Thistle Resources Inc. · TSXV:TRCG
Thistle Resources — Investor Presentation (May 2026)
59 slides from Thistle Resources's investor presentation, May 5, 2026
Slide 1: Precious Metals & Critical Minerals Exploration
MAY 5, 2026 Precious Metals & Critical Minerals Exploration Bathurst Mining Camp, New Brunswick, Canada Cape Breton Highlands, Nova Scotia, Canada CORPORATE PRESENTATION t h i s t l e r e s o u r c e s .c o m TSXV: TRCG
Slide 2: Forward-Looking Statements
Forward-Looking Statements Forward-Looking Statements Disclosure: No Assurance: This presentation contains "forward-looking information" within the meaning of applicable Canadian Readers are cautioned that the assumptions used in the preparation of forward-looking securities legislation. This includ
Slide 3: Advancing Precious Metals and Critical Minerals Exploration
Advancing Precious Metals and Critical Minerals Exploration Thistle Resources is a dynamic Canadian junior exploration company strategically focused on the discovery and development of base and precious metals within two prolific regions: the Bathurst Mining Camp in New Brunswick and the Cape Breton
Slide 4: Strategic Location - Bathurst Mining Camp
Strategic Location - Bathurst Mining Camp A premier mining district globally recognized for excellence, the Bathurst Mining Camp (BMC) was voted the #2 best mining jurisdiction in Canada and #8 in the world. Key Highlights Extensive Mineral Deposits: The Bathurst Mining Camp is renowned for its abun
Slide 5: Project Portfolio
Middle River VMS Project Project Portfolio VMS Horizon, linked to the prolific Brunswick Antimony Project Brunswick #6 & #12 deposits, lies along 5 KEY PROJECTS DRIVING EXPLORATION & GROWTH the eastern flank of the Tetagouche Newly identified, never-drilled high- Group. grade Au-Ag-Sb system just 50
Slide 6: Thistle's Project Claims
Thistle’s Project Claims Geology map of Thistle’s project claims Conductivity map of Thistle’s project claims thistleresources.com | 6
Slide 7: Neighbours of Thistle
Neighbours of Thistle Wolfden Resource Corp: Specializes in high-grade Royal Stewart Resources: Maintains a diversified base metal exploration & mineral exploration development. portfolio. Surrounded by good Company, a tribute to the prolific nature of the region. Region Highlights: Proven Success -
Slide 8: Why Invest in Critical Minerals (VMS)?
Why Invest in Critical Minerals (VMS)? A PUSH FOR RENEWABLE ENERGY? Copper has seen the quickest demand growth thanks to the push for As the world shifts its view toward renewable energy, demand for the critical minerals found in Volcanic Massive Sulphides (VMS) will reach Cu renewable energy, with
Slide 9: The Gold Bull Market
The Gold Bull Market KEY MARKET DRIVERS Gold has been on an upswing for many reasons, recently hitting an all- time high of $5,589.38/oz. (USD - cbsnews.com, 2026) Inflation: Gold has been used as a hedge against inflation and economic uncertainty, historically performing well during times of politi
Slide 10: Copper Reaches All-Time High
Copper Reaches All-Time High RESTRICTED SUPPLY AND HIGHER DEMAND? COPPER PRICE PER POUND (USD) As China tightens its exports of copper, heightened demand for the renewable energy metal with continue to push the price to new heights. Let’s dive deeper into some of the factors: Copper prices have alwa
Slide 11: Silver On the rise
