Lease Option expires in November 2026. If SMMI exercises the option, the option payment of $5 million less advance royalties will be distributed 100% by OGT to OGT's minority member, ISGCII. Under the Lease Option, SMMI paid an annual $5,000 net returns royalty to OGT through the maturity of the agreement, and no further payment remains due.

Under the OGT operating agreement, SMMI and ISGC II have 75% and 25% ownership, respectively, in OGT. SMMI is the sole manager and pays all expenses for exploration and development of the property. The Company has established 75% ownership and full management of the property. OGT's financial information is included 100% in the Company's condensed consolidated financial statements as of March 31, 2026 and December 31, 2025, and for the periods ended March 31, 2026 and 2025.

*MFD Investment Holdings*

On January 27, 2025, the Company announced a strategic partnership with Swiss-based MFD Investment Holdings SA ("MFD"). The letter agreement signed outlines that MFD will provide additional funding, contributing $1,000,000 in project-related expenditures as well as providing technical support for project development. This partnership adds additional financial strength in advancing South Mountain's technical and economic studies. The letter agreement is in the form of an option, whereby THMG grants an option to MFD to earn an interest in its South Mountain Project pursuant to which MFD shall have the right, but not the obligation, to complete certain requirements in return for the acquisition of a 10% interest in the Project.

------

As of March 31, 2026, THMG has recorded $203,498 from MFD related to project expenditures, recognized as a reduction to exploration expenses. No cash was received during the three months ended March 31, 2026; however, the Company recorded a $13,780 receivable for reimbursable project expenditures incurred during the period.

**4. Property and Equipment**

During the three months ended March 31, 2026, the Company was awarded mineral lease rights on approximately 3,500 acres of Idaho state land through a competitive auction process. The Company submitted a winning bid of $210,000, which represents the cost to acquire the leasehold interest. In addition, the Company incurred $1,324 of legal fees directly attributable to securing the lease. These costs have been capitalized as mineral properties.

The Company's property and equipment are as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br> **2026** | **December 31,**<br> **2025** |
| Vehicles | $22441 | $22441 |
| Construction Equipment | 30407 | 30407 |
| Mining Equipment | 42696 | 42696 |
|  | 95544 | 95544 |
| Accumulated Depreciation | (95544) | (95544) |
| Mineral properties | 211324 |  |
| Land | 592645 | 592645 |
| Total Property and Equipment | $803969 | $592645 |

---

**5. Related Party Transactions**

Board of Directors Compensation

The Company paid its Board of Directors a total of $42,000 during the period ended March 31, 2026, consisting of $21,000 related to amounts accrued as of December 31, 2025 and $21,000 for services provided during the three months ended March 31, 2026.

Deferred Compensation

As of March 31, 2026, and December 31, 2025, the balances of the total deferred compensation for the officers, are as follows, Eric Jones, President and Chief Executive Officer: $469,500; Jim Collord, Technical Advisor: $420,000; Larry Thackery, former Chief Financial Officer: $215,125. The total deferred compensation for these officers at March 31, 2026 and December 31, 2025 was $1,104,625.

**6. Note Payable**

In December 2025, the Company issued a seller-financed promissory note in connection with the acquisition of land. The note has an initial principal balance of $205,000, is secured by the underlying land, and bears interest at 5% per annum. The note requires five annual payments of $47,350, due each December from 2026 through 2030.

As of March 31, 2026, the outstanding principal balance was $205,000, of which $37,100 was classified as current and $167,900 as long-term. In addition, the Company had accrued interest of $2,562 as of March 31, 2026, which is included in accounts payable and accrued liabilities on the condensed consolidated balance sheet.

