Thunder Mountain Gold, Inc. recently reported an updated Mineral Resource Estimate incorporating results from surface diamond drilling program conducting in 2021 at the South Mountain Project ("South Mountain" or "South Mountain Project" or the "Property") in southwestern Idaho, U.S. A . The updated MRE includes an increased resource for the Project while maintaining the high-grade mineralization. The updated Independent MRE, which has an effective date of October 16, 2023, was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI-43-101") by Hard Rock Consulting, LLC, based in the U.S.A. A technical report for this MRE will be filed with SEDAR, and on the Company's website, within 45 days from the date of this news release.

A summary of the Independent Resource Estimate in accordance with Regulation S-K (Subpart 1300) will also be included with the Company`s 2023 Form 10-K. Mr. Richard A. Schwering, P.G., SME-RM, a Resource Geologist with Hard Rock Consulting, LLC, is responsible for the South Mountain Project Mineral Resource Estimate with an effective date of October 16, 2023. Mr. Schwering is a Qualified Person as defined by NI43-101 and is independent of Thunder Mountain Gold Inc., and South Mountain Mines, Inc. Regarding The South Mountain Project: The South Mountain Mine is a polymetallic development project focused on high-grade zinc, silver, gold, and copper, and is located approximately 70 miles southwest of Boise, Idaho. The Project was intermittently mined from the late 1800s to the late 1960s (most notably by Anaconda Mining) and its existing underground workings remain intact and well maintained.

Thunder Mountain Gold Inc. purchased and advanced the project from 2007 through 2022, with expenditures into the project of approximately USD 20 million. Historic production at the Project has largely come from high-grade massive sulfide bodies that remain open at depth and along strike. According to historical smelter records, approximately 53,642 tons of mineralized material has been mined to date.

These records also indicate average grades; 14.5% Zn, 10.6 o.p.t. Ag (363.42 g/t Ag), 0.058 o.p.t. Au (1.98 g/t Au), 1.4% Cu, and 2.4% Pb were realized (See NI 43-101 Technical Report: Updated Mineral Resource Estimate for the South Mountain Project, dated June 15, 2021, Section 6.4 - Table 6-3 for more details.