Silver On the rise AN UNDER THE RADAR CLIMB? With tariffs and economic uncertainty looming, silver provides an SILVER PRICE PER OUNCE (USD) alternative to gold as a safe-haven metal. This, combined with an expected shortage in stock in the coming months, silver has room to run. Silver prices have lo
Slide 12: An Antimony Bull Run
An Antimony Bull Run THE BEGINNING OF A NEW CRAZE As China clamps down on exports, antimony is stepping out of obscurity and into the spotlight. With its role in defense, tech, and energy security growing fast, and few players able to fill the gap, this overlooked metal is looking like a breakout st
Slide 13: Thistle Resources Inc. - A Geologist's Take
Thistle Resources Inc. - A Geologist’s Take Thistle Resources is a dynamic Canadian junior exploration company strategically focused on Gold-Silver & Critical Minerals in the World Famous BMC. Our aim is to prove over 2 million oz Au at our flagship Middle River Gold Deposit over the 7km identified
Slide 14: Project: Middle River Gold
PROJECT: MIDDLE RIVER GOLD The Middle River Gold Project stands out for its structurally controlled gold mineralization hosted within the altered sediments and volcanics of the Canoe Landing Lake Formation. thistleresources.com | 14
Slide 15: PROJECT: Middle River Gold
PROJECT: Middle River Gold KEY HIGHLIGHTS High-Grade Gold Intercepts: Wide, high-grade gold intercepts up to 1.70 g/t over 38.3 meters. Additional intercepts include 3.47 g/t over 17.6 meters and 2.41 g/t over 18.2 meters. Exploration Extent: Modeling of the magnetics has traced the sinuous host str
Slide 16: PROJECT: Middle River Gold
PROJECT: Middle River Gold 07 05 08 06 thistleresources.com | 16
Slide 17: Middle River Gold - "S-Trend"
Middle River Gold - “S-Trend” EARTHEX GEOPHYSICAL SOLUTIONS ADVANCED PROPRIETARY TECHNOLOGY. Advanced Proprietary Algorithms EarthEx reprocessed existing MegaTEM and Aerodat Magnetic Data, utilizing advanced proprietary algorithms to identify and confirm the 7km mineralized “S-Trend” (shown in blue)
Slide 18: Middle River Gold - Mineralized Folds Trend
Middle River Gold - Mineralized Folds Trend ABITIBI GEOPHYSICS ORION IP SURVEY RESULTS. Abitibi Geophysics identified (5) new, untested mineralized folds, depicted in Abitibi Geophysics IP survey identifies new, untested, high-chargeability yellow channels. These channels correlate directly to and s
Slide 19: Middle River Gold - A Unique View of Our Drilling
Middle River Gold - A Unique View of Our Drilling DDH CROSS-SECTIONS WITH ASSAY ZONES. Upper zone (surface to 130m) New lower zone at 400m + (untested) highest chargeability readings in eastern BMC Higher grade Au assay intervals denoted by yellow bars, up to 14.58 g/t Au over 3.38 meters, and 1.40
Slide 20: Middle River Gold - Next Steps (Drill Program Targets)
Middle River Gold - Next Steps (Drill Program Targets) EARTHEX & ABITIBI GEOPHYSICAL TARGET CENTERS OVER GEOLOGY Abitibi Geophysics identified drill target centers on mineralized folds (depicted in yellow) EarthEx Geophysical Solutions HD - UAV Drone identified structural target centers (depicted in
Slide 21: Middle River Gold Drill Results - Program #1
Middle River Gold Drill Results - Program #1 DRILL HOLE # TARGET BEST INTERSECTION MR-03-001 MRG 2.35 g/t Au over 9.95m MR-03-002 MRG 3.80 g/t Au over 10.0m MR-03-003 MRG 3.47 g/t Au over 17.60m MR-05-004(1) MRG 2.59 g/t Au over 5.35m MR-05-004(2) MRG 0.84 g/t Au over 2.25m MR-05-006 MRG 6.28 g/t Au
Slide 22: Middle River Gold Drill Results - Program #2