------

Future principal maturities of the note payable as of March 31, 2026 are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Year** | &nbsp;&nbsp; **Principal Payments** |
| &nbsp;&nbsp; 2026 | &nbsp;&nbsp;$37100 |
| &nbsp;&nbsp; 2027 | &nbsp;&nbsp;$38955 |
| &nbsp;&nbsp; 2028 | &nbsp;&nbsp;$40902 |
| &nbsp;&nbsp; 2029 | &nbsp;&nbsp;$42948 |
| &nbsp;&nbsp; 2030 | &nbsp;&nbsp;$45095 |
| &nbsp;&nbsp; **Total** | &nbsp;&nbsp;**$205000** |

---

**7.** **Stockholders' Equity**

The Company's common stock has a par value of $0.001 with 200,000,000 shares authorized. The Company also has 5,000,000 authorized shares of preferred stock with a par value of $0.0001. The Company also has 22,400,000 warrants outstanding as of March 31, 2026, with a weighted average exercise price of $0.18 and a weighted average life of 1.48 years. No warrants were issued, exercised, or expired during the three months ended March 31, 2026, and there were no changes to the number of warrants outstanding during the period.

**8. Stock Options**

The Company has a Stock Incentive Plan (the "SIP"), that authorizes the granting of stock options up to 10 percent of the total number of issued and outstanding shares of common stock, that provides for the grant of stock options, incentive stock options, stock appreciation rights, restricted stock awards, and incentive awards to eligible individuals including directors, executive officers and advisors that have furnished bona fide services to the Company not related to the sale of securities in a capital-raising transaction. On December 10, 2024, the Company's shareholders, at their Annual Meeting, ratified and reapproved the Stock Option Plan.

On January 29, 2026, the Company granted 200,000 stock options to one employee and a consultant. The options are exercisable at $0.77 per share and expire on January 28, 2031. The options were fully vested upon grant. The fair value of the options was determined to be $136,320 using the Black-Scholes valuation model. As the options were fully vested at issuance, the entire fair value was recognized as share-based compensation expense during the three months ended March 31, 2026. This expense was included in management and administrative expenses on the Company's Condensed Consolidated Statement of Operations. The Company recognized $102,240 in compensation expense for share-based payment awards issued to non-employees as part of the total compensation expense recognized during the same period.

The fair value of each option award was estimated on the date of the grant using the assumptions noted in the following table:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**January 29, 2026** |
| Stock price | &nbsp;&nbsp;$0.74 |
| Exercise price | &nbsp;&nbsp;$0.77 |
| Expected volatility | &nbsp;&nbsp;156.11% |
| Expected dividends | &nbsp;&nbsp;- |
| Expected terms (in years) | &nbsp;&nbsp; 5.0 |
| Risk-free rate | &nbsp;&nbsp;3.80% |

---

During the three months ended March 31, 2026, the Company received proceeds of $40,000 from the exercise of 250,000 stock options, including 100,000 options at an exercise price of $0.10 per share and 150,000 options at an exercise price of $0.20 per share.

The following is a summary of the Company's options issued and outstanding under the SIP:

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Weighted**<br> **Average**<br> **Exercise**<br> **Price** |
| Outstanding and exercisable at December 31, 2025 | 5995000 | $0.13 |
| Granted | 200000 | 0.77 |
| Exercised | (250000) | 0.16 |
| Outstanding and exercisable at March 31, 2026 | 5945000 | $0.15 |

---

The weighted average remaining contractual term of options outstanding and exercisable at March 31, 2026 was 3.29 years. As of March 31, 2026, the aggregate intrinsic value of options outstanding and exercisable was $3,569,250, based on the Company's closing stock price of $0.75 per share on that date.

------

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

**Forward-Looking Statements**

Certain statements contained in this Form 10-Q, including in Management's Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures About Market Risk, are intended to be covered by the safe harbor provided for under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Our forward-looking statements include our current expectations and projections about future results, performance, results of litigation, prospects and opportunities, including reserves and other mineralization. We have tried to identify these forward-looking statements by using words such as "may," "will," "expect," "anticipate," "believe," "intend," "feel," "plan," "estimate," "project," "forecast" and similar expressions. These forward-looking statements are based on information currently available to us and are expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.

