SECURITIES AND EXHANGE COMMISSION

Unknown;

                        SECURITIES AND EXHANGE COMMISSION

                              Washington, DC 20549


                                Form 10-KSB/A

                                  Amendment No. 1


                ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF

                       THE SECURITIES EXCHANGE ACT OF 1934


For  the  fiscal  year  ended:  December 31, 2001

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, 2001 was $289,325.  This figure is based on estimated bid price of $0.04.


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]


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                              THUNDER MOUNTAIN GOLD, INC.

                                   FORM 10KSB/A

                        FOR THE YEAR ENDED DECEMBER 31, 2001


                                     PART 1


ITEM  1.  DESCRIPTION  OF  BUSINESS


(A)  GENERAL  DEVELOPMENT  OF  BUSINESS


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 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 extend.  


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.  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.  


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                              THUNDER MOUNTAIN GOLD, INC.

                                   FORM 10KSB/A

                        FOR THE YEAR ENDED DECEMBER 31, 2001


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 maps.













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                        THUNDER MOUNTAIN GOLD, INC.

                                   FORM 10KSB/A

                     FOR THE YEAR ENDED DECEMBER 31, 2001

[tmg10ksba12001nov152002002.jpg]


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                              THUNDER MOUNTAIN GOLD, INC.

                                   FORM 10KSB/A

                        FOR THE YEAR ENDED DECEMBER 31, 2001







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<page>  5


                              THUNDER MOUNTAIN GOLD, INC.

                                   FORM 10KSB/A

                        FOR THE YEAR ENDED DECEMBER 31, 2001


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.


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Under the terms of the Joint Venture, both Dewey Mining Company and Thunder Mountain Gold joined all resources including patented and unpatented mining claims, mineralized material, 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


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                              THUNDER MOUNTAIN GOLD, INC.

                                   FORM 10KSB/A

                        FOR THE YEAR ENDED DECEMBER 31, 2001


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 mineralized material 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.


A mineralized material is generally defined as a mineralized body, which has been delineated by appropriately spaced drilling and/or underground sampling to support a sufficient tonnage and average grade of metals.

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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


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                              THUNDER MOUNTAIN GOLD, INC.

                                   FORM 10KSB/A

                        FOR THE YEAR ENDED DECEMBER 31, 2001


[tmg10ksba12001nov152002006.jpg]

 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.



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                              THUNDER MOUNTAIN GOLD, INC.

                                   FORM 10KSB/A

                        FOR THE YEAR ENDED DECEMBER 31, 2001


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.

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Mineralization occurs in secondary silica (jasperoid) associated with sulfide gossans in a carbonate sequence of Devonian and Lower Mississippian age.  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.

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(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.


ITEM  3:  LEGAL  PROCEEDINGS.


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.


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                              THUNDER MOUNTAIN GOLD, INC.

                                   FORM 10KSB/A

                        FOR THE YEAR ENDED DECEMBER 31, 2001


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.


                                     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 2001, 2000 and 1999 were as follows:



2001                         HIGH                  LOW

                          -----------          -----------

First  Quarter            $     0.10           $     0.03

Second  Quarter           $     0.10           $     0.04

Third  Quarter            $     0.10           $     0.05

Fourth  Quarter           $     0.10           $     0.03



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


(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


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                              THUNDER MOUNTAIN GOLD, INC.

                                   FORM 10KSB/A

                        FOR THE YEAR ENDED DECEMBER 31, 2001


(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.


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 2001, 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 2001, 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 administrative 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 2001.


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 2001.  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 2001.  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  2001, gross  revenues  were  $-0-.


The Company does not currently have any employees, and does not anticipate any for the upcoming calendar year(s).



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                              THUNDER MOUNTAIN GOLD, INC.

                                   FORM 10KSB/A

                        FOR THE YEAR ENDED DECEMBER 31, 2001



ITEM  7:  FINANCIAL  STATEMENTS  AND  SUPPLEMENTAL  DATA













                             THUNDER MOUNTAIN GOLD, INC.