Middle River Gold Drill Results - Program #2 DRILL HOLE # TARGET SECTION AU03 MRG 4.04 g/t Au over 12.77m AU03 MRG 5.28 g/t Au over 9.77m AU03 MRG 14.58 g/t Au over 3.38m AU02 MRG 1.64 g/t Au over 21.78m AU02 MRG 2.16 g/t Au over 15.78m AU02 MRG 2.60 g/t Au over 12.93m AU02 MRG 3.00 g/t Au over 6.6m
Slide 23: Middle River Gold Drill Results - Program #2
Middle River Gold Drill Results - Program #2 DRILL HOLE # TARGET SECTION 21TRC-AU005 MRG 0.58 g/t Au over 13.23m 21TRC-AU005 MRG 1.72 g/t Au over 4.33m 21TRC-AU005 MRG 0.48 g/t Au over 9.57m 21TRC-AU005 MRG 1.04 g/t Au over 4.25m 21TRC-AU005 MRG 1.34 g/t Au over 3.25m 21TRC-AU008 MRG 1.59 g/t Au ove
Slide 24: Middle River Gold - Targets
Middle River Gold - Targets 26 targets, including several high-priority targets, have been identified using advanced geophysical techniques, showcasing significant potential for expanding the current gold deposit. The focus is on leveraging Inverse Polarization and Geo Vision 2000 technologies to un
Slide 25: Middle River Gold - Next Steps
Middle River Gold - Next Steps STRATEGIC EXPANSION AND DETAILED EXPLORATION PLANS IDENTIFICATION (Completed 2024) EarthEx Analysis confirmed the relationship between known gold mineralization and magnetics at the Middle River Gold Deposit while also identifying the highly prospective "S-trend”. EXPL
Slide 26: PROJECT: Middle River VMS
PROJECT: MIDDLE RIVER VMS The Middle River VMS Project leverages advanced geophysical techniques and AI-driven analysis to highlight the significant potential along the eastern flank of the property. thistleresources.com | 26
Slide 27: PROJECT: Middle River VMS
PROJECT: Middle River VMS KEY HIGHLIGHTS Geology map of Middle River claims Conductivity map of Middle River claims thistleresources.com | 27
Slide 28: PROJECT: Middle River VMS - Advanced Target Analysis
PROJECT: Middle River VMS - Advanced Target Analysis KEY HIGHLIGHTS Geological Setting and Target Areas: Brunswick Extension: On the eastern flank, a series of strong conductive responses 03 coincides with a 3-km distinct magnetic trend, indicative of massive sulfide mineralization. This trend lies
Slide 29: EarthEx - Advanced Modeling VMS Targets
EarthEx - Advanced Modeling VMS Targets Our work with EarthEx brings state-of-the-art exploration technologies to the Middle River VMS Project. EarthEx's specialized capabilities enable us to conduct highly detailed and effective mineral explorations even in the most challenging environments. FIGURE
Slide 30: Middle River VMS - Next Steps
Middle River VMS - Next Steps STRATEGIC EXPANSION AND DETAILED EXPLORATION PLANS GEOPHYSICS (Summer-Fall 2026) UAVHD Drone magnetics to define geological contacts and subsurface structure on the main VMS anomaly (North section). Time Domain Electro-Magnetics (TDEM) geophysical surveys to identify su
Slide 31: PROJECT: Brunswick Antimony
PROJECT: BRUNSWICK ANTIMONY The Brunswick Antimony Project is a targeted exploration initiative with high-grade gold, silver, and antimony located adjacent to the World-Class Brunswick #12 and #6 Mines, within a system noted for its historical geology and mineral potential. This project aims to syst
Slide 32: PROJECT: Brunswick Antimony
PROJECT: Brunswick Antimony PROPERTY HIGHLIGHTS High Grade Value Metals High-Grade Gold, Silver, and Antimony system present Extreme levels of antimony up to 10.3% Trench Assays (Thistle 2025 Sampling): ALS Labs Certified Assays (Au 2.21 g/t, Ag 884 g/t, Sb 10.3%) 2024 Trench to bedrock followed 125
Slide 33: PROJECT: Brunswick Antimony
