UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~ March 3031, ~~2024~~2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 001-08429

THUNDER MOUNTAIN GOLD, INC.

(Exact name of Registrant as specified in its charter)

Nevada		91-1031015
(State or other jurisdiction of incorporation or organization)		(IRS identification No.)

11770 W President Dr. STE F
Boise, Idaho		83713-8986
(Address of Principal Executive Offices)		(Zip Code)

(208) 658-1037
(Registrant's Telephone Number, including Area Code)

Securities registered pursuant to Section 12(g) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on WhichRegistered
Common Stock, $0.001 par value	~~THMGTHM~~THMG THM	~~OTCQBTSX~~OTCQB TSX-V

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No

Indicate by check mark whether the Registrant is ☐ a large accelerated filer, ☐ an accelerated file, ☒ a non-accelerated filer, ☒ a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act) or ☐ an emerging growth company

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

☐ Yes ☒ No

Number of shares of issuer's common stock outstanding at ~~October~~April 1421, ~~2024~~2025: 6073,~~855~~255,579

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION 3 Item 1 - Financial Statements 3 Item 2. Management's Discussion and Analysis or Plan of Operation 15 Item 3. Quantitative and Qualitative Disclosures about Market Risk 20 Item 4. Controls and Procedures 20 PART II - OTHER INFORMATION 22 Item 1. Legal Proceedings. 22 Item 1A. Risk Factors. 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 27 Item 3. Defaults Upon Senior Securities. 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28 SIGNATURES 29

PART I - FINANCIAL INFORMATION	3

Item 1 - Financial Statements	3
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3. Quantitative and Qualitative Disclosures about Market Risk	20
Item 4. Controls and Procedures	20

PART II - OTHER INFORMATION	22

Item 1. Legal Proceedings.	22
Item 1A. Risk Factors.	22
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	27
Item 3. Defaults Upon Senior Securities.	27
Item 4. Mine Safety Disclosures	27
Item 5. Other Information	28
Item 6. Exhibits	29

SIGNATURES	30

PART I - FINANCIAL INFORMATION

Item 1 - Financial Statements

Thunder Mountain Gold, Inc.Condensed Consolidated Balance Sheets (Unaudited)~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024

		September 30,2024			December 31,2023
		March 31,2025			December 31,2024
ASSETS
Current assets:
Cash and cash equivalents	$	~~141~~363,~~511~~709		$	~~170~~481,~~628~~322
Investment in BeMetals, at fair value (Note 4)		-			427,836
Subscription receivable		-			130,000
Prepaid expenses and other assets		5431,~~707~~963			3335,~~786~~902
Total current assets		~~196~~395,~~218~~672			~~632~~647,~~250~~224
Property and Equipment:
Property and equipment, net (Note 5)		332,509			332,509
Land		332,509			332,509
Right to use asset (Note 9)		-			1,725
Total property and equipment		332,509			332,509
Total assets	$	728,181		$	981,458
Right to use asset (Note 9)		6,835			21,629
Total assets	$	535,562		$	986,388
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and other accrued liabilities	$	3728,~~180~~583		$	3965,~~050~~604
Accrued legal fees		136,685			136,685
Operating lease liability - current (Note 9)		7,022			18,612
Operating lease liability - (Note 9)		-			1,771
Deferred officer compensation (Note 6)		1,104,625			1,104,625
Deferred compensation (Note 6)		1,104,625			1,104,625
Total current liabilities		1,~~285~~269,~~512~~893			1,~~298~~308,~~972~~685
Operating lease liability - long-term (Note 9)		-			3,532
Accrued reclamation costs		81,250			81,250
Total liabilities		1,~~366~~351,~~762~~143			1,~~383~~389,~~754~~935
Commitments and Contingencies (Notes 2 and 3)
Stockholders' equity:
Preferred stock; $0.0001 par value, 5,000,000 shares authorized; no shares issued or outstanding		-			-
Common stock; $0.001 par value; 200,000,000 shares authorized, 60,855,579 shares issued and outstanding		60,856			60,856
Common stock; $0.001 par value; 200,000,000 shares authorized, 73,255,579 shares issued and outstanding. (See Note 7)		73,256			73,256
Additional paid-in capital		67,~~564~~498,~~947~~362			67,~~564~~172,~~947~~547
Less: 11,700 shares of treasury stock, at cost		(24,200	)		(24,200	)
Accumulated deficit		(78,~~602~~340,~~442~~019	)		(7,~~168~~799,~~608~~719	)
Total Thunder Mountain Gold, Inc stockholders' equity		(1792,~~000,839~~601	)		(~~567~~578,~~005~~116	)
Noncontrolling interest in Owyhee Gold Trust (Note 3)		169,639			169,639
Total stockholders' equity		(~~831~~622,~~200~~962	)		(~~397~~408,~~366~~477	)
Total liabilities and stockholders' equity	$	~~535~~728,~~562~~181		$	~~986~~981,~~388~~458

The accompanying notes are an integral part of these condensed consolidated financial statements.

Thunder Mountain Gold, Inc.Condensed Consolidated Statements of Operations (Unaudited)

Condensed Consolidated Statements of Operations (Unaudited)

		Three Months Ended
		March 31,
		2025			2024
Operating expenses:
Exploration	$	67,073		$	20,075
Legal and accounting		45,810			47,719
Management and administrative		428,463			95,040
Total operating expenses		541,346			162,834

Net operating income (loss)		(541,346	)		(162,834	)

Other income (expense):
Loss on sale of investment		-			(42,855	)
Other		1,046			129
Total other income (expense)		1,046			(42,726	)

Net loss		(540,300	)		(205,560	)
Net income - noncontrolling interest in Owyhee Gold Trust		-			-
Net loss - Thunder Mountain Gold, Inc.	$	(540,300	)	$	(205,560	)

Net income (loss) per common share-basic and diluted	$	(0.01	)	$	Nil

Weighted average common shares outstanding-basic and diluted		73,255,579			60,855,579

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2024			2023			2024			2023
Operating expenses:
Exploration	$	40,164		$	12,753		$	82,524		$	55,760
Legal and accounting		13,861			11,987			71,596			88,950
Management and administrative		61,201			78,669			238,572			314,545
Depreciation		-			-			-			552
Total operating expenses		115,226			103,409			392,692			459,807
Net operating (loss)		(115,226	)		(103,409	)		(392,692	)		(459,807	)
Other income (expense):
Unrealized gain (loss) on investment		-			(16,688	)		-			30,732
Realized (loss) on investment		-			-			(42,855	)		-
Other income		595			396			1,713			1,720
Total other income (expense)		595			(16,292	)		(41,142	)		32,452
Net (loss)		(114,631	)		(119,701	)		(433,834	)		(427,355	)
Net income (loss) - noncontrolling interest in Owyhee Gold Trust		-			-			-			-
Net (loss) - Thunder Mountain Gold, Inc.	$	(114,631	)	$	(119,701	)	$	(433,834	)	$	(427,355	)
Net (loss) per common share - basic and diluted	$	Nil		$	Nil		$	(0.01	)	$	(0.01	)
Weighted average common shares outstanding-basic and diluted.		60,855,579			60,855,579			60,855,579			60,855,579

The accompanying notes are an integral part of these condensed consolidated financial statements.

Thunder Mountain Gold, Inc.Condensed Consolidated Statements of Cash Flows (Unaudited)

		Nine Months Ended
		Three Months Ended
		September 30,
		March 31,
		2024			2023
		2025			2024
Cash flows from operating activities:
Net (loss)	$	(433,834	)	$	(427,355	)
Net loss	$	(540,300	)	$	(205,560	)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation		-			552
Stock based compensation		325,815			-
Noncash lease expense		(~~328~~46	)		-(46	)
Unrealized (gain) loss on investment		-			(30,732	)
Loss on sale of investment		-			42,855
Realized (gain) loss on investment		42,855			-
Change in:
Prepaid expenses and other assets		~~(20~~3,~~921~~939	)		(1921,~~465~~764	)
Accounts payable and other accrued liabilities		(137,~~870~~021	)		29(15,~~244~~656	)
Accrued legal fees		-			(10,000	)
Net cash used by operating activities		(247,613	)		(200,171	)
Advance from BeMetals		-			(5,433	)
Net cash used by operating activities		(414,098	)		(463,189	)
Cash flows from investing activities:
Proceeds from sale of investments		384,981			-
Proceeds from sale of investments, net		-			384,981
Deposit on Land Purchase		-			(10,000	)
Net cash provided by investing activities		-			384,981
Net cash provided (used) by investing activities		384,981			(10,000	)
Cash flows from financing activities:
Net cash (used) by financing activities		-			-
Proceeds from issuances of stock and warrants		130,000			-
Net (decrease) in cash and cash equivalents		(29,117	)		(473,189	)
Net cash provided by financing activities		130,000			-
Cash and cash equivalents, beginning of period		170,628			682,718
Net increase (decrease) in cash and cash equivalents		(117,613	)		184,810
Cash and cash equivalents, end of period	$	141,511		$	209,529
Cash and cash equivalents, beginning of period		481,322			170,628
Noncash financing and investing activities
Cash and cash equivalents, end of period	$	363,709		$	355,438
Operating lease liability arising from obtaining right to use asset (Note 9)	$	-		$	38,701

The accompanying notes are an integral part of these condensed consolidated financial statements.

Thunder Mountain Gold, Inc.

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)

For the three~~-month~~ ~~and~~months ~~nine-month periods~~ ended ~~September~~March 3031, ~~2024~~2025 and ~~September 30, 2023~~2024

	CommonStockShares		CommonStockAmount		AdditionalPaid-InCapital	~~AdditionalPaid-InCapital~~		TreasuryStock	~~TreasuryStock~~		AccumulatedDeficit	~~AccumulatedDeficit~~		Non-ControllingInterest inOGT	~~Non-ControllingInterest inOGT~~		Total	~~Total~~
Balances at July 1, 2023	60,855,579	$	60,856		$	6,564,947		$	(24,200	)	$	(6,659,035	)	$	169,639		$	112,207
Balances at January 1, 2024	60,855,579	$	60,856	$	6,564,947		$	(24,200	)	$	(7,168,608	)	$	169,639		$	(397,366	)
Net income	-		-			-			-			(119,701	)		-			(119,701	)
Net income (loss)	-		-		-			-			(205,560	)		-			(205,560	)
Balances at September 30, 2023	60,855,579	$	60,856		$	6,564,947		$	(24,200	)	$	(6,778,736	)	$	169,639		$	(7,494	)
Balances at March 31, 2024	60,855,579	$	60,856	$	6,564,947		$	(24,200	)	$	(7,374,168	)	$	169,639		$	(602,926	)
Balances at July 1, 2024	60,855,579	$	60,856		$	6,564,947		$	(24,200	)	$	(7,487,811	)	$	169,639		$	(716,569	)
Balances at January 1, 2025	73,255,579	$	73,256	$	7,172,547		$	(24,200	)	$	(7,799,719	)	$	169,639		$	(408,477	)
Net loss	-		-			-			-			(114,631	)		-			(114,631	)
Stock based compensation	-		-		325,815			-			-			-			325,815
Balances at September 30, 2024	60,855,579	$	60,856		$	6,564,947		$	(24,200	)	$	(7,602,442	)	$	169,639		$	(831,200	)
Net income (loss)	-		-		-			-			(540,300	)		-			(540,300	)
Balances at January 1, 2023	60,855,579	$	60,856		$	6,564,947		$	(24,200	)	$	(6,351,381	)	$	169,639		$	419,861
Balances at March 31, 2025	73,255,579	$	73,256	$	7,498,362		$	(24,200	)	$	(8,340,019	)	$	169,639		$	(622,962	)
Net loss	-		-			-			-			(427,355	)		-			(427,355	)
Balances at September 30, 2023	60,855,579	$	60,856		$	6,564,947		$	(24,200	)	$	(6,778,736	)	$	169,639		$	(7,494	)
Balances at January 1, 2024	60,855,579	$	60,856		$	6,564,947		$	(24,200	)	$	(7,168,608	)	$	169,639		$	(397,366	)
Net loss	-		-			-			-			(433,834	)		-			(433,834	)
Balances at September 30, 2024	60,855,579	$	60,856		$	6,564,947		$	(24,200	)	$	(7,602,442	)	$	169,639		$	(831,200	)

The accompanying notes are an integral part of these condensed consolidated financial statements.

1. Summary of Significant Accounting Policies and Business Operations

The ~~accompanying unaudited~~ interim condensed consolidated financial statements ~~have been prepared by management~~ of Thunder Mountain Gold, Inc. and its subsidiaries (collectively, "Thunder Mountain,", "THMG,", or "the Company") inare ~~accordance~~unaudited. ~~with~~In ~~accounting~~the ~~principles~~opinion ~~generally~~of ~~accepted~~management, inall ~~the~~adjustments, ~~United~~consisting ~~States~~of ~~(GAAP)~~only normal recurring adjustments, and disclosures necessary for the fair statement of these interim ~~financial~~statements ~~information~~have been included. ~~Accordingly,~~The ~~they~~results doreported in these interim statements may not ~~include~~be ~~all~~indicative of the ~~information~~results ~~and~~which ~~footnotes~~will ~~required~~be byreported ~~generally~~for ~~accepted~~the ~~accounting~~year ~~principles~~ending ~~for~~December ~~complete~~31, 2025. The condensed consolidated ~~financial~~December ~~statements.~~31, In2024 ~~the~~balance ~~opinion~~sheet ofdata ~~the~~was ~~Company's~~derived ~~management~~from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements ~~include~~should ~~all~~be ~~normal~~read ~~recurring~~in ~~adjustments~~conjunction ~~necessary~~with ~~for~~the aaudited ~~fair~~consolidated ~~presentation~~financial ofstatements included in the ~~financial~~Company's ~~results~~Annual Report on Form 10-K/A for the ~~interim~~year ~~periods~~ended ~~presented~~December 31, 2024.

~~The~~Business preparation of financial statements in accordance with GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company's consolidated financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the Company's consolidated financial position and results of operations. The more significant areas requiring the use of management estimates and assumptions include the carrying value of properties and mineral interests, environmental remediation liabilities, deferred tax assets, and stock-based compensation. Management's estimates and assumptions are based on historical experience and other assumptions believed to be reasonable under the circumstances. Operating results for the three and nine-month periods ended September 30, 2024, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024.Operations

~~For~~Thunder ~~further~~Mountain ~~information~~Gold, ~~refer~~Inc. to("Thunder Mountain", "THMG", or "the ~~financial~~Company") ~~statements~~was ~~and~~originally ~~footnotes~~incorporated ~~included~~under inthe laws of the ~~Company's~~State ~~audited~~of ~~financial~~Idaho ~~statements~~on ~~for~~November 9, 1935, under the ~~year~~name ~~ended~~of ~~December~~Montgomery 31Mines, ~~2023~~Inc. In April 1978, the Montgomery Mines Corporation was obtained by a group of the Thunder Mountain property holders and changed its name to Thunder Mountain Gold, Inc., with the primary goal to further develop their holdings in the Thunder Mountain Mining District, located in Valley County, Idaho. Thunder Mountain Gold, Inc. takes its name from the Thunder Mountain Mining District, where its principal lode mining claims were located. For several years, the Company's ~~10-K,~~activities were restricted to maintaining its property position and ~~any~~exploration ~~amendments~~activities. ~~thereto~~During 2005, asthe ~~filed~~Company ~~with~~sold its holdings in the ~~Securities~~Thunder Mountain Mining District. During 2007, the Company acquired the South Mountain Mines property in southwest Idaho and ~~Exchange~~initiated ~~Commission~~exploration activities on ~~September~~that 10property, ~~2024~~which continue today.

Basis of Presentation and Going Concern

The ~~audit~~condensed ~~opinion and notes that accompany our~~ consolidated financial statements ~~for~~accompanying ~~the~~this ~~year~~report ~~ended~~show ~~December~~an ~~31,~~accumulated ~~2023~~deficit disclose a 'going concern' qualification to our ability to continue in business. Those consolidated financial statements have been prepared on the basis that the Company is a going concern, which contemplates the realization of our assets and the settlement of our liabilities in the normal course of our operations. Disruptions in the credit and financial markets over the past several years have had a material adverse impact on a number of financial institutions and investors and have limited access to capital and credit for many companies. In addition$8, ~~commodity prices and mining equities have seen significant volatility which increases the risk to precious metal investors. Market disruptions and alternative investment options~~340,019 among other things, make it more difficult for us to obtain, or increase our cost of obtaining, capital and financing for our operations. Our access to additional capital may not be available on terms acceptable to us or at ~~all.~~March ~~If we are unable to obtain financing through equity investments~~31, we2025 ~~will~~which ~~seek~~raises ~~multiple~~substantial ~~solutions~~doubt ~~including,~~about ~~but~~the ~~not~~Company's ~~limited~~ability to, ~~asset sales, corporate transactions, credit facilities or debenture issuances in order to~~ continue as a going concern.

