Mr. Eric Jones reports

THUNDER MOUNTAIN GOLD ANNOUNCES PROPOSED SHARES FOR DEBT SETTLEMENT

Thunder Mountain Gold Inc.'s board of directors has approved the proposed issuance of up to 1,578,036 common shares at a deemed price per common share of 70 U.S. cents ($1 (Canadian)) to settle outstanding compensations payable to the president and chief executive officer, and to certain former service providers of the company, including one former officer, in aggregate debt amount of $1,104,625 (U.S.) ($1,578,036 (Canadian)).

The issuance of 670,714 common shares to the insider in satisfaction of $469,500 (U.S.) constitutes a related party transaction as defined in Multilateral Instrument 61-101, Protection of Minority Securityholders in Special Transactions. The company is relying on the exemption from valuation requirement and minority approval pursuant to subsections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the participation by the insider in the debt settlement does not represent more than 25 per cent of the fair market value of the company's market capitalization.

The completion of the debt settlement remains subject to the approval of the TSX Venture Exchange.

The common shares issued in the debt settlement 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.

We seek Safe Harbor.