Thomson Resources : Mineral Resource Estimate for Mt Gunyan Project advancing

ASX ANNOUNCEMENT

24 January 2022

For personal use only

Mineral Resource Estimate for Mt Gunyan Project also advancing,

building Texas District Scale Silver-Gold-Base Metal Picture

HIGHLIGHTS

• Mineral Resource Estimate (MRE) for Mt Gunyan silver-gold deposit is also well advanced.
• JORC 2012 compliant MREs for 3 Texas Projects deposits anticipated Q1 2022
• MREs to deliver a district scale picture of the inground resources of the 100% Thomson owned silver-gold-base metal district, a key project in the Company's New England Fold Belt Hub and Spoke concept
• Silver-golddrill intersections are reported for the undeveloped Mt Gunyan project at 25 and 50 g/t silver cut offs, from the newly validated drill hole database (Table 1, 2)
• Highlight intersections (m down hole) for the in-ground resource include:
• • MGRC005: 34 m at 318.7 g/t Ag and 0.08 g/t Au from 62 m (10,836 Ag g*m#,25 g/t Ag cut off) Including 24 m at 433.0 g/t Ag and 0.10 g/t Au from 62 m (10,392 Ag g*m, 50 g/t Ag cut off)
  • MGP011: 18 m at 168.3 g/t Ag and 0.35 g/t Au from 72 m (3,030 Ag g*m, 25 g/t Ag cut off) Including 6 m at 446.0 g/t Ag and 0.66 g/t Au from 78 m (2,680 Ag g*m, 50 g/t Ag cut off)
  • MGD001: 1 m at 300.0 g/t Ag and 43.2 g/t Au from 152m (300 Ag g*m, 25 g/t Ag cut off)
• New 3D geological model from surface mapping and relogging of over 20,000 m of historic drilling delivers a new geological understanding of the project with potential to improve resource model confidence and guide further resource and exploration drilling at Mt Gunyan
• New metallurgical test work - Mt Gunyan is well advanced using historic drill core to evaluate a grind / float / leach potential processing pathways for improved silver - gold recoveries vs the low recoveries returned from the previous mine operators' heap leach operation at Texas

Thomson Resources (ASX: TMZ) (OTCQB: TMZRF) (Thomson or the Company) advises that the Company is also well advanced in defining a JORC 2012 Mineral Resource Estimate (MRE) for the undeveloped near surface Mt Gunyan silver (gold) deposit located in the Texas silver district, southern Qld (Figure 1) (Texas Project).

Thomson has MRE calculations progressing on Silver Spur1, Twin Hills2 and now on the Mt Gunyan silver-gold deposits, leveraging a combined total of over 56,000 meters of historic drilling on these projects. The Company's aim is to deliver a district scale picture of the in-ground silver, gold and zinc resources for the Texas Project during Q1 of 2022, as a key step in advancing Thomson's New England Fold Belt Hub and Spoke central processing concept.

The Texas Project is a 100% Thomson owned, large scale silver-gold-zinc-lead-copper district with historic production totaling an estimated 4.2 million ounces of silver 3,4,5 and has also produced small tonnages of high-gradezinc-copper-lead mineralisation.

• Ag Gram Metres = Ag (g/t) * Interval (m). Note widths are downhole.

THOMSON RESOURCES LTD (ASX: TMZ) (OTCQB: TMZRF) ABN 82 138 358 728

1

Level 1, 80 Chandos Street, St Leonards, NSW 2065

Tel: [phone] E:[e-mail] www.thomsonresources.com.au

For personal use only

ASX ANNOUNCEMENT

24 January 2022

Executive Chairman David Williams commented:

"An enormous amount of work has been done by our geoscience team who have painstakingly been working through the huge amount of historic information. We now have a much clearer and more robust picture of the Mt Gunyan deposit to go along with the same for Twin Hills and Silver Spur.

"The understanding of what is there at each of the deposits and the work we are doing on metallurgy are fundamental steps in our centralised processing strategy. This cannot be rushed.

"We are now starting to see the fruits of our labour which has required a patient and thorough approach. The picture will become clearer as the MRE's are published along with the metallurgical studies. We will then have a very good understanding of what we have and the pathway forward.

Whilst it might appear to have taken a long time, in actual fact we have, with the massive effort from our team, actually achieved a huge amount in a very short period."

From 1981 to 2008, a total of 5 resource companies (Annexure 1: JORC Table 1, Annexure 1, Tables 1a and 2a) invested many million of dollars on exploration in the district defining silver-gold-base metal deposits at Silver Spur, Twin Hills and Mt Gunyan as well as many other precious and base metal prospects in the district. It is Thomson's view that the Texas district remains under explored and very prospective for the discovery of further silver gold, copper and base metal mineralisation.

