Thistle Resources

The Bathurst Mining Camp is one of the world’s established volcanogenic massive sulphide (VMS) districts. According to the company, the camp hosts more than 95 occurrences and 46 deposits with over 475 million tonnes of identified resources, 25 of those deposits exceed 1 million tonnes, and new discoveries have averaged 1.5 per year since 1960. Its anchor, the Brunswick #12 mine, produced 136.6 million tonnes of ore between 1964 and 2013. Average camp grades are 0.64% copper, 1.78% lead, 4.72% zinc, 51 g/t silver and 0.54 g/t gold. The region is served by highway, rail and the deep-water port at Belledune.

At Middle River Gold, the existing zone returned 1.70 g/t gold over 38.3 metres and 2.85 g/t over 27.1 metres in Program #1. Program #2 returned 1.26 g/t over 33.0 metres and 1.59 g/t over 23.52 metres, with higher-grade intervals including 14.58 g/t over 3.38 metres. In June 2026, certified assays from hole 21TRC-AU007, collared in the northeast extension of the trend, returned 1.65 g/t gold over 20.71 metres, including 3.36 g/t over 7.82 metres. Intervals are core lengths unless otherwise stated. EarthEx and Abitibi Geophysics, working independently, both identified a mineralized fold trend of at least 7 km, of which the drilled zone represents about 400 metres. More than 50 drill target centres have been defined and drill permits received, although these remain untested geophysical targets. An induced polarization survey also outlined an untested, high-chargeability zone at around 400 metres depth, which the company describes as among the strongest chargeability readings in the camp, and the parallel SIP zone remains poorly explored.

The Brunswick Antimony Project, 500 metres from the Brunswick #12 mine, adds exposure to antimony, a critical mineral used in defence applications and flame retardants. China is the world’s largest producer and has applied export controls since 2024. The system has never been drilled. Earlier trench sampling returned up to 10.3% antimony and 884 g/t silver with 2.93% antimony, and a separate sample returned 2.32 g/t gold and 1,300 g/t silver. Thistle’s 2026 trench program along the granite–sediment contact returned certified assays of up to 14.40% antimony with 1.99 oz/t silver, and 236 g/t silver with 4.24% antimony. These are selective samples and may not be representative of the mineralization. In September 2026 Thistle staked the Brunswick East claims, nearly doubling the project to 59.18 km². Celtic Highlands offers early-stage gold exposure next to Transition Metals’ Highland Gold Project, with more than 40 recorded gold occurrences and company samples up to 6.83 g/t gold and 92 g/t silver. Mineralization on neighbouring properties is not necessarily indicative of mineralization on Thistle’s projects.

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President and CEO Patrick J. Cruickshank holds an MBA from the Schulich School of Business. He spent more than 20 years in wealth management at Merrill Lynch, Legg Mason and Citigroup Capital Markets, focused on funding growth companies. Since 2012 he has worked in private equity, building companies from inception to exit, and he has been CEO of Fiddlehead Mining Corp. since 2019. He is also CEO and a director of Nine Mile Metals Ltd. (CSE: NINE), and sits on the boards of several private companies, including Royal Stewart Resources and Bathurst Metallic Corp, both active in the Bathurst Mining Camp.

Technical leadership rests with Gary Lohman, COO, VP Exploration and a director, a University of Toronto geology graduate with more than 40 years in precious and base metal exploration across the Americas, including VMS, porphyry and IOCG deposit types. CFO and Corporate Secretary Remantra (Anup) Sheopaul, CPA, works with Marrelli Support Services and serves as CFO to several TSX Venture and CSE issuers. Jonathan Holmes, Director of Corporate Development and a director, has worked with more than 200 listed companies across Canada, Australia and the United Kingdom on capital markets and investor relations, including more than 15 years with the Investing News Network, and is also President and a director of Nine Mile Metals.

The board includes Kevin Hicks, a 38-year Halliburton veteran who chairs Have Blue Capital Corp., a New Brunswick investor in junior mining. It also includes Rocco Racioppo, a professional engineer who co-founded Atikokan Resources and later served as CEO and a director of St. Davids Capital. Mike Dufresne, founder and President of APEX Geoscience, serves on the technical advisory team. He was part of the teams behind the George-Goose Lake, Three Bluffs and Perseverance gold discoveries, and APEX has worked on the Chester deposit within the Bathurst camp. Insiders are significant shareholders: at the closing of the reverse takeover, Cruickshank held about 23.9% and Lohman about 13.3% of the outstanding shares.

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The near-term focus is expanding Middle River Gold. A 3,000 m Phase 3 diamond drill program began on September 3, 2026, designed to expand the footprint of the Upper Zone, test the system at depth and test new targets on the flanks, and assays are pending. Beyond Phase 3, the inventory of more than 50 target centres along the 7 km trend, the untested deep chargeability zone and the SIP zone provides scope for follow-up drilling. Management’s stated objective is to test the trend for a district-scale gold system, although no mineral resource has been defined and it is uncertain whether further exploration will result in one. Phase 3 assays are the next measurable catalyst.

