Mr. Dorian Nicol reports

BLUE THUNDER CLOSES FIRST TRANCHE OF HARD DOLLAR NON-BROKERED PRIVATE PLACEMENT FOR $864,000, WELCOMES IAMGOLD AS A SHAREHOLDER

Blue Thunder Mining Inc. has closed an initial tranche of the hard-dollar component of its non-brokered private placement on Dec. 5, 2023, which was initially announced on Nov. 13, 2023. All dollar amounts are in Canadian funds.

Dorian L. (Dusty) Nicol, chief executive officer of Blue Thunder, commented: "We are pleased to close this component of a major and transformative transaction for the company. We look forward to working with the Iamgold (IMG) team to advance our Muus project in Chibougamau, Que., which is adjacent to, and on trend with, IMG's five-million-ounce Nelligan gold project. IMG's in-depth knowledge of the district will be invaluable in advancing our exploration efforts at Muus as well as on other projects that may be acquired in due course. We also take this opportunity to congratulate IMG and Vanstar Mining on their recent announcement that IMG is acquiring Vanstar and thereby will own 100 per cent of the Nelligan project."

Hard-dollar closing

Pursuant to the first tranche closing of the hard-dollar component of the placement, the company has issued a total of 12,342,856 common shares at a price of seven cents per HD share for aggregate proceeds of $864,000. The proceeds of the hard-dollar component of the private placement will be used for further exploration of the company's Muus gold project and for general corporate purposes.

Iamgold acquired 7,142,857 HD shares and now holds approximately 14.5 per cent of the issued and outstanding common shares of Blue Thunder. As per the investor rights agreement with the company described in the company's Nov. 13, 2023, news release, Iamgold has the right to nominate one director to the company's board and to participate in future financings as long as Iamgold continues to hold at least 10 per cent of the company's shares. Iamgold has agreed not to sell any of the HD shares it purchases in the private placement for a period of 12 months from closing.

Chad Williams, non-executive chairman of Blue Thunder, acquired 1,628,571 HD shares on closing for total gross proceeds to the company of $114,000. His participation in the offering is a related party transaction pursuant to Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying on the exemption from minority shareholder approval requirements under MI 61-101, as the fair market value of Mr. Williams's participation in the offering does not exceed 25 per cent of the market capitalization of the company.

The HD shares are subject to a four-month resale hold period, which ends on April 5, 2024.

Flow-through

The flow-through component of the placement involves the sale of up to 3,333,333 flow-through shares at a price of 7.5 cents per FT share for aggregate proceeds of up to $250,000. The proceeds from the flow-through offering will be used to finance exploration programs on one or more of the company's exploration properties located in Quebec that will qualify as Canadian exploration expenses and, once renounced, flow-through mining expenditures, as those terms are defined in the Income Tax Act (Canada). The flow-through component is targeted to close on or about Dec. 15, 2023.

About Blue Thunder Mining Inc.

Blue Thunder is an exploration company that owns 100 per cent of a large land position near Chibougamau, Que. The Muus gold project covers approximately 25,250 hectares of prospective ground in the eastern part of the Abitibi greenstone belt. The Muus project is prospective for gold mineralization and is adjacent to and on strike with Iamgold's five-million-ounce Nelligan gold project. Fieldwork completed during 2022 established that the northern portion of the Muus project is also prospective for copper-gold volcanogenic massive sulphide mineralization.

We seek Safe Harbor.