Unknown;Barbara J. Ray;
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Amendment No. 1 to
Form 10-KSB
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended: December 31, 2000
Commission File Number: 001-08429
THUNDER MOUNTAIN GOLD, INC.
(Exact name of Registrant as specified in its charter)
State of Idaho 91-1031075
(State or other jurisdiction of (IRS identification NO.)
incorporation or organization)
3605 E. 16th Avenue
Spokane, Washington 99223
(Address of Principal Executive Officers) (Zip Code)
Telephone Number of Registrant: (509) 535-6092
Securities registered pursuant to Section 12(b) of the Act:
Title of each Class Name of Exchange
on which Registered
---------------------- ----------------------
$0.05 par Value Common None
Non-Assessable Stock
Securities registered under Section 12(b) of the Exchange Act: None
Check whether the issuer (1) filed all reports required by Section 13 or 15(d)
of the Exchange Act during the past 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 [X] No[ ]
Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulations S-B is met contained in this form, and no disclosure will be
contained, to the best of the registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of the Form 10-KSB
or any amendment to this Form 10-KSB. [ ] Not Applicable [X]
The aggregate market value of the voting stock held by non-affiliates of the
Registrant as of December 31, 2000 was $972,785. This figure is based on
estimated bid price of $.10.
Issued and outstanding common capital stock as of March 21, 2001.
9,727,852 shares of common $0.05 par value stock non -assessable.
No documents are Incorporated by reference.
Transitional small business disclosure format: Yes [ ] No [X]
<page> 1
THUNDER MOUNTAIN GOLD, INC.
FORM 10KSB/A
FOR THE YEAR ENDED DECEMBER 31, 2000
PART 1
ITEM 1. DESCRIPTION OF BUSINESS
(A) GENERAL DEVELOPMENT OF BUSINESS
<r>
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 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 explore and develop their holdings in the Thunder
Mountain Mining District, Valley County, Idaho. In August 1985, the Company's
shareholders approved an increase in the authorized common stock, $0.05 par
value, from 7,500,000 shares to 12,000,000 shares. Quotations of the bid and
ask prices for the stock are published by the Spokane Quotations Service of
Spokane, Washington.
The Company's primary property at Thunder Mountain was placed into operation in
the mid-1980s by Coeur 'd Alene Mines under a net profits arrangement.
Substantial gold and silver production was done by Coeur 'd Alene from the
Sunnyside Deposit by open pit mining and heap leaching. Coeur 'd Alene ceased
production in the early 1990s and relinquished the claims back to the Company.
Subsequently the property leased to and explored by several other
exploration/mining companies, including Kennecott and USMX/Dakota Mining. A
joint venture between the Company and Dewey Mining unified the mining district
during this period, and USMX/Dakota Mining expended approximately $5 million to
explore the district and define a significant measured mineral resource on the
Dewey property. Bankruptcy by Dakota Mines provided an opportunity for the
Company and Dewey Mining to acquire the consolidated district for future
development. USMX/Dakota Mining had initiated an Environmental Impact
Statement (EIS), additional baseline studies and other permitting requirements
to place the Dewey deposit into production. The Company continued these
activities to a limited extent.
During 2000, the Company and their joint venture partner, Dewey Mining Company,
entered into an Option Agreement with Trust for Public Lands to purchase the
consolidated mining district. The Trust for Public Lands is a nonprofit
organization dedicated to the preservation of nature for human enjoyment and
well being. The Thunder Mountain Mining District is located on a "cherry-stem"
within the Frank Church River of No Return Wilderness that was specifically
outlined to allow continued development of the historic mining area. Due to its
location, the Company's land position is a candidate for purchase by the United
States Forest Service through the Land and Water Conservation Funds. The Option
recognizes a minimum acceptable value for the measured mineral resource and real
property, and if this is not met, the Company maintains the ability to continue
development of the property. All permitting efforts have been, for the time
being, placed on hold pending the completion of the initial appraisal. The
Option Agreement has been extended beyond the original specified timeframe due
to delays in securing an appraiser. Due to delays in the initiation of the
appraisal process, including negotiations with the U.S. Forest Service, the
original timeframe of the base agreement were not met. The agreement was
extended and continued in full force by mutual written agreement between The
Trust for Public Land and both the Company and Dewey Mining Company.
<page> 2
THUNDER MOUNTAIN GOLD, INC.
FORM 10KSB/A
FOR THE YEAR ENDED DECEMBER 31, 2000
The Company also conducted limited exploration for valuable minerals outside of
the Thunder Mountain Mining District in the western states during 2000,
including the acquisition of an interest in a platinum group metals property in
Nevada. The Company also evaluated and conducted due diligence for a business
opportunity to facilitate the development of an Linux-based software company.
The Company continues to evaluate both natural resource and technology ventures
to enhance Stockholder equity.
The Company is an exploration stage company and there is no assurance that a
commercially viable mineral deposit exists on any of its properties. Further
exploration efforts will likely be required by the Company or lessor before a
final evaluation as to the economic and legal feasibility of conducting further
operations is determined.
In addition to the patented claims, the Company also owns unpatented mining
claims. The validity of unpatented mining claims is dependent upon inherent
uncertainties and conditions. These uncertainties related to such non-record
facts as the sufficiency of the discovery of minerals, proper posting and
marking of boundaries, whether the minerals discovered were properly locatable
as a lode claims or a placer claim as appropriate, whether sufficient annual
assessment work has been performed since location as required by law, and
possible conflicts with other claims not determinable from descriptions of
record. In the absence of a discovery of valuable minerals, a mining claim is
open to location by others unless the owner is in actual possession of and
diligently working the claim. No assurance can be given with respect to
unpatented mining claims in the exploratory stage that the requisite discovery
of a valuable mineral deposit can be made thereon.
PRECIOUS AND OTHER MINERAL PROPERTIES
1. THUNDER MOUNTAIN MINING DISTRICT, VALLEY COUNTY, IDAHO
The Company and their joint venture partner, Dewey Mining Company, holds 272
unpatented and 50 patented lode claims and fractional claims in the historic
Thunder Mountain District of Valley County, Idaho. Company Exploration efforts
are targeted at gold and silver, with further definition of the mineralized
resource.
The Company's claims are located in the Thunder Mountain Mining District,
approximately 55 miles east of McCall, Idaho. The approximate location of the
property is illustrated by the following map.
<page> 3
THUNDER MOUNTAIN GOLD, INC.
FORM 10KSB/A
FOR THE YEAR ENDED DECEMBER 31, 2000
![[tmg10ksbadec3100junerev002.jpg]](tmg10ksbadec3100junerev002.jpg)
<page> 4
THUNDER MOUNTAIN GOLD, INC.
FORM 10KSB/A
FOR THE YEAR ENDED DECEMBER 31, 2000
![[tmg10ksbadec3100junerev004.jpg]](tmg10ksbadec3100junerev004.jpg)
<page> 5
THUNDER MOUNTAIN GOLD, INC.
