Mr. Anthony Zelen reports

BULLET EXPLORATION INC. ANNOUNCES CLOSING OF $960,000 UNIT FINANCING

Further to the news release dated Aug. 28, 2023, Bullet Exploration Inc. has closed its non-brokered private placement financing of 19.2 million units at five cents per unit, raising gross proceeds of $960,000.

Each unit is composed of one common share and one common share purchase warrant, with each warrant being exercisable for one additional common share of the company at a price of 15 cents per share for a period of 12 months following the closing of the financing.

The expiry of the warrants may be accelerated by the company at any time following the date that is four months and one day from closing of the financing and prior to the expiry date of the warrants if, at any time following the closing date, the closing price of the company's common shares on the TSX Venture Exchange is equal to or exceeds 20 cents for any 30 consecutive trading days. In such event, the company may accelerate the expiry date of the warrants by giving notice to holders of warrants and issuing a news release announcing the reduced warrant term whereupon the warrants will expire on the 30th calendar day after the date of such news release.

Certain insiders of the company participated in the financing for an aggregate total of $56,666. The participation by such insiders is considered 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 the related-party participation in the financing based on the fair market value of such insider participation not exceeding 25 per cent of the company's market capitalization.

The shares and warrants are subject to a hold period until Feb. 25, 2024. The financing is subject to final TSX Venture Exchange approval.

The proceeds from the financing will be used for continuing working capital.