Boise, Idaho, and Vancouver, British Columbia - Thunder Mountain Gold, Inc. (OTCQB: THMG) (TSXV: THM), (the 'Company' or 'THMG') is pleased to report an updated Mineral Resource Estimate ('MRE') 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.

HIGHLIGHTS OF UPDATED MINERAL RESOURCE

Measured & Indicated ('M&I'): 223,000 tons grading 9.02% Zinc ('Zn'), 4.27 ounces per ton ('opt') Silver ('Ag'), 0.059 opt Gold ('Au'), 0.64% Copper ('Cu'), and 0.94% Lead ('Pb').

This represents a 7.7% increase to the M&I tonnage from the previous 2021 MRE, with a 18.82% Zn equivalent grade ('ZnEq'), or a 20.55opt Ag equivalent grade ('AgEq')

Inferred: 959,000 tons grading 7.56% Zn (14% increase in Zn lbs), 5.67 opt Ag (14.10% increase in Ag ounces), 0.037 opt Au (3.3% increase in Au ounces), 0.80% Cu (14.5% increase in Cu lbs), and 1.06% Pb (25.4% increase in Pb lbs).

This represents a 15.1% increase in the Inferred tonnage from the previous 2021 MRE with an 17.2% ZnEq or a 19.30 opt AgEq.

The DMEA Zone in the model was extended an additional 250 feet down dip and remains open.

Eric T. Jones, President and CEO of Thunder Mountain Gold Inc. commented, 'We are pleasantly surprised by the results of the revised MRE. These deep surface core holes placed to determine the downdip potential of the mineralization had a dramatic positive effect on our resource. We are currently publishing the revised 43-101 in the coming weeks with our independent engineering firm - Hard Rock Consulting, LLC. This new data supports previously reported results confirming the continuation of the DMEA zone extending down-plunge, and that it continues to remain open at depth. Our experience tells us that South Mountain has the potential to be one of the lowest cost producers of zinc, silver, and gold in north America'.

MINERAL RESOURCE ESTIMATE

This latest round of drilling completed during the late fall of 2021 proves the continuation of the down plunge extension of the DMEA zone at depth. This zone remains open in both directions. All the of the drill results have now been in incorporated into the updated MRE for the South Mountain deposit. The increase in Measured and Indicated tons are the result of updated metal prices and mining costs. Surface drilling completed in 2021 accounts for approximately 8% of the increase in Inferred tons, while the remaining 7% increase is due to updated metal prices and mining costs.

Regarding Thunder Mountain Gold, Inc.

Thunder Mountain Gold Inc., a junior exploration company founded in 1935, owns interests in base and precious metals projects in the western U.S. The Company's principal asset is The South Mountain Mine, a historic former producer of zinc, silver, gold, lead, and copper, located on private land in Owyhee County Idaho. Thunder Mountain Gold also owns 100% 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 joint operating agreement between Barrick and Newmont Gold, Inc. private mineral lands.

Forward-Looking Statements

This press release contains forward-looking statements that are based on the beliefs of management and reflect the Company's current expectations. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', 'believes' or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved' or the negative connotation thereof. The forward-looking statements are based on certain assumptions which could change materially in the future. By their nature, forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Investors should refer to THMG's Form 10-K, Form 10-Q reports, for a more detailed discussion of risks that may impact future results. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking information. Forward-looking information is provided as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required in accordance with applicable laws.

Contact:

Eric T. Jones

President and Chief Executive Officer

Tel: (208) 658-1037

Email: Eric@thundermountaingold.com

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