FORM 10KSB/A
FOR THE YEAR ENDED DECEMBER 31, 2000
The Registrant and Dewey Mining Company, an Idaho Corporation, entered into a
joint venture agreement in February 1992 . The joint venture owns outright a
total of 50-patented lode-mining claims (735.5 acres total) and 272 unpatented
lode claims (5,245 acres total). With the exception of one small claim block
within the Frank Church River of No Return Wilderness (their location pre-dated
the wilderness designation), all of the claims are within the "cherry-stem" that
forms a corridor into the wilderness. Mineral development within this
cherry-stem is subject to the same regulatory stipulations as the United States
Forest Service managed land surrounding the wilderness. Some of the Company's
claims within the cherry stem are partially within the wilderness area, but
these were, for the most part, located as protection of the land position more
central to the cherry-stem that either has mineral resources or exploration
potential.
Under the terms of the Joint Venture, both Dewey Mining Company and Thunder
Mountain Gold joined all resources including patented and unpatented mining
claims, proven, probable and potential ore reserves, water rights and any other
right, title and interest on the properties. All costs connected with the
effort of marketing the joint properties to environmental interests, mining
companies, or other interested parties are shared on a 50-50 basis. All
properties and expenditures as of the date of the joint venture agreement are
considered equal. All net proceeds generated by, or from the joint properties
will be shared on a 50-50 basis. The joint venture agreement does not create a
partnership, and each Party will hold the other harmless from any pre-existing
obligation and liabilities. Dewey Mining Company retained ownership of the
existing 500 ton-per-day gravity mill, although this facility could be utilized
for processing gold-silver mineralization mined from any deposit defined on the
joint property.
MINERALIZATION AND CURRENT ACTIVITY
Mineralization within the Thunder Mountain District is hosted in the volcanic
rock sequence of the Thunder Mountain Caldera and lies within the
northeast-trending Trans-Challis Mineral Belt of central Idaho. The Dewey
Deposit is hosted in rhyolitic ash fall tuffs and tuffaceous sediment of the
Dewey Sequence, part of the extensive Eocene Challis Volcanic Group. Three
gold-silver mineralized zones are defined within the Dewey Deposit: 1) an upper
tuffaceous sediment unit; 2) a middle ash fall tuff unit, and; 3) a lower
mudflow agglomerate unit. Gold and silver mineralization is both structurally
and stratiform controlled, with the better grades occurring along structural
zones where hydrothermal fluids concentrated mineralization. Other areas of
past production and future potential mineralization within the district are
within similar geologic and host rock settings.
Exploration of the Dewey Deposit has been extensive, with work completed by
several exploration and mining companies since the 1970s. A mineralized
resource has been defined using after the completion of 256 drill holes on
100-foot centers with some areas of 50-foot fill in drilling that resulted in
12,275 assay intervals. Extensive geologic mapping and sampling, with some
exploratory drilling, has been done on several other geologic targets within the
district. The current mineralized resource defined at the Dewey Deposit is the
result of approximately $5 million dollars of expenditures by USMX and Dakota
Mining, this not counting previous exploration drill data compiled by Placer
Amex, Copper Lakes and other companies. As a result of this work, a measured
mineral resource of 5,390,000 tons averaging 0.047 ounces per ton gold (using a
gold price of $400 per ounce) has been outlined at the Dewey Deposit.
<page> 6
THUNDER MOUNTAIN GOLD, INC.
FORM 10KSB/A
FOR THE YEAR ENDED DECEMBER 31, 2000
A measured mineral resource is generally defined as that part of a mineral
resource for which quantity, grade or quality, densities, shape, physical
characteristics are so well established that they can be estimated with
confidence sufficient to allow the appropriate application of technical and
economic parameters to support production planning and evaluation of the
economic viability of the deposit.
Current infrastructure that supports exploration activities and potential future
development of the Thunder Mountain Property consists of improvements associated
with past mining operations. This includes access road improvements, a
potential tailings disposal area, and a Dewey Mining Company-owned small
(approximate 500 ton-per-day) gravity milling facility that was operational in
the late 1970s and early 1980s, along with support facilities including fuel
storage tanks, shop, assay laboratory, electrical equipment, base camp housing,
etc.
Costs incurred by the Company include property maintenance activities (claim
fees, taxes, etc.), site security, monitoring and maintenance of reclamation and
sediment control features. All exploration, development and mining activities
in the past have been borne by previous operators that had the Thunder Mountain
Property under lease arrangement.
All past and future operations would require generation of power on site by the
use of diesel-powered generators.
The Thunder Mountain Property is without known and defined reserves pursuant to
SEC Industry Guide 7. Significant mineralized material has been "drill defined"
as discussed above. The Property is still in an exploration stage, although
sufficient information has been developed to potentially initiate further
development activities.
Maintenance of the mining claims consists of payment of the annual claim
maintenance fees on unpatented mining claims. Property taxes are paid on all
patented and unpatented mining claims.
2. IRONSIDE PLATINUM GROUP METALS (PGM) PROSPECT, GOODSPRINGS MINING DISTRICT,
CLARK COUNTY, NEVADA
The Company has an 50% interest in a lease with an option to purchase on the 4
Oro Amigo patented claims and the 40 BOA unpatented lode claim group in the
Goodsprings Mining District in Clark County, Nevada. The claims are located
approximately 25 miles southwest of Las Vegas, Nevada. Platinum, palladium,
silver and gold were produced in this area of the Goodsprings District during
the period 1914 - 1920. Reported production was approximately 400 ounces of
platinum, 900 ounces of palladium, 1,800 ounces of gold, 7,000 ounces of silver
and 570,000 pounds of copper. The land position was secured because of its
exploration potential. The Ironside PGM Prospect claims cover a northeast-
bearing trend of PGM, prescious and base metal occurrences that extends for
about three miles along a structural trend. During the war effort, minor
production of platinum group metals and gold was done on the Registrant's
claims. Geologic mapping and sampling of the property was completed during
2000, and potential exploration targets have been defined. Several companies
that produce platinum group metals have expressed an interest in the claims.
Efforts are ongoing to interest a larger platinum group metals exploration
company in the target potential of the holdings
<page> 7
THUNDER MOUNTAIN GOLD, INC.
FORM 10KSB/A
![[tmg10ksbadec3100junerev006.jpg]](tmg10ksbadec3100junerev006.jpg)
FOR THE YEAR ENDED DECEMBER 31, 2000
<page> 8
THUNDER MOUNTAIN GOLD, INC.
FORM 10KSB/A
FOR THE YEAR ENDED DECEMBER 31, 2000
MINERALIZATION AND CURRENT ACTIVITY
Mineralization and anomalous geochemistry occurs along the high-angle Ironside
Thrust Fault zone associated with the Ironside and nearby regional Keystone
Thrusts. Moderately large intrusive bodies are located nearby. Mineralization
is thought to be distal to the intrusive contact along the structural zones.
The potential targets consist of defining additional sulfide replacements within
the carbonates along the structural zones, particularly near the contact with
the intrusives in the area. Additionally, the style of mineralization indicates
that there may be a deep intrusive-hosted PGM target.
