LOT TomaGold Corporation

TOMAGOLD CORPORATION (TSXV: LOT) (“TomaGold” or the “Corporation”) is pleased to announce that it has closed the transaction (the “Transaction”) with IAMGOLD Corporation (“IAMGOLD”) for the sale of the Corporation's 25% undivided interest in the Monster Lake project and the related mineral rights (see press release dated September 17, 2020, for a summary of the transaction). In consideration, IAMGOLD paid $500,000 in cash and issued 1,464,377 common shares to TomaGold.

The Transaction, as described in TomaGold’s circular, constituted a related party transaction, which required minority shareholder approval in accordance with MI 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). TomaGold relied on the exemption from the formal valuation requirements in Section 5.5(b) of MI 61-101 as TomaGold’s securities are not listed on any of the specified markets indicated in Section 5.5(b) of MI 61-101. The Transaction was approved by the disinterested shareholders of TomaGold at its annual general and special meeting held on November 6, 2020 (see press release dated November 6, 2020).

About TomaGoldTomaGold Corporation (TSXV: LOT) is a Canadian mineral exploration corporation engaged in the acquisition, assessment, exploration and development of gold mineral properties. TomaGold has interests in five gold properties near the Chibougamau mining camp in northern Quebec: Obalski, Monster Lake East, Monster Lake West, Hazeur and Lac Doda. It also participates in a joint venture with Evolution Mining Ltd and New Gold Inc., through which it 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 press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Corporation’s control. Readers are cautioned that 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 press release. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.