THUNDER MOUNTAIN GOLD INC

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 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 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 not effective as of December 31, 2024, with regard to the effectiveness of our internal control over financial reporting, specifically for the last quarter of 2024, ended December 31, 2024.

Management's Report on Internal Control over Financial Reporting

The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company's internal control over financial reporting is a process designed under the supervision of its Chief Executive Officer and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company's financial statements for external reporting in accordance with accounting principles generally accepted in the United States of America. Management assessed the effectiveness of our internal control over financial reporting as of December 31, 2024, using criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO").

Based on our assessment, management has concluded that our internal control over financial reporting was not effective as of the end of the fiscal year to provide reasonable assurance regarding the reliability of financial reporting, and the preparation of financial statements for external reporting purposes in accordance with generally accepted accounting principles. Consequently, management identified a material weakness in the Company's internal control over financial reporting related to the segregation of duties. This was due primarily to the limited staff and small size of the Company. Management is acutely aware of these challenges and is actively evaluating steps to strengthen the internal control environment, including seeking additional resources and support. Subsequently, management has corrected all misstatements and errors prior to issuance of the financial statements.

Remediation Measures

In response to the material weakness described above. the Company has been conducting a search for additional staff member in our accounting department, and a consultant for financial statement preparation, which will result in increased segregation of duties. Implementing new and enhanced controls to ensure that in-house accounting personnel that are responsible for financial reporting have sufficient technical expertise or capacity to consistently apply complex accounting standards and perform necessary review controls, and that in-house accounting personnel have training to ensure they have the relevant expertise. We believe these actions will be sufficient to remediate the identified material weakness and strengthen our internal control over financial reporting. However, the new remediation measures have not been implemented, nor operated for a sufficient amount of time to conclude that the material weakness has been remediated. We will continue to monitor the effectiveness of these controls and will make any further changes management determines appropriate.

Changes in internal controls over financial reporting

Except for the material weakness and the remediation efforts described above, no other changes in our internal control over financial reporting occurred during the fiscal quarter ended December 31, 2024, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.