Mineralization occurs in secondary silica (jasperoid) associated with sulfide
gossans in a carbonate sequence of Devonian and Lower Mississippian age. A
detailed 143 rock-chip sample program along the structural zone and localized
gossan-jasperoid zones showed results where approximately 50% of the samples
were anomalous in PGM-precious metal geochemistry. Of the 143 samples, 44 were
anomalous in platinum, 67 in palladium and 77 in gold. The highest selected
sample result was from the Oro Amigo claims and assayed 2.02 ounce-per-ton (opt)
gold, 0.182 opt platinum, 0.410 opt palladium and 6.9 opt silver. All samples
were analyzed by Chemex Laboratories of Vancouver, BC, a lab recognized for
their capability to analyze for PGM and precious metal content.
Work on the property during the year consisted of mapping and sampling, and
showing it to PGM-based exploration companies. Other than access roads, there
is no infrastructure on the holdings. Maintenance of the mining claims consists
of payment of the annual claim maintenance fees on unpatented mining claims and
lease payments to the owner of the four patented lode claims. Property taxes
are paid on all patented and unpatented mining claims.
</r>
(A) FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS.
The Registrant has no other industry segments.
(B) NARRATIVE DESCRIPTION OF BUSINESS.
Refer to ITEM: 1 Description of Business (supra) Subparagraph (i) through (xii)
are not applicable to the Registrant.
(C) FINANCIAL INFORMATION ABOUT FOREIGN AND DOMESTIC OPERATIONS AND EXPORT
SALES.
This paragraph is not applicable to the Registrant.
ITEM 2: PROPERTIES
For continuity and clarity, this information was included in the information set
in Item 1.
<page> 9
THUNDER MOUNTAIN GOLD, INC.
FORM 10KSB/A
FOR THE YEAR ENDED DECEMBER 31, 2000
ITEM 3: LEGAL PROCEEDINGS.
<r>
The Company has no legal actions pending against it and it is not a party to
any suits in any court of law, nor are the directors aware of any claims which
could give rise to or investigations pending by the Securities and Exchange
Commission or any other governmental agency. The Company, along with other
impacted entities, including companies, municipalities and various irrigation
districts, has been involved in a legal protest against the Federal Government's
claims for certain reserved water rights for Wild and Scenic Rivers Act
purposes. The matter is in the Idaho States Federal Court for the District
Court of Idaho (SRBA Case No. 39576, District Court of the Fifth Judicial
District of the State of Idaho, in and for the County of Twin Falls) assigned to
handle the Snake River Basin water rights adjudication.
The Company is involved in no civil rights negotiations or proceedings.
ITEM 4: SUBMISSION OF MATTERS TO VOTE ON SECURITY HOLDERS.
No matters were submitted to vote of the Registrant's security holders during
2000.
</r>
PART 11
ITEM 5: MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
(A) MARKET INFORMATION.
The common stock of the Registrant is traded over-the-counter in Spokane,
Washington and its bid and asked prices are quoted on a daily basis by the
Spokane Quotation Service, Spokane, Washington.
The bid prices for the Registrant's stock for the years 2000 and 1999 were as
follows:
BID PRICES
-----------
2000 HIGH LOW
----------- -----------
First Quarter $ 0.10 $ 0.04
Second Quarter $ 0.10 $ 0.10
Third Quarter $ 0.10 $ 0.10
Fourth Quarter $ 0.10 $ 0.10
BID PRICES
-----------
1999 HIGH LOW
----------- -----------
First Quarter $ 0.04 $ 0.04
Second Quarter $ 0.04 $ 0.04
Third Quarter $ 0.04 $ 0.04
Fourth Quarter $ 0.10 $ 0.06
<page> 10
THUNDER MOUNTAIN GOLD, INC.
FORM 10KSB/A
FOR THE YEAR ENDED DECEMBER 31, 2000
(B) APPROXIMATE NUMBER OF EQUITY SECURITY HOLDERS:
Title of Class No. of Record Holders
---------------------------------- ------------------------------
$0.05 Par Value 2,241 as of December 31, 2000
Common Stock Non -Assessable
(C) DIVIDEND HISTORY AND RESTRICTIONS
The Registrant has not paid any dividends, and does not plan to do so in the
foreseeable future as it plans to use its capital to finance the search for
additional mineral properties of potential commercial value.
ITEM 6: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATION.
(a) FULL FISCAL YEAR.
<r>
Liquidity: The Company has a positive cash position and has invested funds in a
cash management mutual fund. The Company's cash and liquid assets are
considered adequate to meet its current and foreseeable obligations. The market
value of some of the stock mutual funds decreased substantially during 2000,
representing a significant paper loss. The Company has a positive cash-
position and has invested funds in a cash management mutual fund. The Company's
cash and liquid assets are considered adequate to meet its current and
foreseeable obligations. The market value of some of the stock mutual funds
decreased substantially during 2000, representing a significant loss. The
Company does not foresee any necessity to raise additional funds during the
next 12 month period. Management believes that its invested funds are sufficient
to meet any explorations costs and expenses incurred during the next 12 months.
Expenses for the ensuing year will be incurred for continued search and
Exploration for additional properties, and for management fees and admini-
strative costs. The Company's required claim maintenance will be performed
for its unpatented claims by the Company. It is anticipated that Directors and
managerial fees will be minimal during the upcoming year due to the low cash
position of the Company. The Company did not engage in any research and
development activities during fiscal 2000.
Directors and management fees were $17,000 annually. Please refer to the
financial statements for additional costs and expenditures and other financial
information.
Capital Resources: The Company presently did not acquire any equipment during
2000. The Company does not intend to make any capital expenditures from its
funds for property or equipment during the next 12 months. The Company also
does not presently have any plans to raise capital through debt or equity
financing.
Results of Operations: The Company had no production from operations for 2000.
Although additional production units are likely, it is impossible to predict
with any certainty when and where the next production unit will be developed.
For that reason, it is impossible to predict the future production units.
For 2000, gross revenues were $-0-.
The Company does not currently have any employees, and does not anticipate any
for the upcoming calendar year(s). </r>
<page> 11
THUNDER MOUNTAIN GOLD, INC.
FORM 10KSB/A
FOR THE YEAR ENDED DECEMBER 31, 2000
ITEM 7: FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA
<r>
THUNDER MOUNTAIN GOLD, INC.
(An Exploration Stage Company)
FINANCIAL STATEMENTS
AND
REPORT OF INDEPENDENT AUDITORS
DECEMBER 31, 2000
THUNDER MOUNTAIN GOLD, INC.
(An Exploration Stage Company)
INDEX TO THE FINANCIAL STATEMENTS
CONTENTS
Report of Independent Auditors 1
Balance Sheet at December 31, 2000 and 1999 2
Statement of Operations for the Years Ended
December 31, 2000, 1999, and 1998 3
Statement of Cash Flows for the Years Ended
December 31, 2000, 1999, and 1998 4-5
Statement of Changes in Stockholders' Equity for the
Years Ended December 31, 2000, 1999, and 1998 6
Notes to Financial Statements 7-10
Report of Independent Auditors on Supplemental Schedules 12
Supplemental Schedules 13-18
<page> 12
REPORT OF INDEPENDENT AUDITORS
------------------------------
Board of Directors
Thunder Mountain Gold, Inc.