These risks, uncertainties and other factors include, but are not limited to, those set forth under Part I, Item 1A. - Risk Factors in our 2025 Annual Report on Form 10-K and in Part II, Item 1A. - Risk Factors in this Quarterly Report on Form 10-Q. Given these risks and uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to Thunder Mountain Gold, Inc. or to persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. Except as required by federal securities laws, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The following Management's Discussion and Analysis of Financial Condition and Results of Operation ("MD&A") is intended to help the reader understand our financial condition. MD&A is provided as a supplement to, and should be read in conjunction with, our financial statements and the accompanying integral notes ("Notes") thereto. The following statements may be forward-looking in nature and actual results may differ materially.

**Plan of Operations**

The Company, including its subsidiaries, owns mining rights, mining claims, and properties in the mining areas of Nevada and Idaho, which includes its South Mountain Property in Idaho, and its Trout Creek Property in Nevada.

The Company owns 100% of the outstanding stock of Thunder Mountain Resources, Inc., a Nevada Corporation. Thunder Mountain Resources, Inc. owns 100% of the outstanding stock of South Mountain Mines, Inc. (SMMI), an Idaho Corporation. Thunder Mountain Resources, Inc. completed the direct purchase of 100% ownership of South Mountain Mines, Inc. on September 27, 2007, which at the time, consisted of 17 patented mining claims (approximately 327 acres) located in Owyhee County in southwestern Idaho. After the purchase, Thunder Mountain Resources staked an additional 34 unpatented lode claims covering approximately 550 acres and leased approximately 489 acres of private minerals and land. The Company subsequently acquired additional surface and mineral rights, including a 360-acre millsite property, and has continued to expand its land position through additional claim staking, lease agreements, and acquisitions of private mineral lands.

The Company's plan of operation for the next twelve months, subject to available capital and market conditions, will be to continue to advance the South Mountain Project, including continued baseline environmental and engineering work necessary to complete a Preliminary Economic Analysis (PEA). The Company plans to continue to pursue and evaluate options to advance the South Mountain Project and acquire additional properties through partnerships, joint ventures, option agreements, and strategic relationships.

------

**Financial Condition**

**Results of Operations:**

For the three months ended March 31, 2026, the Company incurred a net loss of $590,758, compared to a net loss of $540,300 for the comparable period in 2025. The increase in net loss was primarily attributable to higher exploration expenditures and increased professional fees, partially offset by lower stock-based compensation expense during the current period.

Three-month period comparisons

Operating expenses for the three months ended March 31, 2026 totaled $594,595, an increase of $53,249, or 10%, compared to $541,346 for the prior year period. This increase was primarily attributable to expanded exploration activities and higher legal and accounting expenses, partially offset by lower stock-based compensation expense during the current period.

Exploration expenditures totaled $167,128 for the three months ended March 31, 2026, compared to $67,073 for the same period in 2025, representing an increase of $100,055, or 149%. The increase was driven by expanded exploration efforts related to the advancement of the Company's mineral interests.

Legal and accounting expenses totaled $95,186 for the three months ended March 31, 2026, compared to $45,810 for the same period in 2025, representing an increase of $49,376, or 108%. The increase primarily reflects higher professional service fees associated with financial reporting, regulatory compliance, and ongoing corporate activities.

Management and administrative expenses totaled $332,281 for the three months ended March 31, 2026, compared to $428,463 for the same period in 2025, representing a decrease of $96,182, or 22%. The decrease was primarily attributable to lower stock-based compensation expense recognized during the current period.

**Liquidity and Capital Resources**

The Company is in the exploration stage and has not generated revenues from operations. Accordingly, the Company is dependent upon external financing to fund its operations and advance its exploration activities.

As of March 31, 2026, the Company had cash and cash equivalents of $1,813,057 compared to cash and cash equivalents of $2,592,167 as of December 31, 2025. As of May 05, 2026, the Company had cash and cash equivalents of $1,677,457. Management believes the Company's existing cash resources are sufficient to fund its planned operations for at least the next twelve months.

The Company's future liquidity and capital requirements will depend on many factors, including the timing and cost of its exploration activities, evaluation of strategic alternatives and related decisions, and regulatory requirements. The Company's short-term liquidity needs consist primarily of exploration expenditures, lease payments, salaries, administrative expenses, and required principal and interest payments under the seller-financed promissory note issued in December 2025. Longer-term liquidity requirements include potential construction and equipment costs if the Company is able to advance its mining project toward production.