Figure 1: Location of the Mt Gunyan, Twin Hills and Silver Spur Deposits, Texas Silver-Gold Base Metal District

THOMSON RESOURCES LTD (ASX: TMZ) (OTCQB: TMZRF) ABN 82 138 358 728

2

Level 1, 80 Chandos Street, St Leonards, NSW 2065

Tel: [phone] E:[e-mail] www.thomsonresources.com.au

ASX ANNOUNCEMENT

24 January 2022

Mt Gunyan Metallurgical Test Work and New Mineral Resource Estimate

For personal use only

Mt Gunyan is an undeveloped near surface silver-gold deposit with a potential bulk minable configuration. The deposit also hosts appreciable zinc, lead and anomalous copper (see annexure 1: Mt Gunyan drill intersection at 25 and 50 g/t Ag cut off and g*m greater than 250 g*m).

The Mt Gunyan silver-gold mineralisation outcrops as a prominent hill, 3 km NW of the historic Twin Hills open pit. Previous operators announced JORC resources6,7 on the project based on an open pit satellite development scenario to the Twin Hills heap leach silver operation.

The MRE for Mt Gunyan published by previous operators assumed metallurgical recoveries based on the predicted performance of the Twin Hills heap leach operation. Thomson has leveraged over 20,000 meters of historic drilling in 299 holes to re-evaluate the Mt Gunyan geology and to undertake initial test work to fill gaps in the metallurgical knowledge of the deposit.

Thomson engaged Global Ore Discovery, its geoscience consultant, to map the surface geology and relog the historic drilling to build a new 3D geological model of the Mt Gunyan deposit. A validated database of all historic drilling information was also compiled and augmented with additional bulk density and check assay sampling to meet JORC 2012 MRE reporting standards.

Drilling at Mt Gunyan has not been consistently analysed for base metals by all previous explorers. Only approximately 45% of the deposit drill database has zinc, lead and copper assays. Consequently, Thomson's MRE for Mt Gunyan will not include base metals at this time, focusing on the primary metals of potential economic significance, silver and gold. Thomson will revisit including base metals in a Mt Gunyan MRE once it has a more complete database.

Thomson views the zinc, lead and copper at Mt Gunyan of potential interest in the context of the larger silver-gold and base metal New England Fold Belt Hub and Spoke concept. The Company intends to evaluate grades and metallurgical recovery of base metals at Mt Gunyan and in the Texas district, in the context of Hub and Spoke central processing concept at a later stage.

The validated and expanded Mt Gunyan drill hole database and 3D wireframes of the new geological model (Figure 2) have been delivered to Thomson's Resource consultants, AMC Resources. Calculation of the new MRE for Mt Gunyan has commenced with the aim of delivering a silver-gold resource statement for the project during Q1 2022 as part of a consolidated Texas District MRE.

Global Ore also collected 87 metallurgical samples, totaling roughly 105 kg of transitional oxidised and oxide material, from Mt Gunyan historic drill cores - approximating the silver grade, mineralisation styles and oxidation state of the deposit. Samples were submitted to Thomson's metallurgical consultants, CORE Resources, for analysis.

Metallurgical tests are designed to evaluate new processing pathways for Mt Gunyan that could deliver higher silver recoveries than the less than 60%3,4, silver recovery returned from the historic Twin Hills heap leach operations. The overarching objective of the test work is to define metallurgical processes that could be compatible with the nearby Twin Hills deposit and also be compatible with Thomson's project portfolio of 5 resource stage, 100% owned projects within the New England Fold Belt Hub and Spoke central processing concept.

The CORE Resources Mt Gunyan metallurgical test work is nearing completion and will be reported to Thomson in the next few weeks.

THOMSON RESOURCES LTD (ASX: TMZ) (OTCQB: TMZRF) ABN 82 138 358 728

3

Level 1, 80 Chandos Street, St Leonards, NSW 2065

Tel: [phone] E:[e-mail] www.thomsonresources.com.au

ASX ANNOUNCEMENT

24 January 2022

For personal use only

Figure 2: Left: Plan view of Mt Gunyan Drill Collars, with >25 and >50 g/t Leapfrog Silver Shells and Right: 3d Geological

Block Model for Mt Gunyan

Silver - Gold Drill hole Intersections for Mt Gunyan in Ground Deposit

Down hole silver and gold intersections have been calculated for the Mt Gunyan deposit from the newly validated drill hole data base at 25 g/t Ag cut off (approximate cutoff grade of the previously published Mt Gunyan MRE7) and at 50 g/t Ag cut off. A comprehensive set of drill intersections at these cutoffs at greater than 250 and 350 Ag g*m respectively are presented in Annexure 1, Tables 1a and 2a. The intersections also include the zinc, lead and copper grades where they were analysed by previous explorers.

Selected highlights from intersections with greater than 1,000 and 750 silver gram/meters (g*m) respectively are presented in Tables 1 and 2 below, emphasising the bulk minable style of the silver mineralisation and the presence of gold and base metals accompanying the silver mineralisation.

