Thunder Mountain Gold INC: directors' dealings · United States · SEC (Form 4)

About Thunder Mountain Gold INC

Thunder Mountain Gold Inc. is a U.S.-based junior mining and exploration company with shares quoted on the OTCQB under the symbol THMG and also on the TSX Venture Exchange in Canada. Although the user requested a NYSE/NASDAQ framing, the latest public filings indicate the company is not currently listed on NYSE or NASDAQ. The operating base is Boise, Idaho, United States. Founded in 1935, Thunder Mountain Gold has long been positioned as an early-stage metals explorer focused on advancing district-scale opportunities in the western United States rather than generating current operating mine cash flow. The company’s core asset is the South Mountain Project in Owyhee County, Idaho, located on private land. South Mountain is a historic former Anaconda development with a polymetallic profile that includes zinc, silver, gold, lead, and copper. Thunder Mountain Gold also owns 100% of the Trout Creek Project, a gold exploration property on the western flank of the Shoshone Mountain Range in Nevada’s Reese River Valley. That project sits in a highly prospective area adjacent to and surrounded by Nevada Gold Mines, the Barrick-Newmont joint venture, which gives the asset a favorable geological setting even though it remains very much an exploration-stage story. From a competitive standpoint, THMG is best understood as a small-cap optionality vehicle. Its value proposition is tied less to present production metrics and more to exploration success, permitting progress, engineering work, and the ability to attract non-dilutive or semi-dilutive project capital. In its latest filings, management said it intends to continue advancing South Mountain through baseline environmental and engineering work needed to complete a Preliminary Economic Analysis or Initial Analysis. That is a critical milestone because it can re-rate an exploration name toward development-stage valuation if the technical work supports it. A major recent development was the September 2025 agreement with MFD Investment Holdings SA to implement a small-scale production framework at South Mountain. Under that arrangement, MFD can earn a 10% interest by funding defined exploration expenditures, and it will fund 100% of the qualifying capital required to advance to small-scale production, while Thunder Mountain Gold serves as operator. Revenue-sharing mechanics are also set out in the agreement, making this a meaningful de-risking step if permitting and budgets are ultimately approved. Another important theme is financing. The company closed a US$1.2 million private placement in May 2025 and a further US$2.5 million private placement in October 2025, both intended to support South Mountain technical work and working capital. Thunder Mountain Gold also updated governance controls in 2025, including insider trading and clawback policies. For investors, the story is a classic junior mining profile: high technical leverage, meaningful jurisdictional advantages in the United States, but also financing and execution risk typical of pre-production mining companies.