Mr. Anthony Zelen reports

BULLET EXPLORATION INC. COMPLETES ACQUISITION OF 1365826 B.C. LTD.; GAINS TOEHOLD IN PROLIFIC GOLD BEARING REGION OF NEVADA

Bullet Exploration Inc. has completed the acquisition of all of the issued and outstanding shares and warrants of 1365826 B.C. Ltd. from the shareholders and warrantholders of 136.

Pursuant to the terms of the share exchange agreement, Bullet issued a total of 23 million common shares and eight million common share purchase warrants of the company to the 136 shareholders in exchange for all (and not fewer than all) of the issued and outstanding common shares and common share purchase warrants of 136. The exercise price of the newly issued warrants is 7.5 cents per Bullet common share, with 7.13 million of the warrants expiring on Oct. 13, 2024, and the remaining 870,000 warrants expiring on Nov. 16, 2024.

No finders' fees were paid on the acquisition.

The acquisition constituted an expedited acquisition in accordance with TSX Venture Exchange Policy 5.3 (Acquisitions and Dispositions of Non-Cash Assets). All common shares and warrants issued in connection with the acquisition are subject to a restriction from trading for four months and a day from the date of issuance.

Bullet, through 1365826 Nevada LLC, a wholly owned subsidiary of 136, is a party to an option agreement for the acquisition of a 100-per-cent interest in certain mineral claims known as the Jefferson property, which is situated within the established Moors Creek mining district of Nye county, Nevada. The Jefferson property spans 1,068 hectares (2,640 acres) and contains 132 claims, strategically located among some of the most productive mines in the region.

The property is not only in proximity to significant mining operations like the Round Mountain mine and Gold Hill, but is also aligned with the geological trends that characterize the renowned gold belts of Nevada, such as the Carlin trend, Cortez gold belt and Walker lane.

An exploration program in 2020 on the property was reported to have identified three fault zones which were on trend with old workings undertaken by local ranchers.

Pursuant to the terms of the option agreement, 136 Nevada has the exclusive right to earn an undivided 100-per-cent interest in and to the Jefferson property by making the following payments:

• July 5, 2022: $65,000 (U.S.) (paid);
• July 5, 2023: $85,000 (U.S.) (paid);
• July 5, 2024: $105,000 (U.S.);
• July 5, 2025: $3,745,000 (U.S.).

In addition, the option agreement calls for a 1-per-cent net smelter return tied to the property until the aggregate payments of the NSR total $10-million (U.S.), after which time the NSR will cease.

"We are pleased to have diversified our resource portfolio via the acquisition of the Jefferson property," stated Anthony Zelen.

He continued, "The proximity of the project to other major mining operations makes it a highly prospective target, and we are eager to advance exploration efforts in due course."

For more information on the Jefferson property and the terms of the acquisition, shareholders are encouraged to review the company's detailed press release dated Dec. 12, 2023, available on SEDAR+.

We seek Safe Harbor.