Mr. Dorian Nicol reports

BLUE THUNDER CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT

Blue Thunder Mining Inc. has closed the second tranche of its non-brokered private placement, which was the subject of its news releases dated Nov. 13, 2023, and Dec. 7, 2023. The total amount raised between both placements is $1,404,450.

Flow-through shares

In the first-tranche closing on Dec. 20, 2020, the company sold 6.05 million flow-through shares at a price of 7.5 cents per flow-through share for aggregate proceeds of $453,750.

The proceeds from the sale of the flow-through shares 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 shares are subject to a four-month resale hold period that ends on April 20, 2024.

Chad Williams, non-executive chairman of Blue Thunder, acquired two million flow-through shares on closing for total gross proceeds to the company of $150,000. His participation in the placement 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 placement does not exceed 25 per cent of the market capitalization of the company.

Hard-dollar closing

The hard-dollar component of the placement involved the sale of common shares at a price of seven cents per hard-dollar share. In the first-tranche closing on Dec. 5, 2023, the company sold 12,342,856 hard-dollar shares for the gross proceeds of $864,000. In the second-tranche closing on Dec. 20, 2023, the company sold an additional 1,238,572 hard-dollar shares for additional gross proceeds of $86,700. Together, the company sold 13,581,428 hard-dollar shares for aggregate gross proceeds of $950,700.

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.

The hard-dollar shares sold in the second-tranche closing are subject to a four-month resale hold period that ends on April 20, 2024.

Finders' fees

Red Cloud Securities Inc. acted as a finder in connection with the placement and received a finder's fee consisting of $14,175 in cash, 750,000 shares of the company and 939,000 finder warrants of the company. Of the finder warrants, 750,000 are exercisable to acquire one common share of the company at a price of seven cents per share and 189,000 are exercisable to acquire one common share of the company at a price of 7.5 cents per share on or before Dec. 20, 2025. Red Cloud Securities and its affiliates will collectively own approximately 12.0 per cent of the company's issued and outstanding common shares and approximately 15.1 per cent on a partially diluted basis after giving effect to the placement.

Canaccord Genuity Corp. also acted as a finder in connection with the placement and received a finder's fee consisting of $7,927 in cash and 107,800 finder warrants of the company. Of the finder warrants, 31,500 are exercisable to acquire one common share of the company at a price of seven cents per share and 76,300 are exercisable to acquire one common share of the company at a price of 7.5 cents per share on or before Dec. 20, 2025.

About Blue Thunder Mining Inc.

Blue Thunder is an exploration and growth 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. Blue Thunder has announced that exploration of the Muus project will advance in technical collaboration with Iamgold, which owns approximately 12.5 per cent of the company. Fieldwork completed during 2022 established that the northern portion of the Muus project is also prospective for copper-gold volcanogenic massive sulphide mineralization as well as confirmed that it is prospective for high-grade gold mineralization similar to Iamgold's nearby Monster Lake gold deposit.