TomaGold proposes new slate of Directors and a new geology team for its Chibougamau and Red Lake projects New team expertise and network to help TomaGold develop into a growing Canadian mining company

PRESS RELEASE

TSXV: LOT

TomaGold proposes new slate of Directors and a new geology team

for its Chibougamau and Red Lake projects

New team expertise and network to help TomaGold develop

into a growing Canadian mining company

Montreal, Quebec, October 6, 2020 - TOMAGOLD CORPORATION (TSXV: LOT) (“TomaGold” or the

“Corporation”) is pleased to announce that its current Board of Directors has proposed a slate of directors

for the upcoming Annual General and Special Meeting (the “ Meeting”) of shareholders scheduled for

November 6, 2020. TomaGold’s proposed slate of directors to be voted on at the Meeting will consist of

the following: David Grondin, Michel E. Labrousse, Jean-Sébastien Jacquetin, Caitlin Jeffs, Albert Contardi

and Wanda Cutler. Robert Desjardins, Pierre Lépine, Robert Rosner and Vittorio Violo will not present their

candidatures for re-election at the Meeting. The Corporation wishes to thank them for their valuable

contributions over the years.

The Corporation has also created an advisory committee composed of Victor Cantore, Claude Larouche,

George C. Patterson and Robert McPhinney, and has appointed André Jean as its Director of Exploration,

Quebec, and Caitlin Jeffs as its Director of Exploration, Ontario and rest of Canada.

“With the Monster Lake transaction, our stronger financial position and our promising gold projects in the

Chibougamau and Red Lake mining camps, it was time to better align our corporate structure with our new

stated objective of becoming a premier Canadian gold mining company,” said David Grondin, President

and Chief Executive Officer of TomaGold. “These new appointments will strengthen and add depth to our

geological, financial and communication expertise and will considerably enhance our network within the

mining and financial communities. The addition to our team of geologist André Jean, to whom we can

attribute the initial high-grade discoveries on Monster Lake, and geologist Caitlin Jeffs, with her strong

knowledge of the Red Lake mining camp, will help us structure our exploration activities so that we can

replicate what we achieved at Monster Lake. I believe that this new corporate structure has the potential

to create strong added value for our shareholders in the long run.”

Appointments to the Board of Directors will be voted on by TomaGold shareholders at the Meeting

scheduled to take place on November 6, 2020:

David Grondin

President and Chief Executive Officer, TomaGold

David Grondin has worked in the financial and mining sectors for over 20 years. He has been President and

CEO of the Company since December 2011 and is a director of AM Resources. He was President and CEO

of NQ Exploration Inc. from October 2007 to May 2018. He also acted as a financial analyst for CTI Capital

Inc. from 1997 to 2000. Mr. Grondin has a bachelor degree in business administration (finance) from HEC

Montréal and experience in initial public offerings, mergers and acquisitions and reverse takeovers.

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Michel E. Labrousse

Managing Partner, Mazarin Capital

For the past twenty years, Michel Labrousse has developed various businesses in investment banking and

financial markets in Europe and Asia. Currently Managing Partner of Mazarin Capital, an investment firm

based in Hong Kong specialized in natural resources. He is also a Senior Advisor for StormHarbour Securities

Hong Kong, a small debt capital markets securities firm focusing on China-related businesses and having

some areas of expertise in infrastructure, natural resources and real estate. Until July 2009, he was in

charge of the financial markets businesses and subsidiaries in Asia of Natixis, the French banking group

where he focused his efforts to build the public markets franchise with an emphasis on the equity,

commodities and fixed income derivatives businesses. He was also involved in developing a Strategic

Solutions business for both corporate and institutional to cover their funding and risk hedging needs.

Previously he ran the same business in Japan for ten years. His teams have developed various financing

solutions to liabilities management optimization. While based in London he also developed a global macro

internal hedge fund when he served as Deputy Head of the markets and investment banking activities

covering all asset classes.

Jean-Sébastien Jacquetin

Managing Partner, Cavendish Investment Corp.

Jean-Sébastien Jacquetin has over 20 years of corporate finance and merchant banking experience for

small and medium-sized enterprises. He is currently Managing Partner at Cavendish Investment Corp., a

multi-family office in Hong Kong. Mr. Jacquetin began his career as a Project Officer for UNESCO in Paris

and then worked as an Investment Manager for Natixis Banque both in Paris and New York, where he

coordinated fund sponsors and capital markets contacts. After Natixis Banque, Mr. Jacquetin was with both

Meredith Financial Group and Du Pasquier in New York, where he was involved in corporate finance,

advisory, and institutional brokerage. Since 2016, Mr. Jacquetin has spent his time in Asia, where he

worked for Citic Hyperion, helping his corporate clients with investor diversification, corporate finance

advisory, and strategic partnerships. Mr. Jacquetin has a B.Sc. and an M.Sc. in political science from the

University of Montreal and an MBA from Institut d’études politiques - Sciences Po Paris.

Caitlin Jeffs

Founding Partner and Owner, Fladgate Exploration Consulting

Caitlin Jeffs received her Honours B.Sc. in Geology from the University of British Columbia in 2002. Caitlin

has worked for several junior and major companies since 2002 in both gold and base metal exploration.

Most of her experience has been with Placer Dome CLA Inc. and Goldcorp Inc. managing all aspects of deep

exploration projects and specializing in GIS technology and 3D modeling of ore bodies. She is a founding

partner and 33% owner of Fladgate Exploration Consulting Corporation of Thunder Bay, ON, a full service

mineral exploration consulting firm.