The ~~condensed~~Company's ~~consolidated~~ability ~~financial~~to ~~statements~~secure docapital ~~not~~for ~~include~~exploration ~~any~~and ~~adjustments~~working ~~that~~capital ~~might~~needs beis ~~necessary~~crucial, ~~should~~given wethe beabsence ~~unable~~of torecurring ~~continue~~revenue asstreams. aLong-term ~~going~~strategies ~~concern.~~involve Wefinancing ~~believe~~through ~~that~~stock ~~the~~or ~~going~~debt ~~concern~~sales ~~condition~~and ~~cannot~~eventual beprofitability ~~removed~~from ~~with~~mining ~~confidence~~operations. ~~until~~Capital ~~the~~raising ~~Company~~efforts ~~has~~are ~~entered~~hindered ~~into~~by acurrent ~~business~~capital ~~climate~~market ~~where~~conditions ~~funding~~and ofthe ~~its~~broader ~~activities~~economic isclimate ~~more~~in ~~assured.~~the IfUnited ~~the~~States. ~~going~~Company ~~concern~~management ~~basis~~is ~~were~~actively ~~not~~seeking ~~appropriate~~additional ~~for~~funds ~~these~~through ~~financial~~various ~~statements~~means, ~~adjustments~~including ~~would~~public beofferings, ~~necessary~~private inplacements, ~~the~~mergers, ~~carrying~~option ~~value~~agreements, ~~of assets~~ and ~~liabilities~~external debt, ~~the~~to ~~reported~~ensure ~~expenses and~~ the ~~balance~~Company's ~~sheet classifications used~~viability.

The condensed consolidated financial statements ~~accompanying~~do ~~this~~not ~~report~~include ~~show~~any anadjustments ~~accumulated~~that ~~deficit~~might ofbe ~~$7,602,442~~necessary onshould ~~September 30, 2024, which raises substantial doubt about~~ the Company's ~~ability~~be unable to continue as a going concern. ~~The~~If ~~Company~~the ~~has~~going ~~incurred~~concern ~~losses~~basis ~~since~~was ~~its~~not ~~inception.~~appropriate ~~The~~for ~~Company~~these ~~does~~financial ~~not~~statements, ~~have~~adjustments ~~sufficient~~would ~~cash~~be tonecessary ~~fund~~in ~~normal~~the ~~operations~~carrying ~~and~~value ~~meet all~~ of ~~its~~assets ~~obligations~~and ~~for~~liabilities, the ~~next~~reported 12expenses ~~months~~and ~~without~~the ~~raising~~balance ~~additional~~sheet ~~funds~~classifications used.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of the Company; its wholly owned subsidiaries, Thunder Mountain Resources, Inc. ("TMRI") and South Mountain Mines, Inc. ("SMMI"); and a company in which the Company owns 75% and has majority control, Owyhee Gold Trust, LLC ("OGT"). The Company's ~~condensed~~ consolidated financial statements reflect the other investor's 25% noncontrolling, capped interest in OGT. Intercompany accounts are eliminated in consolidation.

Accounting Estimates

The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions include the carrying value of properties and mineral interests, environmental remediation liabilities, deferred tax assets, and stock-based compensation. Management's estimates and assumptions are based on historical experience and other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates.

Income Taxes

The Company recognizes deferred income tax liabilities or assets at the end of each period using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of the deferred tax assets will not be realized.

Cash and Cash Equivalents

For the purposes of the balance sheet and statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less when purchased to be a cash equivalent.

Fair Value Measurements

When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. The Company has no financial liabilities that are adjusted to fair value on a recurring basis.

Financial Instruments

The Company's financial instruments include cash and cash equivalents~~, and the investment in BeMetal's equity securities, the carrying value of which approximates fair value based on the nature of those instruments~~.

Investments

The Company determines the appropriate classification of investments at the time of acquisition and re-evaluates such determinations at each reporting date. Equity securities that have a readily determined fair value are carried at fair value determined using Level 1 fair value measurement inputs with the change in fair value recognized as unrealized gain (loss) in the condensed consolidated statement of operations each reporting period. Gains and losses on the sale of securities are recognized on a specific identification basis.

Mineral Interests

The Company capitalizes costs for acquiring mineral interests, and expenses costs to maintain mineral rights and leases as incurred. Exploration costs are expensed in the period in which they are incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method based on periodic estimates of ore reserves. Mineral interests are periodically assessed for impairment of value and any subsequent losses are charged to operations at the time of impairment.

If a mineral interest is abandoned or sold, its capitalized costs are charged to operations. Consideration received by the Company pursuant to joint ventures or purchase option agreements is applied against the carrying value of the related mineral interest. When and if payments received exceed the carrying value, the excess amount is recognized as a gain in the condensed consolidated statement of operations in the period the consideration is received.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company's annual periods for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively. We are currently evaluating the ASU to determine its impact on our consolidated financial statements and disclosures.

Leases

Arrangements meeting the definition of a lease are classified as operating or financing leases and are recorded on the condensed consolidated balance sheet as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company's incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. For finance leases, interest on the lease liability and the amortization of the right-of-use asset results in front-loaded expense over the lease term. Variable lease expenses are recorded when incurred.

Investments in Joint Ventures

For companies and joint ventures (JVs) where the Company holds more than 50% of the voting interests, but less than 100%, and has significant influence, the company or joint venture is consolidated, and other investor interests are presented as noncontrolling. In determining whether significant influence exists, the Company considers its participation in policy-making decisions and its representation on the venture's management committee.

For JVs in which the Company does not have joint control or significant influence, the cost method is used. For those JVs in which there is joint control between the parties, the equity method is utilized whereby the Company's share of the ventures' earnings and losses is included in the statement of operations as earnings in JVs and its investments therein are adjusted by a similar amount. The Company periodically assesses its investments in JVs for impairment. If management determines that a decline in fair value is other than temporary it will write-down the investment and charge the impairment against operations.

Reclamation and Remediation

The Company's operations have been, and are subject to, standards for mine reclamation that have been established by various governmental agencies. The Company would record the fair value of an asset retirement obligation as a liability in the period in which the Company incurred a legal obligation for the retirement of tangible long-lived assets. A corresponding asset would also be recorded and depreciated over the life of the asset.

For non-operating properties, the Company accrues costs associated with environmental remediation obligations when it is probable that such costs will be incurred, and they are reasonably estimable. Such costs are based on management's estimate of amounts expected to be incurred when the remediation work is performed. AtThe ~~September 30, 2024, the~~ Company had accrued $81,250 at March 31, 2025 and, December 31, 2024, respectively, on its condensed consolidated balance sheets relating to estimated mine closure and reclamation costs on its South Mountain Mines property.

Share-Based Compensation

Share-based payments to employees and directors, including grants of employee stock options, are measured at fair value and expensed in the condensed consolidated statements of operations over the vesting period.

9Segment Policy

The Chief Executive Officer of Thunder Mountain Gold Inc. serves as the Company's Chief Operating Decision Maker ("CODM"). The Company operates as a single business segment, focused primarily on the exploration and development of the South Mountain Project.

As a single-segment entity, the Company complies with ASC 280-10-50-20, reporting segment profit or loss, significant expenses, and other segment items. Given our status as a mineral exploration company with no revenue, financial activities were minimal, primarily consisting of essential corporate expenditure and limited exploration.

Since our single segment represents the entire entity, certain financial information may be referenced in the primary financial statements instead of duplicated in segment disclosures.

Investments in Equity Securities

Investments in equity securities are generally measured at fair value. Unrealized gains and losses for equity securities resulting from changes in fair value are recognized in current earnings. If an equity security does not have a readily determinable fair value, we may elect to measure the security at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer. At the end of each reporting period, we reassess whether an equity investment security without a readily determinable fair value qualifies to be measured at cost, less impairment, consider whether impairment indicators exist to evaluate if an equity investment security is impaired and, if so, record an impairment loss. At the end of each reporting period, unrealized gains and losses resulting from changes in fair value are recognized in current earnings. Upon sale of an equity security, the realized gain or loss is recognized in current earnings.

Recent Accounting Pronouncements

Accounting Standards Updates

In August 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which clarifies the business combination accounting for joint venture formations. The amendments in the ASU seek to reduce diversity in practice that has resulted from a lack of authoritative guidance regarding the accounting for the formation of joint ventures in separate financial statements. The amendments also seek to clarify the initial measurement of joint venture net assets, including businesses contributed to a joint venture. The guidance is applicable to all entities involved in the formation of a joint venture. The amendments are effective for all joint venture formations with a formation date on or after January 1, 2025. Early adoption and retrospective application of the amendments are permitted. WeAdoption ~~do not expect adoption~~ of the new guidance todid not have a material impact on our consolidated financial statements and disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures.

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update requires companies to report on an annual basis, specific categories in the rate reconciliation and additional information on reconciling items greater than 5% of the taxable income or loss. The update also requires disclosure of income taxes paid to Federal, state and foreign jurisdictions along with other municipal and local jurisdictions representing 5% or more of total income taxes paid. This update is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.

Net Income (Loss) Per Share

The Company is required to have dual presentation of basic earnings per share ("EPS") and diluted EPS. The Company calculates basic earnings (loss) per share by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share reflect potentially dilutive common stock equivalents, including options and warrants that could share in our earnings through the conversion to common shares, except where their inclusion would be anti-dilutive. For the quarters ended ~~September~~March 3031, ~~2024,~~2025 and ~~2023,~~2024 outstanding common stock options of 4,865,000 and 3,450,000, respectively were excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive due to the net loss for the period.

2. Mineral Interest Commitments

The Company holds two leases pertaining to land parcels adjacent to its South Mountain patented and unpatented mining claims. The details of these leases are as follows:

Acree Lease:

~~Commencing~~On on June 20, 2008, the Company entered into a lease agreement with Ronald Acree for a ~~period~~six-year ~~of 6 years~~term, covering 113 acres at a lease rate of $20 per acre. The lease agreement includes an option to extend for an additional 10ten years at a revised rate of $30 per acre. ~~Upon~~Beginning on the 17th ~~Anniversary~~anniversary ~~from~~of the ~~effective date~~lease, athe rate ofincreases to $50 per acre, ~~will~~payable ~~be paid~~ in the form of an advanced royalty, ~~until~~through the 30th anniversary. ~~from~~Thereafter, the ~~date.~~lease ~~Then,~~rate awill ~~rate~~further ofincrease to $75 per acre ~~will be paid to Acree~~. ~~The total annual lease payment for the 113 acres amounts to $3,390.~~

Effective June 2025, upon entering the 17th year of the lease term, the annual lease payment will increase to $5,650, reflecting the rate adjustment to $50 per acre for the 113-acre property.

Lowry Lease:

On October 24, 2008, the Company executed a lease agreement with William and Nita Lowry for a duration of 6 years, encompassing 376 acres at a rate of $20 per acre. Similar to the Acree Lease, the Lowry Lease incorporates an option to extend for an additional 10 years at a revised rate of $30 per acre. Following the passing of the original lessors, the lease was inherited by Michael Lowry, their son. The lease will expire on October 24, 2025. The Company's management is in contact with Michael Lowry negotiating an lease extension.

The leases have no work requirements. It is the current intention of the Company to engage in negotiations for new leases with the current landowners upon the expiration of the existing lease agreements. The negotiations may involve modifications to terms, rates, or other conditions as mutually agreed upon by the parties involved.

The Company has 26 unpatented claims (533 acres) in the Trout Creek area and 2134 unpatented claims in the South Mountain area.

The claim fees are paid on these unpatented claims annually as follows:

Target Area		~~2024~~2025
Trout Creek -State of Nevada	$	5,200
Trout Creek -Lander County, Nevada		324
South Mountain-State of Idaho		4,~~200~~460
Total	$	9,~~724~~984

3. South Mountain Project

SMMI Joint Venture - OGT, LLC

The Company's wholly owned subsidiary SMMI is the sole manager of the South Mountain Project in its entirety through a separate Mining Lease with Option to Purchase ("Lease Option") with the Company's majority-owned subsidiary OGT. SMMI has an option to purchase the South Mountain mineral interest for a capped $5 million less net returns royalties paid through the date of exercise. The Lease Option expires in November 2026. If SMMI exercises the option, the option payment of $5 million less advance royalties will be distributed 100% by OGT to OGT's minority member, ~~and OGT will cease to exist~~ISGCII. Under the Lease Option, SMMI pays an advance of $5,000 net returns royalty to OGT annually ~~on November 4 which is distributed to OGT's minority member~~. ~~On February 13, 2024, the Company paid the $5,000 advance net returns royalty payment to the OGT minority interest, ISGCII.~~

~~Complaint~~Under the OGT operating agreement, SMMI and ISGC II have 75% and 25% ownership, respectively, in OGT. SMMI is the sole manager and pays all expenses for exploration and development of the property. The Company has established 75% ownership and full management of the property. OGT's financial information is included 100% in the Company's condensed consolidated financial statements as of March 31, 2025 and December 31, 2024, and for the periods ended March 31, 2025 and 2024.

OnMFD ~~April~~Investment 12, 2023, the Company was served with a Complaint filed in the fourth judicial district court of the State of Idaho by legal representatives of a former mining contractor who had provided services for the South Mountain Mine project in the Fall of 2020. The case was subsequently dismissed with prejudice, and a judgment to that effect was entered on November 21, 2023. The contractor had a 42-day window from the date of judgment to appeal, which expired on January 2, 2024. No appeal was filed within this timeframe, leading to the District Court`s dismissal of the claim.Holdings

On January 27, 2025, the Company announced a strategic partnership with Swiss-based MFD Investment Holdings SA ("MFD"). The letter agreement signed outlines that MFD will provide additional funding, contributing $1,000,000 in project-related expenditures as well as providing technical support for project development. This partnership adds additional financial strength in advancing South Mountain's technical and economic studies. The letter agreement is in the form of an option, whereby THMG grants an option to MFD to earn an interest in its South Mountain Project pursuant to which MFD shall have the right, but not the obligation, to complete certain requirements in return for the acquisition of a 10% interest in the Project

4. Investment in BeMetals Corp.

On January 18, 2024, the Company sold the remaining 6,636,000 shares held in BeMetals Corp. for a total consideration of $384,981 ~~(equivalent to CAD $518,223)~~. The transaction was executed through Canaccord Genuity at a unit price of $0.0594 ~~(CAD $0.0801)~~ per share. This sale was conducted in accordance with the terms outlined in the BeMetals Option Agreement. AsDuring athe ~~result~~three ofmonths ~~the~~ended ~~sale~~March 31, 2024 the Company incurred a loss of $42,855.

5. Property and Equipment

On December 13, 2023, the Company completed the strategic acquisition of 56 acres of private land for $52,176. This parcel is contiguous to the south end of the existing patented and lode claims at the South Mountain Project. The Board of Directors approved the land purchase resolution on January 31, 2023. Subsequently, on February 07, 2023, a real estate purchase and sale agreement was signed, formalizing the terms and conditions of the transaction. The acquisition is strategically aligned with the Company's exploration and development objectives. The geographical adjacency to the South Mountain Project enhances exploration efficiency and supports the Company's long-term growth strategy.

The Company's property and equipment are as follows:

		September 30,			December 31,
		March 31, 2025			December 31, 2024
		2024			2023
Vehicles	$	22,441		$	22,441
Construction Equipment		30,407			30,407
Mining Equipment		42,696			42,696
		95,544			95,544
Accumulated Depreciation		(95,544	)		(95,544	)
		-			-
Land		332,509			332,509
Total Property and Equipment	$	332,509		$	332,509

6. Related Party Transactions

Board of Directors Compensation

The Company, in an effort to conserve financial resources, the Board of Directors had suspended its compensation during the year ended December 31, 2024.

