Thistle Resources Inc. · TSXV:TRCG
Thistle Resources — Investor Presentation (April 2025)
45 slides from Thistle Resources's investor presentation, April 2025
Slide 1: Precious Metals & Critical Minerals Exploration
APRIL 2025 Precious Metals & Critical Minerals Exploration Bathurst Mining Camp, New Brunswick, Canada Cape Breton Highlands, Nova Scotia, Canada CORPORATE PRESENTATION thistleresources.com
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: Project Portfolio
MIDDLE RIVER VMS PROJECT PORTFOLIO PROJECT Situated along the eastern flank of the Tetagouche Group, BMC, which hosts the 4 Key Projects Driving Exploration & Growth prolific Brunswick #6 & #12 deposits. VMS Horizon was identified through the 1995 Regional BMC EM Survey and further confirmed by the
Slide 5: 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 6: Neighbours of Thistle
Wolfden Resource Corp: Royal Stewart Resources: NEIGHBOURS OF THISTLE Specializes in high-grade 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 7: 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 over $3,400.00/oz. (USD - TradingEconomics.com, 2025) Inflation: Gold has been used as a hedge against inflation and economic uncertainty, historically performing well during t
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: Pioneering advancements in mineral exploration using leading technology
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 leading technology firms, exemplifies our dedication to utilizing
Slide 10: 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 11: 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 12: Geophysical Technology: Apex Geoscience
GEOPHYSICAL TECHNOLOGY: APEX GEOSCIENCE Apex Geoscience is a leading 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 wide range of co
Slide 13: Middle River Gold Project
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 | 13
Slide 14: 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 15: Project: Middle River Gold "S-Trend"
PROJECT: MIDDLE RIVER GOLD “S-TREND” EARTHEX GEOPHYSICAL SOLUTIONS ADVANCED PROPRIETARY TECHNOLOGY. EarthEx reprocessed existing MegaTEM and Aerodat Magnetic Data, utilizing advanced proprietary algorithms to identify and confirm the 7km mineralized “S-Trend” (shown in blue) on the Middle River Gold
Slide 16: 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 17: Project: Middle River Gold
PROJECT: MIDDLE RIVER GOLD DDH CROSS-SECTIONS WITH ASSAY ZONES. Estimated 300,000 oz Au inferred resource from multiple drill programs and trench sampling, representing only 400m of the 7km strike. Upper zone (surface to 130m) New lower zone at 400m + (untested) highest chargeability readings in eas
Slide 18: 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 19: Project: Middle River Gold
PROJECT: MIDDLE RIVER GOLD 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 trend, and develo
Slide 20: Au 1.70g/t 38.3m
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 over 7.75m MR-05-007 MRG 3.35 g/t Au over 8.
Slide 21: Au 1.26g/t 33.0m
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 AU02 MRG 0.85 g/t Au over 7.36m 21TRC-AU001
Slide 22: Au 1.59g/t 23.52m
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 over 23.52m 21TRC-AU008 MRG 2.60 g/t Au over 13.
Slide 23: Project: Middle River Gold - Targets
PROJECT: 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 technolog
Slide 24: 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 25: Middle River VMS Project
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 | 25
Slide 26: 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 27: 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 28: Middle River VMS - Next Steps
MIDDLE RIVER VMS - NEXT STEPS STRATEGIC EXPANSION AND DETAILED EXPLORATION PLANS TARGETING (Completed Summer 2024) Priority Target areas have been prioritized and include the northerly VMS trend which mirrors the Brunswick Extension seen north of the Brunswick #12. Continue exploration along the VMS
Slide 29: Project: Celtic Highlands Gold
“THISTLE pale aler RESOURCES CORP PROJECT: we CELTIG HIGHLANDS ,\GOLD ‘| vi a The Celtic Highlands Gold Project is located within ay highly" prospective regionsin, Nova Scotia, encompassing an area of approximately 75km?. This project stands gut due to: Ho Oy Occurrences and its proximity to signifi
Slide 30: 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 31: Au 6.827g/t Ag 92g/t Pt 264ppb Pd 120ppb W 200ppm
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 (ppm) PLATINUM (ppb) PALLADIU
Slide 32: Au 5.337g/t Ag 52.0 g/t W 200ppm
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 20.0 65 165 20CG0009 0.136 4.30 36 <1 20CG0
Slide 33: Celtic Highlands Gold Assays - Continued
CELTIC HIGHLANDS GOLD ASSAYS - CONTINUED The latest assay results from the Celtic Highlands Gold Project highlight the EarthEx Analysis - Defining Gold Bearing Structures presence of a significant precious metal system. Key findings and geological interpretations reveal a robust potential for high-g
Slide 34: 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 35: Alba Forks Gold Project
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. thistleresources.com | 3
Slide 36: 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 37: Project: Alba Forks Gold - Claim Maps
PROJECT: ALBA FORKS GOLD CLAIM MAPS thistleresources.com | 37
Slide 38: Management team with expertise in geology, geophysics and capital markets
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 company, aligning their strategic vision directly with shareholder
Slide 39: Management
MANAGEMENT PATRICK J. CRUICKSHANK, MBA GARY LOHMAN, B.Sc, P. Geo President & CEO COO & VP of 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 h
Slide 40: Management (Cont'd)
MANAGEMENT (CONT’D) KEVIN HICKS EUAN CRUICKSHANK, B.A. MARKETING Technical Analyst VP of Marketing & Business Development Mr. Hicks received a B.Sc. in Electrical Engineering from Oklahoma State University in 1982 and a Euan received his BA in Marketing from Texas A&M University and its Nationally A
Slide 41: Board of Directors
BOARD OF DIRECTORS PATRICK J. CRUICKSHANK, MBA KEVIN VIENNEAU, B. ENGINEERING President & CEO, Director Mineral Engineer, Director Mr. Cruickshank received his MBA from the Schulich School of Business at York University in 1989. Mr. Cruickshank has over 20 Mr. Vienneau worked with Stratabound Minera
Slide 42: Technical Advisory Team
TECHNICAL ADVISORY TEAM PATRICK J. CRUICKSHANK, MBA KEVIN VIENNEAU, B.ENGINEERING President & CEO, Director Mineral Engineer, Director Mr. Cruickshank received his MBA from the Schulich School of Business at York University in 1989. Mr. Mr. Vienneau worked with Stratabound Minerals Corp for over 10+
Slide 43: Ownership and Structure
OWNERSHIP AND STRUCTURE CAPITAL STRUCTURE 6.4% CAPITALIZATION AS OF 9-30-24 Current S/O 35,211,556 Warrants 2,404,320 Options 0 Fully Diluted 38,370,772 Current Shares Outstanding Warrants & Options 93.6% thistleresources.com | 43
Slide 44: 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 45: For inquiries please contact
For inquiries please contact: Patrick J. Cruickshank, MBA, CEO & Director patrick@thistleresources.com 613-900-9722 (Mobile) 506-800-0581 (Office) Gary Lohman, P.Geo, COO & Director gary@thistleresources.com 905-299-8552 www.thistleresources.com thistleresources.com | 45
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