If the Company does not have sufficient cash to complete its exploration programs, it intends to seek additional funding through equity or debt financings or adjust its business plans accordingly. The Company may also consider alternative sources of funding, including potential mergers, asset sales, or additional agreements related to its exploration properties.

During the three months ended March 31, 2026, the Company used net cash in operating activities of $607,786, compared to net cash used in operating activities of $247,613 for the same period in 2025. The increase in cash used in operating activities during the current period was primarily attributable to higher operating expenditures associated with expanded exploration activities and increased professional fees.

------

During the three months ended March 31, 2026, net cash used in investing activities was $211,324, compared to no investing activity during the same period in 2025. Investing activity in the current period consisted of expenditures related to the acquisition of mineral properties.

During the three months ended March 31, 2026, net cash provided by financing activities was $40,000, compared to $130,000 for the same period in 2025. Financing activities during the current period consisted of proceeds from the exercise of stock options, while the prior period included proceeds from the issuance of common stock and warrants.

The Company experienced a net decrease in cash and cash equivalents of $779,110 for the three months ended March 31, 2026, compared to a net decrease of $117,613 for the same period in 2025.

**Going Concern**

The condensed consolidated financial statements included in this Form 10-Q have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities in the normal course of business.

The Company is in the exploration stage and has not generated revenues from operations. As of the date of this report, management believes the Company has sufficient cash to meet its normal operating requirements for at least the next twelve months. However, the Company's ability to continue to advance its exploration activities is dependent on its ability to obtain additional financing.

The Company plans, as funding allows, to continue advancing its South Mountain Project and to conduct exploration activities on its mineral properties. The extent and timing of these activities will depend on the availability of capital.

There can be no assurance that additional financing will be available on acceptable terms, or at all. If additional financing is not obtained, the Company may be required to reduce or delay its exploration activities and other expenditures in order to conserve cash and maintain its mineral property interests.

**Contractual Obligations**

The Company holds several leases pertaining to land parcels adjacent to its South Mountain patented and unpatented mining claims. The details of these leases are as follows:

***Lowry Lease:***

On October 24, 2008, the Company executed a lease agreement with William and Nita Lowry for a duration of 6 years, encompassing 376 acres at a rate of $20 per acre. The lease incorporated an option to extend for an additional 10 years at a revised rate of $30 per acre. Following the passing of the original lessors, the lease was inherited by Michael Lowry, their son. Commencing October 24, 2025, the Company executed an extension to the lease agreement with Michael Lowry for an additional 21 years, through October 24, 2046. Under the amended lease agreement, the annual rental payments for the first seven years increased to $40 per acre. The rental rate increases to $50 per acre for the second seven-year period and to $60 per acre for the final seven-year period*.*

***Looten Lease:***

On June 2, 2025, the Company executed a lease agreement with Kevin and Jo Looten for an initial term of 7 years, encompassing 18 acres at a rate of $30 per acre. The lease incorporates an option to extend for an additional 10 years at a revised rate of $40 per acre.

***Lequerica & Sons Lease:***

On August 22, 2025, the Company executed a lease agreement with Lequerica & Sons, Inc. for an initial term of 7 years, encompassing 432 acres at a rate of $30 per acre. The lease incorporates an option to extend for an additional 7 years at a revised rate of $40 per acre. The lease agreement also contains a right of first refusal in favor of the Company with respect to the underlying property, exercisable upon a proposed sale by the lessor.

------

***OGT, LLC:***

SMMI is the sole manager of the South Mountain Project in its entirety through a separate Mining Lease with Option to Purchase ("Lease Option") with the Company's majority-owned subsidiary OGT. SMMI has an option to purchase the South Mountain mineral interest for a capped $5 million less net returns royalties paid through the date of exercise. The Lease Option expires in November 2026. Under the Lease Option, SMMI paid annual $5,000 net returns royalty payments to OGT through November 2025. The final $5,000 payment was made in November 2025, and no further payments are required under this arrangement.