Deferred Compensation

As of ~~September~~March 3031, ~~2024~~2025, and December 31, ~~2023~~2024, the balances of the total deferred compensation for the officers, are as follows, Eric Jones, President and Chief Executive Officer: $469,500; Jim Collord, Vice President and Chief Operating Officer: $420,000; Larry Thackery, former Chief Financial Officer: $215,125. The total deferred compensation for these officers at ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024 was $1,104,625.

7. Stockholders' Equity

The Company's common stock has a par value of $0.001, with 200,000,000 shares authorized. ~~Additionally,~~The ~~the~~ Company also has ~~authorized~~ 5,000,000 authorized shares of preferred stock with a par value of $0.0001.

8. Stock Options

The Company has a Stock Incentive Plan (the "SIP"), ~~authorize~~that authorizes the granting of stock options up to 10 percent of the total number of issued and outstanding shares of common stock, that provides for the grant of stock options, incentive stock options, stock appreciation rights, restricted stock awards, and incentive awards to eligible individuals including directors, executive officers and advisors that have furnished bona fide services to the Company not related to the sale of securities in a capital-raising transaction. On December 610, ~~2023~~2024, the Company's shareholders, at their Annual Meeting, ratified and reapproved the Stock Option Plan.

~~There were no stock options awarded in 2023. On March 25, 2024, 1,325,000 options expired.~~12

On February 7, 2025, the Company issued 3,045,000 stock options to officers and directors of the Company. The fair value of the options was determined to be $325,815 using the Black Scholes model. The total compensation cost recognized for share-based payment awards to non-employees was $10,700. The Company has elected to recognize the effect of forfeitures in compensation cost when they occur. Previously recognized compensation cost for a nonemployee share-based payment award shall be reversed in the period that the award is forfeited. The options are exercisable on or before February 7, 2030, and have an exercise price of $0.10. The options were fully vested upon grant and the entire fair value was recognized as share-based compensation expense, included as part of management and administrative expenses on the statement of operations, during the quarter ended March 31, 2025.

The fair value of each option award was estimated on the date of the grant using the assumptions noted in the following table:

	February 7, 2025
Stock price	$0.11
Exercise price	$0.10
Expected volatility	170.7%
Expected dividends	-
Expected terms (in years)	5.0
Risk-free rate	4.33%

On March 29, 2025, 1,630,000 options expired.

The following is a summary of the Company's options issued and outstanding under the SIP:

	Shares			Weighted Average Exercise Price
Outstanding and exercisable at December 31, 2023	4,775,000		$	0.09
Expired	(1,325,000	)		0.09
Outstanding and exercisable at September 30, 2024	3,450,000		$	0.09
Outstanding and exercisable at December 31, 2024	3,450,000		$	0.09
Granted	3,045,000			0.10
Expired	(1,630,000	)		0.10
Outstanding and exercisable at March 31, 2025	4,865,000		$	0.10

The average remaining contractual term of the options outstanding and exercisable at ~~September~~March 3031, ~~2024~~2025, was 13.5478 years. OnAt ~~September~~March 3031, ~~2024~~2025, options outstanding and exercisable had noan aggregate intrinsic value of $164,150 based on the Company's stock price of $0.~~042~~13 onat ~~September~~March 3031, ~~2024~~2025.

9. Leases

The Company renewed its office operating lease on February 1, 2023, for 24 months. The Company entered into a two-year operating lease for its corporate office space for a total lease payment of $41,625,. ~~and~~A aslease ~~a result a~~ liability and corresponding right-of-use asset of $38,701 was recognized on the lease inception date, February 1, 2023. To ~~calculate~~This ~~the~~lease ~~liability~~ended ~~and~~on ~~right~~January ~~of use asset~~31, ~~the Company utilized a 7~~2025.0% During ~~incremental~~the ~~borrowing~~quarter ~~rate~~ended toMarch ~~discount~~31, 2025 the ~~future~~Company ~~rent~~paid ~~payments of approximately~~ $1,~~734~~771 ~~per~~in ~~month~~lease ~~over~~payments, ~~the~~with ~~two-year~~imputed ~~lease~~interest ~~term~~of $46.

~~For~~The ~~the~~Company ~~nine~~renewed ~~months~~its ~~ended~~office ~~September~~operating 30lease on February 1, ~~2024~~2025 for 12 months, and do not anticipate the ~~Company~~lease ~~expended~~will ~~cash~~be ofmore ~~$15,938~~than in12 ~~operating~~months. Since the remaining lease ~~payments~~term ~~that~~is ~~were~~one ~~recorded~~year inor ~~management~~less the Company did not recognize a right to use asset and ~~administrative~~related ~~expenses~~lease liability on the balance sheet for the lease renewal.

The table below displays the future operating lease payments and lease liability as of September 30, 2024, related to the Company's operating lease.

Future Lease Payments		Total Amount
2024 (remaining three months)	$	5,344
2025		1,781
Total		7,125
Less: Imputed Interest		(103	)
Total lease Liability	$	7,022

The Company's ROU asset decreased through amortization of $5,020 and $14,795 for the three and nine months ended September 30, 2024.

10. Subsequent Events

On ~~October~~April 415, ~~2024~~2025, the Company`s ~~received~~Board ~~$50,000~~approved ~~from~~ a ~~potential~~private ~~investor~~placement tofinancing ~~perform~~of ~~evaluation~~$1,200,000 ~~and~~million ~~due~~dollars, ~~diligence~~consisting onof ~~the~~$0.12 ~~South~~units. Each ~~Mountain~~unit ~~Project~~includes ~~for~~a ~~potential~~share ~~investment~~of incommon ~~THMG~~stock, orwith ~~investment~~a in½ ~~the~~common ~~South~~stock ~~Mountain~~purchase ~~Project.~~warrant ~~The~~exercisable ~~details~~for of2 ~~how~~years ~~the~~at ~~investment~~$0.18. It ~~will~~is beanticipated ~~applied~~that ~~are~~this ~~being~~financing ~~discussed internally and with the investor, including whether the Company~~ will ~~accept~~close ~~the~~on ~~investment~~or ~~and~~about ~~under~~May ~~what~~15, ~~terms will apply to the investment~~2025. No ~~The~~placement ~~Company~~fees ~~has~~will ~~accounted~~be ~~for the investment as a deposit on its consolidated balance sheet~~paid.

On ~~November~~April 610, ~~2024~~2025, the ~~Board~~Company ofentered ~~Directors~~into ~~approved~~ a ~~Private~~services ~~Placement~~agreement ~~financing~~with ~~plan~~Ascent toCFO ~~raise~~Solutions, upLLC to ~~$600,000~~provide ~~through~~outsourced ~~the~~financial ~~sale~~consulting ~~of equity units priced at $0~~services.~~05 per unit, which includes one share of common stock, and one stock warrant, exercisable at $0.10.~~

The financing was reserved with the TSX-V, and will close at the discretion of the Board of Directors. If executed, this private placement may result in the issuance of approximately 12 million shares, representing a 17% increase in Corporate Capitalization on a fully diluted basis. As of September 30, 2024, the Company has not issued any shares of common stock.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Forward-Looking Statements

Certain statements contained in this Form 10-Q, including in Management's Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures About Market Risk, are intended to be covered by the safe harbor provided for under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Our forward-looking statements include our current expectations and projections about future results, performance, results of litigation, prospects and opportunities, including reserves and other mineralization. We have tried to identify these forward-looking statements by using words such as "may," "will," "expect," "anticipate," "believe," "intend," "feel," "plan," "estimate," "project," "forecast" and similar expressions. These forward-looking statements are based on information currently available to us and are expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.

These risks, uncertainties and other factors include, but are not limited to, those set forth under Part I, Item 1A. - Risk Factors in our ~~2023~~2024 Form 10-K/A and in Part II, Item 1.A. - Risk Factors of our 2024 Q1Q2 and 2024 Q2Q3 on Form 10-Q. Given these risks and uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to Thunder Mountain Gold, Inc. or to persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. Except as required by federal securities laws, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The following Management's Discussion and Analysis of Financial Condition and Results of Operation ("MD&A") is intended to help the reader understand our financial condition. MD&A is provided as a supplement to, and should be read in conjunction with, our financial statements and the accompanying integral notes ("Notes") thereto. The following statements may be forward-looking in nature and actual results may differ materially.

Plan of Operations

The Company, including its subsidiaries, owns mining rights, mining claims, and properties in the mining areas of Nevada and Idaho, which includes its South Mountain Property in Idaho, and its Trout Creek Property in Nevada.

The Company owns 100% of the outstanding stock of Thunder Mountain Resources, Inc., a Nevada Corporation. Thunder Mountain Resources, Inc. owns 100% of the outstanding stock of South Mountain Mines, Inc. (SMMI), an Idaho Corporation. Thunder Mountain Resources, Inc. completed the direct purchase of 100% ownership of South Mountain Mines, Inc. on September 27, 2007, which consisted of 17 patented mining claims (approximately 327 acres) located in Owyhee County in southwestern Idaho. After the purchase, Thunder Mountain Resources staked 21 unpatented lode mining claims and obtained mineral leases on 489 acres of adjoining private ranch land.

The Company's plan of operation for the next twelve months, subject to business conditions, will be to continue to advance the South Mountain Project, including continued baseline environmental and engineering work necessary to complete a Preliminary Economic Analysis or Initial Analysis. The Company plans to continue to explore options to advance the South Mountain Project and acquire additional properties through partnerships, joint ventures, option agreements, and strategic relationships.

Internal Controls Disclosure

Samples submitted for analysis from drilling completed by the Company in 2019, 2020, 2021 incorporated a QA/QC program consisting of duplicates, standards, and blanks to verify the assay laboratory results. Hard Rock Consulting, LLC, based in the U.S.A., an independent mining and mineral resource consulting firm based in Denver, Colorado ("HRC"), has conducted two site visits to the Project in April 2018 and May 2021. HRC completed a manual and mechanical audit of the drilling and channel sampling database prior to the estimation of mineral resources. HRC also examined select core intervals from historic and recent drilling, obtained a variety of duplicate samples for independent check sampling. In all cases, the core samples accurately reflect the lithologies recorded on the logs and the degree of visible alteration and evidence of mineralization observed was generally consistent with the grade range indicated by the original assay value. The Company and HRC reviewed the Mineral Resources classified into inferred, indicated, and measured mineral resources to determine compliance in accordance with § 229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of Regulation S-K). Mineral resources that are not mineral reserves and have not demonstrated economic viability. Risks associated with the mineral resource estimate include, but are not limited to changes in metal price, changes to geotechnical, mining, and metallurgical recovery assumptions, changes to the formula used to generate the block model NSR values, changes to the assumptions used to generate the reporting NSR cut-off value and changes in interpretations of mineralization geometry and continuity of mineralization zones resulting from additional drill hole information and channel sample assays, and new geological mapping information.

Based upon staff comments from the Securities and Exchange Commission ("SEC"), the Company ishas reviewed our prior property disclosures to determine whether the information concerning our mining properties has been prepared in accordance with the requirements of subpart 1300 of Regulation S-K, which first became applicable to us for the fiscal year ended December 31, 2021. In response to the SEC staff comments, the Company updated its prior property disclosures concerning our mining properties on our Form 10-K/A for the period ended December 31, 2023, filed with the SEC on September 11, 2024 ("Amended 10-K") and included a Technical Report on the South Mountain Property in accordance with the requirements of subpart 1300 of Regulation S-K. The requirements of subpart 1300 of Regulation S-K differ significantly from the previously applicable disclosure requirements of SEC Industry Guide 7. Among other differences, subpart 1300 of Regulation S-K requires us to disclose our mineral resources, in addition to our mineral reserves, as of the end of our most recently completed fiscal year both in the aggregate and for each of our individual material mining properties, which are outlined in the Amended 10-K. You are cautioned that mineral resources do not have demonstrated economic value. Mineral resources are subject to further exploration and development, are subject to additional risks, and no assurance can be given that they will eventually convert to future reserves. Inferred Resources, in particular, have a great amount of uncertainty as to their existence and their economic and legal feasibility. Investors are cautioned not to assume that any part or all of the Inferred Resource exists or is economically or legally mineable. See Item 1A, Risk Factors.

Competition

We are an exploration stage company. We compete with other mineral resource exploration and development companies for financing and for the acquisition of new mineral properties. Many of the mineral resource exploration and development companies with whom we compete have greater financial and technical resources than us. Accordingly, these competitors may be able to spend greater amounts on acquisitions of mineral properties of merit, on exploration of their mineral properties and on development of their mineral properties. In addition, they may be able to afford greater geological expertise in the targeting and exploration of mineral properties. This competition could result in competitors having mineral properties of greater quality and interest to prospective investors who may finance additional exploration and development. This competition could adversely impact on our ability to finance further exploration and to achieve the financing necessary for us to develop our mineral properties.

Employees

The Company employs one full-time officer and one part-time. It is anticipated that the employees will continue their work with the Company.

Financial Condition

Liquidity and Capital Resources

The condensed consolidated financial statements accompanying this report show an accumulated deficit of $78,~~602~~340,~~442~~019 on ~~September~~March 3031, ~~2024~~2025, which raises substantial doubt about the Company's ability to continue as a going concern.

As of ~~September~~March 3031, ~~2024~~2025, the Company may not have sufficient liquidity to sustain normal operations for the next 12 months. While it is pursuing additional financing, including possible strategic alternatives, there can be no assurance that additional financing sources or strategic alternatives will be available.

Long-term strategies involve financing through stock or debt sales and eventual profitability from mining operations. Capital raising efforts are challenging given the current capital market conditions and the broader economic climate in the United States. Company management is actively seeking additional funds through various means, including public offerings, private placements, mergers, option agreements, and external debt, to ensure the Company's viability.

On ~~July~~November 1828, 2024, the Board of Directors ~~approved~~authorized a ~~Private~~private ~~Placement~~placement financing ~~plan~~of ~~to raise~~ up to $~~500~~700,000, ~~through~~offering ~~the sale of~~ equity units ~~priced~~ at $0.05 per unit,. ~~which~~Each ~~includes~~unit consisted of one share of common stock, and one~~-half~~ common stock purchase warrant, with each warrant exercisable for one additional share at $0.0710 per share for 36 months from issuance.

~~The~~On ~~Company~~December ~~has allocated $200~~16,~~000~~ ~~for exploration activities in~~ 2024, ~~including~~the ~~$150,000~~Company ~~specifically~~closed ~~for~~ the ~~South~~private ~~Mountain project~~placement, ~~and~~issuing ~~$300~~12,400,000 ~~for~~shares ~~the~~of ~~operating~~common ~~budget~~stock inand ~~2025,~~an ~~primarily~~equal ~~for~~number ~~basic~~of ~~operating~~common ~~expenses.~~stock ~~This~~purchase ~~financing~~warrants, ~~initiative~~generating isgross ~~contingent~~proceeds ~~upon~~of ~~the~~approximately ~~engagement~~$620,000, ofincluding a$20,000 ~~New~~in ~~Capital~~non-cash ~~partner~~consideration ~~prior~~for tovendor ~~year-end~~services.

~~The~~While ~~financing~~the ~~received~~Company ~~approval~~does ~~from~~not ~~TSX-V~~currently inhave ~~September~~cash ~~2024~~sufficient ~~and~~to ~~will~~support ~~close~~extensive atexploration ~~the~~work ~~discretion~~at ofSouth ~~the Board of Directors. If executed~~Mountain, ~~this~~we ~~private~~believe ~~placement~~that ~~may result in~~ the ~~issuance~~survivability of ~~approximately~~Thunder 10Mountain ~~million~~Gold ~~shares,~~can ~~representing~~be aaided ~~19%~~by ~~increase in As of September 30, 2024,~~ the ~~Company has not issued any shares of common stock.~~following:

On ~~January~~March 1831, ~~2024~~2025, the Company ~~sold~~had ~~the~~cash ~~remaining~~and ~~6,636,000~~cash ~~shares~~equivalents ~~held in BeMetals Corp. for a total consideration~~ of $~~384~~363,~~981 (equivalent to CAD $518,223)~~709. The transaction was executed through Canaccord Genuity at a unit price of $0.0594 (CAD $0.0801) per share. This sale was conducted in accordance with the terms outlined in the BeMetals Option Agreement. As a result of the sale, the Company incurred a loss of $42,855.
~~While~~Management and the ~~Company~~Board ~~does~~have not ~~currently~~undertaken ~~have~~plans ~~cash~~or ~~sufficient~~commitments tothat ~~support~~exceed ~~extensive~~the ~~exploration~~cash ~~work~~available atto ~~South~~the ~~Mountain,~~Company webeyond ~~believe~~fiscal ~~that~~year ~~the~~2025. ~~survivability~~We ofdo ~~Thunder~~not ~~Mountain~~include ~~Gold~~in ~~can~~this beconsideration ~~aided~~any byadditional ~~the~~investment ~~following:~~funds mentioned below.