Spokane, Washington
We have audited the accompanying Balance Sheets of Thunder Mountain
Gold, Inc., (An Exploration Stage Company) as of December 31, 2000 and 1999, and
the related Statements of Operations, Cash Flows and Changes in Stockholders'
Equity for each of the three years ended December 31, 2000, 1999, and 1998.
These financial statements are the responsibility of the Company's management.
Our responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Thunder Mountain
Gold, Inc., (An Exploration Stage Company) as of December 31, 2000 and 1999, and
the results of its operations, cash flows and changes in stockholders' equity
for each of the three years ended December 31, 2000, 1999, and 1998, in
conformity with accounting principles generally accepted in the United States of
America.
The accompanying financial statements have been prepared assuming that
the Company will continue as a going concern. As discussed in Note 5 to the
financial statements, the Company has suffered recurring losses from operations
that raise substantial doubt about its ability to continue as a going concern.
Management's plans in regard to these matters are also described in Note 5. The
financial statements do not include any adjustments that might result from the
outcome of this uncertainty.
As discussed in Note 3 to the financial statements, the financial
Statements for the years ended December 31, 2000, 1999, and 1998, have been
restated to reflect the expensing of mining claims.
/s/ ROBERT MOE & ASSOCIATES, P.S.
Spokane, Washington
March 21, 2001, except as to Notes 3 and 5
Which is April 24, 2002.
<page> 13
THUNDER MOUNTAIN GOLD, INC.
(An Exploration Stage Company)
Balance Sheet
December 31, 2000 and 1999
ASSETS
2000 1999
(Restated - (Restated -
See NOTE 3) See NOTE 3)
-------------- --------------
CURRENT ASSETS:
Cash and Cash Equivalents $ 7,599 $ 36,239
Prepaid Expenses 300 94
Investments 231,923 510,158
-------------- --------------
Total Current Assets 239,822 546,491
-------------- --------------
INVESTMENTS - Non-Current 170 170
-------------- --------------
PROPERTY AND EQUIPMENT:
Office Equipment 7,141 7,141
Automotive - 21,893
Mining Claims - -
-------------- --------------
Total Property and Equipment 7,141 29,034
Less: Accumulated Depreciation 6,856 24,443
-------------- --------------
Net Property and Equipment 285 4,591
-------------- --------------
TOTAL ASSETS $ 240,277 $ 551,252
============== ==============
The Accompanying Notes Are An Integral Part Of These Financial Statements
<page> 14
THUNDER MOUNTAIN GOLD, INC.
(An Exploration Stage Company)
Balance Sheet
December 31, 2000 and 1999
LIABILITIES AND STOCKHOLDERS' EQUITY
2000 1999
(Restated - (Restated -
See NOTE 3) See NOTE 3)
-------------- --------------
CURRENT LIABILITIES:
Accounts payable $ - $ -
Accrued Directors and Management Fees 16,000 27,500
-------------- --------------
Total Current Liabilities 16,000 27,500
-------------- --------------
STOCKHOLDERS' EQUITY:
Common Stock, $0.05 Par Value; 12,000,000
Shares Authorized; 9,727,852 and
9,727,852 Shares Issued Respectively 486,392 486,392
Additional Paid-in Capital 254,222 254,222
Less: 11,700 Shares of Treasury Stock,
At Cost (24,200) (24,200)
Accumulated Other Comprehensive Income (Loss) (47,265) 149,608
Retained Earnings/(Deficit) (444,872) (342,270)
-------------- --------------
Total Stockholders' Equity 224,277 523,752
-------------- --------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 240,277 $ 551,252
============== ==============
The Accompanying Notes Are An Integral Part Of These Financial Statements
<page> 15
THUNDER MOUNTAIN GOLD, INC.
(An Exploration Stage Company)
Statement of Operations
For the Years Ended December 31, 2000, 1999, and 1998
<table>
2000 1999 1998
(Restated - (Restated (Restated -
See NOTE 3) See NOTE 3) See NOTE 3)
-------------- -------------- --------------
<s> <c> <c> <c>
INCOME:
Royalties $ - $ - $ -
-------------- -------------- --------------
EXPENSES:
Exploration and Development 134,572 24,781 77,362
Depreciation and Depletion 1,830 4,145 4,807
Directors' Fees and Professional
Services 18,000 25,000 40,000
Legal and Accounting 6,635 12,340 8,543
Management and Administrative 9,388 23,501 11,832
-------------- -------------- --------------
Total Expenses 170,425 89,767 142,544
-------------- -------------- --------------
(LOSS) FROM OPERATIONS (170,425) (89,767) (142,544)
-------------- -------------- --------------
OTHER INCOME (LOSS):
Interest and Dividend
Income 16,198 7,654 12,558
Gain on Sale of Securities and Assets 51,625 119,163 4,302
Impairment loss - mining claims - - (233,705)
-------------- -------------- --------------
67,823 126,817 (216,845)
-------------- -------------- --------------
INCOME (LOSS) BEFORE FEDERAL
INCOME TAXES (102,602) 37,050 (359,389)
PROVISION FOR INCOME TAXES:
Tax At Statutory Rates - - -
Tax Benefit - - -
NET INCOME (LOSS) (102,602) 37,050 (359,389)
OTHER COMPREHENSIVE INCOME
Net of Income Tax:
Unrealized Holding Gain (loss) (196,873) (24,030) (26,894)
-------------- -------------- --------------
COMPREHENSIVE INCOME (LOSS) $ (299,475) $ 13,020 $ (386,283)
============== ============== ==============
EARNINGS (LOSS) PER SHARE:
Basic $ (0.01) $ - $ (0.04)
============== ============== ==============
Diluted $ (0.01) $ - $ (0.04)
============== ============== ==============
</table>
The Accompanying Notes Are An Integral Part Of These Financial Statements
<page> 16
THUNDER MOUNTAIN GOLD, INC.
(An Exploration Stage Company)
Statement of Cash Flows
For the Years Ended December 31, 2000, 1999, and 1998
<table>
2000 1999 1998
(Restated - (Restated (Restated -
See NOTE 3) See NOTE 3) See NOTE 3)
-------------- -------------- --------------
<s> <c> <c> <c>
CASH FLOWS PROVIDED (USED) BY
OPERATING ACTIVITIES:
Net Income (Loss) $ (102,602) $ 37,050 $ (359,389)
Non-Cash Expenses, Revenues,
Losses And Gains Included in Income:
Depreciation and Amortization 1,830 4,145 4,807
Gain on sale of securities and assets (51,625) (119,163) (4,302)
Impairment loss - mining claims - - 233,705
Net Increase (Decrease) in payables (11,706) (2,993) 19,678
-------------- -------------- --------------
Net Cash Flows Provided (Used) By
Operating Activities (164,103) (80,961) (105,501)
-------------- -------------- --------------
CASH FLOWS PROVIDED (USED) BY
INVESTING ACTIVITIES:
Purchase Of Investments (14,019) (204,886) (14,817)
Purchase Of Property and Equipment - (594) -
Proceeds from Disposition of Investments 142,481 244,950 60,970
Proceeds from Disposition of Assets 7,000 - -
-------------- -------------- --------------
Net Cash Flows Provided (Used) By
Investing Activities 135,462 39,470 46,153
-------------- -------------- --------------
CASH FLOWS (USED) BY FINANCING ACTIVITIES
Net cash flows (used) by financing
activities - - -
-------------- -------------- --------------
NET INCREASE (DECREASE) IN CASH (28,641) (41,489) (59,348)
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 36,240 77,729 137,077
-------------- -------------- --------------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 7,599 $ 36,240 $ 77,729
============== ============== ==============
(Continued)
</table>
The Accompanying Notes Are An Integral Part Of These Financial Statements
<page> 17
THUNDER MOUNTAIN GOLD, INC.