Albert Contardi

President and CEO, QcX Gold

Albert Contardi is a consultant/adviser with over 15 years of legal, investment and capital markets

experience. He is currently President of Generic Capital Corporation, a Toronto based EMD finance firm as

well as Interim President and CEO of QcX Gold, a Quebec based junior exploration company. Mr. Contardi's

experience involves advising and structuring corporate finance transactions in the mining, tech and biotech

sectors to maximize the value of projects/assets. He has been called to the Ontario Bar and is a graduate

of Queen's University Law School. In addition, Mr. Contardi sits on various public company Boards.

Wanda Cutler

Managing Partner, Cutler McCarthy

Wanda Cutler has worked with reporting issuers for more than 20 years in capital markets, corporate

development, marketing, and investor communications. She has acted as a strategic advisor to a number

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of public companies including: multiple junior mining companies, investment companies and alternative

energy companies. During her career she has been involved in a numerous equity/debt financings, mergers

and acquisitions, strategic alliances and has incubated new companies. In addition, she sits on the boards

of various public companies. Wanda holds a Bachelor of Social Science (Political Science) from the

University of Ottawa and is President of Cutler McCarthy, a capital markets advisory firm.

The management information circular and other proxy materials for the Meeting will be mailed to

shareholders and will be available on SEDAR at www.sedar.com.

Advisory Board

Victor Cantore

President and CEO, Amex Exploration

Victor Cantore is a seasoned capital markets professional specializing in the resource and hi-tech sectors.

He has more than 20 years of advisory and leadership experience having begun his career in 1992 as an

investment advisor and then moving into management roles at both public and private companies. During

his career he has organized and structured numerous equity and debt financings, mergers and acquisitions,

joint venture partnerships and strategic alliances. Mr. Cantore serves on the boards of various companies

both private and public.

Claude Larouche

Claude Larouche is a geologist with more than 45 years of experience in mining exploration and

development. He graduated from UQAC (Université du Québec à Chicoutimi) in 1974 with a degree in

geological engineering and completed a M.Sc. in geology at Carleton University (Ottawa) in 1979. Mr.

Larouche worked as an independent consultant since 1980, realizing explorations programs for

prospectors, junior and senior mining companies, and government agencies in Quebec and Ontario. He

also completed regional exploration programs on Baffin Island and limited programs in the U.S. Mr.

Larouche specializes in precious metals, base metals and industrial minerals, and he is directly involved in

numerous research projects including ''selective leaching''.

George C. Patterson

George Patterson’s career as a professional geologist spanned over 40 years. He began his career in the

private sector and, shortly thereafter, moved to the public sector as resident geologist for Thunder Bay.

This was followed by employment with the Government of the Northwest Territories and the Government

of Saskatchewan where he helped develop and implement government, academic and industry programs

designed to coordinate, support and promote the mineral industry and local economic development. He

has also worked on a number of initiatives dedicated to building strong relationships with Aboriginal people

and their communities.

Robert L. Phinney

Robin L. Phinney earned a chemical engineering degree at Lakehead University. Early in his career he

acquired valuable experience in plant engineering, process development, product development and sales

and marketing, namely from Potash Corporation of Saskatchewan and Kaolin Industries. In 2002, he co-

founded Whitemud Resources, and then served as its vice president of engineering from 2005 to 2007. In

2007, he founded Karnalyte Resources, where he was President and CEO and a director until 2014 and then

as its President and Chairman and a director until 2017.

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Geological team

André Jean, P.Geo.

Director of exploration, Quebec

André Jean was the chief geologist for the Monster Lake project since the very beginning until his departure

in 2018. He has over 35 years of experience in geology, having worked for multiple mining companies in

Quebec, Central and South America and Africa, including Les Mines Seleine, Louvem, Lac Minerals and

Osisko. Mr. Jean graduated from Université du Québec à Chicoutimi in 1979 with a degree in a geological

engineering.

Caitlin Jeffs, P.Geo.

Director of exploration, Ontario and rest of Canada

Caitlin Jeffs received her Honours B.Sc. in Geology from the University of British Columbia in 2002. Caitlin

has worked for several junior and major companies since 2002 in both gold and base metal exploration.

Most of her experience has been with Placer Dome CLA Inc. and Goldcorp Inc. managing all aspects of deep

exploration projects and specializing in GIS technology and 3D modeling of ore bodies. She is a founding

partner and 33% owner of Fladgate Exploration Consulting Corporation of Thunder Bay, ON, a full service

mineral exploration consulting firm.

About TomaGold

TomaGold Corporation (TSXV: LOT) is a Canadian mineral exploration corporation engaged in the

acquisition, assessment, exploration and development of gold mineral properties. It currently has joint

venture agreements with IAMGOLD Corporation for the Monster Lake project and with Evolution Mining

Ltd and New Gold Inc. for the Baird property. TomaGold has interests in eight gold properties near the

Chibougamau mining camp in northern Quebec: Monster Lake, Winchester, Lac à l'eau jaune, Monster Lake

East, Monster Lake West, Hazeur, Obalski and Lac Doda. It also holds a 24.5% interest in the Baird property,

near the Red Lake mining camp in Ontario.

Contact:

David Grondin

President and Chief Executive Officer

(514) 583-3490

www.tomagoldcorp.com

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX

Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Some of the statements

contained in this news release are forward-looking statements and information within the meaning of applicable

securities laws. Forward-looking statements and information can be identified by the use of words such as “expects”,

“intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions,

events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward -looking

statements in this news release include statements in respect to the Meeting and director nominees. Forward-looking

statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the

Corporation’s control. Readers are cautioned that any such statements are not guarantees of future performance, and

that actual results and developments are likely to differ, and may differ materially, from those expressed or implied by

the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on

forward-looking statements. The Corporation undertakes no obligation to update publicly or otherwise revise any

forward-looking statements, except as may be required by law.