Thunder Mountain Gold Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Thunder Mountain Gold Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

THUNDER MOUNTAIN GOLD INC (THMG) filed a Annual Report (10-K) with the SEC on March 12, 2024. Filed Form 10-K for the fiscal year ended December 31, 2023. Company is incorporated in Nevada and operates in the Metal Mining sector. Business and mailing address located in Boise, Idaho. Fiscal year end is December 31. Filed as of March 12, 2024.

Why It Matters

For investors and stakeholders tracking THUNDER MOUNTAIN GOLD INC, this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance, operations, and risk factors for the past fiscal year. Investors and stakeholders can use this report to assess the company's financial health, strategic direction, and potential for future growth in the metal mining industry.

Risk Assessment

Risk Level: — THUNDER MOUNTAIN GOLD INC shows moderate risk based on this filing. The company operates in the metal mining industry, which is subject to significant price volatility, regulatory changes, and operational risks, as detailed in the filing.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Thunder Mountain Gold Inc.'s current financial position and future prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-12 — Filing Date (As of date)

Key Players & Entities

• THUNDER MOUNTAIN GOLD INC (company) — Filer name
• 20231231 (date) — Fiscal year end
• 20240312 (date) — Filing date
• Boise, ID (location) — Business address city and state
• NV (location) — State of incorporation
• Metal Mining (industry) — Standard Industrial Classification

FAQ

Industry Context

Thunder Mountain Gold Inc. operates within the metal mining industry, which is characterized by exploration, development, and extraction of mineral resources.

Regulatory Implications

The company is subject to various regulations governing mining operations, environmental protection, and financial reporting as per SEC filings.

What Investors Should Do

1. Analyze the company's financial statements for the fiscal year ended December 31, 2023.
2. Review the risk factors section to understand potential challenges and uncertainties.
3. Assess the company's operational activities and strategic plans outlined in the business section.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value THMG THM OTCQB TSX-V
• $0.0001 — of preferred stock with a par value of $0.0001 per share. 4 The Company is structu
• $5 million — Mountain mineral interest for a capped $5 million less net returns royalties paid through
• $5,000 — e Lease Option, SMMI pays an advance of $5,000 net returns royalty to OGT annually on
• $33,530 — in consideration of a final payment of $33,530, which includes payment of all expendit
• $6,035 — e payment, the Company made payments of $6,035 related to expenses attributable to the
• $21,495 — mber 30, 2023, the remaining balance of $21,495 was recognized in other accrued liabili
• $170,628 — ompany had cash and cash equivalents of $170,628. In 2019 in connection with the BeMetal
• $1,883,875 — . common stock that had a fair value of $1,883,875. On December 31, 2023, the fair value o
• $427,836 — 6 million shares held by the Company is $427,836, and these shares are unrestricted. The
• $384,467 — tals Corp. for a total consideration of $384,467 (equivalent to CAD $518,223). We have
• $518,223 — deration of $384,467 (equivalent to CAD $518,223). We have no proven reserves. We ha
• $81,250 — r properties. The Company has accrued $81,250 Accrued Reclamation costs regarding the

Filing Documents

• form10k.htm (10-K) — 944KB
• exhibit21-1.htm (EX-21.1) — 1KB
• exhibit31-1.htm (EX-31.1) — 6KB
• exhibit31-2.htm (EX-31.2) — 6KB
• exhibit32-1.htm (EX-32.1) — 2KB
• exhibit32-2.htm (EX-32.2) — 2KB
• form10kxz001.jpg (GRAPHIC) — 27KB
• form10kxz002.jpg (GRAPHIC) — 81KB
• form10kxz003.jpg (GRAPHIC) — 43KB
• form10kxz004.jpg (GRAPHIC) — 5KB
• 0001062993-24-006207.txt (&nbsp;) — 5151KB
• thmg-20231231.xsd (EX-101.SCH) — 60KB
• thmg-20231231_cal.xml (EX-101.CAL) — 39KB
• thmg-20231231_def.xml (EX-101.DEF) — 156KB
• thmg-20231231_lab.xml (EX-101.LAB) — 659KB
• thmg-20231231_pre.xml (EX-101.PRE) — 280KB
• form10k_htm.xml (XML) — 457KB

- DESCRIPTION OF BUSINESS

ITEM 1 - DESCRIPTION OF BUSINESS 4

- RISK FACTORS

ITEM 1A - RISK FACTORS 6

- UNRESOLVED STAFF COMMENTS

ITEM 1B - UNRESOLVED STAFF COMMENTS 9

- CYBERSERCURITY

ITEM 1C - CYBERSERCURITY 9

- DESCRIPTION OF PROPERTIES

ITEM 2 - DESCRIPTION OF PROPERTIES 10

- LEGAL PROCEEDINGS

ITEM 3 - LEGAL PROCEEDINGS 17

- MINE SAFETY DISCLOSURES

ITEM 4 - MINE SAFETY DISCLOSURES 18 PART II 18

- MARKET FOR REGISTRANT'S COMMON STOCK, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 18