(An Exploration Stage Company)
Statement of Cash Flows
For the Years Ended December 31, 2000, 1999, and 1998
<table>
2000 1999 1998
(Restated - (Restated (Restated -
See NOTE 3) See NOTE 3) See NOTE 3)
-------------- -------------- --------------
<s> <c> <c> <c>
SUPPLEMENTAL SCHEDULE OF NONCASH
INVESTING ACTIVITIES
Exchange of automobile for accrued
directors fee payable $ 7,000 $ 10,000 $ -
============== ============== ==============
Marketable security written off as
worthless $ - $ 7,296 $ -
============== ============== ==============
</table>
Disclosure of Accounting Policy:
For purposes of the Statement of Cash Flows, the Company considers all
highly liquid debt instruments purchased with an initial maturity
of three months or less to be cash equivalents.
(Concluded)
The Accompanying Notes Are An Integral Part Of These Financial Statements
<page> 18
THUNDER MOUNTAIN GOLD, INC.
(An Exploration Stage Company)
Statement Of Changes In Stockholders' Equity
For the Years Ended December 31, 2000, 1999, and 1998
<table> Accumulated
Common Stock Additional Other Retained
--------------------- Paid-In Comprehensive Treasury Earnings/
Shares Amount Capital Income Stock (Deficit) Total
---------- --------- ---------- ------------- ---------- ---------- -----------
<c> <s> <s> <s> <s> <s> <s> <s>
Balances at
Jan. 1, 1998 9,727,852 $ 486,392 $ 254,222 $ 200,533 $ (24,200) $ (19,931) $ 897,016
---------- --------- ---------- ------------- ---------- ---------- -----------
Unrealized
loss in
Marketable
securities - - - (26,895) - - (26,895)
Net loss -
1998
(Restated
-See NOTE 3) - - - - - (359,389) (359,389)
-----------
Comprehensive
Income (386,284)
---------- --------- ---------- ------------- ---------- ---------- -----------
Balances at
Dec. 31, 1998
(Restated -
See NOTE 3) 9,727,852 $ 486,392 $ 254,222 $ 173,638 $ (24,200) $(379,320) $ 510,732
---------- --------- ---------- ------------- ---------- ---------- -----------
Unrealized
loss in
Marketable
securities - - - (24,030) - - (24,030)
Net income
- 1999
(Restated -
See NOTE 3) - - - - - 37,050 37,050
-----------
Comprehensive
Income 13,020
---------- --------- ---------- ------------- ---------- ---------- -----------
Balances at
December 31,
1999
(Restated -
See NOTE 3) 9,727,852 486,392 254,222 149,608 (24,200) (342,270) 523,752
---------- --------- ---------- ------------- ---------- ---------- -----------
Unrealized
loss in
Marketable
securities - - - (196,873) - - (196,873)
Net loss-2000
(Restated
- See NOTE 3) - - - - - (102,602) (102,602)
-----------
Comprehensive
(Loss) (299,475)
---------- --------- ---------- ------------- ---------- ---------- -----------
Balances at
Dec. 31, 2000 9,727,852 $ 486,392 $ 254,222 $ (47,265) $ (24,200) $(444,872) $ 224,277
========== ========= ========== ============= ========== ========== ===========
</table>
The Accompanying Notes Are An Integral Part Of These Financial Statements
<page> 19
THUNDER MOUNTAIN GOLD, INC.
(An Exploration Stage Company)
Notes To Financial Statements
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
Business Operations
Thunder Mountain Gold, Inc., takes its name from the Thunder Mountain
Mining District in Valley County, Idaho, where its principal lode mining claims
are located.
Accounting Policies
Marketable securities are stated at market value. The market value is
based on quoted market prices or other fair value estimates provided by third
party portfolio managers.
Exploration Costs
Exploration costs are charged to operations when incurred.
Property and Equipment
Property and equipment are carried at cost. Depreciation is computed using
accelerated depreciation methods with useful lives of three to seven years.
Major additions and improvements are capitalized. Costs of maintenance and
repairs, which do not improve or extend the life of the associated assets are
expensed currently. When there is a disposition of property and equipment, the
cost and related accumulated depreciation are removed from the accounts and any
gain or loss is reflected in net income.
Accounting Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles 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. Actual results could differ from those estimates.
<page> 20
THUNDER MOUNTAIN GOLD, INC.
(An Exploration Stage Company)
Notes To Financial Statements
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES (continued)
Comprehensive Income
In 1998, the Company adopted Statement of Financial Accounting Standards
(FAS) 130, "Reporting Comprehensive Income," issued by the Financial Accounting
Standards Board (FASB). The Company reports accumulated other comprehensive
income as a separate component of shareowners' equity. There were no adjustments
required for the deferred tax effects of the unrealized gain or loss on
securities.
Earnings Per Share
The Company computes basic earnings per common share by dividing the net
income by the weighted average number of common shares outstanding during the
period. Diluted earnings per share are calculated by including all dilutive
potential common shares such as stock options. Dilutive potential common shares
were 9,727,852 in 2000, 1999, and 1998. No adjustment to reported net income is
required when computing diluted earnings per share.
NOTE 2 - INVESTMENTS
Investments consist of the following:
Carrying Market
Value Cost Value
-------------- -------------- --------------
December 31, 2000:
Current Investments $ 231,923 $ 278,277 $ 231,923
Other Investments 170 1,080 170
-------------- -------------- --------------
Total $ 232,093 $ 279,357 $ 232,093
============== ============== ==============
December 31, 1999:
Current Investments $ 510,158 $ 359,639 $ 510,158
Other Investments 170 1,080 170
-------------- -------------- --------------
Total $ 510,328 $ 360,719 $ 510,328
============== ============== ==============
December 31, 1998:
Current Investments $ 451,726 $ 77,178 $ 451,726
Other Investments 170 1,080 170
-------------- -------------- --------------
Total $ 451,896 $ 278,258 $ 451,896
============== ============== ==============
<page> 21
THUNDER MOUNTAIN GOLD, INC.
(An Exploration Stage Company)
Notes To Financial Statements
NOTE 2 - INVESTMENTS (continued)
Other investments consist of small stock holdings in several local mining
companies.
