import React, { useState } from 'react'; import { Calendar, TrendingUp, TrendingDown, AlertTriangle, DollarSign, Activity, FileText, Target, ChevronRight, Menu, X, PieChart, Hammer } from 'lucide-react'; const THMGInvestorReport = () => { const [activeSection, setActiveSection] = useState('executive'); const [mobileMenuOpen, setMobileMenuOpen] = useState(false); // Data provided in the prompt const stockData = { price: 0.738, marketCap: "68.8M", shares: "93.3M", dilutedCap: "82M", cash: "481K", burn: "586K", rating: "HOLD / CAUTIOUS ACCUMULATION" }; const catalysts = [ { id: 1, title: "Annual Meeting", date: "Jan 28, 2026", details: ["Director elections", "Auditor ratification", "MFD partnership updates", "Production timeline guidance"], icon: }, { id: 2, title: "Production Timeline", date: "Expected Q1 2026", details: ["Specific start date (Q2-Q4 '26)", "Capital budget", "Permitting updates", "Initial rate targets"], icon: }, { id: 3, title: "2025 Drilling Results", date: "Expected Q1 2026", details: ["Potential resource expansion > 1.18M tons", "New zones identified", "Inferred to Indicated upgrades"], icon: }, { id: 4, title: "Metal Price Trends", date: "Ongoing", details: ["Zinc target: >$1.45/lb", "Silver: Highly leveraged at $29-32/oz", "Copper/Gold: Secondary contributors"], icon: }, { id: 5, title: "Financing Requirements", date: "Q2-Q3 2026", details: ["Runway: 12-18 months", "Next raise likely mid-2026", "Watch price per share & warrant coverage"], icon: }, { id: 6, title: "MFD Milestone", date: "Oct 31, 2026", details: ["$1M investment deadline", "10% equity option decision", "Small-scale production operational?"], icon: } ]; const valuationScenarios = [ { type: 'Bear', catalyst: 'Production delayed to 2027, zinc drops', timeline: '6-12 mos', target: '$0.30 - $0.50', return: '-32% to -59%', color: 'bg-red-50 border-red-200' }, { type: 'Base', catalyst: 'Production Q3-Q4 2026, current metals', timeline: '6-9 mos', target: '$0.90 - $1.30', return: '+22% to +76%', color: 'bg-slate-50 border-slate-200' }, { type: 'Bull', catalyst: 'Production Q2 2026, strong drill results', timeline: '3-6 mos', target: '$1.50 - $2.00', return: '+103% to +171%', color: 'bg-green-50 border-green-200' }, ]; const timelineEvents = [ { date: "Jan 28, 2026", event: "Annual Shareholder Meeting", significance: "Potential production timeline update" }, { date: "Q1 2026", event: "2025 Drill Results", significance: "Resource expansion, re-rating catalyst" }, { date: "Q2 2026", event: "Production Start (Bull Case)", significance: "De-risking event, potential 50%+ rally" }, { date: "Mid-2026", event: "Likely Capital Raise", significance: "Dilution risk if priced < $0.50" }, { date: "Oct 31, 2026", event: "MFD Option Deadline", significance: "MFD must invest $1M or forfeit equity" }, { date: "Q4 2026", event: "First Production (Base Case)", significance: "Conservative timeline realization" }, ]; const renderContent = () => { switch(activeSection) { case 'executive': return (

Investment Thesis: Year-End 2025

Current Price

${stockData.price}

Market Cap

{stockData.marketCap}

Recommendation

{stockData.rating}

What Has Changed? (Dec 31, 2025)

  • Dilution:+27% share count increase in 2025 (worse than expected).
  • MFD Deal: 80/20 split during payback confirmed.
  • Production: Still no concrete start date announced.
  • Exploration: 2025 drilling ongoing, results due Q1 2026.

Bottom Line Recommendation

For Existing Shareholders

  • • HOLD current position
  • • Monitor Jan 28, 2026 meeting closely
  • • Set stop-loss at $0.50
  • • Expect dilution mid-2026

For Potential Buyers

  • • Current price ($0.738) is FAIR VALUE
  • • Target entry: $0.55 - $0.65
  • • Max position size: 3-5% (Speculative)
  • • Don't chase without news
); case 'catalysts': return (

Outlook: Q1-Q2 2026

Forward Looking
{catalysts.map((cat) => (
{cat.icon}
{cat.date}

{cat.title}

    {cat.details.map((detail, idx) => (
  • • {detail}
    • ))}
))}
); case 'valuation': return (

Valuation & Scenarios

{valuationScenarios.map((scenario, idx) => ( ))}
Scenario Catalyst Timeline Target Price Return
{scenario.type} {scenario.catalyst} {scenario.timeline} {scenario.target} {scenario.return}

Downside Risks

  • Financing: Likely needs raise in Q2-Q3 2026.
  • Execution: Lack of timeline creates uncertainty.
  • Dilution: 15M warrants @ $0.10 overhang.
  • Economics: Small scale = only 20% cash flow to THMG initially.

Upside Opportunities

  • De-risking: Production timeline is a +30-50% catalyst.
  • Exploration: 2025 drills could expand resource.
  • Macro: Zinc {'>'} $1.50 or Silver {'>'} $35 is massive leverage.
  • M&A: Strategic acquisition target for larger producers.
); case 'timeline': return (

2026 Key Dates Timeline

{timelineEvents.map((event, idx) => (
{event.date}

{event.event}

{event.significance}

))}
); default: return null; } }; const NavItem = ({ id, icon, label }) => ( ); return (
{/* Header */}

THUNDER MOUNTAIN GOLD THMG

Investor Update Report • Dec 31, 2025

{/* Sidebar Navigation */} {/* Main Content Area */}
{renderContent()}
{/* Footer */}

Disclaimer: This report is for informational purposes only and does not constitute financial advice. Past performance is not indicative of future results.

© 2025 Thunder Mountain Gold Investor Analysis

); }; export default THMGInvestorReport;