Mr. Mike Taylor reports

SLAM ANNOUNCES $259,000 FLOW-THROUGH PRIVATE PLACEMENT

Slam Exploration Ltd. has arranged a non-brokered private placement offering to raise up to $259,000 through the issuance of the following securities:

• Up to 4.4 million critical mineral exploration tax credit flow-through units issued at a price of 3.5 cents per CMETC FT unit, to raise gross proceeds of up to $154,000; each CMETC FT unit will consist of one flow-through common share of the company and one-half of one transferable non-flow-through common share purchase warrant (with two such half warrants being a warrant);
• Up to three million Canadian exploration expense flow-through units issued at a price of 3.5 cents per CEE FT unit, to raise gross proceeds of up to $105,000; each CEE FT unit will consist of one FT share and one-half of one warrant;
• Each warrant will be exercisable to acquire one additional non-flow-through common share of the company at a price of five cents for a period of 24 months following the date of issuance;
• The gross proceeds raised from the issuance of the CMETC FT units will be used to finance Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures as such terms are defined in Subsection 66.1(6) and Subsection 127(9) of the Income Tax Act (Canada), respectively, thereby being eligible for the 30-per-cent federal critical mineral exploration tax credit;
• The gross proceeds raised from the issuance of the CEE FT units will be used to finance Canadian exploration expenses within the meaning of Subsection 66.1(6) Income Tax Act (Canada).

The company plans to use the proceeds from the CMETC FT units to conduct exploration work on copper-nickel projects in New Brunswick and proceeds from the CEE FT units to conduct work on gold projects in New Brunswick in 2024 and 2025. Exploration will be conducted on projects with demonstrated potential for critical metals and/or precious metals.

The offering is expected to close on or about Nov. 4, 2024, and is subject to the receipt of all necessary regulatory and other approvals, including, but not limited to, acceptance of the TSX Venture Exchange. All securities issued pursuant to the offering will be subject to a hold period of four months and one day from the closing date in accordance with applicable securities laws.

The company may pay finders' fees on the offering, and it is anticipated that certain insiders will participate in the offering.

About Slam Exploration Ltd.

Slam Exploration is a public resource company with a substantial 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 BMC of New Brunswick. Highlights include:

• A 60.60-metre core interval grading 1.17 per cent copper equivalent in hole GW24-03;
• A 64.90-metre core interval grading 2.14 per cent copper equivalent in hole GW24-02;
• A 35-metre core interval grading 1.36 per cent copper equivalent in hole GW24-01.

Based on these drilling intercepts, the company has expanded the Goodwin project, which now comprises 194 units covering 4,239 hectares. Drilling resumed on Oct. 10, 2024.

Slam Exploration has discovered multiple gold veins on its wholly owned Menneval gold project. The company has reported gold-bearing core intervals, including 162.5 grams per tonne gold over 0.2 metre and 56.90 g/t gold over 0.5 metre (news releases dated Dec. 13, 2021, and Nov. 22, 2022). Additionally, the company reported quartz float grading up to 39.2 g/t gold on its Jake Lee project, located near the Clarence Stream gold deposit, where Galway Metals Inc. is working on a 2.3-million-ounce gold deposit in southern New Brunswick.

Slam Exploration also owns the Mine Road copper-zinc-silver project, adjacent to the former producing Heath Steele mines property in the BMC. Previous workers have reported successful diamond drill holes at Mine Road, including IL2014-003, which intersected 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 in the volcanogenic massive sulphide Railroad zone (Doe Run Canadian Exploration ULC; 2015, New Brunswick assessment files, report of work 477877). The Railroad zone is located 7,000 metres 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 past nine months, including:

• $150,000 in 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) from Nine Mile Metals Inc. on March 1, 2024, pursuant to the Wedge project agreement;
• $25,000 in 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 from the Wedge copper-zinc project and the Ramsay, Reserve Creek and Opikeigen gold projects.

Qualifying statements

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

We seek Safe Harbor.