***Idaho State Mineral Lease:***

In March 2026, the Company was awarded mineral lease rights on approximately 3,500 acres of Idaho state land through a competitive auction process and submitted a winning bid of $210,000. In connection with the proposed lease, the Company also paid 2026 lease rent of $10,495 and a minimum annual royalty of $10,000.

As of March 31, 2026, the lease was subject to final approval by the Idaho State Land Board and had not yet been formally executed. Upon execution, the lease is expected to have a 20-year term and require ongoing annual lease payments and minimum royalty obligations to maintain the lease in good standing.

The leases and net royalty payments are summarized in the following table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Contractual obligations** | &nbsp;&nbsp;**Payments due by period** | &nbsp;&nbsp;**Payments due by period** | &nbsp;&nbsp;**Payments due by period** | &nbsp;&nbsp;**Payments due by period** | &nbsp;&nbsp;**Payments due by period** |
| &nbsp;&nbsp;**Contractual obligations** | &nbsp;&nbsp;**Total\*** | &nbsp;&nbsp;**Less than<br>1 year** | &nbsp;&nbsp;**2-3<br>years** | &nbsp;&nbsp;**4-5<br>years** | &nbsp;&nbsp;**More than<br>5 years** |
| &nbsp;&nbsp;Lowry Lease (yearly, October) <sup>(1)</sup> | &nbsp;&nbsp;$315840 | &nbsp;&nbsp;$15040 | &nbsp;&nbsp;$30080 | &nbsp;&nbsp;$30080 | &nbsp;&nbsp;$240640 |
| &nbsp;&nbsp;Kevin and Jo Looten Trust | &nbsp;&nbsp;$3780 | &nbsp;&nbsp;$540 | &nbsp;&nbsp;$1080 | &nbsp;&nbsp;$1080 | &nbsp;&nbsp;$1080 |
| &nbsp;&nbsp;Lequerica & Sons Lease | &nbsp;&nbsp;$90720 | &nbsp;&nbsp;$12960 | &nbsp;&nbsp;$25920 | &nbsp;&nbsp;$25920 | &nbsp;&nbsp;$25920 |
| &nbsp;&nbsp;Idaho State Lease <sup>(2)</sup> | &nbsp;&nbsp;$20495 | &nbsp;&nbsp;$20495 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;$430835 | &nbsp;&nbsp;$49035 | &nbsp;&nbsp;$57080 | &nbsp;&nbsp;$57080 | &nbsp;&nbsp;$267640 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The amounts presented above reflect the current annual rental rates in effect as of December 31, 2025, and do not reflect scheduled future increases in rental rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents annual lease rent and minimum royalty payments associated with the Idaho State mineral lease awarded in March 2026. The lease is subject to final approval by the Idaho State Land Board and had not been formally executed as of March 31, 2026. Future payments beyond the current period are dependent upon final lease execution and annual renewal.

**Significant Accounting Policies**

Our significant accounting policies are disclosed in Note 1 to the accompanying financial statements.

**Off Balance Sheet Arrangements**

As of March 31, 2026, we have no off-balance sheet arrangements.

**Item 3. Quantitative and Qualitative Disclosures about Market Risk**

As a smaller reporting company as defined in Rule 12b-2 under the Exchange Act, the Company is not required to provide the information required by this item.

**Item 4. Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures** 

At the end of the period covered by this report, an evaluation was carried out under the supervision of, and with the participation of, the Company's management, including our principal executive and principal financial officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended).

------

Based on that evaluation, our principal executive and principal financial officer has concluded that, as of March 31, 2026, the Company's disclosure controls and procedures were effective in ensuring that information required to be disclosed by the Company in reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms.

**Changes in Internal Controls Over Financial Reporting** 

There were no changes in the Company's internal control over financial reporting during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

**PART II - OTHER INFORMATION**

**Item 1. Legal Proceedings.**

We are not aware of any material pending litigation or of any proceedings known to be contemplated by governmental authorities which are, or would be, likely to have a material adverse effect, individually or in the aggregate, upon us or our operations, taken as a whole. No director, officer or affiliate of Thunder Mountain and no owner of record or beneficial owner of more than 5% of our securities or any associate of any such director, officer or security holder is a party adverse to Thunder Mountain or has a material interest adverse to Thunder Mountain in reference to any currently pending material litigation.