NOTE 3 - MINING CLAIMS AND RESTATED FINANCIAL STATEMENTS
Substantially all of the Company's patented and unpatented claims in the
Thunder Mountain Mining district were obtained from major stockholders for cash
or newly issued stock. The purchase price and capitalized costs of the mining
claims have been written off and the financial statements for 2000, 1999, and
1998 have been restated to reflect this adjustment. The net accumulated
capitalized costs charged to the income statement as an impairment loss for 1998
was $233,705. For additional information regarding the mining claims see Note
5.
NOTE 4 - INCOME TAXES
The Company has losses for income tax purposes and accordingly has no
income tax provision.
At December 31, 2000, the Company has $597,302 in net operating loss carry
forward which may be used to offset taxable income generated by operations,
which will begin expiring in 2004. The Company also has a general business tax
credit carryover in the amount of $1,283, which may be used to offset future
federal income tax liabilities. This credit will expire in 2004. The Company
also has a foreign tax credit in the amount of $343, which may be used to offset
future federal income tax liabilities.
The net operating loss and other credits carry forward would normally
result in a recorded income tax benefit. As a result of the uncertainty to
continue as a going concern as described in Note 5, the income tax benefit is
fully reserved and is not reflected herein.
<page> 22
THUNDER MOUNTAIN GOLD, INC.
(An Exploration Stage Company)
Notes To Financial Statements
NOTE 5 - UNCERTAINTY - GOING CONCERN
The Company's continued existence is dependent upon its ability to resolve is
liquidity problems, principally by obtaining equity or debt funding, sale of the
mining claims or production from the mining claims. While pursing additional
funding or sale of its mining claims, the Company must continue to operate on
limited cash flow generated from the sale of investments. The Company has no
revenue from operations and has experienced recurring losses. Management
believes that geological, geophysical, and engineering data have identified
mineralized material in place on the mining claims in commercial quantities to
be of value.
NOTE 6 - LITIGATION
The Company, along with other similarly situated parties, is a protestant
against the Federal Government's claims for certain reserved water rights for
Wild and Scenic Rivers Act purposes. The matter is in the Idaho State District
Court assigned to handle the Snake River Basin water rights adjudication. Legal
counsel anticipates the settlement will be favorable to Thunder Mountain Gold,
Inc.
<page> 23
THUNDER MOUNTAIN GOLD, INC.
(An Exploration Stage Company)
SUPPLEMENTAL SCHEDULES
<page> 24
REPORT OF INDEPENDENT AUDITORS ON SUPPLEMENTAL SCHEDULES
--------------------------------------------------------
The Board of Directors
Thunder Mountain Gold, Inc.
Spokane, Washington
Our report on the financial statements of Thunder Mountain Gold, Inc., (An
Exploration Stage Company) is included in the Form 10-KSB and covers the balance
sheets as of December 31, 2000 and 1999 and the related statements of
operations, cash flows and changes in stockholders' equity for each of the three
years ended December 31, 2000, 1999, and 1998. In connection with our audit of
such financial statements, we have also audited the related supplemental
schedules, as follows:
Schedule I - Marketable Securities - Other Investments
Schedule V - Property, Plant, and Equipment
Schedule VI - Amortization of Property, Plant, and Equipment
In our opinion, the supplemental schedules referred to above, when considered in
relation to the basic financial statements taken as a whole, present fairly the
information required to be included therein.
/s/ ROBERT MOE & ASSOCIATES, P.S.
Spokane, Washington
March 21, 2001, except as to Notes 3 and 5
Which is April 24, 2002.
<page> 25
THUNDER MOUNTAIN GOLD, INC.
(An Exploration Stage Company)
SCHEDULE I - MARKETABLE SECURITIES - OTHER INVESTMENTS
For the Years Ended December 31, 2000, 1999, and 1998
<table>
December 31, 2000
-----------------------------------------------------
COLUMN A Column B Column C Column D Column E
------------ ------------ ------------ -----------
Amount at
Which
Issue is
Market Carried
Number of Cost of Value on Balance
ISSURER Shares Shares Shares Sheet
-------------------------- ------------ ------------ ------------ ------------
<s> <c> <c> <c> <c>
ML Global Growth
Class B Mutual Fund 2,794 $ 44,266 $ 35,405 $ 35,405
Munder Future Technology
Mutual Fund 3,361 40,005 29,311 29,311
Fund Class B
Pioneer Growth Shares
Mutual Fund 2,169 42,151 35,387 35,387
Class B
AIM Value Fund
Mutual Fund 2,968 43,502 35,439 35,439
Class B
Mass Investors Growth
Stock Fund Mutual Fund 2,496 46,917 40,187 40,187
Class B
Barrick Gold Corporation
Common Shares 3,000 16,332 49,140 49,140
Midas Gold
Common Shares 8,396 45,104 7,054 7,054
-------------------------- ------------ ------------ ------------ ------------
Total $ 278,277 $ 231,923 $ 231,923
============ ============ ============
Other stock ownership
in inactive companies
Common Shares 164,500 $ 1,080 $ 170 $ 170
-------------------------- ------------ ------------ ------------ ------------
Totals $ 1,080 $ 170 $ 170
============ ============ ============
</table>
<page> 26
THUNDER MOUNTAIN GOLD, INC.
(An Exploration Stage Company)
SCHEDULE 1 - MARKETABLE SECURITIES - OTHER INVESTMENTS
For the Years Ended December 31, 2000, 1999, and 1998
<table>
December 31, 1999
-----------------------------------------------------
COLUMN A Column B Column C Column D Column E
------------ ------------ ------------ -----------
Amount at
Which
Issue is
Market Carried
Number of Cost of Value on Balance
ISSURER Shares Shares Shares Sheet
-------------------------- ------------ ------------ ------------ ------------
<s> <c> <c> <c> <c>
Colonial Utilities Fund
Common Shares 2,736 $ 46,773 $ 61,669 $ 61,669
Fund Class A
Barrick Gold Corporation
Common Shares 4,000 21,776 70,748 70,748
ML Global Growth
Common Shares 2,453 40,000 42,142 42,142
Munder Future Tech.
Common Shares 3,361 40,006 46,885 46,885
Freeport McMoRan Cop. &
Gold A. Common Shares 8,204 42,734 152,282 152,282
Mass Investors
Common Shares 2,267 43,236 43,594 43,594
Aim Value Fund
Common Shares 890 40,005 42,008 42,008
Pioneer Growth Shares
Common Shares 2,041 40,005 39,411 39,411
Midas Gold
Common Shares 8,396 45,104 11,419 11,419
-------------------------- ------------ ------------ ------------ ------------
Totals $ 359,639 $ 510,158 $ 510,158
============ ============ ============
Other stock ownership
in inactive companies
Common Shares 164,500 $ 1,080 $ 170 $ 170
-------------------------- ------------ ------------ ------------ ------------
Totals $ 1,080 $ 170 $ 170
============ ============ ============
</table>
<page> 27
THUNDER MOUNTAIN GOLD, INC.
