Thunder Gold Corp. — Capital/Financing Update 2022

Dec 20, 2022

TSX.V:TGOL, FRA:CGK1, OTCMKTS: TNMLF

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Thunder Gold Corp. Announces CDN$1.1 Million Non-Brokered Private Placement

Thunder Bay, Ontario December 19, 2022: Thunder Gold Corporation (formerly White Metal Resources Corp) (TSXV: TGOL) (FRA: CGK1) (OTCMKTS: TNMLF) (“Thunder Gold” or the “Company”) today announced that the Company intends to complete a non-brokered private placement of flow-through units (the ‘Private Placement’) for gross proceeds of up to CDN$1,100,000. The Private Placement is expected to close on or before December 31, 2022.

On closing the Company will issue up to 18,333,333 flow-through units (“FT Units”) at a price of $0.06 per FT Unit, for gross proceeds of $1,100,0000. Each FT Unit consists of one common share of the Company and one-half of a common share purchase warrant (a “Warrant”), each full Warrant being exercisable for an additional common share of the Company, each of which will not qualify as a flow-through share, at an exercise price of $0.12 for 24 months from the date of issue. The FT Units will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).

All securities issued pursuant to the Private Placement will be subject to a four-month and a day hold period.

In connection with the Private Placement, the Company may pay finders’ fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange. The Private Placement is subject to approval by the TSX Venture Exchange.

The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Units, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) on or before December 31, 2023, and to renounce all the Qualifying Expenditures in favour of the subscribers of the FT Units effective December 31, 2022.

Wes Hanson, President and CEO of the Company stated: “The flow through funds raised will be directed towards expanding the current induced polarization (IP) coverage at Tower Mountain to identify and prioritize drill targets for follow up in Q1 2023. The funds are expected to be sufficient to probe 3-5 distinct IP targets at Tower Mountain early in 2023 with the objective of establishing if similar, broad, low-grade gold mineralization, identified along a 1,500 metre strike length parallel to the western perimeter of the Tower Mountain Intrusive Complex, exists to the north, east and south of the intrusion as well. Our goal in the first half of 2022 is to expand our opportunity for success. The first step, currently in progress, is to expand out IP coverage. We expect the IP survey to be completed by January with interpretation and drill target selection completed by

February. These funds allow us to commit to a drill contract in Q1 2023 with results by the end of Q2, 2023 or earlier.”

About the Tower Mountain Gold Property

The Tower Mountain Gold Property is located 5 kms off the Trans-Canada highway, 50 km west of Thunder Bay, Ontario and consists of unpatented and patented lands totalling 1,968 ha. Exploration to date suggests the property offers a large gold endowment. Gold mineralization is widespread and drilling to date has identified low-grade gold mineralization extending outward for at least 500 meters from a central alkalic intrusion known as the Tower Mountain Intrusive Complex. Drilling has established persistent gold grades from 0.1 to 1.0 g/t along a 1500-meterlong x 500 meter wide x 500 meter deep block of volcanic-volcanoclastic rocks immediately west and adjacent to the central akalic intrusion. The remaining 6,000 meters of strike length surrounding the intrusion are untested. Tower Mountain shows many of the classic indicators of being an Intrusion Related Gold Deposit a highly desirable exploration target.

Mineralization hosted by established operations and other exploration projects is not necessarily indicative of mineralization hosted on the Company’s Property.

About Thunder Gold Corp.

Thunder Gold Corporation, formerly White Metal Resources. is a junior exploration company focused on gold discovery in Canada. For more information about the Company please visit www.thundergoldcorp.com

On behalf of the Board of Directors

Wes Hanson, President and CEO

For further information contact:

Wes Hanson, CEO (647) 202-7686 whanson@thundergold.com

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."