OnOur ~~September~~plans ~~30,~~for ~~2024,~~ the ~~Company~~long-term ~~had~~viability ~~cash~~include financing our future operations through sales of our common stock and/or ~~cash~~debt ~~equivalents~~and the eventual profitable exploitation of ~~$141,511~~our mining properties. There can be no assurance that such activities will be successful.

~~Management~~At March 31, 2025, we had current assets of $395,672. Our future liquidity and ~~the~~capital ~~Board~~requirements ~~have~~will ~~not~~depend ~~undertaken~~on ~~plans~~many orfactors, ~~commitments~~including ~~that~~timing, ~~exceed~~cost ~~the~~and ~~cash~~progress ~~available~~of our exploration efforts, our evaluation of, and decisions with respect to, ~~the~~our ~~Company~~strategic ~~beyond~~alternatives, ~~fiscal~~and ~~year~~costs ~~2024~~associated with the regulatory approvals. WeIf we do not ~~include~~have inenough ~~this~~cash ~~consideration~~to ~~any~~complete ~~additional~~our ~~investment~~exploration programs, we will make every effort to raise additional funds ~~mentioned~~from ~~below~~public offerings, sale of liquid stock or loans or to adjust our business plans accordingly.

~~Our~~On ~~plans~~April ~~for~~28, 2025 the ~~long-term~~Company ~~viability~~had ~~include~~a ~~financing~~cash ~~our~~balance ~~future operations through sales~~ of ~~our~~$272,538 ~~common~~in ~~stock and/or debt and the eventual profitable exploitation of~~ our ~~mining~~bank ~~properties~~accounts. ~~There can be no assurance that such activities will be successful.~~
AtWe September 30, 2024, we have current assets of $196,218. Our future liquidity and capital requirements will depend on many factors, including timing, cost and progress of our exploration efforts, our evaluation of, and decisions with respect to, our strategic alternatives, and costs associated with the regulatory approvals. If we do not ~~have~~include ~~enough~~in ~~cash~~this toconsideration ~~complete~~any ~~our~~option ~~exploration~~payments ~~programs,~~mentioned ~~we will make every effort to raise additional funds from public offerings, sale of liquid stock or loans or to adjust our business plans accordingly~~below.
OnManagement ~~October~~is ~~20,~~committed ~~2024,~~to managing expenses of all types to not exceed the on-hand cash resources of the Company ~~had~~at ~~$144,160~~any ~~cash~~point in ~~our~~time, ~~bank~~now ~~accounts~~or in the future.
WeThe doCompany ~~not~~will ~~include~~also inconsider ~~this~~other ~~consideration~~sources ~~any~~of funding, including potential mergers or lease option ~~payments~~to ~~mentioned~~purchase, ~~below~~the sale of all or part of the Company`s assets, and/or additional farm-out of its other exploration property.

~~Management~~During isthe ~~committed~~three tomonths ~~managing~~ended ~~expenses~~March of31, ~~all~~2025, ~~types~~the Company discloses a net cash outflow from operating activities amounting to ~~not~~$247,613, ~~exceed~~compared ~~the~~to ~~on-hand~~an operating cash ~~resources~~outflow of $200,171 in 2024. During the ~~Company~~same atperiod ~~any~~ended ~~point~~March in31, ~~time~~2024, ~~now~~the ornet incash source from investing activities was $384,981 generated from the ~~future~~sale of BeMetals common stock.

~~The~~In ~~Company~~the ~~will~~period ~~also~~ended ~~consider~~March ~~other~~31, ~~sources~~2025, there was a net cash inflow from financing activities totaling $130,000, as a result of a ~~funding~~subscription agreement signed on November 5, ~~including~~2024 ~~potential~~for ~~mergers~~2,600,000 orshares ~~lease~~of ~~option~~common tostock and 2,600,000 common stock purchase warrants for $130,000. ~~the~~Funds ~~sale~~were ofnot ~~all~~received oruntil ~~part~~February of7, ~~the~~2025. The Company`s ~~assets~~realized a net cash decrease of $117,613 ~~and/or~~for ~~additional~~the ~~farm~~three-~~out~~months ended March 31, 2025, in contrast to a net cash increase of ~~its~~$184,810 ~~other~~for ~~exploration~~the ~~property~~corresponding period in 2024.

~~During~~Our ~~the~~future ~~nine~~liquidity ~~months~~and ~~ended~~capital ~~September~~requirements ~~30,~~will ~~2024,~~depend ~~the~~on ~~Company~~many ~~discloses~~factors, aincluding ~~net cash outflow from operating activities amounting to $414~~timing,~~098,~~ ~~compared~~cost toand anprogress ~~operating cash outflow~~ of ~~$463,189~~our inexploration ~~2023. In the period ended September 30~~efforts, ~~2024,~~our ~~there~~evaluation ~~was a net cash inflow from investment activities totaling $384,981, stemming from the sale~~ of ~~BeMetals common stock. Conversely~~, ~~during~~and ~~the~~decisions ~~same~~with ~~period~~respect ~~ended September 30, 2023, the Company committed~~ to ~~acquire an additional 56 acres~~, ~~necessitating~~our astrategic ~~$10~~alternatives,~~000~~ ~~deposit,~~and ~~which~~costs ~~was~~associated ~~recorded~~with asthe anregulatory ~~investment outlay~~approvals.

No cash outflows were reported for financing activities for the periods ended September 30, 2024, and 2023. The Company realized a net cash decrease of $29,117 for the nine-months ended September 30, 2024, in contrast to a net cash decrease of $473,189 for the corresponding period in 2023.17

~~Our~~Results ~~future liquidity and capital requirements will depend on many factors, including timing, cost and progress~~ of ~~our exploration efforts, our evaluation of, and decisions with respect to, our strategic alternatives, and costs associated with the regulatory approvals.~~Operations:

~~Results~~The increase in net loss, for the period ended March 31, 2025, is primarily attributed to the increase of ~~Operations~~exploration expenditures as part of strategic partnership to advance the South Mountain Mine Project, and stock compensation for stock options issued to our officers and directors on February 7, 2025.

~~For~~Total net loss for the three months ended ~~September~~March 3031, ~~2024~~2025, ~~the Company reported a net loss~~ of $~~114~~540,~~631,~~300 ~~comparable~~increased tofrom ~~net~~the ~~loss~~comparative ofperiod ~~$119,701~~in ~~for~~2024 ~~the~~by ~~period~~$334,740 ~~ended~~or ~~September~~163%. ~~30,~~Exploration ~~2023.~~expenses ~~For~~for the ~~nine-month~~three ~~period~~months ended ~~September~~March 3031, ~~2024~~2025, ~~the~~increased ~~Company~~by ~~recorded~~$46,998 aor ~~net~~234% ~~loss~~when ~~of $433,834,~~ compared to ~~a net loss of $427,355 for the~~ same period in ~~2023~~2024. The ~~Company~~increase ~~recognized no unrealized gains or losses on the investment~~ in ~~BeMetals~~exploration ~~for~~expenditure ~~both~~is ~~the~~due ~~three~~to ~~and nine~~project-~~month~~related ~~periods~~expenses ~~ended~~in ~~September~~advancing ~~30, 2024, whereas an unrealized loss of $16,688 and an unrealized gain of $30,732 was recognized for~~ the ~~three~~South ~~and~~Mountain ~~nine-month~~Mine ~~periods ended September 30, 2023, respectively~~project.

17During the three-month period ended March 31, 2025, legal and accounting costs decreased in comparison to 2024 by $1,909 or 4%.

~~Three-month~~Management ~~period~~and ~~comparisons~~administrative expenses increased by $333,423 or 351% principally due to stock compensation of $325,815 for stock options issued to our officers and directors on February 7, 2025. There were no options issued during the quarter ended March 31, 2024.

~~Operating~~Going expenses for the three months ended September 30, 2024, totaled $115,226, reflecting a increase of $11,817, or 11%, from the same period in 2023. Exploration expenses increased by $27,411 for the three months ended September 30, 2024, compared to the same period in 2023. The increase in exploration expenses can be attributed to the enhancement of our S-K 1300 disclosures, and maintenance of access road and equipment. Legal and accounting costs for the three months ended September 30, 2024, increased by $1,874, totaling $13,861. Management and administrative expenses decreased by $17,468, or 22%, due to a reduction in management salaries. No stock options were issued for the three months ended September 30, 2024.Concern:

~~Nine-month~~The ~~period~~audit ~~comparisons~~opinion and notes that accompany our consolidated financial statements for the year ended December 31, 2024 disclose a 'going concern' qualification to our ability to continue in business. These consolidated financial statements have been prepared on the basis that the Company will continue as a going concern, which contemplates the realization of our assets and the settlement of our liabilities in the normal course of our operations. Disruptions in the credit and financial markets over the past several years have had a material adverse impact on a number of financial institutions and investors and have limited access to capital and credit for many companies. In addition, commodity prices and mining equities have seen significant volatility which increases the risk to precious metal investors. Market disruptions and alternative investment options, among other things, make it more difficult for us to obtain, or increase our cost of obtaining, capital and financing for our operations. Our access to additional capital may not be available on terms acceptable to us or at all. If we are unable to obtain financing through equity investments, we will seek multiple solutions including, but not limited to, asset sales, corporate transactions, credit facilities or debenture issuances in order to continue as a going concern.

~~Operating~~As ~~expenses~~of ~~for~~ the ~~nine~~date ~~months~~of ~~ended~~this ~~September~~report ~~30,~~on ~~2024,~~Form ~~were $392~~10-Q,~~692,~~ ~~reflecting~~we ado ~~decrease~~not ofhave ~~$67,115,~~sufficient orcash ~~15%,~~to ~~from~~meet ~~the~~our ~~same~~normal ~~period~~operating incommitments ~~2023. Exploration expenses~~ for the ~~nine~~next 12 months ~~ended~~without ~~September~~additional ~~30,~~financing. ~~2024~~Therefore, ~~increased~~we byexpect ~~$26,764 compared~~ to ~~the~~be ~~same~~required ~~period~~to engage in ~~2023.~~financial ~~This~~transactions to increase ~~was~~our ~~due~~cash tobalance ~~further~~or ~~S-K~~decrease ~~1300~~our ~~disclosures~~cash ,obligations ~~road~~in ~~maintenance~~the near term. However, ~~and~~we ~~water~~are ~~testing.~~an ~~Legal~~exploration ~~and~~company ~~accounting~~with ~~costs~~exploration ~~decreased~~programs bythat ~~$17,354,~~require orsignificant ~~20%,~~cash ~~totaling~~expenditures. ~~$71~~A significant drilling program,~~596.~~ ~~Management~~such ~~and~~as ~~administrative~~that ~~expenses~~we ~~decreased~~have byexecuted ~~$75,973,~~in orprior ~~24%~~years, ~~primarily~~can ~~due~~result toin adepletion ~~reduction~~of incash ~~management~~and ~~salaries,~~would ~~demonstrating~~be ~~the~~prohibitive ~~Company's~~unless ~~efforts~~we can secure sufficient cash to ~~preserve~~support ~~liquidity.~~normal operations for the following 12 months.

~~Going~~The ~~Concern~~condensed consolidated financial statements do not include any adjustments that might be necessary should we be unable to continue as a going concern. We believe that the going concern condition cannot be removed with confidence until the Company has entered into a business climate where funding of its activities is more assured. If the going concern basis were not appropriate for these financial statements, adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used.

AsWe ~~of the date of this report on Form 10-Q~~plan, weas dofunding ~~not have sufficient cash to meet our normal operating commitments for the next 12 months without additional financing. Therefore~~allows, ~~we expect~~ to befollow ~~required~~up toon ~~engage in financial transactions to increase~~ our ~~cash~~positive ~~balance~~drill orresults ~~decrease~~on our ~~cash~~South ~~obligations~~Mountain inProject. ~~the~~Subject ~~near~~to ~~term.~~available ~~However~~capital, we ~~are~~may ancontinue ~~exploration~~prudent ~~company with~~ exploration programs ~~that~~on ~~require~~our ~~significant~~material ~~cash~~exploration ~~expenditures.~~properties ~~A significant drilling program, such as that we have executed in prior years, can result in depletion of cash~~ and/or ~~would~~fund besome ~~prohibitive~~exploratory ~~unless~~activities weon ~~can~~early-stage ~~secure sufficient cash to support normal operations for the following 12 months~~properties.

We ~~plan,~~will asrequire additional funding ~~allows~~and/or reductions in exploration and administrative expenditures in future periods. Given current economic conditions, towe ~~follow~~cannot upprovide onassurance ~~our~~that ~~positive~~necessary ~~drill~~financing ~~results~~transactions will be available on ~~our~~terms ~~South~~acceptable ~~Mountain~~to ~~Project~~us, or at all. ~~Subject~~Without additional financing, we would have to ~~available~~curtail our exploration and other expenditures while we seek alternative funding arrangements to provide sufficient capital to meet our ongoing, non-discretionary expenditures, and maintain our primary mineral properties. If we cannot obtain sufficient additional financing, we may ~~continue~~be ~~prudent~~unable ~~exploration~~to ~~programs~~make onrequired ~~our~~property ~~material~~payments ~~exploration~~on ~~properties~~a timely basis and~~/or~~ ~~fund~~be forced to return some ~~exploratory~~or ~~activities~~all onof ~~early-stage~~our leased or optioned properties to the underlying owners.

We will require additional funding and/or reductions in exploration and administrative expenditures in future periods. Given current economic conditions, we cannot provide assurance that necessary financing transactions will be available on terms acceptable to us, or at all. Without additional financing, we would have to curtail our exploration and other expenditures while we seek alternative funding arrangements to provide sufficient capital to meet our ongoing, non-discretionary expenditures, and maintain our primary mineral properties. If we cannot obtain sufficient additional financing, we may be unable to make required property payments on a timely basis and be forced to return some or all of our leased or optioned properties to the underlying owners.18

~~The~~Contractual Company's ability to secure capital for exploration and working capital needs is crucial, given the absence of recurring revenue streams. Long-term strategies involve financing through stock or debt sales and eventual profitability from mining operations. Capital raising efforts are hindered by current capital market conditions and the broader economic climate in the United States. Company management is actively seeking additional funds through various means, including public offerings, private placements, mergers, option agreements, and external debt, to ensure the Company's viability.Obligations

~~Contractual~~Ascent ~~Obligations~~CFO Solutions, LLC:

~~The~~On ~~Company~~April ~~holds~~10, ~~two~~2025, ~~leases~~the ~~pertaining~~Company toentered ~~land~~into ~~parcels~~a ~~adjacent~~services toagreement ~~its~~with ~~South~~Ascent ~~Mountain~~CFO ~~patented~~Solutions, ~~and~~LLC ~~unpatented~~to ~~mining~~provide ~~claims.~~outsourced ~~The~~financial ~~details~~consulting ~~of these leases are as follows:~~services.

18The Company holds two leases pertaining to land parcels adjacent to its South Mountain patented and unpatented mining claims. The details of these leases are as follows:

Acree Lease:

~~Lowry~~Effective ~~Lease:~~June 2025, upon entering the 17th year of the lease term, the annual lease payment will increase to $5,650, reflecting the rate adjustment to $50 per acre for the 113-acre property.