(An Exploration Stage Company)
SCHEDULE 1 - MARKETABLE SECURITIES - OTHER INVESTMENTS
For the Years Ended December 31, 2000, 1999, and 1998
<table>
December 31, 1998
-----------------------------------------------------
COLUMN A Column B Column C Column D Column E
------------ ------------ ------------ -----------
Amount at
Which
Issue is
Market Carried
Number of Cost of Value on Balance
ISSURER Shares Shares Shares Sheet
-------------------------- ------------ ------------ ------------ ------------
<s> <c> <c> <c> <c>
Colonial Utilities Fund
Mutal Fund 12,904 $ 160,267 $ 281,576 $ 281,576
Fund Class A
Barrick Gold Corporation
Common Shares 4,000 21,776 78,000 78,000
Freeport McMoRan Copper
& Gold A. Mutual Fund 8,204 42,735 79,472 79,472
Dakota Mining
Common Shares 1,819 7,286 - -
Midas Gold
Common Shares 8,396 45,104 12,678 12,678
-------------------------- ------------ ------------ ------------ ------------
Totals $ 277,168 $ 451,726 $ 451,726
============ ============ ============
Other stock ownership
in inactive companies
Common Shares 164,500 $ 1,080 $ 170 $ 170
-------------------------- ------------ ------------ ------------ ------------
Totals $ 1,080 $ 170 $ 170
============ ============ ============
</table>
<page> 28
THUNDER MOUNTAIN GOLD, INC.
(An Exploration Stage Company)
SCHEDULE V - PROPERTY, PLANT AND EQUIPMENT
For the Years Ended December 31, 2000, 1999, and 1998
<TABLE>
Column A Column B Column C Column D Column E Column F
------------------- ------------ ------------ ------------ ------------ ------------
Balance at Other Balance at
Beginning Additions Changes End Of
Description Of Period At Cost Retirements Add (Deduct) Period
------------------- ------------ ------------ ------------ ------------ ------------
<s> <c> <c> <c> <c> <c>
Year ended
December 31, 2000:
Office equipment $ 7,141 $ - $ - $ - $ 7,141
Automotive 21,893 - (21,893)(3) - -
------------------- ------------ ------------ ------------ ------------ ------------
Totals $ 29,034 $ - $ (21,893) $ - $ 7,141
============ ============ ============ ============ ============
Year ended
December 31, 1999:
Office equipment $ 6,547 $ 594(1)$ - $ - $ 7,141
Automotive 47,436 - (25,543)(2) - 21,893
------------------- ------------ ------------ ------------ ------------ ------------
Totals $ 53,983 $ 594 $ (25,543) $ - $ 29,034
============ ============ ============ ============ ============
Year ended
December 31, 1998:
Mining claims &
equipment $ 467,411 $ - $ -(4) $ (467,411) $ -
Office equipment 6,547 - (1) - - 6,547
Automotive 47,436 - - - 47,436
------------------- ------------ ------------ ------------ ------------ ------------
Totals $ 521,394 $ - $ - $ - $ 53,983
============ ============ ============ ============ ============
</table>
(1) Purchase of copier.
(2) Exchange of 1996 Subaru to Jim Collord Sr. in lieu of director fees.
(3) Exchange of 1992 Suburban to E. James Collord in lieu of director fees.
(4) Mining claims written off - see notes 3 and 5.
<page> 29
THUNDER MOUNTAIN GOLD, INC.
(An Exploration Stage Company)
SCHEDULE V1 - ACCUMULATED DEPRECIATION, DEPLETION AND
AMORTIZATION OF PROPERTY AND EQUIPMENT
For the Years Ended December 31, 2000, 1999, and 1998
<TABLE>
Column A Column B Column C Column D Column E Column F
------------------- ------------ ------------ ------------ ------------ ------------
Balance at Other Balance at
Beginning Additions Changes End Of
Description Of Period (1) Retirements Add (Deduct) Period
------------------- ------------ ------------ ------------ ------------ ------------
<s> <c> <c> <c> <c> <c>
Year ended
December 31, 2000:
Office equipment $ 6,601 $ 255 $ - $ - $ 6,856
Automotive 17,842 1,575 (19,417) - -
------------------- ------------ ------------ ------------ ------------ ------------
Totals $ 24,443 $ 1,830 $ (19,417) $ - $ 6,856
============ ============ ============ ============ ============
Year ended
December 31, 1999:
Office equipment $ 5,806 $ 795 $ - $ - $ 6,601
Automotive 26,671 3,350 (12,179) - 17,842
------------------- ------------ ------------ ------------ ------------ ------------
Totals $ 32,477 $ 4,145 $ (12,179) $ - $ 24,443
============ ============ ============ ============ ============
Year ended
December 31, 1998:
Mining claims &
equipment $ 233,706 $ - $ -(2) $ (233,706) $ -
Office equipment 5,524 282 - - 5,806
Automotive 22,146 4,525 - - 26,671
------------------- ------------ ------------ ------------ ------------ ------------
Totals $ 261,376 $ 4,807 $ - $ (233,706) $ 32,477
============ ============ ============ ============ ============
</table>
(1) Depreciation is calculated using the accelerated depreciation methods with
useful lives of three to seven years.
(2) Mining claims written off - see notes 3 and 5.
</r>
<page> 30
THUNDER MOUNTAIN GOLD INC.
(An Exploration Stage Company)SELECTED FINANCIAL DATAThe following is a summary of selected financial data which indicates trends in
registrants financial condition and results of operations.
<table>
Year Ended December 31,
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Selected Balance Sheet Data 2000 1999 1998 1997 1996
--------------------------------------------------------------------
(Restated- (Restated- (Restated-
See NOTE 3) See NOTE 3) See NOTE 3)
<s> <c> <c> <c> <c> <c>
----------------------------------------------------------------------------------
Current Assets $239,822 $546,491 $530,307 $659,329 $523,893
----------------------------------------------------------------------------------
Property and Equipment 238,990 238,296 255,211 260,018 266,775
----------------------------------------------------------------------------------
Non-Current Investments 170 170 170 170 170
----------------------------------------------------------------------------------
Total Assets 478,982 784,957 785,688 919,517 1,090,838
----------------------------------------------------------------------------------
Current Liabilities 16,000 27,500 41,250 22,500 42,500
----------------------------------------------------------------------------------
Stockholders' Equity 462,982 757,457 744,438 897,017 1,048,338
----------------------------------------------------------------------------------
Selected Operational Data
----------------------------------------------------------------------------------
Royalty Revenue - - - 62,500 100,000
----------------------------------------------------------------------------------
Other Revenue and Gains 67,823 126,817 16,860 24,589 51,845
(Losses)
----------------------------------------------------------------------------------
Net Income (Loss) (97,602) 37,050 (125,684) 17,250 83,029
----------------------------------------------------------------------------------
Net Income (Loss) per
share $ (0.01) $ NIL $ (0.01) $ NIL $ 0.01
----------------------------------------------------------------------------------
No dividends have been paid by the Company.
</table>
<page> 31
THUNDER MOUNTAIN GOLD, INC.
FORM 10KSB/A
FOR THE YEAR ENDED DECEMBER 31, 2000
ITEM 8: DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
<r>
During the year ended December 31, 2000 there were no disagreements between the
Company and its independent certified public accountants concerning accounting
and financial disclosure.