Gold mineralisation is largely spatially associated with silver in the deposit, but with a more restricted distribution. Some relatively silver rich parts for the deposit have little to no gold. Higher- grade gold intersections are not one for one correlated with the highest-grade silver, with better gold grades are generally seen deeper in the deposit.

THOMSON RESOURCES LTD (ASX: TMZ) (OTCQB: TMZRF) ABN 82 138 358 728

4

Level 1, 80 Chandos Street, St Leonards, NSW 2065

Tel: [phone] E:[e-mail] www.thomsonresources.com.au

ASX ANNOUNCEMENT

24 January 2022

Table 1: Mt Gunyan Drill Intersections at > 25 g/t Silver cutoff (selection >1000 Ag g*m)

For personal use only

Hole ID	From (m)	To (m)	Interval (m)		Ag g/t		Au g/t	Zn ppm	Pb ppm	Cu ppm	Ag Gram Metres
ACMTGD011	48	58	10
		110.0	1.50	510						2797				196		1099.6
MGD002	64	78	14	84.0	0.03	0	0	0			1175.4
MGD003	10	38	28
81.8			0.39	0	0	0	2290.0
MGD009	42	56	14	86.5	0.01	1252	1048		144			1210.8
MGD022	6.25	16	9.75				117.8	0.06	756	623	28			1148.1
MGP002	62	84	22	80.2	0.15	2221				2203		143						1764.0
MGP010	26	40	14			110.0		0.29								2546		140					1540.0
			413
MGP010	94	100	6
298.3	0.01			4533		1250	114						1790.0
MGP011	72	90	18				168.3		0.35	9532	4269	396	3030.0
MGP016	2	18	16	80.1	0.01	1298	365			154				1282.0
MGP038	4	38	34
74.1	0.11	0	0	0	2518.0
MGP059	6	24	18	83.4	1.36	0	0	0				1502.0
MGP062	2	24	22	47.5	0.08	0	0	0		1046.0
MGP086	8	28	20	60.7	0.01	0	0	0			1214.0
MGP093	0	16	16	65.3	0.03	0	0	0		1044.0
MGP112	18	30	12		88.2	0.03	0	0	0		1058.0
MGP118	12	36	24
	119.0	0.11	0	0	0	2856.4
MGP157	22	30	8					140.5					313					2379					212			1124.0
				0.04
MGP220	0	28	28	58.6	0.05	228	0	0						1640.0
MGRC005	62	96	34	318.7	0.08		3057	0	0	10836.0
PD83BC1	44	62	18	58.0				0.50	1156			1536	76		1044.0

Table 2: Mt Gunyan Drill Intersections >50 g/t Silver cutoff (Selection >750 Ag g*m)

Hole ID	From (m)	To (m)	Interval (m)		Ag g/t		Au g/t	Zn ppm	Pb ppm	Cu ppm	Ag Gram Metres
ACMTGD011	49	58	9
	118.9	1.66	481		2732	198				1070.1
MGD002	66	70	4
225.0	0.09	0	0	0			900.0
MGD003	24	38	14		107.7	0.23	0	0	0					1508.0
MGD022	9.52	14	4.48
218.3	0.11	783	886	38			978.2
MGP002	14	22	8		101.3	0.05			1677	95		810.0
	845
MGP002	66	76	10		95.0	0.09	2028	1862	156			950.0
MGP010	26	40	14		110.0		0.29	413		2546	140						1540.0
MGP010	94	100	6	298.3	0.01		4533	1250	114					1790.0
MGP011	78	84	6
446.7				0.66	14553	6907	709	2680.0
MGP016	6	16	10		105.0	0.02	971	359	168				1050.0
MGP021	106	110	4
235.0			0.60	2360	5250	682			940.0
MGP038	10	20	10			143.2			0.34	0	0	0						1432.0
MGP059	8	18	10		123.4	1.26	0	0	0			1234.0
MGP112	24	28	4				190.0						0	0	0		760.0
			0.06
MGP112	34	38	4				192.0	0.01	0	0	0		768.0
MGP118	22	32	10
229.6	0.11	0	0	0	2296.0
MGP157	22	30	8			140.5						313		2379		212					1124.0
	0.04
MGP220	0	10	10		91.8	0.12	229	0	0			918.0
MGRC005	62	86	24
433.0	0.10	3493	0	0	10392.0

No high-grade cut was applied. Intercepts calculated using 25 g/t Ag and 50 g/t Ag cut off, with a maximum 2.0 m internal dilution. Intercepts represent downhole intersections, that may be greater than true widths for the mineralised zone.

Assays below detection limit assigned to half the detection limit for this calculation. Ag Gram Metres = Ag (g/t) * Interval (m).

THOMSON RESOURCES LTD (ASX: TMZ) (OTCQB: TMZRF) ABN 82 138 358 728

5

Level 1, 80 Chandos Street, St Leonards, NSW 2065

Tel: [phone] E:[e-mail] www.thomsonresources.com.au