THUNDER MOUNTAIN GOLD INC
For the period ended Jun 30, 2026. Filed Aug 14, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 14, 2026
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-12.
0001062993-26-002527
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-14.
0001062993-26-004378
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 50 previous paragraphs and 59 current paragraphs.
37 unchanged; 11 reworded; 10 added; 2 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
The Company's project activities during the first six months of 2026 focused on land acquisition, continued compilation of historic data and initiation of target drill testing at the South Mountain Project. On April 28, 2026 the Company executed a 20-year mineral lease (Lease) with the Idaho Department of Lands (IDL) covering 3,675 acres of state-owned land adjacent to the Company's South Mountain Mines Property. The lease of IDL lands supplements patented claims and private leased lands currently controlled by the Company and on which exploration activities are focusing.
Current report
A total of over 14,000 acres of mineral rights are now controlled by the Company through private party lease agreements, the lease with the IDL, Bureau of Land Management unpatented claims, and direct ownership of patented claims.
Current report
The project geology consists of interbedded limestone, marble, quartzite and schist units which were intruded by granite-like magmas including a breccia which is known to be enriched in gold (Figure 1). A thin layer of younger basaltic volcanic rocks partially covers the project area. Company geologists believe these cover rocks may obscure mineral deposits from historic discovery without available modern geophysical and geochemical techniques. The project area is now recognized as prospective for massive sulfide deposits, but also for large scale disseminated copper deposits associated with granitic rocks.
Current report
Key results of exploration activities during the second quarter of 2026 include updates to the project geologic map (Figure 1), reprocessing of historic induced polarization/resistivity geophysical data into modern formats, recovery of district-scale rock multi-element geochemical data showing strong anomalous concentrations of silver, zinc, lead, copper, and gold. These anomalies are generally associated with the Laxey marble which is the favored host rock formation for massive sulfide mineralization at South Mountain.
Current report
Exploration targets were refined through ongoing interpretation of 2025 magneto-telluric (MT) data and regional rock geochemistry. During the reporting period, work focused on evaluating potential extensions of massive sulfide mineralization beyond the 800-meter zone of known occurrences (Figure 1), as well as gold and copper potential associated with the gold breccia. Core drilling commenced late in the second quarter.
Current report
Exploration expenditures totaled $741,034 for the three months ended June 30, 2026, compared to $278,889 for the same period in 2025, representing an increase of $462,145, or 166%. The increase primarily reflects expanded exploration activities and continued advancement of the Company's South Mountain Project.
Current report
Six-month period comparisons
Current report
Operating expenses for the six months ended June 30, 2026, totaled $1,609,367, an increase of $168,658, or 12%, compared to $1,440,709 for the same period in 2025. The increase was primarily attributable to increased exploration expenditures and higher legal and accounting costs, partially offset by lower management and administrative expenses.
Current report
Exploration expenditures totaled $908,162 for the six months ended June 30, 2026, compared to $345,962 for the same period in 2025, representing an increase of $562,200, or 163%. The increase primarily reflects expanded exploration activities and continued advancement of the Company's South Mountain Project.
Current report
Legal and accounting expenses totaled $211,363 for the six months ended June 30, 2026, compared to $75,252 for the same period in 2025, representing an increase of $136,111, or 181%. The increase primarily reflects higher professional service fees associated with SEC reporting, financial reporting, regulatory compliance, audit and accounting support, and ongoing corporate governance activities.
Removed paragraphs (2)
Previous report
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.
Previous report
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.
Reworded paragraphs (11)
Previous wording
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.
Current wording
For the three months ended June 30, 2026, the Company reported a net loss of $1,012,310, compared to a net loss of $899,115 for the comparable period in 2025. The increase in net loss of $113,195, or 13%, was primarily attributable to higher exploration and legal and accounting expenses associated with advancing the Company's mineral properties and ongoing corporate activities, partially offset by lower management and administrative expenses, including reduced stock-based compensation expense.
Previous wording
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.
Current wording
Operating expenses for the three months ended June 30, 2026, totaled $1,014,772, an increase of $115,409, or 13%, compared to $899,363 for the same period in 2025. The increase was primarily attributable to increased exploration expenditures and higher legal and accounting costs, partially offset by lower management and administrative expenses, including reduced stock-based compensation expense.
Previous wording
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.
Current wording
Legal and accounting expenses totaled $116,177 for the three months ended June 30, 2026, compared to $29,442 for the same period in 2025, representing an increase of $86,735, or 295%. The increase primarily reflects higher professional service fees associated with financial reporting, SEC compliance, audit and accounting support, and other ongoing corporate activities.
Previous wording
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.
Current wording
Management and administrative expenses totaled $157,561 for the three months ended June 30, 2026, compared to $591,032 for the same period in 2025, representing a decrease of $433,471, or 73%. The decrease was primarily attributable to lower stock-based compensation expense recognized during the current period.
Previous wording
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.
Current wording
As of June 30, 2026, the Company had cash and cash equivalents of $1,105,279, compared with $2,592,167 as of December 31, 2025. As of August 7, 2026, the Company had cash and cash equivalents of $3,390,680. This amount includes approximately $2.8 million of subscription proceeds received in connection with an additional tranche of the private placement described in Note 9, which had not closed as of the date of this report, as well as $50,000 collected in July 2026 on the subscription receivable related to the Company's October 2025 private placement. Management believes the Company's existing cash resources are sufficient to fund its planned operations for at least the next twelve months.
Previous wording
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.
Current wording
During the six months ended June 30, 2026, the Company used net cash in operating activities of $1,236,639, compared to net cash used in operating activities of $690,493 for the same period in 2025. The increase in cash used in operating activities during the current period was primarily attributable to higher exploration expenditures, increased professional fees, and changes in working capital, including higher prepaid expenses and other assets, partially offset by an increase in accounts payable and other accrued liabilities.
Previous wording
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.
Current wording
During the six months ended June 30, 2026, net cash used in investing activities was $290,249, compared to no investing activity during the same period in 2025. Investing activities during the current period consisted primarily of expenditures related to the acquisition of mineral properties and claim staking, as well as a collateral bond deposit associated with the Idaho State mineral lease.
Previous wording
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.
Current wording
During the six months ended June 30, 2026, net cash provided by financing activities was $40,000, compared to $1,270,000 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.
Previous wording
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.
Current wording
The Company experienced a net decrease in cash and cash equivalents of $1,486,888 for the six months ended June 30, 2026, compared to a net increase of $579,507 for the same period in 2025.
Previous wording
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.
Current wording
In March 2026, the Company was awarded mineral lease rights on 3,675 acres of Idaho state land through a competitive auction process and submitted a winning bid of $210,000. In connection with the lease, the Company paid 2026 lease rent of $10,495 and a minimum annual royalty of $10,000. The lease was executed on April 28, 2026, has an initial 20-year term, and requires annual lease payments and minimum royalty obligations to maintain the lease in good standing.
Previous wording
(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.
Current wording
(2) Represents annual lease rent and minimum royalty payments associated with the Idaho State Mineral Lease awarded in March 2026 and executed on April 28, 2026.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Management and administrative expenses totaled $489,842 for the six months ended June 30, 2026, compared to $1,019,495 for the same period in 2025, representing a decrease of $529,653, or 52%. The decrease was primarily attributable to lower stock-based compensation expense recognized during the current period.