Mr. Mike Taylor reports

SLAM RAISES $240,000 IN FLOW-THROUGH PRIVATE PLACEMENT

Slam Exploration Ltd. has closed its non-brokered flow-through private placement announced Oct. 25, 2024. In connection with the private placement, the company has issued 6,857,142 flow-through units at a price of 3.5 cents per FT unit for gross proceeds of $240,000. Each FT unit will be composed of one common share of the company issued on a flow-through basis and one-half common share purchase warrant (with two such half common share purchase warrants being each a 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 March 20, 2025.

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 in addition to the federal flow-through tax deduction.

Insider participation: One company insider participated in the private placement and subscribed for a total of 1,428,571 FT units. The participation by such insider is a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). 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 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.

The company has reported an additional nine holes drilled in a follow-up program that is currently in progress.

Slam 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 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.

Slam is a project generator, and has received significant cash and share payments over the past year. 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 statement

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

We seek Safe Harbor.