- SELECTED FINANCIAL DATA

ITEM 6 - SELECTED FINANCIAL DATA 19

- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 19

- QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 23

- FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 23

- CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 40

- CONTROLS AND PROCEDURES

ITEM 9A - CONTROLS AND PROCEDURES 40

- OTHER INFORMATION

ITEM 9B - OTHER INFORMATION 40 PART III 41

- DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10 - DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 41

- EXECUTIVE COMPENSATION

ITEM 11 - EXECUTIVE COMPENSATION 44

- SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 46

- CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 47

- PRINCIPAL ACCOUNTING FEES AND SERVICES

ITEM 14 - PRINCIPAL ACCOUNTING FEES AND SERVICES 48 PART IV 49

- EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 15 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES 49 3 PART I Cautionary Statement about Forward-Looking Statements This Annual Report on Form 10-K includes certain statements that may be deemed to be "forward-looking statements." All statements, other than statements of historical facts, included in this Form 10-K that address activities, events or developments that our management expects, believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements include discussion of such matters as: The amount and nature of future capital, development and exploration expenditures. The timing of exploration activities, and; Business strategies and development of our Operational Plans. Forward-looking statements also typically include words such as "anticipate", "estimate", "expect", "potential", "could" or similar words suggesting future outcomes. These statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, including such factors as the volatility and level of metal prices, uncertainties in cash flow, expected acquisition benefits, exploration, mining and operating risks, competition, litigation, environmental matters, the potential impact of government regulations, many of which are beyond our control. Readers are cautioned that forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those expressed or implied in the forward-looking statements. Except as required by law, we undertake no obligation to revise or update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Management's Discussion and Ana

- DESCRIPTION OF BUSINESS

ITEM 1 - DESCRIPTION OF BUSINESS Company History The Company was originally incorporated under the laws of the State of Idaho on November 9, 1935, under the name of Montgomery Mines, Inc. In April 1978 controlling interest in the Montgomery Mines Corporation was obtained by a group of the Thunder Mountain property holders who then changed the corporate name to Thunder Mountain Gold, Inc. with the primary goal to further develop their holdings in the Thunder Mountain Mining District, Valley County, Idaho. Change in Situs and Authorized Capital The Company moved its situs from Idaho to Nevada, but maintains its corporate offices in Boise, Idaho. On December 10, 2007, articles of incorporation were filed with the Secretary of State in Nevada for Thunder Mountain Gold, Inc., a Nevada Corporation. The Directors of Thunder Mountain Gold, Inc. (Nevada) were the same as for Thunder Mountain Gold, Inc. (Idaho). On January 25, 2008, the shareholders approved the merger of Thunder Mountain Gold, Inc. (Idaho) with Thunder Mountain Gold, Inc. (Nevada), which was completed by a share for share exchange of common stock. The terms of the merger were such that the Nevada Corporation was the surviving entity. The number of authorized shares for the Nevada Corporation is 200,000,000 shares of common stock with a par value of $0.001 per share and 5,000,000 shares of preferred stock with a par value of $0.0001 per share. 4 The Company is structured as follows: The Company owns 100% of the outstanding stock of Thunder Mountain Resources, Inc. (TMRI), a Nevada Corporation. Thunder Mountain Resources, Inc. owns 100% of the outstanding stock of South Mountain Mines, Inc., an Idaho Corporation. South Mountain Mines, Inc. owns 75% of Owyhee Gold Territory, LLC. We have no patents, licenses, franchises or concessions which are considered by the Company to be of importance. The business is not of a seasonal nature. Since the potential products are traded in the open market, we h

- RISK FACTORS

ITEM 1A - RISK FACTORS 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 have a great amount of uncertainty as to their existence and their economic and legal feasibility. Mineral interests are periodically assessed for impairment of value and any subsequent losses are charged to operations at the time of impairment. Thunder Mountain Gold evaluated these impairment considerations and determined that no such impairments occurred as of December 31, 2023. We have no income and limited resources. The Company's viability as a going concern hinge on its capacity to secure capital for future exploration and working capital needs. The primary means of funding anticipated for sustaining operations will be through the issuance of debt, the sale of our common stock, or sale of a property interest, with the eventual profitable development of mining properties. It is important to note that the availability of funds from these sources is not guaranteed. Failure to successfully raise additional capital may impede property development, necessitating asset liquidation. On December 31, 2023 the Company had cash and cash equivalents of $170,628. In 2019 in connection with the BeMetals Option Agreement (see Note 3), the Company received 10,000,000 shares of BeMetals Corp. common stock that had a fair value of $1,883,875. On December 31, 2023, the fair value of the remaining 6.636 million shares held by the Company is $427,836, and these shares are unrestricted. The Company does have the option of selling these shares to raise additional cash. On January 18, 2024, the Company sold the remaining 6,636,000 shares held in BeMetals Corp. for a total consideration of $384,467 (equivalent to CAD $518,223). We have no proven reserves. We have no proven reserves at any of our properties. We only have measured, indicated, and infe

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