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TSXV: SXL

SLAM RAISES $90,000 IN PRIVATE PLACEMENT

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

For Immediate Release April 25, 2024

Miramichi, New Brunswick - SLAM Exploration Ltd. (TSXV:SXL) ("SLAM" or the "Company") announces closing of the first tranche of a non-brokered private placement with the issuance of 3,600,000 flow-through units ("FT Units") at a price of $0.025 per FT Unit for gross proceeds of $90,000 (the "Private Placement"). Each FT Unit is comprised of one common share of the Company issued on a "flow-through" basis and one common share purchase warrant (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 $0.05 for a period of 24 months from the date of closing. The FT Units will be subject to a statutory hold period of four months and one day which will expire on August 26, 2024.

The Company issued 84,000 Finder Warrants and paid $2,100 in cash Finder Fees in connection with the Private Placement. Proceeds received from the FT Units will be used to fund exploration on SLAM's gold, zinc, copper and nickel projects in New Brunswick, Canada. For more information on SLAM's activities and projects, click SXL-Presentation.

The Private Placement remains subject to customary closing conditions, including approval from the TSX Venture Exchange. An additional 2,400,000 FT Units remain available for a final closing at any date before May 21, 2024. For additional information call Mike Taylor at 506-623-8960.

Insider Participation: Two Company insiders participated in the Private Placement, paying a total for both of $50,000 for 2,000,000 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% of the Company's market capitalization (as determined under MI 61-101).

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About SLAM Exploration Ltd: SLAM Exploration Ltd. a public resource company with a large portfolio of mineral claim holdings built around its wholly owned Menneval gold project in the mineral-rich province of New Brunswick. SLAM has discovered multiple gold veins at Menneval and previously reported gold bearing core intervals including 162.5 g/t gold over 0.2 m and 56.90 g/t gold over 0.5 m (news releases December 13, 2021 and November 22, 2022). The Company reported significant gold discoveries on its Jake Lee project in the vicinity of the Clarence Stream gold deposit where Galway Metals Inc. is working on a 2.3 M ounce gold deposit in southern New Brunswick. These discoveries include the Edge 15 and Edge 16 discoveries with gold grades of 4.76 g/t and 5.00 g/t gold over 1.0 and 0.8 metres respectively in basal till layers as reported February 8, 2024 from overburden drill holes.

The Company recently added the Mine Road VMS copper zinc silver project to its base metal portfolio in the Bathurst Mining Camp of New Brunswick. Successful diamond drill holes by previous workers include IL2014-003 with a 9 metre core interval grading 14.51% zinc, 5.86% lead, 0.67% copper and 139.9 g/t silver.

The Company is a project generator and has received significant cash and share payments over the last 6 months as follows; $150,000 cash and 50,000 shares from S2 Minerals Inc. (STWO) on December 19, 2023 pursuant to the Reserve Creek gold agreement; and, 534,000 shares and 333,000 warrants (exercisable at $0.10) issued by Nine Mile Metals Inc. (NINE) on March 01, 2024 pursuant to the Wedge project agreement. The Company has received $25,000 cash and expects to receive 2,500,000 shares of Lode Gold Resources Inc. (LOD) issued at a price of $0.03 per share in lieu of $100,000 cash due pursuant to the second anniversary of the Ramsay gold agreement. The Company holds NSR royalties and expects additional cash and share payments on the Wedge copper zinc project and on the Ramsay, Reserve Creek and Opikeigen gold projects.

To view SLAM's most recent presentation, click Jake_Lee_2024. Additional information is available on SLAM's website and on SEDAR+ at www.sedarplus.ca. Follow us on X @SLAMGold.

QA-QC Procedures: The results described above are from previous news releases by SLAM and other firms. The news releases included a summary of QA-QC procedures and the Company deems these results to be reliable.

Qualifying Statements: Mike Taylor P.Geo, President and CEO of SLAM Exploration Ltd., is a qualified person as defined by National Instrument 43-101, and has approved the contents of this news release.

Certain information in this press release may constitute forward-looking information, including statements regarding mineral resources and the Company's plans with respect to the exploration and development of its properties. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. There are a number of risk factors that could cause future results to differ materially from those described herein. Information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedarplus.ca. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

CONTACT INFORMATION:

Mike Taylor, President & CEO

Contact: 506-623-8960 mike@slamexploration.com

Eugene Beukman, CFO

Contact: 604-687-2038 ebeukman@pendergroup.ca SEDAR+: 00012459