                           (An Exploration Stage Company)


                                FINANCIAL STATEMENT

                                         AND

                            INDEPENDENT AUDITORS' REPORT


                                  DECEMBER 31, 2001
































Page  12





                                  TABLE OF CONTENTS



                                                                Page


       Independent Auditors' Report                              1-2


       Balance Sheet at December 31, 2001 and 2000               3


       Statement of Operations for the Years Ended

          December 31, 2001, 2000, and 1999                      4


       Statement of Cash Flows for the Years Ended

          December 31, 2001, 2000, and 1999                      5-6


       Statement of Changes in Stockholders' Equity for the

          Years Ended December 31, 2001, 2000, and 1999          7


       Notes to Financial Statements                             8-15


       Report of Independent Auditors' on Supplemental

          Schedules                                              16


       Supplemental Schedules                                    17-21































Page 13




                            INDEPENDENT AUDITORS' REPORT



       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, 2001 and

       2000, and the related Statements  of Operations, Cash Flows and Changes

       in Stockholders' Equity for each of  the three years ended December 31,

       2001,   2000,   and   1999.   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,

       2001 and 2000, and the  results  of  its  operations,  cash  flows  and

       changes  in  stockholders'  equity  for  each  of the three years ended

       December  31,  2001,  2000  and  1999,  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.  




       Signature



       April 24, 2002



Page  14


                            THUNDER MOUNTAIN GOLD, INC.

                           (An Exploration Stage Company)


                                    BALANCE SHEET


                             DECEMBER 31, 2001 AND 2000


                                       ASSETS


                                                   2001         2000

                                                            (Restated -

                                                             See Note 3)

                                               ------------  ------------

       CURRENT ASSETS:


          Cash and cash equivalents            $     5,275   $     7,599

          Prepaid expenses                             300           300

          Investments                               84,142       231,923

                                               ------------  ------------

            Total Current Assets                    89,717       239,822

                                               ------------  ------------


       INVESTMENTS - NON-CURRENT                       170           170

                                               ------------  ------------


       PROPERTY AND EQUIPMENT


          Office equipment                           7,141         7,141

          Mining claims                                -             -

                                               ------------  ------------

            Total Property and Equipment             7,141         7,141



          Less: Accumulated depreciation             6,970         6,856

                                               ------------  ------------


            Net Property and Equipment                 171           285

                                               ------------  ------------

                                               $    90,058   $   240,277

                                               ============  ============















                         See Notes to Financial Statements.


Page 15


                             THUNDER MOUNTAIN GOLD, INC.

                           (An Exploration Stage Company)

                                    BALANCE SHEET

                             DECEMBER 31, 2001 AND 2000




                        LIABILITIES AND STOCKHOLDERS' EQUITY



                                                   2001         2000

                                                            (Restated -

                                                             See Note 3)

                                               ------------  ------------

       CURRENT LIABILITIES

       Accounts payable                        $     9,860   $       -

       Accrued directors and management fees           -          16,000

                                               ------------  ------------

            Total Current Liabilities                9,860        16,000

                                               ------------  ------------

       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)                                 (69,562)      (47,265)

          Retained earnings (deficit)             (212,793)     (212,793)

          Deficit accumulated during the

            exploration and development

            stage (1991 through 2001)             (353,861)     (232,079)

                                               ------------  ------------

                                                    80,198       224,277

                                               ------------  ------------

                                               $    90,058   $   240,277

                                               ============  ============














See Notes to Financial Statements.


Page 16





                                              THUNDER MOUNTAIN GOLD, INC.

                                            (An Exploration Stage Company)

                                                STATEMENT OF OPERATIONS


FOR THE YEARS ENDED DECEMBER 31, 2001, 2000, 1999 AND DURING

THE EXPLORATION AND DEVELOPMENT STAGE (1991 THROUGH 2001)                                                               During Exploration  

                                                                                                                       And Development Stage

                                                                       2001               2000           1999            (1991 through 2001)

                                                                                                         (Restated-See Note 3) (Restated-See Note 3)

INCOME

--------------------------------------------------------------------------------------------------------------------------------------------

   Royalties                                                            $       -      $       -       $      -                $  328,500

                                                                                                                               -----------

EXPENSES

   Exploration and development                                             74,614        134,572         24,781                   350,161

   Depreciation and depletion                                                 114          1,830          4,145                    36,099  

   Directors' fees and professional services                                6,000         18,000         25,000                   364,500  

   Legal and accounting                                                    14,703          6,635         12,340                   105,257  

   Management and administrative                                            5,200          9,388         23,501                   217,822  

--------------------------------------------------------------------------------------------------------------------------------------------

       Total Expenses                                                     100,631        170,425         89,767                 1,073,839  

--------------------------------------------------------------------------------------------------------------------------------------------

