Mr. Eric Jones reports

THUNDER MOUNTAIN GOLD ANNOUNCES PRIVATE PLACEMENT FINANCING

Thunder Mountain Gold Inc.'s board of directors has approved a non-brokered private placement, as described further below, for an aggregate value of up to approximately $6.4-million (U.S.) in gross proceeds raised through the issuance of up to 9,143,000 units of the company at a price of 70 U.S. cents ($1 (Canadian)). Each unit will consist of one share of the company's common stock and one-half common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of $1 (U.S.) ($1.42 (Canadian)) for a period of 24 months from the date of issuance. Subject to regulatory approval, the company may close the private placement in one or more tranches.

The proceeds raised pursuant to the private placement will be used for advancing the South Mountain project, including drilling, assaying, geophysical surveys and general administration to carry out these programs.

The completion of the private placement remains subject to the approval of the TSX Venture Exchange.

Subject to the approval of the TSX Venture Exchange, the company intends to pay finders' fees to certain finders in an amount up to 6 per cent of the gross proceeds raised under the private placement and by the issuance of that number of non-transferable common share purchase warrants. Each finder's warrant will entitle the holder to acquire one common share in the capital of the company at a price of $1 (U.S.) ($1.42 (Canadian)) per finder's warrant share for a period of 24 months from the date of issuance. Any finder that receives compensation in connection with the offer or sale of securities in the United States or to U.S. persons, or otherwise engages in activities that would constitute acting as a broker within the meaning of Section 3(a)(4) of the U.S. Securities Exchange Act of 1934, as amended, must either: (i) be registered as a broker-dealer with the U.S. Securities and Exchange Commission (SEC) pursuant to Section 15(a) of the exchange act; or (ii) qualify for an applicable exemption from such registration requirement under U.S. federal securities laws.

The securities issued in the private placement will be subject to a four-month hold period in accordance with the policies of the TSX Venture Exchange and applicable Canadian securities legislation, in addition to such other restrictions as may apply under the securities act.

About Thunder Mountain Gold Inc.

Thunder Mountain Gold, a junior exploration company founded in 1935, owns interests in base and precious metals projects in the Western United States. The company's principal asset is the South Mountain mine, a historic former Anaconda Mining development of silver, gold, zinc, copper and lead, located on private land in Owyhee county, Idaho. Thunder Mountain Gold also owns 100 per cent of the Trout Creek project -- a gold exploration project located along the western flank of the Shoshone Mountain Range in the Reese River Valley, adjacent to and surrounded by Nevada Gold Mines, a Barrick and Newmont Gold Inc. joint venture.

The South Mountain project

The South Mountain mine is a polymetallic development project containing high-grade zinc, silver, gold and copper, and is located on private land approximately 70 miles southwest of Boise, Idaho. The project is on private land; permitting has been, and should remain, straightforward. The project was intermittently mined from the late 1940s to the late 1960s, most notably by Anaconda Copper, with over 8,000 feet of underground developmental workings that have been rehabilitated, re-engineered and are MSHA compliant. Thunder Mountain Gold purchased and advanced the project from 2007 through the present, with expenditures into the project of approximately $25-million (U.S.). Historical test mining and processing at the project has mostly come from high-grade carbonate replacement deposits (CRD) and skarn zones that remain open at depth and along strike. According to historical smelter records, approximately 53,642 tons of mineralized material have been mined and direct shipped to the smelter, with average grades; 14.5 per cent zinc (Zn), 10.6 ounces per ton (oz/t) silver (Ag) (363.42 grams per tonne (g/t) Ag), 0.058 oz/t gold (Au) (1.98 g/t Au), 1.4 per cent copper (Cu) and 2.4 per cent lead (Pb) were realized (see SK-1300 technical resource statement and National Instrument 43-101 technical report: "Updated Mineral Resource Estimate for the South Mountain Project," dated Dec. 31, 2023, and Dec. 15, 2023, respectively. More details are available on the Thunder Mountain Gold website, on EDGAR and on SEDAR+.

Technical data in this news release

The technical information in this news release was reviewed and approved by Steven A. Osterberg, PhD, PG, consulting geologist, a qualified person as defined by the U.S. S-K 1300 regulations and National Instrument 43-101 (Canada) standards.

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