PROJECT: Brunswick Antimony Brunswick Antimony Project Area Geology Brunswick Antimony Project Area Magnetic Resistivity thistleresources.com | 33
Slide 34: Brunswick Antimony Assays
Brunswick Antimony Assays THISTLE 2024 TRENCH SAMPLING ASSAYS Gold Silver Silver Arsenic Lead Antimony Antimony Sample (g/t) (g/t) (oz) (ppm) (ppm) (ppm) (%) 280201 0.57 68 2.19 1740 207 840 280202 0.13 89 2.86 671 222 > 5000 3.55 280203 0.29 29 0.93 3160 1060 > 5000 10.3 280204 0.2 333 10.71 1910 1
Slide 35: Brunswick Antimony Assays
Brunswick Antimony Assays AGAT ASSAYS: 9-29-2023 Gold Silver Silver Antimony Sample (g/t) (g/t) (oz) (%) 5945426 0.84 136 3.97 5945427 0.8 10 0.29 5945432 0.15 29 0.85 4.59 5945433 0.23 73 2.13 5945434 0.92 1 0.03 5945435 0.9 7 0.2 5945436 2.32 1,300 37.96 0.26 5944813 0.55 531 15.51 5944814 0.56 37
Slide 36: Brunswick Antimony Assays
Brunswick Antimony Assays 10.3% Antimony 333 g/t Silver 1.37% Antimony thistleresources.com | 36
Slide 37: Brunswick Antimony Assays
Brunswick Antimony Assays 0.63 g/t Gold 0.69 g/t Gold 2.93% Antimony 4320 ppm Arsenic 884 g/t Silver thistleresources.com | 37
Slide 38: PROJECT: Celtic Highlands Gold
PROJECT: CELTIC HIGHLANDS GOLD The Celtic Highlands Gold Project is located within a highly prospective region in Nova Scotia, encompassing an area of approximately 75km². This project stands out due to its numerous gold occurrences and its proximity to significant ongoing exploration activities, hi
Slide 39: PROJECT: Celtic Highlands Gold
PROJECT: Celtic Highlands Gold KEY HIGHLIGHTS Rich Gold Occurrences: Extensive Gold Presence: Over 40 gold occurrences have been recorded from sampled boulders and exposed bedrock throughout the area adjacent to and within Thistle’s claims. High-Grade Potential: The proximity to Transition Metals’ H
Slide 40: Celtic Highlands Gold Assays
Celtic Highlands Gold Assays TRENCH SAMPLE GOLD(g/t) SILVER (g/t) TUNGSTEN (ppm) Zone 17 CB 2 0.059 1.2 <4 Zone 17 CB 3 0.211 2.4 <4 Zone 18 CB 4 0.131 2.3 <4 Zone 18 CB 5 1.529 29.7 >200 Zone 18 CB 6 0.757 17.7 16 Zone 18 CB 7 6.827 92.0 5.4 SAMPLE GOLD (g/t) SILVER (g/t) TUNGSTEN (ppm) MOLYBDENUM
Slide 41: Celtic Highlands Gold Assays - Continued
Celtic Highlands Gold Assays - Continued SAMPLE GOLD(g/t) SILVER (g/t) TUNGSTEN (ppm) BERYLLIUM (ppm) 20CG0001 1.093 22.7 8 <1 20CG0002 1.258 31.0 12 <1 20CG0003 1.625 34.6 30 <1 20CG0004 0.074 1.40 <4 <1 20CG0005 0.332 9.70 24 <1 20CG0006 0.185 6.20 46 <1 20CG0007 0.253 8.10 44 <1 20CG0008 0.656 20
Slide 42: Celtic Highlands Gold Assays - Continued
Celtic Highlands Gold Assays - Continued The latest assay results from the Celtic Highlands Gold Project highlight the presence of a significant precious metal system. Key findings and geological EarthEx Analysis - Defining Gold Bearing Structures interpretations reveal a robust potential for high-g
Slide 43: Celtic Highlands Gold - Next Steps
Celtic Highlands Gold - Next Steps STRATEGIC EXPANSION AND DETAILED EXPLORATION PLANS DIGITAL TOPOGRAPHIC LINEATION STUDY (Completed 2024) Utilize digital topographic data and LIDAR to delineate major structural features/mineralized pathways. This study helps in mapping the structural controls of mi
Slide 44: PROJECT: Alba Forks Gold
PROJECT: ALBA FORKS GOLD The Alba Forks Gold Project is a targeted exploration initiative located within a region noted for its historical geology and mineral potential. This project aims to systematically identify and develop gold-rich targets through a series of coordinated exploration strategies.