(LOSS) FROM OPERATIONS                                                   (100,631)      (170,425)       (89,767)                 (745,339)

--------------------------------------------------------------------------------------------------------------------------------------------

OTHER INCOME

   Interest and dividend income                                               438         16,198          7,654                   195,351  

   Gain (loss) on sale of securities and assets                           (21,589)        51,625        119,163                   196,127  

--------------------------------------------------------------------------------------------------------------------------------------------

                                                                          (21,151)        67,823        126,817                   391,478  

--------------------------------------------------------------------------------------------------------------------------------------------

INCOME (LOSS) BEFORE FEDERAL

   INCOME TAXES                                                          (121,782)      (102,602)        37,050                  (353,861)

PROVISION FOR INCOME TAXES

   Tax at statutory rates                                                       -              -              -                         -  

   Tax benefit                                                                  -              -              -                         -  

--------------------------------------------------------------------------------------------------------------------------------------------

NET INCOME (LOSS)                                                        (121,782)      (102,602)        37,050                  (353,861)

--------------------------------------------------------------------------------------------------------------------------------------------

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX

   Unrealized holding gain (loss) arising during the period               (17,108)       (60,186)        82,383                   (69,562)

   Reclassification adjustment for (gains)

       losses included in net income                                       21,589        (47,100)      (106,413)                 (178,852)

   Reclassification adjustment for difference between cost and

       carrying value of securities sold during the period

       previously included in other comprehensive income                  (26,778)       (89,587)             -                   178,852  

--------------------------------------------------------------------------------------------------------------------------------------------

   Other comprehensive income (loss), net of tax                          (22,297)      (196,873)       (24,030)                  (69,562)

--------------------------------------------------------------------------------------------------------------------------------------------

COMPREHENSIVE INCOME (LOSS)                                             $(144,078)     $(299,475)      $ 13,020                $ (423,423)

============================================================================================================================================

EARNINGS (LOSS) PER SHARE

   Basic                                                                $   (0.01)     $   (0.01)      $      -                $    (0.04)

   Diluted                                                              $   (0.01)     $   (0.01)      $      -                $    (0.04)


See Notes to Financial Statements.

Page 17


                                              THUNDER MOUNTAIN GOLD, INC.

                                            (An Exploration Stage Company)


                                               STATEMENT OF CASH FLOWS


                           FOR THE YEARS ENDED DECEMBER 31, 2001, 2000, 1999 AND DURING

                             THE EXPLORATION AND DEVELOPMENT STAGE (1991 THROUGH 2001)


                                                                                                                    During Exploration

                                                                                                                    And Development Stage

                                                            2001             2000             1999                  (1991 through 2001)

                                                                                               (Restated-See Note 3)  (Restated-See Note 3)

---------------------------------------------------------------------------------------------------------------------------------------

         CASH FLOWS PROVIDED (USED) BY            OPERATING ACTIVITIES

            Net income (loss)                           $(121,782)        $(102,602)       $  37,050                     $ (353,861)    

            Non-cash expenses, revenues,

                losses and gains included

                in income:

            Depreciation and

                amortization                                  114             1,830            4,145                         36,099     

            Gain on sale of securities

                and assets                                      -           (51,625)        (119,163)                      (212,081)    

            Loss on sale of securities

                and assets                                 21,589                 -                -                         21,629     

            Net decrease in receivables                         -                 -                -                        124,655     

            Net (decrease) in payables                     (6,139)          (11,706)          (2,993)                       (33,958)

---------------------------------------------------------------------------------------------------------------------------------------

                Net Cash Flows Used

                   By Operating Activities               (106,218)         (164,103)         (80,961)                      (417,517)

---------------------------------------------------------------------------------------------------------------------------------------

         CASH FLOWS PROVIDED (USED) BY

            INVESTING ACTIVITIES

            Purchase of investments                       (18,622)          (14,019)        (204,884)                      (354,530)    

            Purchase of property and

                equipment                                       -                 -             (594)                       (68,854)    

            Proceeds from disposition of

                investments                               122,516           142,481          244,950                        570,917     

            Proceeds from disposition of

                assets                                          -             7,000                -                         49,510     

---------------------------------------------------------------------------------------------------------------------------------------

            Net Cash Flows Provided

                 By Investing Activities                   103,894           135,462           39,472                        197,043     

---------------------------------------------------------------------------------------------------------------------------------------



                                                                                              (Continued)


    See Notes to Financial Statements.


