Thunder Mountain Gold, Inc. filed a Form 8-K on November 4, 2026, reporting the resignation of its Chief Operating Officer and the appointment of Dr. Steven A. Osterberg as Senior Vice-President of Exploration, both effective September 8, 2026.

Key Highlights

  • COO departure: Ron Espell resigned as Chief Operating Officer effective September 8, 2026.
  • New SVP of Exploration: Dr. Steven A. Osterberg, age 65, was engaged as Senior Vice-President of Exploration effective September 8, 2026.
  • Stock option grant: Dr. Osterberg received 250,000 stock options at an exercise price of $0.75 per share, vesting immediately upon grant, effective October 1, 2026, and expiring September 30, 2031.
  • Project focus: The appointment supports the Company's focus on the South Mountain Project in southern Idaho, described as "an advanced-stage polymetallic asset with silver, zinc, gold, copper, and lead mineralization."
  • Extensive background: Dr. Osterberg holds over 45 years of mining experience and previously served as President and CEO as well as Vice President of Exploration at Timberline Resources Corporation from 2012 to August 2024.
  • Restricted securities: Options will be issued as "restricted securities" under Rule 144 and are subject to a four-month hold period under the TSX Venture Exchange.

Leadership Shift at Thunder Mountain Gold: Osterberg Leads Exploration Push

According to the filing, Thunder Mountain Gold, Inc. (OTCQB:THMG) accepted the resignation of Mr. Ron Espell as Chief Operating Officer on September 8, 2026. On the same date, the company engaged Dr. Steven A. Osterberg as Senior Vice-President of Exploration. The filing states that Dr. Osterberg "will lead Thunder Mountain Gold's exploration strategy, including target generation, technical evaluation, drilling programs, and resource-growth initiatives across the Company's project portfolio."

The company disclosed that Dr. Osterberg's appointment is intended to advance the South Mountain Project in southern Idaho, which the filing describes as an advanced-stage polymetallic asset carrying silver, zinc, gold, copper, and lead mineralization, as well as evaluating "broader district-scale exploration opportunities." Dr. Osterberg is described in the filing as a professional geologist and qualified person with more than 45 years of experience spanning exploration through development, hydrogeology, and permitting. He holds a Ph.D. and a Master of Science from the University of Minnesota, and a Bachelor of Science from the University of Wisconsin, Oshkosh.

As compensation for his role, the company granted Dr. Osterberg 250,000 stock options under the Company's 2014 Stock Option Plan, with an exercise price of $0.75 per option share, vesting immediately upon grant, and exercisable for five years from October 1, 2026, through September 30, 2031. The filing notes the grant is subject to approval of the TSX Venture Exchange. All securities are to be issued in reliance on the exemption from registration under Section 4(a)(2) of the U.S. Securities Act and will be issued as restricted securities subject to a four-month Exchange hold period. The filing also confirmed no family relationships, related-party transactions, or legal proceedings requiring disclosure in connection with Dr. Osterberg.

What Was Disclosed

Thunder Mountain Gold disclosed the resignation of its COO, the appointment of a new Senior Vice-President of Exploration with a 250,000 stock option grant at $0.75 per share, and the company's renewed focus on the South Mountain Project in southern Idaho.