Mr. Mike Taylor reports

SLAM ANNOUNCES SHARES FOR DEBT SETTLEMENT

Slam Exploration Ltd. has proposed to issue an aggregate of six million common shares in the capital of the company at an agreed price of five cents per share to settle $300,000 in debt with a creditor that is an insider of the company.

The board of directors and management of the company believe that the proposed debt settlement transaction is in the best interests of the company insofar as it allows the company to allocate a greater portion of its cash on hand for exploration and general working capital.

The debt settlement is subject to receipt of TSX Venture Exchange approval. Common shares issued pursuant to the debt settlement will be subject to a statutory four-month-and-one-day hold period from the date of issuance in accordance with Canadian Securities Law and the policies of the TSX Venture Exchange.

MI 61-101 disclosure

One Insider of the company will be participating in the debt settlement and is a related party of the company pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). Related party involvement in the debt settlement constitutes a related party transaction. The company expects to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) respectively, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the debt settlement, insofar as it involves interested parties, exceeds 25 per cent of the company's market capitalization.

Menneval purchase agreement -- Boundary gold claim

Further to the company's news release dated Dec. 18, 2024, Slam is pleased to also announce that the TSX Venture Exchange has approved the purchase agreement with Gravel Developments Inc. (the vendor) dated Nov. 25, 2024, to acquire a 100-per-cent interest in one mineral claim (tenure) with 129 units located in northwestern New Brunswick.

Slam can earn a 100-per-cent interest in and to the property by making common share and share purchase warrant issuances as shown in the attached table on closing.

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 has reported significant copper, nickel and cobalt intercepts from the first seven diamond drill holes completed on it's wholly owned Goodwin copper-nickel project in the Bathurst mining camp (BMC) of New Brunswick. These include consistent copper-nickel-cobalt intervals ranging from 46 metres to 75 metres and grading 0.75 per cent to 1.01 per cent copper equivalent in five holes drilled on the Farquharson zone. Results from two holes on the Granges zone include a 64.90-metre core interval grading 2.14 per cent copper equivalent in hole GW24-02. Assays are pending on three additional holes drilled on the Granges zone and on five holes drilled on the Logan zone. Based on the drilling results, the company expanded the Goodwin project to cover 11,450 hectares.

Gold assays are pending on 117 core samples sawn from two holes drilled by Slam on its wholly owned Menneval gold project and submitted for fire assay to Actlabs. Slam has previously discovered multiple gold veins on its wholly owned Menneval gold project. The company reported gold bearing core intervals including 162.5 grams per tonne gold over 0.2 m and 56.90 g/t gold over 0.5 m in news releases on Dec. 13, 2021, and Nov. 22, 2022.

In 2023, 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 grams per tonne 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 metres east of the 20-million-tonne former-producing Heath Steele B zone.

The company is a project generator and received significant cash and share payments over the last 12 months as follows; 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. (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 gold project.

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.