Page 18


                                              THUNDER MOUNTAIN GOLD, INC.

                                            (An Exploration Stage Company)

                                               STATEMENT OF CASH FLOWS


                           FOR THE YEARS ENDED DECEMBER 31, 2001, 2000, 1999 AND DURING

                             THE EXPLORATION AND DEVELOPMENT STAGE (1991 THROUGH 2001)



                                                                                                                    During Exploration

                                                                                                                   And Development Stage

                                                            2001             2000             1999                  (1991 through 2001)

                                                                                                (Restated-See Note 3)  (Restated-See Note 3)

---------------------------------------------------------------------------------------------------------------------------------------

         CASH FLOWS PROVIDED (USED)

            BY FINANCING ACTIVITIES

            Proceeds from sale of

                 common stock                                    -                 -                -                         60,000  

            Reacquisition of common stock                       -                 -                -                            (50)

---------------------------------------------------------------------------------------------------------------------------------------

                Net Cash Flows Provided

                   By Financing Activities                      -                 -                -                         59,950     

---------------------------------------------------------------------------------------------------------------------------------------

         NET DECREASE IN CASH                              (2,324)          (28,641)         (41,489)                      (160,524)    


         CASH AND CASH EQUIVALENTS,

            BEGINNING OF PERIOD                             7,599            36,240           77,729                        165,799     

---------------------------------------------------------------------------------------------------------------------------------------

         CASH AND CASH EQUIVALENTS, END

            OF PERIOD                                    $  5,275          $  7,599         $ 36,240                     $    5,275     

========================================================================================================================================


         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


         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)   


See Notes to Financial Statements.


Page 19


                                              THUNDER MOUNTAIN GOLD, INC.

                                            (An Exploration Stage Company)

                                     STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

                             FOR THE YEARS ENDED DECEMBER 31, 2001, 2000, 1999 AND DURING

                               THE EXPLORATION AND DEVELOPMENT STAGE (1991 THROUGH 2001)


                                                                                                                      Deficit

                                                                                                                     Accumulated

                                                                                                                        During

                                                                                                                      Exploration

                                                                             Accumulated                                and

                                                                 Additional      Other                     Retained   Development

                                                 Common Stock      Paid-In   Comprehensive    Treasury     Earnings   Stage (1999

                                              Shares      Amount   Capital   Income (Loss)      Stock      (Deficit)  through 2001)     Total

--------------------------------------------------------------------------------------------------------------------------------------------------Balances at December 31, 1998

    (Restated - See Note 3)                 9,727,852    $486,392  $254,222     $173,638     $(24,200)    $(212,793)   $(166,527)     $510,732]

                                                                                                                                      -----------

Unrealized Holding Gains in Marketable

    Securities                                      -           -         -       82,383            -             -           -         82,383

Reclassification Adjustment for Gains

    Included in Net Income                                                      (106,413)                                             (106,413)

Net Loss - 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)     (212,793)   (129,477)       523,752

                                                                                                                                      -----------Unrealized Holding Loss in Marketable

    Securities                                      -           -         -      (60,186)           -             -           -        (60,186)

Reclassification Adjustment for Gains

    Included in Net Income                                                       (47,100)                                              (47,100)

Reclassification Adjustment for Securities

    Sold With Gains Previously Included in

    Other Comprehensive Income                                                   (89,587)                                              (89,587)

Net Loss - 2000 (Restated - See Note 3)             -           -         -            -            -             -    (102,602)      (102,602)

                                                                                                                                      -----------

Comprehensive (Loss)                                                                                                                  (299,475)

--------------------------------------------------------------------------------------------------------------------------------------------------Balance at December 31, 2000

 (Restated -

     See Note 3)                             9,727,852     486,392   254,222      (47,265)     (24,200)     (212,793)   (232,079)       224,277

Unrealized Holding Loss in Marketable

    Securities                                      -           -         -      (17,108)           -             -                    (17,108)

Reclassification Adjustment for Losses

    Included in Net Income                                                        21,589                                                21,589

Reclassification Adjustment for Securities

    Sold With Gains Previously Included in

    Other Comprehensive Income                                                   (26,778)                                              (26,778)

Net Loss - 2001                                                                                                        (121,782)      (121,782)

                                                                                                                                      -----------

Comprehensive (Loss)                                -           -         -            -            -             -                   (144,079)

--------------------------------------------------------------------------------------------------------------------------------------------------

Balances at December 31, 2001               9,727,852    $486,392  $254,222     $(69,562)    $(24,200)    $(212,793)  $(353,861)      $ 80,198

================================================================================================================================================


See Notes to Financial Statements.Page 20


                          THUNDER MOUNTAIN GOLD, INC.

