File: '\\swfile\EmailIn\20240522 153755 Attachment SLAM_NR_2024-05-22-Private_placement_closing.docx'

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TSXV: SXL

SLAM CLOSES FINAL TRANCHE OF FLOW-THROUGH

PRIVATE PLACEMENT

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

For Immediate Release May 22, 2024

Miramichi, New Brunswick - SLAM Exploration Ltd. (TSXV: SXL) ("SLAM" or the "Company") announces closing of the second tranche of its flow-through private placement announced April 4, 2024, and further to the first tranche closing announced April 25, 2024. The 2 tranches combine for a total of $97,500. In connection with the second and final tranche, the Company has issued 300,000 FT Units at a price of $0.025 per FT Unit for gross proceeds of $7,500. Each FT Unit is comprised of one common share in the capital of the Company issued on a "flow-through" basis and one common share purchase warrant issued on a non-flow-through basis (a "Warrant"). 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 are subject to a four-month and one day hold period that expires on September 23, 2024.

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.

Nine Mile Drilling Results: The Company is pleased to hear about recent drilling results reported by Nine Mile Metals Ltd. (CSE:NINE) on the Wedge project acquired from SLAM through an option agreement. On May 16, 2024, Nine Mile announced certified assay results of 1.65% copper equivalent (cu-eq) over 40.32m including 2.29% (cu-eq) over 13.12m and 3.25% (cu-eq) over 5.50m in drill hole WD-24-07. This was followed by drill hole WD-24-08 with certified assay results of 1.34% copper equivalent (cu-eq) over 44.00m including 3.73% (cu-eq) over 12.00m and 4.57% (cu-eq) over 9.00m reported on May 21, 2024. Mike Taylor states: "We wish to congratulate Pat (Cruickshank) and his team on these drilling results from the Wedge project located in the center of the Bathurst Mining Camp."

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 of 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 M ounce gold deposit in southern New Brunswick.

The Company holds the Goodwin copper nickel project and the Mine Road VMS copper zinc silver project in the mineral rich Bathurst Mining Camp of New Brunswick. Previous workers discovered 3 copper nickel occurrences at Goodwin. Mineralized core intercepts were drilled including 1.79% copper plus 1.51% nickel over 5.7 metres in diamond drill hole GR89-55 on the Goodwin project.

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 on the Railroad zone at Mine Road. The Railroad zone is 7,000 m east of the 20 M tonne former producing Heath Steele B Zone.

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; 534,000 shares and 333,000 warrants (exercisable at $0.01) issued by Nine Mile Metals Inc. (NINE) on March 01, 2024 pursuant to the Wedge project agreement and $25,000 cash plus 2,500,000 shares of Lode Gold Resources Inc. (LOD) pursuant to 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 corporate presentation, click SXL-Presentation. 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 and reports 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