Brunswick Antimony is the second active program. The 2026 trenching, mapping and channel sampling along the granite–sediment contact is intended to guide a maiden drill program, and the newly staked Brunswick East ground will be included in the 2027 program. At Middle River VMS, drone magnetics and time-domain electromagnetic surveys over a 3 km magnetic trend are intended to refine four conductor targets through Maxwell plate modelling, with Target #4 ranked highest priority, and drilling is planned for 2027. Work at Celtic Highlands and Alba Forks is also scheduled for 2027. In the wider district, the New Brunswick government in October 2026 signed an exclusive exploration agreement with Avenir Minerals, an Agnico Eagle subsidiary, covering the former Lake George antimony mine, once North America’s largest primary antimony producer. Thistle has no interest in Lake George.

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Thistle raised gross proceeds of $3.42 million in a private placement that closed alongside its reverse takeover in April 2026. The financing comprised 8,673,107 units at $0.20 and 6,750,000 flow-through units at $0.25, each with a warrant exercisable at $0.30 until April 29, 2028. As a result, cash rose to $2.68 million at June 30, 2026, from $0.30 million at the end of 2025, and working capital stood at about $1.21 million.

The flow-through financing commits the company to $1.69 million of eligible Canadian exploration spending by December 31, 2027, which directs a large share of the new capital to field work. Amounts due to shareholders total $1.55 million, mostly deferred management fees, and $1.47 million of this carries 3% interest with maturities extended to June 30, 2027. The six-month net loss of $1.85 million includes a one-time, non-cash listing expense of $1.18 million related to the transaction.

As of July 7, 2026, the company had 60,658,093 shares outstanding and 17,428,908 warrants and options, for 78,087,001 shares on a fully diluted basis. Full exercise of the $0.30 warrants would bring in about $4.6 million. Around 27.7 million shares were held in escrow under TSX Venture policies, with staged releases every six months.

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• Commodity Price Volatility: Thistle’s projects target gold, silver, copper, lead, zinc and antimony, and prices for these metals can be volatile. Gold and silver have traded at historically high levels in 2026, and antimony prices have been driven by Chinese export controls, including a ban on exports to the United States that is currently suspended until November 2026. A price decline or a change in Chinese policy could affect project value and the company’s ability to raise capital. The portfolio’s spread across precious metals, VMS base metals and antimony reduces reliance on any single commodity.

• Regulatory and Permitting Risks: Exploration and any future development depend on permits from authorities in New Brunswick and Nova Scotia, which may not be granted on expected timelines. The company has received drill permits for the Middle River Gold targets. New Brunswick released a Comprehensive Minerals Strategy in March 2026, and its new Mineral Resources Act, aimed at streamlining approvals, received Royal Assent in June 2026.

• Technical and Operational Risks: No mineral resource has been defined, and much of the targeting at Middle River rests on geophysical interpretation that drilling may not confirm. The Brunswick Antimony results come from selective surface sampling only. Historical drill results on the company’s projects have not been independently verified by its Qualified Person, who is not independent of the company. EarthEx and Abitibi Geophysics independently identified the same 7 km trend at Middle River. Independent NI 43-101 reports have been completed on Middle River Gold and Celtic Highlands, and APEX Geoscience provides technical advisory support.

• Environmental and Social Risks: Exploration is subject to environmental laws and regulations. The company uses drone surveys to reduce ground disturbance, employs local workers, and engages with local communities and government.

• Financing Risk: Like other exploration-stage companies, Thistle will need further financing to advance its projects. Its position strengthened with the $3.42 million raise in April 2026, the $1.69 million flow-through commitment directs capital to exploration through 2027, and the extension of most shareholder loans to June 30, 2027 reduces near-term obligations. Warrant exercises offer a further potential source of funds, and the CEO’s capital markets background is relevant to future raises.

• Execution Risk: Advancing five projects across two provinces requires careful allocation of a small team’s time and capital, and several officers also hold roles at other companies, including Nine Mile Metals. Thistle manages this by sequencing its work. Middle River Gold drilling and Brunswick Antimony trenching are the only active programs in 2026, with Middle River VMS drilling and work at Celtic Highlands, Alba Forks and Brunswick East following in 2027. The company also draws on outside expertise, including APEX Geoscience for technical advisory support and EarthEx and Abitibi Geophysics for targeting. The flow-through commitment, which must be spent by December 31, 2027, sets a defined timeline for delivering the exploration program.

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Thistle Resources offers early-stage exposure to gold and antimony in the Bathurst Mining Camp, with VMS and Cape Breton gold options behind them, and a team that combines capital markets experience, four decades of exploration geology and significant insider ownership. The core of the case is two flagship projects. At Middle River Gold, wide intercepts sit on a 7 km trend that has been drilled over only a fraction of its length, and independent geophysics supports the target model. Brunswick Antimony is a never-drilled critical minerals project next to the camp’s largest past producer, where certified trench samples have returned up to 14.40% antimony.

The main uncertainties are the absence of a resource estimate and reliance on geophysical and historical data. With $2.68 million in cash at mid-2026 and flow-through funds committed to exploration, the company has capital in place for its near-term work. Assays from the 2026 Middle River Gold Phase 3 drilling, a maiden drill program at Brunswick Antimony and the 2027 VMS drilling are the developments most likely to shape how the market values the company over the next 12 to 18 months.

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