                        (An Exploration Stage Company)

                         NOTES TO FINANCIAL STATEMENTS


       1.        Summary of 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.  


                 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.  


Page 21


                          THUNDER MOUNTAIN GOLD, INC.

                        (An Exploration Stage Company)

                         NOTES TO FINANCIAL STATEMENTS


       1.        Summary of Significant Accounting Policies (Continued)


                 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 2001, 2000, and 1999.  No adjustment  to reported net income is

            required when computing diluted earnings per share.  


       2.        Investments


            The   Company  has  adopted  Statement  of  Financial   Accounting

            Standards  (SFAS)  No.  115, Accounting for Certain Investments in

            Debt and Equity Securities.   SFAS  No.  115 establishes generally

            accepted  accounting principles for the financial  accounting  and

            measurement  and  disclosure  principles  for  (1)  investments in

            equity securities that have readily determinable fair market value

            and (2) all investments in debt securities.  All of the marketable

            securities  held  by  Thunder  Mountain  Gold,  Inc.,  consist  of

            securities "available-for-sale", as defined by SFAS No.  115.  The

            method used in computing realized gains and losses is the specific

            identification method.   


            The Company has been liquidating investments to provide cash flow.

            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.  Investments

            in small local mining companies are stated at estimated fair value

            and classified as non-current investments.  


            The following information is as  of  December  31,  2001, 2000 and

            1999:


                                          2001        2000       1999  

            -----------------------------------------------------------

            Aggregate fair value of

               marketable securities   $ 84,142    $231,923   $510,158

            Gross unrealized holding

               gains                          -     (32,808)  (184,798)

            Gross unrealized holding

               losses                    68,652      79,162     34,279

            -----------------------------------------------------------

            Amortized cost basis       $152,794    $278,277   $359,639

            ===========================================================




Page 22


                          THUNDER MOUNTAIN GOLD, INC.

                        (An Exploration Stage Company)

                         NOTES TO FINANCIAL STATEMENTS


       2.   Investments - (Continued)


            Changes in current marketable securities for the twelve months

            ended December 31, 2001, 2000, and 1999, are as follows:


                                          2001        2000       1999  

            -----------------------------------------------------------

            Cost, as of January 1      $278,277    $359,639   $277,178

            Purchase of shares                -           -     70,680

            Sales of shares            (125,483)    (94,951)         -

            Dividends and capital

               gains reinvested               -      13,589     11,781

            Unrealized gain (loss),

               As of December 31        (68,652)    (46,354)   150,519

            -----------------------------------------------------------

            Fair market value as of

               December 31             $ 84,142    $231,923   $510,158

            ===========================================================


            Investments consist of the following:

                                        Carrying                Market

                                           Value       Cost      Value  

            -----------------------------------------------------------

            December 31, 2001:


            Current investments        $ 84,142    $152,794   $ 84,142

            Other investments               170       1,080        170

            -----------------------------------------------------------

               Total                   $ 84,312    $153,874   $ 84,312

            ===========================================================

            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

            ===========================================================


          Other investments consist of small stock holdings in several local

          mining companies.  



Page 23


                          THUNDER MOUNTAIN GOLD, INC.

                        (An Exploration Stage Company)

                         NOTES TO FINANCIAL STATEMENTS


       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  and  2000 was $5,000.  No impairment

            loss was charged to the income statement for 1999.  For additional

            information regarding the mining claims see Note 5.  


       4.   Income Taxes


            The Company has losses for income tax purposes and accordingly has

            no income tax provision.  


            At December 31, 2001, the Company has  $719,083  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.  


       5.   Uncertainty - Going Concern


            The Company's continued existence is dependent upon its ability to

            resolve its 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.   The  Company  is

            negotiating with the United States Forest Service through the Land

            and  Water  Conservation  Funds for sale of its position regarding

            the mining claims.  




Page 24


                          THUNDER MOUNTAIN GOLD, INC.

                        (An Exploration Stage Company)

                         NOTES TO FINANCIAL STATEMENTS


       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.  A settlement has

            been  tentatively   reached  and  legal  counsel  anticipates  the

            settlement will be favorable to Thunder Mountain Gold, Inc.