~~On October 24, 2008, the Company executed a lease agreement with William and Nita~~ Lowry ~~for a duration of 6 years, encompassing 376 acres at a rate of $20 per acre. Similar to the Acree~~ Lease, the Lowry Lease incorporates an option to extend for an additional 10 years at a revised rate of $30 per acre. Following the passing of the original lessors, the lease was inherited by Michael Lowry, their son. The lease will expire on October 24, 2025.:

~~The~~On ~~leases~~October ~~have~~24, no2008, ~~work~~the ~~requirements.~~Company Itexecuted isa ~~the~~lease ~~current~~agreement ~~intention~~with William and Nita Lowry for a duration of ~~the~~6 ~~Company~~years, encompassing 376 acres at a rate of $20 per acre. Similar to ~~engage~~the inAcree ~~negotiations~~Lease, the Lowry Lease incorporates an option to extend for ~~new~~an ~~leases~~additional ~~with~~10 ~~the~~years ~~current~~at ~~landowners~~a ~~upon~~revised rate of $30 per acre. Following the ~~expiration~~passing of the ~~existing~~original lessors, the lease ~~agreements~~was inherited by Michael Lowry, their son. The ~~negotiations~~lease ~~may~~will ~~involve~~expire ~~modifications~~on toOctober ~~terms~~24, ~~rates,~~2025. orThe ~~other~~Company's ~~conditions~~management asis ~~mutually~~in ~~agreed~~contact ~~upon~~with byMichael ~~the~~Lowry ~~parties~~negotiating ~~involved~~an lease extension.

OGT, LLC

SMMI is the sole manager of the South Mountain Project in its entirety through a separate Mining Lease with Option to Purchase ("Lease Option") with the Company's majority-owned subsidiary OGT. SMMI has an option to purchase the South Mountain mineral interest for a capped $5 million less net returns royalties paid through the date of exercise. The Lease Option expires in November 2026. Under the Lease Option, SMMI pays an advance of $5,000 net returns royalty to OGT annually on November 4 which is distributed to OGT's minority member.

The leases and net royalties' payment are summarized in the following table.

Contractual obligations	Payments due by period
	Total*	Less than 1year	2-3years	4-5years	More ~~than~~than5 ~~5years~~years
Acree Lease (yearly, June)(1)	$356,~~390~~500	$35,~~390~~650	-11,300	-11,300	$ -28,250
Lowry Lease (yearly, October)(1)(2)	$11,280	$11,280	-	-	$ -
Lowry Lease (yearly, October)(2)	$11,280	$11,280	-	-	$ -
OGT LLC(3)	$10,000	$5,000	$5,000	-	$ -
Total	$2477,~~670~~780	$1921,~~670~~930	$516,~~000~~300	-$11,300	$ -28,250

(1) Effective ~~Amounts~~June ~~shown~~2025, ~~are~~upon ~~for~~entering the ~~lease~~17th ~~periods~~year ~~years 15 through 16, a total~~ of 2the ~~years~~lease ~~that remains after 2021~~term, the lease was extended an additional 10 years at $3050/acre after ~~2014~~2024.

(2) The Lowry lease has an early buy-out provision for 50% of the remaining amounts owed in the event the Company desires to drop the lease prior to the end of the first seven-year period.

(3) OGT LLC, managed by the Company's wholly owned subsidiary SMMI, receives a $5,000 per year payment for up to 10 years, or until a $5 million capped NPI Royalty is paid.

Critical Accounting ~~Estimates~~Policies

We have identified our critical accounting policies, the application of which may materially affect the financial statements, either because of the significance of the financials statement item to which they relate, or because they require management's judgment in making estimates and assumptions in measuring, at a specific point in time, events which will be settled in the future. The critical accounting policies, judgments and estimates which management believes have the most significant effect on the financial statements are set forth below:

a) Estimates. Our management routinely makes judgments and estimates about the effect of matters that are inherently uncertain. As the number of variables and assumptions affecting the future resolution of the uncertainties increase, these judgments become even more subjective and complex. Although we believe that our estimates and assumptions are reasonable, actual results may differ significantly from these estimates. Changes in estimates and assumptions based upon actual results may have a material impact on our results of operation and/or financial condition.19

19a) Estimates. Our management routinely makes judgments and estimates about the effect of matters that are inherently uncertain. As the number of variables and assumptions affecting the future resolution of the uncertainties increase, these judgments become even more subjective and complex. Although we believe that our estimates and assumptions are reasonable, actual results may differ significantly from these estimates. Changes in estimates and assumptions based upon actual results may have a material impact on our results of operation and/or financial condition.

b) Stock-based Compensation. The Company records stock-based compensation in accordance with ASC 718, "Compensation - Stock Compensation" using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.

c) Income Taxes. We have current income tax assets recorded in our financial statements that are based on our estimates relating to federal and state income tax benefits. Our judgments regarding federal and state income tax rates, items that may or may not be deductible for income tax purposes and income tax regulations themselves are critical to the Company's financial statement income tax items.

d) Investments. In a joint venture where the Company holds more than 50% of the voting interest and has significant influence, the joint venture is consolidated with the presentation of noncontrolling interest. In determining whether significant influences exist, the Company considers its participation in policy-making decisions and its representation on the venture's management committee.

e) Valuation. The critical accounting policies governing the valuation process outline the methodologies, assumptions, and criteria used to determine the fair value of land and mining rights. These policies ensure consistency, accuracy, and compliance with accounting standards such as ASC 360 for land and ASC 930 for mining rights.

~~ITEM~~Item 3. ~~QUANTITATIVE~~ ~~AND~~Quantitative ~~QUALITATIVE~~and ~~DISCLOSURES~~Qualitative ~~ABOUT~~Disclosures ~~MARKET~~about ~~RISK~~Market Risk

Not required for smaller reporting companies.

~~ITEM~~Item 4. ~~CONTROLS~~ ~~AND~~Controls ~~PROCEDURES~~and Procedures

Evaluation of Disclosure Controls and Procedures

At the end of the period covered by this report, an evaluation was carried out under the supervision of, and with the participation of, the Company'’s Management, including the Chief Executive Officer and former Chief Financial Officer, of the effectiveness of the design and operation of the Company'’s disclosure controls and procedures (as defined in Rule 13a -– 15(e) and Rule 15d -– 15(e) of the Securities and Exchange Act of 1934, as amended). Based on that evaluation, the Chief Executive Officer and former Chief Financial Officer have concluded that as of the end of the period covered by this report, the Company'’s disclosure controls and procedures were adequately designed and effective in ensuring that information required to be disclosed by the Company in its reports that it files or submits to the SEC under the Exchange Act, is recorded, processed, summarized and reported within the time period specified in applicable rules and forms. Notwithstanding management's conclusion and as a result of the changes made or omitted from the mining disclosures as described in the Amended 10-K, the Company's management, including our principal executive officer and principal financial officer, concluded that the Company's disclosure controls and procedures were not effective as of December 31, 2023, with regard to the mineral property disclosure requirements. Because the amended disclosures do not affect our financial statements, there is no change to the conclusion of the effectiveness of our internal control over financial reporting as of December 31, 2023, or through the end of the period covered by this report.

On July 30, 2024, the Company received comments from SEC staff indicating that the Company's disclosures concerning our mining properties, specifically estimates of mineral resources, relied on Canadian National Instrument 43-101 instead of the requirements of Subpart 1300 of Regulation S-K. Based on comments from the SEC staff, the Company, in conjunction with its legal counsel and HRC, reviewed its disclosure controls and procedures regarding our mineral property disclosure requirements. The Company implemented changes to the internal controls and procedures to ensure accurate and timely disclosures of its exploration and mineral resource and reserve estimation efforts to ensure compliance with Subpart 1300 of Regulation S-K.20

20Changes in Internal Controls Over Financial Reporting

~~Changes~~During the quarter covered by this report, the Company initiated a search for a consultant for financial statement preparation, resulting in ~~Internal~~increased ~~Controls~~segregation ~~Over~~of ~~Financial~~duties ~~Reporting~~and enhanced controls. On April 10, 2025, the Company entered into a services agreement with Ascent CFO Solutions, LLC to provide outsourced financial consulting services. These services ensured that accounting personnel responsible for financial reporting possess the necessary technical expertise and capacity to consistently apply complex accounting standards. We believe these measures were adequate to remediate the identified material weakness as previously documented in the Company’s 10-K/A dated December 31, 2024.

During the quarter covered by this report, there have been no changes in the Company's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.21

~~Remediation~~PART ofII ~~Weaknesses~~- inOTHER ~~Mineral Property Disclosures~~INFORMATION

AsItem disclosed above, at the end of the period covered by this report, management concluded that the Company's disclosure controls and procedures were not effective as of December 31, 2023, with regard to the mineral property disclosure requirements1. ~~Based~~Legal ~~on the context in which the individual deficiencies occurred, management has concluded that subsequent remediation actions shall be implemented and executed in fiscal year 2024~~Proceedings. The Company engaged HRC and legal counsel with mineral property and securities experience to assist with mitigating these deficiencies, including, without limitation, reviewing and revising prior disclosures, assisting with filing the Amended 10-K for the period ended December 31, 2023, preparing the accompanying Technical Report on the South Mountain Project filed with the Amended 10-K, identifying and improving deficiencies in internal control policies and procedures over mineral property disclosures, developing disclosure controls and procedures specific to mineral property disclosures, and reviewing mineral property disclosures on an ongoing basis to ensure accurate and timely disclosures in future periods.

21We are not aware of any material pending litigation or of any proceedings known to be contemplated by governmental authorities which are, or would be, likely to have a material adverse effect upon us or our operations, taken as a whole. No director, officer or affiliate of Thunder Mountain and no owner of record or beneficial owner of more than 5% of our securities or any associate of any such director, officer or security holder is a party adverse to Thunder Mountain or has a material interest adverse to Thunder Mountain in reference to any currently pending litigation.

~~PART~~Item II1A. -Risk ~~OTHER INFORMATION~~Factors.

Item 11A. ~~Legal~~ ~~Proceedings~~- Risk Factors of our 2024 Form 10-K sets forth information relating to important risks and uncertainties that could materially adversely affect our business, financial condition or operating results.

WeMineral resources are ~~not~~subject ~~aware~~to offurther ~~any~~exploration ~~material~~and ~~pending~~development, ~~litigation~~are orsubject ~~of any proceedings known~~ to beadditional ~~contemplated~~risks, byand ~~governmental~~no ~~authorities~~assurance ~~which~~can ~~are, or would~~ be, ~~likely~~given tothat ~~have~~they awill ~~material~~eventually ~~adverse~~convert ~~effect~~to ~~upon~~future usreserves. orInferred ~~our~~Resources ~~operations,~~have ~~taken as~~ a ~~whole.~~great Noamount ~~director,~~of ~~officer~~uncertainty oras ~~affiliate~~to oftheir ~~Thunder~~existence ~~Mountain~~ and notheir ~~owner~~economic ofand ~~record~~legal orfeasibility. ~~beneficial~~Mineral ~~owner~~interests ofare ~~more~~periodically ~~than~~assessed 5%for impairment of ~~our~~value ~~securities~~and or any ~~associate~~subsequent oflosses ~~any~~are ~~such~~charged ~~director,~~to ~~officer~~operations orat ~~security~~the ~~holder~~time isof aimpairment. ~~party adverse to~~ Thunder Mountain orGold ~~has~~evaluated athese ~~material~~impairment ~~interest~~considerations ~~adverse~~and todetermined ~~Thunder~~that ~~Mountain~~no insuch ~~reference~~impairments tooccurred ~~any~~as ~~currently~~of ~~pending~~March ~~litigation~~31, 2025.

~~Item~~Risks ~~1A.~~Related ~~Risk~~to ~~Factors.~~Our Company

~~For~~Our aability ~~complete discussion of the Company's risk factors, refer~~ to ~~the~~operate ~~risk~~as ~~factors~~a ~~included~~going inconcern ~~Part~~is ~~I, Item 1A of the Company's Annual Report on Form 10-K/A for the year ended December 31, 2023, and~~ in Part II, Item 1A of the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024, that set forth information relating to important risks and uncertainties that could materially adversely affect our business, financial condition or operating resultsdoubt.

~~Mineral~~The ~~resources~~audit ~~are~~opinion ~~subject~~and tonotes ~~further~~that ~~exploration~~accompany ~~and~~our ~~development,~~consolidated ~~are~~financial ~~subject~~statements tofor ~~additional~~the ~~risks,~~year ~~and~~ended noDecember ~~assurance~~31, ~~can~~2024, bedisclose ~~given~~a ~~that~~'going ~~they~~concern' ~~will~~qualification ~~eventually~~to ~~convert~~our ability to ~~future~~continue ~~reserves~~in business. ~~Inferred~~The ~~Resources~~accompanying ~~have~~consolidated afinancial ~~great~~statements ~~amount~~have ofbeen ~~uncertainty~~prepared asunder tothe ~~their~~assumption ~~existence~~that ~~and~~we ~~their~~will ~~economic~~continue ~~and~~as ~~legal~~a ~~feasibility~~going concern. ~~Mineral~~We ~~interests~~have ~~are~~incurred ~~periodically~~losses ~~assessed~~since ~~for~~our ~~impairment~~inception. ofWe ~~value~~do ~~and~~not ~~any~~have ~~subsequent~~sufficient ~~losses~~cash ~~are~~to ~~charged~~fund tonormal operations atand ~~the~~meet ~~time~~all of ~~impairment.~~our ~~Thunder~~obligations ~~Mountain~~for ~~Gold~~the ~~evaluated~~next ~~these~~12 ~~impairment~~months. ~~considerations~~We ~~and~~will ~~determined~~need ~~that~~to noraise ~~such~~funds ~~impairments~~in ~~occurred~~the asform of ~~September~~equity ~~30,~~or ~~2024~~debt financings to fund normal operations for the next 12 months.

~~Risks~~Full ~~Related~~disclosure of the going concern qualification appears in the notes to ~~Our~~the ~~Company~~financial statements (See Note 1 - Basis of Presentation and Going Concern.)

~~Our~~We ~~ability~~have a limited operating history on which to ~~operate~~base asan aevaluation ~~going~~of ~~concern~~our isbusiness inand ~~doubt~~prospects.

~~The~~Our ~~audit~~operating ~~opinion~~history ~~and~~has ~~notes~~been ~~that~~restricted ~~accompany~~to ~~our~~the ~~consolidated~~acquisition ~~financial~~and ~~statements~~exploration ~~for~~of ~~the~~our ~~year~~mineral ~~ended~~properties, ~~December~~and ~~31,~~this ~~2023,~~does ~~disclose~~not provide a ~~'going~~meaningful ~~concern'~~basis ~~qualification~~for toan ~~our~~evaluation ~~ability~~of toour ~~continue~~prospects inif ~~business.~~we ~~The~~ever ~~accompanying~~determine ~~condensed~~that ~~consolidated~~we ~~financial~~have ~~statements~~a ~~have~~mineral ~~been~~reserve ~~prepared~~and ~~under~~commence the ~~assumption~~construction ~~that~~and weoperation ~~will~~of ~~continue as~~ a ~~going concern~~mine. Other Wethan ~~have~~through ~~incurred~~conventional ~~losses~~and ~~since~~typical ~~our~~exploration ~~inception.~~methods Weand doprocedures, ~~not~~we have ~~sufficient~~no ~~cash~~additional way to ~~fund~~evaluate ~~normal~~the ~~operations~~likelihood ~~and~~of ~~meet~~whether ~~all~~our ofmineral ~~our~~properties ~~obligations~~contain ~~for~~any ~~the~~mineral ~~next~~reserves 12or, ~~months.~~if Wethey do that they will ~~need~~be tooperated ~~raise~~successfully. As ~~funds~~a inresult, ~~the~~we ~~form~~are subject to all of ~~equity~~the orrisks ~~debt~~associated ~~financings~~with todeveloping ~~fund~~and ~~normal~~establishing ~~operations~~new ~~for~~mining ~~the~~operations ~~next~~and 12business ~~months.~~enterprises including:

~~Full~~completion ~~disclosure~~ of ~~the~~feasibility ~~going~~studies ~~concern~~to ~~qualification~~verify ~~appears~~reserves inand ~~the~~commercial ~~notes~~viability, toincluding the ~~financial~~ability ~~statements~~to ~~(See~~find ~~Note~~sufficient 1metal -resources ~~Basis~~to ofsupport ~~Presentation~~a ~~and~~commercial ~~Going~~mining ~~Concern.)~~operation;
Wethe ~~have~~timing aand ~~limited~~cost, ~~operating~~which ~~history~~can onbe ~~which~~considerable, toof ~~base~~further anexploration, ~~evaluation~~preparing feasibility studies, permitting and construction of ~~our~~infrastructure, ~~business~~mining, and ~~prospects.~~processing facilities;
~~Our operating history has been restricted to~~ the ~~acquisition~~availability and ~~exploration~~costs of ~~our~~drill ~~mineral properties~~equipment, and this does not provide a meaningful basis for an evaluation of our prospects if we ever determine that we have a mineral reserve and commence the construction and operation of a mine. Other than through conventional and typical exploration ~~methods and procedures~~personnel, weskilled ~~have no additional way to evaluate the likelihood of whether our mineral properties contain any mineral reserves or~~labor, ~~if they do that they will be operated successfully. As a result, we are subject to all of the risks associated with developing~~ and ~~establishing new~~ mining ~~operations~~ and ~~business~~processing ~~enterprises~~equipment, ~~including:~~if required;
~~completion~~compliance ofwith ~~feasibility~~environmental ~~studies~~and toother ~~verify~~governmental ~~reserves~~approval and ~~commercial~~permit ~~viability, including the ability to find sufficient mineral resources to support a commercial mining operation~~requirements;
the ~~timing~~availability ~~and~~of ~~cost,~~funds ~~which~~to ~~can~~finance ~~be considerable, of further~~ exploration, ~~preparing feasibility studies~~development, ~~permitting~~ and construction ~~of infrastructure~~activities, ~~mining,~~as ~~and processing facilities~~warranted;
~~the~~potential ~~availability~~opposition ~~and~~from ~~costs~~non-governmental oforganizations, ~~drill~~environmental ~~equipment~~groups, ~~exploration~~local ~~personnel~~groups, ~~skilled~~or ~~labor,~~local ~~and~~inhabitants ~~mining~~which ~~and~~may ~~processing~~delay ~~equipment,~~or ifprevent ~~required~~development activities;
~~compliance~~potential ~~with~~increases ~~environmental~~in exploration, construction, and ~~other~~operating ~~governmental~~costs ~~approval~~due ~~and~~to ~~permit~~changes ~~requirements~~in the cost of fuel, labor, power, materials, and supplies; and

~~the availability of funds to finance exploration, development, and construction activities, as warranted;~~22

22potential shortages of mineral processing, construction, and other facilities-related supplies.

