Analog Gold Inc. signed a binding letter of intent to acquire Blue Thunder Mining Inc. (TSXV:BLUE) for CAD 37.5 million in a reverse merger transaction on January 27, 2023. Pursuant to the terms of the LOI, BLUE will issue sufficient Shares such that the transaction will constitute a Reverse Takeover ("RTO") under the rules of the TSX Venture Exchange. It is proposed that Blue Thunder will use an indicative aggregate valuation of $10 million (CAD 13.348 million) to combine with Analog for its indicative aggregate price of CAD 37.5 million payable by the issuance by Blue Thunder of such aggregate number of Blue Thunder Shares to the shareholders of Analog (including those from the Analog Financing pro rata based on the number of Analog Shares held by each such shareholder of Analog, at the deemed price per Blue Thunder share equal to the concurrent financing price.

The transaction is subject to the parties successfully entering into a definitive agreement in respect of the RTO on or before March 27, 2023, or such other date as Blue Thunder and Analog may mutually agree to. The LOI also contemplates other material conditions precedent to be fulfilled prior to Closing, including, the completion by Analog of a financing to raise gross proceeds of a minimum of CAD 5 million, customary due diligence, and all requisite board of directors, shareholder and requisite regulatory approvals being obtained, and Blue Thunder of a concurrent financing for minimum gross proceeds of CAD 0.25 million, the form and terms of which are to be determined at a future date. As of March 30, 2023, due to the requirement that Blue include audited financial statements of Analog in the information circular to be sent to Blue Thunder shareholders and the anticipated timing of various other steps required to complete the transaction, the parties now anticipate that the formal agreement will be entered into on or on or about May 17, 2023, and the transaction will close in late June 2023.