       7.   Exploration Stage Company


            Management reviewed the  status of the company and determined that

            the  company  has  been an exploration  stage  company  from  1991

            through  2001.   Accordingly,   the   financial   statements   and

            disclosures report the company as an exploration stage enterprise.

            For  information  on  the  prior  period adjustments regarding the

            status of the company, see the following note.  

       8.   Prior Period Adjustment


            As of December 31, 1998, the company  had  recorded  as  an  asset

            accumulated  capitalized costs pertaining to its mining claims  of

            $461,934 and accumulated  depletion of $228,229.  This resulted in

            a net book value for the mining  claims  at  December 31, 1998, of

            $233,705.   Management  reviewed  the  status of the  company  and

            determined that since the company was not  able to report reserves

            it had no basis for projecting future cash flows and was therefore

            unable  to  support  the  carrying value of the  costs  previously

            capitalized.  Accordingly,  the  company  restated  its  financial

            statements  for  1998,  1999  and 2000, and recorded an impairment

            loss of $233,705 for 1998 and $5,000  for 2000.  No adjustment was

            required for 1999.  The adjustment for 1998 increased the loss per

            share by $.02 and the effect for 2000 was nil.  


            Long - lived   assets   are  reviewed   whenever   indicators   of

            impairment are present and  the  undiscounted  cash  flows are not

            sufficient  to  recover  the  related  asset  carrying value.   If

            impairment  exists,  the carrying amount of the long-lived  assets

            will  be reduced to its  estimated  fair  value,  less  any  costs

            associated  with  the  final settlement.  As of December 31, 2001,

            there was no impairment of the companies long-lived assets.  









Page 25














                             THUNDER MOUNTAIN GOLD, INC.

                           (An Exploration Stage Company)

                               SUPPLEMENTAL SCHEDULES





































Page 26






               INDEPENDENT AUDITORS' REPORT 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, 2001 and 2000 and the

       related  statements  of  operations,  cash   flows   and   changes   in

       stockholders'  equity  for  each  of the three years ended December 31,

       2001, 2000, and 1999.  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.





       April 24, 2002






















Page 27


                                                         THUNDER MOUNTAIN GOLD, INC.

                                                       (An Exploration Stage Company)

                                           SCHEDULE I - MARKETABLE SECURITIES - OTHER INVESTMENTS

                                                 FOR THE YEARS ENDED DECEMBER 31, 2001 AND 2000


                                                               December 31, 2001

-------------------------------------------------------------------------------------------------------------------------------------------

                                             Column A                          Column B      Column C     Column D           Column E

                                                                                                                          Amount at Which

                                                                              Number of       Cost of    Market Value    Issue is Carried

                                              Issuer                            Shares        Shares        Shares       on Balance Sheet

-------------------------------------------------------------------------------------------------------------------------------------------

       Munder Future Technology           Mutual Fund                               799      $ 18,622      $ 17,757          $ 17,757

            Fund Class B

       Pioneer Growth Shares              Mutual Fund                             2,169        42,151        28,356            28,356

            Class B

       Mass Investors Growth Stock Fund   Mutual Fund                             2,496        46,917        30,051            30,051

            Class B

       Midas Gold                         Common Shares                           8,396        45,104         7,978              7,978

-------------------------------------------------------------------------------------------------------------------------------------------

                 Totals                                                          13,860      $152,794      $ 84,142           $ 84,142

-------------------------------------------------------------------------------------------------------------------------------------------

       Other stock ownership in inactive companies  Common Shares               164,500      $  1,080      $    170           $    170

-------------------------------------------------------------------------------------------------------------------------------------------

                 Totals                                                         164,500      $  1,080      $    170           $    170

===========================================================================================================================================


                                                               December 31, 2000

----------------------------------------------------------------------------------------------------------------------------------------

                                             Column A                          Column B      Column C     Column D           Column E    

                                                                                                                          Amount at Which

                                                                              Number of       Cost of    Market Value    Issue is Carried

                                              Issuer                            Shares        Shares        Shares       on Balance Sheet

----------------------------------------------------------------------------------------------------------------------------------------

       ML Global Growth                   Mutual Fund                           2,794       $ 44,266      $ 35,405          $ 35,405

          Class B

       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              Mutual Fund                           2,496         46,917        40,187            40,187    

            Stock Fund

            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    

----------------------------------------------------------------------------------------------------------------------------------------

                 Totals                                                        25,184       $278,277      $231,923          $231,923    

----------------------------------------------------------------------------------------------------------------------------------------

       Other stock ownership in inactive companies  Common Shares             164,500       $  1,080      $    170          $    170    

----------------------------------------------------------------------------------------------------------------------------------------

                 Totals                                                       164,500       $  1,080      $    170          $    170    

===========================================================================================================================================

Page 29


                                               THUNDER MOUNTAIN GOLD, INC.