**Item 1A. Risk Factors.**

Factors that could cause our actual results to differ materially from those in this Quarterly Report on Form 10-Q include the risk factors described in the Company's 2025 Annual Report on Form 10-K. Any of these risk factors could result in a significant or material adverse effect on the Company's business, financial condition and/or results of operations. Additional risks and uncertainties currently unknown to us, or that we currently deem to be immaterial, also may materially adversely affect our business, financial condition, or future results. As of the date of this Quarterly Report on Form 10-Q, there have been no material changes to the risk factors disclosed in the Company's 2025 Annual Report on Form 10-K, other than as set forth below.

Mineral resources are subject to further exploration and development, are subject to additional risks, and no assurance can be given that they will eventually convert to future reserves. Inferred Resources have a great amount of uncertainty as to their existence and their economic and legal feasibility. Mineral interests are periodically assessed for impairment of value and any subsequent losses are charged to operations at the time of impairment. Thunder Mountain Gold evaluated these impairment considerations and determined that no such impairments occurred as of March 31, 2026.

**Risks Related to Our Company** 

***We have a history of losses and expect to continue to incur losses in the future.***

We have incurred losses since inception and expect to continue to incur losses in the future. We had an accumulated deficit of approximately $11,220,236 as of March 31, 2026. We expect to continue to incur losses unless and until such time as one of our properties enters into commercial production and generates sufficient revenues to fund continuing operations. We recognize that if we are unable to generate significant revenues from mining operations and dispositions of our properties, we will not be able to earn profits or continue operations. At this early stage of our operation, we also expect to face the risks, uncertainties, expenses, and difficulties frequently encountered by companies at the start-up stage of their business development. We cannot be sure that we will be successful in addressing these risks and uncertainties and our failure to do so could have a materially adverse effect on our financial condition.

------

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

There were no unregistered sales of equity securities by the Company during our fiscal quarter ended March 31, 2026, other than those disclosed below and reported in Current Reports on Form 8-K.

During the three months ended March 31, 2026, the Company received proceeds of $40,000 from the exercise of 250,000 stock options, including 100,000 options at an exercise price of $0.10 per share and 150,000 options at an exercise price of $0.20 per share.

The above-described sale and issuance of common shares was not registered under the Securities Act of 1933, as amended ("Securities Act"), or the securities laws of any state, are subject to resale restrictions and may not be offered or sold in the United States absent registration under the Securities Act or an exemption therefrom. The foregoing sale of securities has been determined to be exempt from registration in reliance on Section 4(a)(2) of the Securities Act as transactions by an issuer not involving a public offering.

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures**

Pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act"), issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities.

The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Act and Item 104 of Regulation S-K is included in exhibit 95 to this Quarterly Report.

During the three months ended March 31, 2026, the Company did not have any operating mines and therefore had no such specified health and safety violations, orders or citations, related assessments or legal actions, mining-related fatalities, or similar events in relation to the Company's U.S. operations requiring disclosure pursuant to Section 1503(a) of the Dodd-Frank Act.

**Item 5. Other Information**

------

During our fiscal quarter ended March 31, 2026, none of our directors or executive officers adopted , modified or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement" as defined in Item 408(c) of Regulation S-K.

**Item 6. Exhibits**

Documents which are filed as a part of this report:

<u>Exhibits</u>:

---

| | |
|:---|:---|
| [31.1\*](exhibit31-1.htm) | [Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](exhibit31-1.htm) |
| [32.1\*](exhibit32-1.htm) | [Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](exhibit32-1.htm) |
| [95\*](exhibit95.htm) | [Mine safety information listed in Section 1503 of the Dodd-Frank Act.](exhibit95.htm) |
| 101.INS\* | Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document |
| [101.SCH\*](thmg-20260331.xsd) | [Inline XBRL Taxonomy Extension Schema Document](thmg-20260331.xsd) |
| [101.CAL\*](thmg-20260331_cal.xml) | [Inline XBRL Taxonomy Extension Calculation Linkbase Document](thmg-20260331_cal.xml) |
| [101.DEF\*](thmg-20260331_def.xml) | [Inline XBRL Taxonomy Extension Definition Linkbase Document](thmg-20260331_def.xml) |
| [101.LAB\*](thmg-20260331_lab.xml) | [Inline XBRL Taxonomy Extension Label Linkbase Document](thmg-20260331_lab.xml) |
| [101.PRE\*](thmg-20260331_pre.xml) | [Inline XBRL Taxonomy Extension Presentation Linkbase Document](thmg-20260331_pre.xml) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\* Filed herewith.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **THUNDER MOUNTAIN GOLD, INC.** | **THUNDER MOUNTAIN GOLD, INC.** |
| Date: May 12, 2026 | By: | /s/ Eric T. Jones |
|  | Name: | Eric T. Jones |
|  | Title: | President and Chief Executive Officer |
|  |  | Principal Financial Officer |
|  |  | (Principal Executive Officer and Principal<br>Financial and Accounting Officer) |

---

------

## Exhibit 31.1

------

**Exhibit 31.1**

**CERTIFICATION**

I, Eric T. Jones, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Thunder Mountain Gold, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects, the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 12, 2026<br>

---

| | |
|:---|:---|
| By: | /s/ Eric T. Jones |
|  | President, Director and Chief Executive Officer |
|  | Principal Financial Officer |
|  | (Principal Executive Officer and Principal Financial and Accounting Officer) |

---

A signed original of this written statement has been provided to the registrant and will be retained by the registrant to be furnished to the Securities and Exchange Commission or its staff upon request.

------

## Exhibit 32.1

------

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the quarterly report of Thunder Mountain Gold Inc., (the "Company") on Form 10-Q for the period ending March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Eric T. Jones, President, Director and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| By | /s/ Eric T. Jones |
| Eric T. Jones | Eric T. Jones |
| President, Director and Chief Executive Officer | President, Director and Chief Executive Officer |
| Principal Financial Officer | Principal Financial Officer |
| (Principal Executive Officer and Principal Financial and Accounting Officer) | (Principal Executive Officer and Principal Financial and Accounting Officer) |

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Date: May 12, 2026

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## Ex-95

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<u>Mine Safety Disclosures</u>

Our mines are operated subject to the regulation of the Federal Mine Safety and Health Administration ("MSHA"), under the Federal Mine Safety and Health Act of 1977 (the "Mine Act"). In July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") was signed into law, and amended in December 2011. When MSHA believes a violation of the Mine Act has occurred, it may issue a citation for such violation, including a civil penalty or fine, and the mine operator must abate the alleged violation.

As required by the reporting requirements of the Dodd-Frank Act, as amended, the table below presents the following information for the quarter ending March 31, 2026.

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Mine | Section<br>104 S&S<br>Violations | Section<br>104(b)<br>Orders | Section<br>104(d)<br>Citations<br>and<br>Orders | Section<br>110(b)(2)<br>Violations | Section 107(a)<br>Orders | Total Dollar<br>Value of<br>MSHA<br>Assessments<br>Proposed | Total<br>Number<br>of Mining<br>Related<br>Fatalities | Received<br>Notice of<br>Pattern<br>of<br>Violations<br>Under<br>Section<br>104(e) | Received<br>Notice of<br>Potential<br>to have<br>Patterns<br>Under<br>Section<br>(c) | Legal<br>Actions<br>Pending<br>as of<br>Last<br>Day of<br>Period | Legal<br>Actions<br>Initiated<br>During<br>Period | Legal<br>Actions<br>Resolved<br>During<br>Period |
| &nbsp;&nbsp;South Mountain Project | 0 | 0 | 0 | 0 | 0 | $0 | 0 | no | no | 0 | 0 | 0 |
| &nbsp;&nbsp;Trout Creek Project | 0 | 0 | 0 | 0 | 0 | $0 | 0 | no | no | 0 | 0 | 0 |

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