LOT TomaGold Corporation

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 GrondinPresident and Chief Executive Officer, TomaGoldDavid 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.

Michel E. LabrousseManaging Partner, Mazarin CapitalFor 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 JacquetinManaging 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 JeffsFounding Partner and Owner, Fladgate Exploration ConsultingCaitlin 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 ContardiPresident and CEO, QcX GoldAlbert 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 CutlerManaging Partner, Cutler McCarthyWanda 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 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 CantorePresident and CEO, Amex ExplorationVictor 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 LaroucheClaude 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. PattersonGeorge 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. PhinneyRobin 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.

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 TomaGoldTomaGold 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) 583-3490www.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.