~~potential~~The ~~opposition~~costs, ~~from~~timing, ~~non-governmental~~and ~~organizations~~complexities of exploration, ~~environmental~~development, ~~groups~~and construction activities may be increased by the location of our properties and demand by other mineral exploration and mining companies. It is common in exploration programs to experience unexpected problems and delays during drill programs and, ~~local~~if ~~groups~~warranted, development, construction, and mine start-up. Accordingly, our activities may not result in profitable mining operations and we may not succeed in establishing mining operations or ~~local~~profitably ~~inhabitants~~producing metals at any of our properties. There is no history upon which ~~may~~to ~~delay~~base any assumption as to the likelihood that we will prove successful, and we can provide investors with no assurance that we will generate any operating revenues or ~~prevent~~ever ~~development~~achieve ~~activities;~~ profitable operations.

~~potential~~We ~~increases~~have ina ~~exploration,~~history ~~construction,~~of losses and ~~operating~~expect ~~costs~~to ~~due~~continue to ~~changes~~incur losses in the ~~cost~~future. ~~of fuel, labor, power, materials, and supplies; and~~

~~potential~~We ~~shortages~~have incurred losses since inception and expect to continue to incur losses in the future. We had an accumulated deficit of ~~mineral~~approximately ~~processing~~$8,340,019 ~~construction~~as of March 31, 2025. We expect to continue to incur losses unless and ~~other~~until ~~facilities~~such time as one of our properties enters into commercial production and generates sufficient revenues to fund continuing operations. We recognize that if we are unable to generate significant revenues from mining operations and dispositions of our properties, we will not be able to earn profits or continue operations. At this early stage of our operation, we also expect to face the risks, uncertainties, expenses, and difficulties frequently encountered by companies at the start-~~related~~up ~~supplies~~stage of their business development. We cannot be sure that we will be successful in addressing these risks and uncertainties and our failure to do so could have a materially adverse effect on our financial condition.

~~The~~Minimal ~~costs,~~staffing ~~timing, and complexities of exploration, development, and construction activities~~ may be ~~increased~~reasonably bylikely ~~the location of our properties and demand by other mineral exploration and mining companies. It is common in exploration programs~~ to ~~experience~~materially ~~unexpected~~affect problems and delays during drill programs and, if warranted, development, construction, and mine start-up. Accordingly, our activities may not result in profitable mining operations and we may not succeed in establishing mining operations or profitably producing metals at any of our properties. There is no history upon which to base any assumption as to the ~~likelihood~~Company's ~~that~~internal wecontrol ~~will~~over ~~prove~~financial ~~successful, and we can provide investors with no assurance that we will generate any operating revenues or ever achieve profitable operations.~~reporting

WeWith ~~have~~ a ~~history~~very limited staff, it is difficult to maintain appropriate segregation of ~~losses~~duties in the initiating and ~~expect~~recording of transactions, thereby creating a segregation of duties weakness. Due to ~~continue~~the significance of the segregation of duties to ~~incur~~the ~~losses~~preparation of reliable financial statements, this weakness may result in more than a remote likelihood that a material misstatement or lack of disclosure within the ~~future.~~annual or interim financial statements may not be prevented or detected.

WeRisks ~~have~~Associated ~~incurred~~with ~~losses~~Mining ~~since inception~~ and expect to continue to incur losses in the future. We had an accumulated deficit of approximately $7,602,442 as of September 30, 2024. We expect to continue to incur losses unless and until such time as one of our properties enters into commercial production and generates sufficient revenues to fund continuing operations. We recognize that if we are unable to generate significant revenues from mining operations and dispositions of our properties, we will not be able to earn profits or continue operations. At this early stage of our operation, we also expect to face the risks, uncertainties, expenses, and difficulties frequently encountered by companies at the start-up stage of their business development. We cannot be sure that we will be successful in addressing these risks and uncertainties and our failure to do so could have a materially adverse effect on our financial condition.Exploration

~~Minimal~~All ~~staffing~~of ~~may~~our beproperties ~~reasonably~~are ~~likely~~in the exploration stage. There is no assurance that we can establish the existence of any mineral reserve on any of our properties in commercially exploitable quantities. Until we can do so, we cannot earn any revenues from these properties, and if we do not do so, and are unable to ~~materially~~joint ~~affect~~venture or sell the ~~Company's~~properties, ~~internal~~we ~~control~~will ~~over~~lose ~~financial~~all ~~reporting~~of the funds that we expend on exploration. If we do not discover any mineral reserve in a commercially exploitable quantity, our business could fail.

~~With~~We ahave ~~very~~not ~~limited~~established ~~staff~~that any of our mineral properties contain any mineral reserves according to recognized reserve guidelines, itnor iscan ~~difficult~~there be any assurance that we will be able to ~~maintain~~do ~~appropriate~~so. ~~segregation~~A ofmineral ~~duties~~reserve inis defined by the ~~initiating~~SEC ~~and~~in ~~recording~~its Regulation S-K subpart 1300 as that part of ~~transactions~~a mineral deposit, ~~thereby~~which ~~creating~~could abe ~~segregation~~economically ofand ~~duties~~legally ~~weakness.~~extracted ~~Due~~or toproduced at the ~~significance~~time of the ~~segregation~~reserve determination. The probability of ~~duties~~an toindividual prospect ever having a "reserve" that meets the ~~preparation~~requirements of ~~reliable~~the ~~financial~~SEC's ~~statements,~~Regulation ~~this~~S-K ~~weakness~~subpart ~~may~~1300 ~~result~~is inremote. Even if we do eventually discover a mineral reserve on one or more ~~than~~of our properties, there can be no assurance that they can be developed into producing mines to extract those minerals. Both mineral exploration and development involve a ~~remote~~high ~~likelihood~~degree of risk, and few properties that are explored are ultimately developed into producing mines. The commercial viability of an established mineral deposit will depend on a ~~material~~number ~~misstatement~~of orfactors ~~lack~~including, by way of ~~disclosure~~example, ~~within~~the size, grade, and other attributes of the ~~annual~~mineral ordeposit, ~~interim~~the ~~financial~~proximity ~~statements~~of ~~may~~the ~~not~~mineral deposit to infrastructure such as a smelter, roads, a point for shipping, government regulation, and market prices. Most of these factors will be ~~prevented~~beyond orour ~~detected~~control, and any of them could increase costs and make extraction of any identified mineral deposit unprofitable.

~~Risks~~Regulations ~~Associated~~and ~~with~~pending ~~Mining~~legislation ~~and~~governing ~~Exploration~~issues involving climate change could result in increased operating costs, which could have a material adverse effect on our business.

~~All~~A number of ~~our~~governments ~~properties~~or governmental bodies have introduced or are incontemplating ~~the~~regulatory ~~exploration~~changes ~~stage.~~in ~~There~~response isto novarious ~~assurance~~climate ~~that~~change weinterest ~~can~~groups ~~establish~~and the ~~existence~~potential impact of ~~any~~climate ~~mineral~~change. ~~reserve~~Legislation and increased regulation regarding climate change could impose significant costs on ~~any~~us, ofour venture partners, and our ~~properties~~suppliers, including costs related to increased energy requirements, capital equipment, environmental monitoring and reporting, and other costs to comply with such regulations. Any adopted future climate change regulations could also negatively impact our ability to compete with companies situated in ~~commercially~~areas ~~exploitable~~not ~~quantities~~subject to such limitations. ~~Until~~Given wethe ~~can~~political dosignificance soand uncertainty around the impact of climate change and how it should be dealt with, we cannot ~~earn~~predict ~~any~~how ~~revenues~~legislation ~~from~~and ~~these~~regulation ~~properties~~will affect our financial condition, operating performance and ifability weto docompete. ~~not~~Furthermore, doeven sowithout such regulation, increased awareness and ~~are~~any ~~unable~~adverse topublicity ~~joint~~in ~~venture~~the global marketplace about potential impacts on climate change by us or ~~sell~~other ~~the~~companies ~~properties,~~in weour ~~will~~industry ~~lose~~could ~~all~~harm our reputation. The potential physical impacts of climate change on our operations are highly uncertain and would be particular to the ~~funds~~geographic ~~that~~circumstances wein ~~expend~~areas onin ~~exploration~~which we operate. IfThese wemay doinclude ~~not~~changes ~~discover~~in ~~any~~rainfall ~~mineral~~and ~~reserve~~storm inpatterns aand ~~commercially~~intensities, ~~exploitable~~water ~~quantity~~shortages, ~~our~~changing ~~business~~sea ~~could~~levels, ~~fail~~and changing temperatures. These impacts may adversely impact the cost, production, and financial performance of our operations.

We have not established that any of our mineral properties contain any mineral reserves according to recognized reserve guidelines, nor can there be any assurance that we will be able to do so. A mineral reserve is defined by the SEC in its Regulation S-K subpart 1300 as that part of a mineral deposit, which could be economically and legally extracted or produced at the time of the reserve determination. The probability of an individual prospect ever having a "reserve" that meets the requirements of the SEC's Regulation S-K subpart 1300 is remote. Even if we do eventually discover a mineral reserve on one or more of our properties, there can be no assurance that they can be developed into producing mines to extract those minerals. Both mineral exploration and development involve a high degree of risk, and few properties that are explored are ultimately developed into producing mines. The commercial viability of an established mineral deposit will depend on a number of factors including, by way of example, the size, grade, and other attributes of the mineral deposit, the proximity of the mineral deposit to infrastructure such as a smelter, roads, a point for shipping, government regulation, and market prices. Most of these factors will be beyond our control, and any of them could increase costs and make extraction of any identified mineral deposit unprofitable.23

~~Regulations~~If ~~and~~we ~~pending~~establish ~~legislation~~the ~~governing~~existence ~~issues~~of ~~involving~~a ~~climate~~mineral ~~change~~reserve ~~could~~on ~~result~~any of our properties in ~~increased~~a ~~operating~~commercially ~~costs~~exploitable quantity, ~~which~~we ~~could~~will ~~have~~require additional capital in order to develop the property into a ~~material~~producing ~~adverse~~mine. ~~effect~~If onwe cannot raise this additional capital, we will not be able to exploit the reserve, and our business could fail.

23If we do discover mineral reserves in commercially exploitable quantities on any of our properties, we will be required to expend substantial sums of money to establish the extent of the reserve, develop processes to extract it, and develop extraction and processing facilities and infrastructure. There can be no assurance that a mineral reserve will be large enough to justify commercial operations, nor can there be any assurance that we will be able to raise the funds required for development on a timely basis. If we cannot raise the necessary capital or complete the necessary facilities and infrastructure, our business may fail.

ALand ~~number~~reclamation of governments or governmental bodies have introduced or are contemplating regulatory changes in response to various climate change interest groups and the potential impact of climate change. Legislation and increased regulation regarding climate change could impose significant costs on us, our venture partners, and our suppliers, including costs related to increased energy requirements, ~~capital~~for ~~equipment, environmental monitoring and reporting, and other costs to comply with such regulations. Any adopted future climate change regulations could also negatively impact~~ our ~~ability~~properties tomay ~~compete with companies situated in areas not subject to such limitations. Given the political significance and uncertainty around the impact of climate change and how it should~~ be ~~dealt~~burdensome ~~with, we cannot predict how legislation~~ and ~~regulation will affect our financial condition, operating performance and ability to compete~~expensive. Furthermore, even without such regulation, increased awareness and any adverse publicity in the global marketplace about potential impacts on climate change by us or other companies in our industry could harm our reputation. The potential physical impacts of climate change on our operations are highly uncertain and would be particular to the geographic circumstances in areas in which we operate. These may include changes in rainfall and storm patterns and intensities, water shortages, changing sea levels, and changing temperatures. These impacts may adversely impact the cost, production, and financial performance of our operations.

IfAlthough wevariable ~~establish~~depending ~~the~~on ~~existence~~location ofand athe ~~mineral~~governing ~~reserve~~authority, onland ~~any~~reclamation ofrequirements ~~our~~are ~~properties~~generally inimposed aon ~~commercially~~mineral ~~exploitable~~exploration ~~quantity,~~companies we(as ~~will~~well ~~require~~as ~~additional~~companies ~~capital~~with mining operations) in order to ~~develop~~minimize ~~the~~long-term ~~property~~effects ~~into~~of aland ~~producing mine~~disturbance. IfReclamation wemay ~~cannot~~include ~~raise~~requirements ~~this~~to ~~additional~~control ~~capital,~~dispersion weof ~~will~~potentially ~~not~~deleterious beeffluents ~~able~~and tore-establish ~~exploit~~pre-disturbance ~~the~~landforms ~~reserve,~~ and ~~our business could fail~~vegetation.

IfIn weorder doto ~~discover~~carry ~~mineral~~out ~~reserves~~reclamation inobligations ~~commercially~~imposed ~~exploitable~~on ~~quantities~~us onin ~~any~~connection ofwith our ~~properties~~potential development activities, we ~~will~~must beallocate ~~required~~financial toresources ~~expend~~that ~~substantial~~might ~~sums~~otherwise ofbe ~~money~~spent toon ~~establish~~further ~~the~~exploration ~~extent of the reserve, develop processes to extract it,~~ and ~~develop~~development ~~extraction and processing facilities and infrastructure~~programs. ~~There~~We ~~can~~plan beto noset ~~assurance~~up ~~that~~ a ~~mineral~~provision ~~reserve~~for ~~will~~our bereclamation ~~large~~obligations ~~enough~~on toour ~~justify~~properties, ~~commercial~~as ~~operations~~appropriate, ~~nor~~but ~~can~~this ~~there~~provision bemay ~~any~~not ~~assurance that we will~~ be ~~able to raise the funds required for development on a timely basis~~adequate. If we ~~cannot~~are ~~raise~~required ~~the~~to ~~necessary~~carry ~~capital~~out orunanticipated ~~complete~~reclamation ~~the~~work, ~~necessary~~our ~~facilities~~financial ~~and~~position ~~infrastructure,~~could ~~our~~be ~~business~~adversely ~~may fail~~affected.

~~Land~~Estimates ~~reclamation~~of ~~requirements~~mineralized ~~for~~material ~~our~~are ~~properties~~subject ~~may~~to beevaluation ~~burdensome~~uncertainties ~~and~~that ~~expensive~~could result in project failure.