</r>
PART III
ITEM 9: DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
(a) Identification of Directors:
E. James Collord, Age 53 - President and Director - Mr. Collord has been an
officer and Director of the Registrant since 1978.
Robin S. McRae, Age 59 - Secretary/Treasurer and Director - Dr. McRae has been
an officer and Director of the Registrant since 1978.
Pete Parsley, Age 38 - Director and Thunder Mountain Project Manager. Mr.
Parsley has been a director since 1999.
Ronald Yanke, Age 62, - Director
(b) IDENTIFICATION OF EXECUTIVE OFFICERS
This information is contained in paragraph (a) above.
(c) FAMILY RELATIONSHIPS
Dr. Robin S. McRae is the cousin of E. James Collord, the President of the
Registrant.
(d) BUSINESS EXPERIENCE
E. James Collord has a Masters of Science degree in exploration geology from the
Mackay School of Mines, University of Nevada. He has been a mining professional
since 1973, employed as a mill construction superintendent, exploration
geologist, mine construction and reclamation manager, and in environmental and
lands management. He is currently actively employed as Environmental and Land
Superintendent at a large gold mine near Elko, Nevada.
Robin S. McRae is a graduate of the Pacific College of Optometry and is a
practicing optometrist. He is the grandson of Daniel C. McRae, and original
locator of many of the gold prospects in the Thunder Mountain Gold Mining
District, and is the son of Robert J. McRae, author of numerous geological
reports concerning the Thunder Mountain Mining District. His knowledge of
mining and related exploratory activities is derived from three generations of
ownership of the Sunnyside Group of Claims which the Registrant now owns.
Pete Parsley has a Masters in Science degree in geology form the University of
Idaho. He has been a mining professional since 1985 with experience in gold
exploration, mine development, construction, reclamation, and environmental
compliance and permitting. He has been associated with the Thunder Mountain
project since 1985.
<page> 32
THUNDER MOUNTAIN GOLD, INC.
FORM 10KSB/A
FOR THE YEAR ENDED DECEMBER 31, 2000
Ron Yanke is a successful Boise-based businessman, including owner of the
57-year old Yanke Machine Shop. He also is an owner of Yanke Energy
(cogeneration plants), has timber interests and is part owner of the Dewey
Mining Company.
(e) DIRECTORSHIPS
None of the directors of the Registrant is a director of any other corporation
subject to the requirements of Section 12 or Section 15(d) of the Exchange Act
of 1934.
(f) INVOLVEMENT IN CERTAIN LEGAL PROCEEDINGS
None of the Officers and Directors of the Registrant has been involved in
any bankruptcy, insolvency, or receivership proceedings as an individual or
member of any partnership or corporation; none has ever been convicted in a
criminal proceeding or is the subject of a criminal proceeding presently
pending. None has been involved in proceedings concerning his ability to act as
an investment advisor, underwriter, broker, or dealer in securities, or to act
in a responsible capacity for investment company, bank savings and loan
association, or insurance company or limiting his activity in connection with
the purchase and sale of any security or engaging in any type business practice.
None has been enjoined from engaging in any activity in connection with any
violation of federal or state securities laws nor been involved in a civil
action regarding the violation of such laws.
(g) PROMOTERS AND CONTROL PERSONS
Not applicable
ITEM 10: EXECUTIVE COMPENSATION
(a) CASH COMPENSATION
None of the executive officers or Directors received $50,000 or more during
2000.
<r>
All officers and Directors, of which there were five* at various times during
2000, received the sum of $40,000 distributed as follows: </r>
E. James Collord Vice President/Director $12,000*
Robin S. McRae Secretary/Treasury $10,000
Ron Yanke Director No compensation
Pete Parsley Director/Project Manager $ 5,000
- Note: Includes $7,000 value of company owned vehicle transferred to Mr.
Collord in lieu of second half director's fee payment.
(b) BONUSES AND DEFERRED COMPENSATION:
Budgeted Arrangements (in 2001):
E. James Collord $10,000
Robin S. McRae $10,000
Ron Yanke None
Pete Parsley $10,000
<page> 33
THUNDER MOUNTAIN GOLD, INC.
FORM 10KSB/A
FOR THE YEAR ENDED DECEMBER 31, 2000
(c) OTHER COMPENSATION
There are no remuneration payments to any officer or Director other than
those set forth in (a) above.
(d) COMPENSATION OF DIRECTORS
Other arrangements: There are no arrangements for remuneration for services
as a Director in addition to the standard arrangements.
(e) TERMINATION OF EMPLOYMENT AND CHANGE OF CONTROL ARRANGEMENT
There are no compensatory plans or arrangements for compensation of any
Director in the event of his termination of employment and resignation,
retirement, etc.
ITEM 11: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
(a) SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
The following are known to the Registrant to be the beneficial owners of more
than five percent (5%) of the Registrant's voting securities:
Common Stock Ronald C. Yankee 1,883,525 shares of 19.36%
P.O. Box 5405, record and beneficially
Boise, ID 83715
(b) THE SECURITY HOLDINGS OF MANAGEMENT ARE AS FOLLOWS
Common Stock Ellis J. Collord 239,250 shares of 2.46%
record and beneficially
Common Stock Dr. Robin S. McRae 91,955 shares of .95%
record and beneficially
Total of all Officers and Directors: 61,205 shares of 6.29%
record and beneficially
ITEM 12: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
(a) TRANSACTIONS WITH MANAGEMENT AND OTHERS
Other than payments of compensation to the Directors of the company, there have
been no other transactions with:
Any Director or executive officer
Any Nominee for election as a director
Any immediate family member of any of the forgoing, or
Any security holder known to the issuer to own beneficially or of
record more than 5% of the Registrant's voting securities other
than transactions disclosed in ITEM 12.
(b) CERTAIN BUSINESS RELATIONSHIPS
There have been no unusual business relationships during the last fiscal year of
the Registrant between the Registrant or affiliates as described in Item 404 (b)
(1-6) of the Regulation S-K.
<page> 34
THUNDER MOUNTAIN GOLD, INC.
FORM 10KSB/A
FOR THE YEAR ENDED DECEMBER 31, 2000
(c) INDEBTEDNESS OF MANAGEMENT
No Director or executive officer or nominee for Director, or any member of the
immediate family of such has been indebted to the Company during the past year.
(d) TRANSACTIONS WITH PROMOTERS
Not Applicable
PART IV
ITEM 13: EXHIBIT, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a) FINANCIAL STATEMENTS
Included in Part II of this report.
( b) REPORTS ON FORM 8-K
No reports on Form 8-K were filed during the last calendar year 2000.
SIGNATURES
Pursuant to the requirements of Section 143 of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
the undersigned, thereunto duly authorized.
THUNDER MOUNTAIN GOLD, INC.
/s/ James Collord
By __________________________________
E. James Collord
President and Director
Chief Executive Officer
Date: June 11, 2002
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.
/s/ Robin S. McRae
By ____________________________________
Robin S. McRae
Secretary/Treasurer and
Director and Chief Financial
Accounting Officer
Date: June 11, 2002