History
Thunder Mountain Gold turned a 2005 land resale into a South Mountain gold exploration focus, funded by small raisings, and after a failed BeMetals sale signed a new deal with MFD.
2005-2010: From land deal to South Mountain
In August 2005 the company agreed to buy Dewey Mining Co. from the Yanke estate and Donald Nelson for $3.3 million, and also to buy back 1.88 million of its own shares, and to resell Dewey's Valley County, Idaho land and mining claims to the conservation nonprofit Trust for Public Land for at least $5.5 million. The deal closed in September 2005. After Dewey Mining was dissolved, the company netted about $2.2 million.
In June 2007 it turned to exploration, agreeing to buy South Mountain Mines, Inc. for $300,000, with a $50,000 deposit paid. The purchase covered 17 patented claims over 326 acres in the South Mountain Mining District, Owyhee County, Idaho. South Mountain became its flagship asset. The record is then quiet until 2010.
2010-2012: Listing, Newmont and a related-party loan
In September 2010 the company launched a CAD$1.2 million offering of 6 million units, tied to a planned listing on the TSX Venture Exchange. The first tranche of about CAD$292,000 closed at once. Trading began on 1 October 2010 under the ticker THM, and the placement closed at CAD$1.24 million, with the money earmarked for South Mountain exploration.
In May 2011 it launched a much larger CAD$4.5 million offering of up to 18 million units. The money was to fund South Mountain and a new exploration joint venture with Newmont on the Trout Creek/Reese River Valley property in Nevada.
In May 2012 it took a $1 million secured convertible note from Idaho State Gold Company (ISGC), a related party because director G. Peter Parsley also works for ISGC. The note carried 8% interest and a first lien over all company assets. In November 2012 the two formed the Owyhee Gold Trust LLC joint venture for South Mountain. The note was cancelled and its principal credited to ISGC's capital account in the venture, which removed the lien.
2019-2026: BeMetals and MFD
The record is quiet from 2013 to 2018. In March 2019 BeMetals Corporation signed an option to buy 100% of South Mountain Mines. Payments and BeMetals shares across six tranches could total $10 million or more, or 20% of the project's net present value, over roughly two years. The option ran longer than planned, and in January 2023 it was terminated without a sale.
In September 2025 the company signed a more modest deal with MFD Investment Holdings. MFD can earn a 10% project interest by spending $1 million on exploration by October 2026. It will also fund 100% of the capital needed to reach small-scale production. Revenue would be split 80/20 in MFD's favor until it recoups 1.5 times its investment, then 50/50. Shares on issue stood at about 95.0 million in the latest (2026) figure, and the MFD deal was the company's latest major step.
Written from the 11 story beats below (2005 to 9 Sept 2025), which come from the company's own announcements and filings.