                                               (An Exploration Stage Company)


                                        SCHEDULE V - PROPERTY, PLANT AND EQUIPMENT  


                                  FOR THE YEARS ENDED DECEMBER 31, 2001 AND 2000, AND 1999



              Column A                                                Column B            Column CColumn D    Column E        Column F   

                                                                     Balance at                                 Other        Balance at  

                                                                     Beginning     Additions                   Changes         End of    

                Description                                          Of Period      At Cost    Retirements   Add (Deduct)      Period    

--------------------------------------------------------------------------------------------------------------------------------------------

       Year Ended December 31, 2001:

          Office Equipment                                            $  7,141      $      -     $      -      $      -       $  7,141   

--------------------------------------------------------------------------------------------------------------------------------------------

            Totals                                                    $  7,141      $      -     $      -      $      -       $  7,141   

--------------------------------------------------------------------------------------------------------------------------------------------

       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)                      21,893   

--------------------------------------------------------------------------------------------------------------------------------------------

            Totals                                                    $ 53,983      $    594     $(25,543)     $      -       $ 29,034   

==========================================================================================================================================

       (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.












Page 30



                                               THUNDER MOUNTAIN GOLD, INC.

                                              (An Exploration Stage Company)


                                SCHEDULE VI - ACCUMULATED DEPRECIATION, DEPLETION AND

                                           AMORTIZATION OF PROPERTY AND EQUIPMENT


                                 FOR THE YEARS ENDED DECEMBER 31, 2001 AND 2000, AND 1999



                  Column A                                           Column B             Column CColumn D    Column E        Column F

                                                                     Balance at                                  Other        Balance at  

                                                                    Beginning      Additions                   Changes         End of    

                Description                                         Of Period       At Cost    Retirements   Add (Deduct)      Period    

--------------------------------------------------------------------------------------------------------------------------------------------

       Year Ended December 31, 2001:

          Office Equipment                                           $  6,856       $    114     $      -      $      -       $  6,970   

--------------------------------------------------------------------------------------------------------------------------------------------

            Totals                                                   $  6,856       $    114     $      -      $      -       $  6,970   

--------------------------------------------------------------------------------------------------------------------------------------------

       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   

==========================================================================================================================================




Depreciation is calculated using the accelerated depreciation methods with useful lives of three to seven years.











Page 31


                                               THUNDER MOUNTAIN GOLD, INC.

                                              (An Exploration Stage Company)


                                                 SELECTED FINANCIAL DATA



The following is a summary of selected financial data which indicates trends in registrants financial condition and results of operations.  


                                                                              Year Ended December 31,

-----------------------------------------------------------------------------------------------------------------------

Selected Balance Sheet Data                           2001           2000           1999           1998           1997  

                                                   (Restated -    (Restated -    (Restated -   

                                                     See Note 3)    See Note 3)    See Note 3)

-----------------------------------------------------------------------------------------------------------------------

Current Assets                                    $  89,717       $239,822        $546,491      $530,307        $659,329


Property and Equipment                                  171            285           4,591        21,506         260,018


Non-Current Investments                                 170            170             170           170             170

-----------------------------------------------------------------------------------------------------------------------

Total Assets                                         90,058        240,277         551,252       551,983         919,517

-----------------------------------------------------------------------------------------------------------------------

Current Liabilities                                   9,860         16,000          27,500        41,250          22,500

-----------------------------------------------------------------------------------------------------------------------

Stockholders' Equity                                 80,198        224,277         523,752       510,733         897,017

-----------------------------------------------------------------------------------------------------------------------



Selected Operational Data


-----------------------------------------------------------------------------------------------------------------------

Royalty Revenue                                           -              -               -             -          62,500

-----------------------------------------------------------------------------------------------------------------------

Other Revenue and Gains (Losses)                    (21,151)        67,823         126,817      (216,845)         24,589

-----------------------------------------------------------------------------------------------------------------------

Net Income (Loss)                                  (121,782)      (102,602)         37,050      (359,389)         17,250

-----------------------------------------------------------------------------------------------------------------------


Net Income (Loss) Per Share                       $   (0.01)      $  (0.01)       $    NIL      $  (0.04)       $    NIL

-----------------------------------------------------------------------------------------------------------------------



No dividends have been paid by the Company.  



