Mr. Mike Taylor reports

SLAM RAISES $490,503 IN FLOW-THROUGH PRIVATE PLACEMENT

Slam Exploration Ltd. has closed its non-brokered flow-through private placement announced Aug. 16, 2024, and Sept. 13, 2024. In connection with the private placement, the company has issued 16,350,101 flow-through units at a price of three cents per FT unit for gross proceeds of $490,503.03.

Each FT unit will comprise one common share of the company issued on a flow-through basis and one-half common share purchase warrant issued on a non-flow-through basis. Each warrant will entitle the holder thereof to acquire one non-flow-through common share at a price of five cents for a period of 24 months from the date of closing.

The FT units are subject to a four-month-and-one-day hold period that expires on Jan. 20, 2025.

The company has paid finders' fees totalling $13,005, and it issued a total of 433,499 non-transferable common share purchase warrants in connection with the private placement. Each finder's warrant will entitle the holder thereof to acquire one non-flow-through common share at a price of five cents for a period of 24 months from the date of closing.

Proceeds received from the FT units will be used to finance exploration on Slam's copper and nickel projects in New Brunswick, Canada. The FT units will qualify for the 30-per-cent critical mineral exploration tax credit (CMETC) in addition to the federal flow-through tax deduction.

Insider participation

Two company insiders participated in the private placement and subscribed for a total of 1,666,733 FT units. The participation by such insiders is a related-party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). The company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25 per cent of the company's market capitalization (as determined under MI 61-101).

About Slam Exploration Ltd.

Slam Exploration is a public resource company with a large portfolio of mineral claim holdings in the mineral-rich province of New Brunswick. The company recently completed three diamond drill holes on the Goodwin copper nickel project in the Bathurst mining camp of New Brunswick. Highlights include a 60.6-metre core interval grading 1.17 per cent copper equivalent in hole GW24-03, a 64.9-metre core interval grading 2.14 per cent copper equivalent in hole GW24-02 and a 35-metre core interval grading 1.36 per cent copper equivalent in hole GW24-01. Based on the drilling intercepts, the company expanded the Goodwin project, which now comprises 194 units covering 4,239 hectares.

Since Slam discovered the Maisie zone, the company has discovered multiple gold veins on its wholly owned Menneval gold project. Gold-bearing core intervals include 162.5 g/t gold over 0.2 m and 56.9 g/t gold over 0.5 m (news releases Dec. 13, 2021, and Nov. 22, 2022). The company reported quartz float grading up to 39.2 g/t gold on its Jake Lee project in the vicinity of the Clarence Stream gold deposit, where Galway Metals Inc. is working on a 2.3-million-ounce gold deposit in southern New Brunswick.

Slam also owns the Mine Road copper-zinc-silver project adjacent to the former-producing Heath Steele Mines property in the BMC. Successful diamond drill holes at Mine Road by previous workers include IL2014-003 with a nine-metre core interval grading 14.51 per cent zinc, 5.86 per cent lead, 0.67 per cent copper and 139.9 g/t silver on the volcanogenic massive sulphide Railroad zone at Mine Road. (Doe Run Canadian Exploration ULC; 2015, New Brunswick assessment files, report of work 477877). The Railroad zone is 7,000 m east of the 20-million-tonne former-producing Heath Steele B zone.

The company is a project generator, and has received significant cash and share payments over the last nine months as follows: $150,000 cash and 50,000 shares from S2 Minerals Inc. on Dec. 19, 2023, pursuant to the Reserve Creek gold agreement; 534,000 shares and 333,000 warrants (exercisable at one cent) issued by Nine Mile Metals Inc. on March 1, 2024, pursuant to the Wedge project agreement and $25,000 cash plus 2.5 million shares of Lode Gold Resources Inc., pursuant to the Ramsay gold agreement. The company holds net smelter return royalties, and expects additional cash and share payments on the Wedge copper-zinc project, and on the Ramsay, Reserve Creek and Opikeigen gold projects.

Qualifying statements

Mike Taylor, PGeo, president and chief executive officer of Slam Exploration Ltd., is a qualified person as defined by National Instrument 43-101 and has approved the contents of this news release.

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