Leadership Shift and Exploration Advances Pose Execution Risks for Thunderbird Resources

Strategic Acquisition Strengthens Antimony-Gold Footprint

Thunderbird Resources (ASX: THB) has taken a decisive step forward in its exploration strategy with the acquisition of the Rockvale and Kookabookra antimony-gold projects in New South Wales. These tenements lie adjacent to Larvotto Resources' Hillgrove mine, the largest antimony deposit in Australia, boasting over 1 million ounces of gold and 93,000 tonnes of antimony. The Rockvale project, covering 358 square kilometres, includes multiple high-grade historical prospects with assays reaching up to 18.2% antimony and 76 g/t gold, underscoring its significant exploration potential.

Exploration activities are already underway, with comprehensive historical data compilation nearing completion and preparations for ground-based reconnaissance expected to commence in February 2025. Thunderbird is actively negotiating access agreements with local landowners to facilitate this next phase, signaling a well-structured approach to unlocking value from these assets.

Advances in Canadian Uranium Projects Highlight Growth Potential

On the uranium front, Thunderbird continues to make strides across its Canadian portfolio. The Surprise Creek Uranium-Copper Project recently benefited from a high-resolution airborne geophysical survey, revealing multiple new uranium targets. Notably, a strong radiometric anomaly aligns with historical drilling that returned high-grade uranium intersections, reinforcing the project's prospectivity.

At the Hidden Bay Uranium Project, the maiden diamond drilling program has yielded encouraging geochemical assay results, particularly from drill hole DDHB24-005, which intersected a graphitic-pyritic shear zone with elevated uranium and associated pathfinder elements. These findings suggest potential uranium mineralising pathways, with follow-up ground geophysics and drilling planned for 2025.

Similarly, the Cluff Lake Uranium Project has identified several basement conductors through detailed MobileMT airborne surveys, delineating high-priority drill targets near known uranium deposits. These targets are shallow, increasing the feasibility of exploration success in the near term.

Copper Exposure Enhanced via Strategic Partnership

Thunderbird's 30% stake in the Picha Copper-Silver Project in Peru, operated by Firetail Resources, has been further validated by the project's selection for BHP Xplor's 2025 accelerator program. This initiative will inject approximately US$500,000 in non-dilutive funding and provide access to industry expertise, accelerating exploration efforts. The adjacent Charaque Project also holds promising polymetallic mineralisation, with historical assays indicating significant silver and lead values.

Corporate Developments and Financial Position

In a notable leadership change, Executive Chairman George Bauk resigned post-quarter, with George Ventouras stepping into the role. Ventouras expressed optimism about the company's diversified portfolio and upcoming operational activities. Financially, Thunderbird reported $1.363 million in exploration expenditure for the quarter, with a cash balance of $2.014 million at period end, supporting ongoing and planned exploration programs.

The acquisition of Kooky Resources Pty Ltd, which holds the Rockvale and Kookabookra projects, was completed with a combination of cash and share issuance, alongside contingent payments linked to exploration milestones and resource development. This structured deal aligns vendor incentives with Thunderbird's exploration success.

Looking Ahead

Thunderbird Resources is poised for an active 2025, with multiple exploration campaigns across its antimony-gold and uranium assets. The integration of the newly acquired projects and the advancement of Canadian uranium targets could materially enhance the company's resource base. Meanwhile, the partnership with Firetail and involvement in BHP's accelerator program offer additional avenues for growth and capital efficiency.