Page 32


                              THUNDER MOUNTAIN GOLD, INC.

                                   FORM 10KSB/A

                        FOR THE YEAR ENDED DECEMBER 31, 2001


ITEM  8:  DISAGREEMENTS  ON  ACCOUNTING  AND  FINANCIAL  DISCLOSURE


     During the year ended December 31, 2001 there were no disagreements between the  Company  and  its     independent  certified  public accountants concerning accounting  and  financial  disclosure.


                                    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>  33


                              THUNDER MOUNTAIN GOLD, INC.

                                   FORM 10KSB/A

                        FOR THE YEAR ENDED DECEMBER 31, 2001


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.


All officers and Directors, of which there were five* at various times during 2000, received the sum of $40,000 distributed as follows:


     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.







<page>  34


                              THUNDER MOUNTAIN GOLD, INC.

                                   FORM 10KSB/A

                        FOR THE YEAR ENDED DECEMBER 31, 2001


(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


(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








<page>  35


                              THUNDER MOUNTAIN GOLD, INC.

                                   FORM 10KSB/A

                        FOR THE YEAR ENDED DECEMBER 31, 2001


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.


(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.













<page>  36


                              THUNDER MOUNTAIN GOLD, INC.

                                   FORM 10KSB/A

                        FOR THE YEAR ENDED DECEMBER 31, 2001

<r>

ITEM 14.  CONTROLS AND PROCEDURES


Based on their most recent evaluation, which was completed within 90 days of the filing of this Form 10-QSB, the Company's treasurer and president believe the Company's disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) are effective to ensure that information required to be disclosed by the Company in this report is accumulated and communicated to the Company's management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.  There were no significant changes in the Company's internal controls or other factors that could  significantly affect these controls subsequent to the date of their evaluation and there were no corrective actions with regard to significant deficiencies and material weaknesses.


</r>




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:  November 14, 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 Officer

Date:  November 14, 2002






Page 37



CERTIFICATION OF CHIEF EXECUTIVE OFFICER


I, E. James Collord, certify that:


1.  I have reviewed this revised annual report on Form 10-KSB/A of Thunder Mountain Gold, Inc;


2.  Based on my knowledge, this revised annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this revised annual report;


3.  Based on my knowledge, the financial statements, and other financial information included in this revised annual report, fairly present, in all material respects, the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this revised annual report;


4.  I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Securities Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:


     a)

designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this revised annual report is being prepared;

     b)

evaluated the effectiveness of the registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this revised annual report (the “Evaluation Date”); and

     c)

presented in this revised annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;


5.  I have disclosed, based on my most recent evaluation, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):


     a)

all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant’s ability to record, process, summarize and report financial data and have identified for the registrant’s auditors any material weaknesses in internal controls; and

     b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls; and


6.  I have indicated in this revised annual report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.


/s/ James Collord

-----------------------------------------

E. James Collord, President, Director and CEO

Date: November 14, 2002


CERTIFICATION OF CHIEF FINANCIAL OFFICER


I, Robin S. McRae, certify that:


1.  I have reviewed this revised annual report on Form 10-KSB/A of Thunder Mountain Gold, Inc;


2.  Based on my knowledge, this revised annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this revised annual report;


3.  Based on my knowledge, the financial statements, and other financial information included in this revised annual report, fairly present, in all material respects, the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this revised annual report;


4.  I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Securities Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:


     a)

designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this revised annual report is being prepared;

     b)

evaluated the effectiveness of the registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this revised annual report (the “Evaluation Date”); and

     c)

presented in this revised annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;


5.  I have disclosed, based on my most recent evaluation, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):


     a)

all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant’s ability to record, process, summarize and report financial data and have identified for the registrant’s auditors any material weaknesses in internal controls; and

     b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls; and


6.  I have indicated in this revised annual report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.


/s/ Robin S. McRae

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Robin  S.  McRae

Secretary/Treasurer and Director and Chief Financial Officer

Date:  November 14, 2002