Slide 45: PROJECT: Alba Forks Gold
PROJECT: Alba Forks Gold EXPLORATION STRATEGIES Budget TASK DESCRIPTION BUDGET Data Compilation: Prospecting/Sampling 20 - man days, property wide $30,000 Objective: Comprehensive compilation of historical geology, geophysical, and geochemical data. Analytical XRF analysis / Heavy mineral $15,000 St
Slide 46: PROJECT: Alba Forks Gold - Claim Maps
PROJECT: Alba Forks Gold CLAIM MAPS thistleresources.com | 46
Slide 47: Leading Edge Technology for Advanced Exploration
TECHNOLOGY: LEADING EDGE TECHNOLOGY FOR ADVANCED EXPLORATION Thistle Resources is committed to pioneering advancements in mineral exploration by utilizing leading technology companies. Our work with APEX Geoscience & EarthEx Geophysical Solutions, in addition to incorporating other new industry lead
Slide 48: Geophysical Exploration Solutions
Geophysical Exploration Solutions Thistle Resources expertly integrates advanced geophysical solutions to propel our exploration projects, ensuring superior precision and expanded access to critical mineral resources. Broadened Exploration Target Definition Optimized Data Informed Exploration Horizo
Slide 49: Geophysical Analysis
Geophysical Analysis KEY ACHIEVEMENTS THROUGH LEADING EDGE MODELING: Data Enhancement: Modernized exploration by digitizing historical drilling and geophysical data, improving our strategic decision-making capabilities. Geochemical Insights: Identified key multi-element targets and extended potentia
Slide 50: Geophysical Technology: APEX Geoscience
Geophysical Technology: APEX Geoscience Apex Geoscience is a leading geological and geoscience consultancy renowned across the industry for its comprehensive and integrated earth science services. Specializing in gold-copper and volcanogenic massive sulfide (VMS) deposits, Apex’s expertise spans a w
Slide 51: Expertise Driving Exploration and Growth
STRATEGIC LEADERSHIP: EXPERTISE DRIVING EXPLORATION AND GROWTH Thistle Resources is guided by a management team with robust expertise in geology, geophysics, and capital markets, ideally suited for the Bathurst Mining Camp's unique challenges. Our leaders hold significant stakes in markets, the comp
Slide 52: Management
Management PATRICK J. CRUICKSHANK, MBA GARY LOHMAN, B.Sc, P. Geo President & CEO COO & VP Exploration Mr. Cruickshank received his MBA from the Schulich School of Business at York University in 1989. Mr. Mr. Lohman received his B.Sc. in Geology from the University of Toronto in 1981. Mr. Lohman has
Slide 53: Management (Cont'd)
Management (Cont’d) JONATHAN HOLMES, B.A. EUAN CRUICKSHANK, B.A. MARKETING VP Corporate Development Marketing Coordinator Mr. Holmes is a partner at Dig Media Inc., the Vancouver-based parent company of the Industry Euan received his BA in Marketing from Texas A&M University and its Nationally Award
Slide 54: Board of Directors
Board of Directors PATRICK J. CRUICKSHANK, MBA JONATHAN HOLMES, B.A. President & CEO, Director VP Corporate Development, Director Mr. Cruickshank received his MBA from the Schulich School of Business at York University in 1989. Mr. Mr. Holmes is a partner at Dig Media Inc., the Vancouver-based paren
Slide 55: Board of Directors (Cont'd)
Board of Directors (Cont’d) KEVIN HICKS, MSEE ROCCO RACIOPPO Technical Analyst, Director Engineer, Director Mr. Hicks received a B.Sc. in Electrical Engineering from Oklahoma State University in 1982 and a Rocco Racioppo is a seasoned Professional Engineer whose career has left a lasting mark on bot
Slide 56: Technical Advisory Team
Technical Advisory Team PATRICK J. CRUICKSHANK, MBA MIKE DUFRESNE, MS, P.GEO President & CEO Apex Geoscience Founder & President Mr. Cruickshank received his MBA from the Schulich School of Business at York University in 1989. Mr. Mr. Dufresne is the President and Co-Founder of APEX Geoscience Ltd.,
Slide 57: Ownership and Structure
Ownership and Structure CAPITAL STRUCTURE 22.3% CAPITALIZATION AS OF 5-5-26 Current S/O 60,658,093 Warrants & Options 17,428,908 Fully Diluted 78,087,001 Current Shares Outstanding Warrants & Options 77.7% thistleresources.com | 57
Slide 58: ESG: Commitment to Environmental, Social, & Governance
ESG: Commitment to Environmental, Social, & Governance Thistle Resources is deeply committed to enhancing the storied legacy of the Bathurst Mining Camp, a cornerstone of Canada's Social Responsibility mining sector. By employing local workers and engaging closely with local government, we ensure th
Slide 59: For inquiries please contact
For inquiries please contact: Patrick J. Cruickshank, MBA, CEO & Director patrick@thistleresources.com 506-800-0581 (Office) Gary Lohman, P.Geo, COO & Director gary@thistleresources.com 905-299-8552 www.thistleresources.com thistleresources.com | 59