~~Although~~Our ~~variable~~exploration ~~depending~~and onfuture ~~location~~mining operations, if any, are and would be faced with risks associated with being able to accurately predict the ~~governing~~quantity ~~authority,~~and ~~land~~quality ~~reclamation~~of ~~requirements~~mineralized ~~are~~material ~~generally~~within ~~imposed~~the earth using statistical sampling techniques. Estimates of any mineralized material on ~~mineral~~any ~~exploration~~of ~~companies~~our ~~(as~~properties ~~well~~would asbe ~~companies~~made ~~with~~using ~~mining~~samples ~~operations)~~obtained infrom ~~order~~appropriately toplaced ~~minimize~~trenches, ~~long-term~~test ~~effects~~pits, and underground workings and intelligently designed drilling. There is an inherent variability of ~~land~~assays ~~disturbance~~between check and duplicate samples taken adjacent to each other and between sampling points that cannot be reasonably eliminated. ~~Reclamation~~Additionally, there also may ~~include~~be ~~requirements~~unknown togeologic ~~control~~details ~~dispersion~~that have not been identified or correctly appreciated at the current level of ~~potentially~~accumulated ~~deleterious~~knowledge ~~effluents~~about ~~and~~our ~~re-establish~~properties. ~~pre-disturbance~~This ~~landforms~~could ~~and~~result ~~vegetation~~in uncertainties that cannot be reasonably eliminated from the process of estimating mineralized material. If these estimates were to prove to be unreliable, we could implement an exploitation plan that may not lead to commercially viable operations in the future.

InJoint ~~order~~ventures toand ~~carry~~other ~~out~~partnerships ~~reclamation obligations imposed on us~~ in ~~connection~~relation ~~with our potential development activities, we must allocate financial resources that might otherwise be spent on further exploration and development programs. We plan~~ to ~~set up a provision for~~ our ~~reclamation obligations on our~~ properties, ~~as appropriate, but this provision~~ may ~~not~~expose beus ~~adequate. If we are required~~ to ~~carry out unanticipated reclamation work, our financial position could be adversely affected~~risks.

~~Estimates~~We have in the past, and may in the future, entered into joint ventures or other partnership arrangements with other parties in relation to the exploration, development, and production of ~~mineralized~~certain ~~material~~of ~~are~~the ~~subject~~properties in which we have an interest. Joint ventures can often require unanimous approval of the parties to ~~evaluation~~the ~~uncertainties~~joint venture or their representatives for certain fundamental decisions such as an increase or reduction of registered capital, merger, division, dissolution, amendments of constating documents, and the pledge of joint venture assets, which means that each joint venture party may have a veto right with respect to such decisions which could ~~result~~lead to a deadlock in ~~project~~the ~~failure~~operations of the joint venture or partnership. Further, we may be unable to exert control over strategic decisions made in respect of such properties. Any failure of such other companies to meet their obligations to us or to third parties, or any disputes with respect to the parties' respective rights and obligations, could have a material adverse effect on the joint ventures or their properties and, therefore, could have a material adverse effect on our results of operations, financial performance, cash flows, and the price of our common stock.

Our exploration and future mining operations, if any, are and would be faced with risks associated with being able to accurately predict the quantity and quality of mineralized material within the earth using statistical sampling techniques. Estimates of any mineralized material on any of our properties would be made using samples obtained from appropriately placed trenches, test pits, and underground workings and intelligently designed drilling. There is an inherent variability of assays between check and duplicate samples taken adjacent to each other and between sampling points that cannot be reasonably eliminated. Additionally, there also may be unknown geologic details that have not been identified or correctly appreciated at the current level of accumulated knowledge about our properties. This could result in uncertainties that cannot be reasonably eliminated from the process of estimating mineralized material. If these estimates were to prove to be unreliable, we could implement an exploitation plan that may not lead to commercially viable operations in the future.24

~~Joint~~Our ~~ventures~~business is subject to evolving corporate governance and ~~other~~public ~~partnerships~~disclosure inregulations ~~relation~~that tohave increased both our ~~properties~~compliance ~~may~~costs ~~expose~~and usthe torisk ~~risks~~of noncompliance, which could have an adverse effect on our stock price.

24We are subject to changing rules and regulations promulgated by a number of governmental and self-regulated organizations, including the SEC, the Public Company Accounting Oversight Board ("PCAOB") and the Financial Accounting Standards Board. These rules and regulations continue to evolve in scope and complexity, and many new requirements have been created in response to laws enacted by Congress, making compliance more difficult and uncertain. For example, on July 21, 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") with increased disclosure obligations for public companies and mining companies in the United States. Our efforts to comply with the Dodd-Frank Act and other new regulations have resulted in, and are likely to continue to result in, increased general and administrative expenses and a diversion of our management's time and attention from operating activities to compliance activities.

We ~~have~~are inrequired ~~the~~to ~~past,~~comply ~~and may in the future, entered into joint ventures or other partnership arrangements~~ with ~~other~~Canadian ~~parties~~securities inregulations ~~relation to the exploration, development,~~ and ~~production~~are ofsubject ~~certain of the properties in which we have an interest. Joint ventures can often require unanimous approval of the parties~~ to ~~the~~additional ~~joint~~regulatory ~~venture~~scrutiny or their representatives for certain fundamental decisions such as an increase or reduction of registered capital, merger, division, dissolution, amendments of constating documents, and the pledge of joint venture assets, which means that each joint venture party may have a veto right with respect to such decisions which could lead to a deadlock in ~~the operations of the joint venture or partnership~~Canada. Further, we may be unable to exert control over strategic decisions made in respect of such properties. Any failure of such other companies to meet their obligations to us or to third parties, or any disputes with respect to the parties' respective rights and obligations, could have a material adverse effect on the joint ventures or their properties and, therefore, could have a material adverse effect on our results of operations, financial performance, cash flows, and the price of our common stock.

We are a "reporting issuer" in the Canadian provinces of British Columbia and Alberta. As a result, our disclosure outside the United States differs from the disclosure contained in our SEC filings. Our ~~business~~reserve isand resource estimates disseminated outside the United States are not directly comparable to those made in filings subject to ~~evolving~~SEC ~~corporate~~reporting ~~governance~~and disclosure requirements, as we generally report reserves and ~~public~~resources ~~disclosure~~in ~~regulations~~accordance ~~that~~with ~~have~~Canadian ~~increased~~practices. ~~both~~These ~~our~~practices ~~compliance~~are ~~costs~~different from the practices used to report reserve and resource estimates in reports and other materials filed with the ~~risk~~SEC. ofIt ~~noncompliance~~is Canadian practice to report measured, indicated, and inferred resources, which are generally not permitted in disclosures filed with the SEC. In the United States, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, "inferred resources" have ana ~~adverse~~great ~~effect~~amount onof ~~our~~uncertainty ~~stock~~as ~~price~~to their existence and as to whether they can be mined legally or economically. Disclosure of "contained ounces" is permitted disclosure under Canadian regulations; however, the SEC only permits issuers to report "resources" as in-place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization, reserves, and resources contained in disclosures released outside the United States may not be comparable to information made public by other United States companies subject to the reporting and disclosure requirements of the SEC.

We are also subject to ~~changing~~increased ~~rules~~regulatory scrutiny and ~~regulations~~costs ~~promulgated~~associated bywith acomplying ~~number~~with ofsecurities ~~governmental~~legislation ~~and~~in ~~self-regulated~~Canada. ~~organizations~~For example, ~~including~~we ~~the~~are ~~SEC,~~subject ~~the~~to ~~Public~~civil ~~Company~~liability ~~Accounting~~for ~~Oversight~~misrepresentations ~~Board~~in ~~("PCAOB")~~written disclosure and ~~the~~oral ~~Financial~~statements. ~~Accounting~~Legislation ~~Standards~~has ~~Board.~~been ~~These~~enacted ~~rules~~in ~~and~~these ~~regulations~~provinces ~~continue~~which tocreates ~~evolve~~a inright ~~scope~~of ~~and~~action ~~complexity,~~for ~~and~~damages ~~many~~against ~~new~~a ~~requirements~~reporting ~~have~~issuer, ~~been~~its ~~created~~directors inand ~~response~~certain toof ~~laws~~its ~~enacted~~officers byin ~~Congress,~~the ~~making~~event ~~compliance~~that ~~more~~the ~~difficult~~reporting ~~and~~issuer ~~uncertain.~~or ~~For~~a ~~example,~~person onwith ~~July 21~~actual, ~~2010~~implied, ~~Congress~~or ~~passed~~apparent ~~the~~authority ~~Dodd-Frank~~to ~~Wall~~act ~~Street~~or ~~Reform~~speak ~~and~~on ~~Consumer~~behalf ~~Protection~~of ~~Act (~~the ~~"Dodd-Frank~~reporting ~~Act")~~issuer ~~with~~releases ~~increased~~a ~~disclosure~~document ~~obligations~~or ~~for~~makes a public ~~companies~~oral ~~and~~statement ~~mining~~that ~~companies~~contains ina ~~the~~misrepresentation ~~United~~or ~~States.~~the ~~Our~~reporting ~~efforts~~issuer fails to ~~comply~~make ~~with~~timely ~~the~~disclosure ~~Dodd-Frank~~of ~~Act~~a ~~and~~material ~~other~~change. ~~new~~We ~~regulations~~do ~~have~~not ~~resulted~~anticipate ~~in,~~any ~~and~~particular ~~are~~regulation ~~likely~~that towould ~~continue~~be difficult to ~~result~~comply inwith. However, ~~increased~~failure ~~general~~to ~~and~~comply ~~administrative~~with ~~expenses~~regulations ~~and~~may aresult ~~diversion~~in ofcivil ~~our~~awards, ~~management's~~fines, ~~time~~penalties, and ~~attention~~orders ~~from~~that ~~operating~~could ~~activities~~have toan ~~compliance~~adverse ~~activities~~effect on us.

WeRisks ~~are~~Associated ~~required to comply~~ with ~~Canadian~~Our ~~securities~~Common ~~regulations~~Stock ~~and are subject to additional regulatory scrutiny in Canada.~~

WeOur ~~are~~stock aprice ~~"reporting~~has ~~issuer"~~been involatile ~~the Canadian provinces of British Columbia~~ and ~~Alberta.~~your Asinvestment ~~a result, our disclosure outside the United States differs from the disclosure contained~~ in our ~~SEC~~common ~~filings.~~stock Our reserve and resource estimates disseminated outside the United States are not directly comparable to those made in filings subject to SEC reporting and disclosure requirements, as we generally report reserves and resources in accordance with Canadian practices. These practices are different from the practices used to report reserve and resource estimates in reports and other materials filed with the SEC. It is Canadian practice to report measured, indicated, and inferred resources, which are generally not permitted in disclosures filed with the SEC. In the United States, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could besuffer economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, "inferred resources" have a ~~great~~decline amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Disclosure of "contained ounces" is permitted disclosure under Canadian regulations; however, the SEC only permits issuers to report "resources" as in~~-place~~ ~~tonnage and grade without reference to unit measures~~value. Accordingly, information concerning descriptions of mineralization, reserves, and resources contained in disclosures released outside the United States may not be comparable to information made public by other United States companies subject to the reporting and disclosure requirements of the SEC.

WeOur ~~are~~common ~~also~~stock ~~subject~~is toquoted ~~increased~~on ~~regulatory~~the ~~scrutiny~~OTCQB ~~and~~Market ~~costs~~("OTCQB") ~~associated~~and ~~with~~traded ~~complying~~on ~~with~~the ~~securities~~TSX ~~legislation~~Venture inExchange ~~Canada~~("TSX-V"). ~~For~~The ~~example,~~market weprice ~~are~~of ~~subject~~our tocommon ~~civil~~stock ~~liability~~may ~~for~~fluctuate ~~misrepresentations~~significantly in ~~written~~response ~~disclosure~~to ~~and oral statements. Legislation has been enacted in these provinces which creates~~ a ~~right~~number of ~~action for damages against a reporting issuer~~factors, ~~its~~some ~~directors and certain~~ of ~~its~~which ~~officers~~are inbeyond ~~the~~our ~~event~~control. ~~that~~These ~~the~~factors ~~reporting~~include ~~issuer~~price orfluctuations aof ~~person~~precious ~~with actual~~metals, ~~implied~~government regulations, ordisputes ~~apparent~~regarding ~~authority~~mining toclaims, ~~act~~broad orstock ~~speak~~market on behalf of the reporting issuer releases a document or makes a public oral statement that contains a misrepresentation or the reporting issuer fails to make timely disclosure of a material change. We do not anticipate any particular regulation that would be difficult to comply with. Howeverfluctuations, ~~failure~~and togeneral ~~comply~~economic ~~with~~conditions ~~regulations may result~~ in ~~civil~~the ~~awards,~~United ~~fines,~~States ~~penalties,~~ and ~~orders that could have an adverse effect on us~~Canada.

~~Risks~~We ~~Associated~~do ~~with~~not ~~Our~~intend ~~Common~~to ~~Stock~~pay any dividends on shares of our common stock in the near future.

~~Our~~We ~~stock~~do ~~price~~not ~~has~~currently ~~been~~anticipate ~~volatile~~declaring and ~~your~~paying ~~investment~~dividends to our shareholders in the near future, and any future decision as to the payment of dividends will be at the discretion of our ~~common~~board ~~stock~~of ~~could~~directors ~~suffer~~and awill ~~decline~~depend upon our earnings, financial position, capital requirements, plans for expansion, and such other factors as our board of directors deems relevant. It is our current intention to apply net earnings, if any, in ~~value~~the foreseeable future to finance the growth and development of our business.

~~Our~~Investors' ~~common~~interests ~~stock~~in isour ~~quoted~~Company onwill ~~the~~be ~~OTCQB~~diluted ~~Market ("OTCQB")~~ and ~~traded~~investors ~~on the TSX Venture Exchange ("TSX-V"). The market price of our common stock~~ may ~~fluctuate~~suffer ~~significantly~~dilution in ~~response~~their tonet abook ~~number~~value ofper ~~factors~~share, ~~some~~if ofwe ~~which~~issue ~~are~~additional ~~beyond~~employee/director/consultant ~~our~~options ~~control.~~or ~~These~~if ~~factors~~we ~~include~~sell ~~price~~additional ~~fluctuations~~shares ~~of precious metals, government regulations, disputes regarding mining claims, broad stock market fluctuations,~~ and/or ~~general~~warrants ~~economic~~to ~~conditions~~finance inour ~~the United States and Canada~~operations.

We dohave not ~~intend~~generated material revenue from exploration since the commencement of our exploration stage. In order to ~~pay~~further expand our company and meet our objectives, any ~~dividends~~additional growth and/or expanded exploration activity may need to be financed through sale and issuance of additional shares, including, but not limited to, raising finances to explore our properties. Furthermore, to finance any acquisition activity, should that activity be properly approved, and depending on the outcome of our exploration programs, we may also need to issue additional shares to finance future acquisitions, growth and/or additional exploration programs at any or all of our ~~common~~projects ~~stock~~or to acquire additional properties. We may also in the ~~near~~ future grant to some or all of our directors, officers, insiders, and key employees options to purchase our common shares and stock unit awards as non-cash incentives. The issuance of any equity securities could, and the issuance of any additional shares will, cause our existing shareholders to experience dilution of their ownership interests.

WeIf dowe ~~not~~issue ~~currently~~additional ~~anticipate~~shares ~~declaring~~or ~~and~~decide ~~paying dividends~~ to ~~our~~enter ~~shareholders~~into injoint ~~the~~ventures ~~near~~with ~~future,~~other ~~and~~parties ~~any~~in ~~future~~order ~~decision~~to asraise tofinancing through the ~~payment~~sale of ~~dividends~~equity ~~will~~securities, beinvestors' atinterests ~~the~~in ~~discretion of~~ our ~~board~~Company ofwill ~~directors~~be diluted and ~~will~~investors ~~depend~~may ~~upon~~suffer ~~our~~dilution ~~earnings,~~in ~~financial~~their ~~position,~~net ~~capital~~book ~~requirements,~~value ~~plans~~per ~~for~~share ~~expansion,~~depending ~~and~~on the price at which such ~~other~~securities ~~factors~~are assold. ~~our~~If ~~board~~all of ~~directors~~the ~~deems~~outstanding ~~relevant.~~options Itand iswarrants ~~our~~are ~~current~~exercised ~~intention~~and tothe ~~apply~~underlying ~~net~~shares ~~earnings~~are issued, ifsuch ~~any,~~issuance will cause a reduction in the ~~foreseeable~~proportionate ~~future~~ownership toand ~~finance~~voting ~~the~~power ~~growth~~of ~~and~~all ~~development~~other shareholders. The dilution may result in a decline in the market price of our ~~business~~shares.

~~Investors'~~We ~~interests~~are insubject ~~our~~to ~~Company~~the ~~will~~continued belisting ~~diluted~~criteria ~~and~~of ~~investors~~the ~~may~~TSX-V ~~suffer~~and ~~dilution~~our infailure ~~their~~to ~~net~~satisfy ~~book~~these ~~value~~criteria ~~per~~may ~~share,~~result ifin wedelisting ~~issue~~of ~~additional~~our ~~employee/director/consultant options or if we sell additional~~ shares ~~and/or~~of ~~warrants~~common ~~to finance our operations~~stock.

WeOur ~~have~~shares ~~not~~of ~~generated~~common ~~material~~stock ~~revenue~~are ~~from~~currently ~~exploration~~listed ~~since~~on the ~~commencement of our exploration stage~~TSX-V. In order to ~~further~~maintain ~~expand~~the ~~our~~listing, ~~company~~we ~~and~~must ~~meet~~maintain ~~our~~certain ~~objectives~~share prices, ~~any~~financial, ~~additional growth~~ and~~/or~~ ~~expanded~~share ~~exploration~~distribution ~~activity~~targets, ~~may~~including ~~need~~maintaining toa beminimum ~~financed~~amount ~~through~~of ~~sale~~shareholders' equity and ~~issuance~~a ofminimum ~~additional~~number ~~shares,~~of ~~including,~~public ~~but~~shareholders. ~~not~~In ~~limited~~addition to objective standards, ~~raising~~the ~~finances~~TSX-V tomay ~~explore~~delist our ~~properties.~~securities ~~Furthermore~~if, toin ~~finance~~their ~~any~~discretionary ~~acquisition~~opinion: ~~activity,~~(i) ~~should~~our ~~that~~financial ~~activity~~condition beand/or ~~properly~~operating ~~approved,~~results ~~and~~appear ~~depending~~unsatisfactory; on(ii) it appears that the ~~outcome~~extent of ~~our~~public ~~exploration~~distribution ~~programs,~~or wethe ~~may~~aggregate ~~also~~market ~~need~~value toof ~~issue~~the ~~additional~~security ~~shares~~has tobecome ~~finance~~so ~~future~~reduced ~~acquisitions,~~as ~~growth~~to ~~and/or~~make ~~additional~~continued ~~exploration~~listing ~~programs~~on atTSX-V ~~any~~inadvisable; (iii) we sell or ~~all~~dispose of ~~our~~principal ~~projects~~operating assets or cease to ~~acquire~~be ~~additional~~an ~~properties.~~operating Wecompany; ~~may~~(iv) ~~also~~we infail ~~the~~to ~~future~~comply ~~grant~~with tothe ~~some~~listing orrequirements ~~all~~ of the TSX-V; (v) our ~~directors,~~shares ~~officers,~~of ~~insiders,~~common ~~and~~stock ~~key~~sell ~~employees~~at ~~options~~what tothe ~~purchase~~TSX-V ~~our~~considers ~~common~~a ~~shares~~"low selling price" and ~~stock~~if ~~unit~~we ~~awards~~fail asto ~~non-cash~~correct ~~incentives.~~this ~~The~~via ~~issuance~~a ofreverse ~~any~~split ~~equity~~of ~~securities~~shares ~~could,~~after ~~and~~notification by the ~~issuance~~TSX-V; ofor (vi) any ~~additional~~other ~~shares~~event ~~will,~~occurs ~~cause~~or ~~our~~any ~~existing~~condition ~~shareholders~~exists towhich ~~experience~~makes ~~dilution~~continued oflisting on the TSX-V, in their ~~ownership~~opinion, ~~interests~~inadvisable.

If wethe ~~issue~~TSX-V ~~additional~~delists our shares ~~or decide to enter into joint ventures with other parties in order to raise financing through the sale~~ of ~~equity~~common ~~securities~~stock, investors' ~~interests in our Company will be diluted and investors~~ may ~~suffer~~face ~~dilution~~material inadverse ~~their~~consequences, ~~net~~including, ~~book~~but ~~value~~not ~~per~~limited ~~share~~to, ~~depending~~a onlack ~~the~~of ~~price~~trading atmarket ~~which~~for ~~such~~our securities, ~~are~~reduced ~~sold.~~liquidity, Ifdecreased ~~all~~analyst coverage of ~~the~~our ~~outstanding options and warrants are exercised and the underlying shares are issued~~securities, ~~such issuance will cause a reduction in the proportionate ownership~~ and ~~voting~~an ~~power~~inability offor ~~all~~us ~~other~~to ~~shareholders.~~obtain ~~The~~additional ~~dilution~~financing ~~may~~to ~~result~~fund ~~in a decline in the market price of~~ our ~~shares~~operations.

WeRisk ~~are~~of ~~subject~~Adverse toImpacts ~~the~~from ~~continued~~Tariffs ~~listing criteria of the TSX-V~~ and ~~our~~Trade ~~failure to satisfy these criteria may result in delisting of our shares of common stock.~~ Restrictions

Our ~~shares~~operations ofand ~~common~~financial ~~stock~~performance ~~are~~could ~~currently~~be ~~listed~~materially onand ~~the~~adversely ~~TSX-V.~~affected Inby ~~order~~the toimposition ~~maintain~~of ~~the listing~~tariffs, wetrade ~~must maintain certain share prices~~sanctions, ~~financial,~~import/export ~~and share distribution targets~~restrictions, ~~including~~or ~~maintaining~~other agovernmental ~~minimum~~trade ~~amount~~actions. ofAs ~~shareholders' equity and~~ a ~~minimum~~mining ~~number~~company ofwith ~~public~~global ~~shareholders.~~supply Inchains ~~addition~~and ~~to objective standards~~markets, ~~the~~we ~~TSX-V~~rely ~~may~~on ~~delist our securities if, in their discretionary opinion: (i) our financial condition and/or operating results appear unsatisfactory; (ii) it appears that~~ the ~~extent~~importation of ~~public~~specialized ~~distribution~~equipment orand the ~~aggregate~~export ~~market value~~ of ~~the~~minerals ~~security~~and ~~has~~raw ~~become~~materials ~~so reduced as~~ to ~~make~~international ~~continued~~customers. ~~listing~~Changes onin ~~TSX-V~~trade ~~inadvisable;~~policies ~~(iii)~~between wekey ~~sell~~markets orcould ~~dispose~~result ofin ~~principal~~increased ~~operating~~costs ~~assets~~for orimported ~~cease~~machinery, toreduced bedemand anfor ~~operating company; (iv) we fail to comply with the listing requirements of the TSX-V; (v)~~ our ~~shares~~products, ~~of common stock sell at what the TSX-V considers a "low selling price"~~ and ifdisruption ~~we fail to correct this via a reverse split~~ of ~~shares~~key ~~after~~commercial ~~notification by the TSX-V; or (vi) any other event occurs or any condition exists which makes continued listing on the TSX-V, in their opinion, inadvisable~~relationships.

IfAdditionally, ~~the~~retaliatory ~~TSX-V~~tariffs ~~delists~~or ~~our~~shifts ~~shares~~in oftrade ~~common~~agreements ~~stock,~~may ~~investors~~impact ~~may~~our ~~face~~competitiveness ~~material~~in ~~adverse~~global ~~consequences~~markets, ~~including,~~delay ~~but~~capital ~~not~~projects ~~limited~~due to supply chain inefficiencies, aor ~~lack~~reduce ofour ~~trading~~margins ~~market~~through ~~for~~higher ~~our~~operating ~~securities,~~costs. ~~reduced~~There ~~liquidity,~~is ~~decreased~~no ~~analyst~~assurance ~~coverage~~that offuture ~~our~~governmental ~~securities,~~trade ~~and~~actions anwill ~~inability~~not ~~for~~impose usfurther tobarriers ~~obtain~~or ~~additional~~costs ~~financing~~that tocould ~~fund~~adversely affect our business, financial condition, or results of operations.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

~~None~~On February 7, 2025, the Company`s Board of Directors issued 3,045,000 stock options to officers and directors of the Company. The options are exercisable on or before February 7, 2030, and have an exercise price of $0.10. The options were fully vested upon grant.

~~Item~~On 3November 28, 2024, the Board of Directors authorized a private placement financing of up to $700,000, offering equity units at $0. ~~Defaults~~05 ~~Upon~~per ~~Senior~~unit. ~~Securities~~Each unit consisted of one share of common stock and one common stock purchase warrant, with each warrant exercisable for one additional share at $0.10 per share for 36 months from issuance.

~~None~~On December 16, 2024, the Company closed the non-brokered private placement, issuing 12,400,000 shares of common stock and an equal number of common stock purchase warrants, generating gross proceeds of approximately $620,000, including $20,000 in non-cash consideration for vendor services. No underwriters were utilized, and no commissions were paid in connection with the sales.

~~Item~~The above-described sale and issuance of common shares were not registered under the Securities Act of 1933, as amended ("Securities Act"), or the securities laws of any state, are subject to resale restrictions and may not be offered or sold in the United States absent registration under the Securities Act. The foregoing sale of securities has been determined to be exempt from registration in reliance on Section 4(a)(2) of the Securities Act and the safe harbor provided by Rule 506(b) of Regulation D promulgated thereunder, as transactions by an issuer not involving a public offering, in which the investors are accredited and have acquired the securities for investment purposes only and not with a view to or for sale in connection with any distribution thereof. ~~Mine~~The ~~Safety~~Company ~~Disclosures~~has also relied on the exclusion from registration provided by Rule 903 of Regulation S under the Securities Act to offer and sell shares to the foreign subscriber.

~~Pursuant~~Item to3. ~~Section~~Defaults ~~1503(a)~~Upon ofSenior the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act"), issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalitiesSecurities.

The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 to this Quarterly ReportNone.

~~During~~Item ~~the~~4. ~~nine-month~~Mine ~~period~~Safety ended September 30, 2024, the Company did not have any operating mines and therefore had no such specified health and safety violations, orders or citations, related assessments or legal actions, mining-related fatalities, or similar events in relation to the Company's United States operations requiring disclosure pursuant to Section 1503(a) of the Dodd-Frank Act.Disclosures

~~Item~~Pursuant ~~5. Other~~to ~~Information~~Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act"), issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities.

~~None~~The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in exhibit 95 to this Quarterly Report.

27During the three-month period ended March 31, 2025, the Company did not have any operating mines and therefore had no such specified health and safety violations, orders or citations, related assessments or legal actions, mining-related fatalities, or similar events in relation to the Company's United States operations requiring disclosure pursuant to Section 1503(a) of the Dodd-Frank Act.

~~Item 6. Exhibits~~27

~~(a)~~Item ~~Documents~~5. ~~which~~Other ~~are filed as a part of this report:~~Information

~~Exhibits:~~Clawback Policy

3.1	Articles of Incorporation of Thunder Mountain Gold, Inc., incorporated by reference to the Company's Form 10-KSB as filed with the Securities and Exchange Commission on April 16, 2008.
3.2	Bylaws of Thunder Mountain Gold, Inc., incorporated herein by reference to the Company's Form 10-KSB as filed with the Securities and Exchange Commission on April 16, 2008.
31.1*	Certification Required by Rule 13a-14(a) or Rule 15d-14(a). Jones
31.2*	Certification Required by Rule 13a-14(a) or Rule 15d-14(a). Thackery
32.1*	Certification required by Rule 13a-14(a) or Rule 15d-14(b) and section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350. Jones
32.2*	Certification required by Rule 13a-14(a) or Rule 15d-14(b) and section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350. Thackery
95*	Mine safety information listed in Section 1503 of the Dodd-Frank Act.
101.INS*	Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document
101.SCH*	Inline XBRL Taxonomy Extension Schema Document
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

On March 11, 2025, the company adopted a Clawback Policy for the Recovery of Erroneously Awarded Compensation ("Clawback Policy") applicable to executive compensation in the event of misconduct on the part of executive officer, including any such misconduct that results in a restatement of its financial statements. There has been no required recovery of erroneously awarded compensation pursuant to the Clawback Policy to date.

*FiledA ~~herewith~~copy of the Company's Clawback Policy is filed as Exhibit 97.1 to this Form 10-Q.

28Insider Trading

~~SIGNATURES~~The Company adopted an Insider Trading Policy on March 15, 2025, applicable to insiders. The policy prohibits trading in the Company's securities while in possession of material nonpublic information and establishes trading windows and mandatory pre-clearance procedures for directors and executive officers.

~~Pursuant~~In to the ~~requirements~~last fiscal quarter of ~~Section~~2024, 13no director or ~~15(b)~~officer of the ~~Securities~~Company ~~and~~adopted ~~Exchange~~or ~~Act~~terminated ofany ~~1934~~contract, ~~the~~instruction, ~~Registrant~~written ~~has~~plan, ~~duly~~or ~~caused~~Rule ~~this~~10b5-1 ~~report~~trading toarrangement befor ~~signed~~the onpurchase ~~its~~or ~~behalf~~sale of the ~~undersigned,~~Company's ~~thereunto duly authorized~~securities.

~~THUNDER~~A ~~MOUNTAIN~~copy ~~GOLD~~of the Company's Insider Trading Policy is filed as Exhibit 19.1 to this Form 10-Q, ~~INC~~pursuant to Item 601(b)(19) of Regulation S-K.

ByWhistleblower ~~/s/Eric T. Jones~~ Policy

~~Eric~~Thunder TMountain Gold, Inc. ~~Jones~~is committed to maintaining the highest standards of integrity, transparency, and accountability in all of its operations. To support this commitment, the Company has adopted a Whistleblower Policy designed to encourage and enable employees, contractors, shareholders, and other stakeholders to report concerns regarding suspected violations of laws, regulations, internal policies, or ethical standards without fear of retaliation.

~~President~~The policy provides a clear framework for reporting concerns confidentially and, ~~Chief~~if ~~Executive~~desired, ~~Officer~~anonymously. It also outlines the procedures for investigating reported incidents and ensuring appropriate corrective actions are taken. This mechanism plays a critical role in safeguarding the Company's reputation and fostering a culture of ethical conduct.

~~Date: November 11, 2024~~28

~~Pursuant~~A tocopy ~~the requirements~~ of the ~~Securities~~Company's ~~Act~~Whistleblower ofPolicy ~~1934~~is ~~this~~filed ~~report~~as ~~signed~~Exhibit ~~below~~99.1 byto ~~the~~this ~~following~~Form ~~person on behalf of the Registrant and in the capacities on the date indicated.~~10-Q

~~By:~~Item ~~/s/Larry~~6. ~~Thackery~~ Exhibits

~~Larry~~(a) ~~Thackery~~Documents which are filed as a part of this report:

~~Chief Financial Officer~~Exhibits:

Date: November 11, 2024

19.1*	Registrant's Insider Trading Policy, dated March 15, 2025.
31.1*	Certification Required by Rule 13a-14(a) or Rule 15d-14(a). Jones
31.2*	Certification Required by Rule 13a-14(a) or Rule 15d-14(a). Jones
32.1*	Certification required by Rule 13a-14(a) or Rule 15d-14(b) and section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350. Jones
32.2*	Certification required by Rule 13a-14(a) or Rule 15d-14(b) and section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350. Jones
95*	Mine safety information listed in Section 1503 of the Dodd-Frank Act.
99.1	Registrant’s Whistleblower Policy, dated March 15, 2025.
99.7*	Registrant's Clawback Policy, dated March 11, 2025.
101.INS*	Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document
101.SCH*	Inline XBRL Taxonomy Extension Schema Document
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

29*Filed herewith.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(b) of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf of the undersigned, thereunto duly authorized.

THUNDER MOUNTAIN GOLD, INC.

By /s/ Eric T. Jones

Eric T. Jones

President and Chief Executive Officer

Date: May 13, 2025

Pursuant to the requirements of the Securities Act of 1934 this report signed below by the following person on behalf of the Registrant and in the capacities on the date indicated.

By /s/ Eric T. Jones

Eric. T Jones

Principal Financial Officer

Date: May 13, 2025

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