File: Attachment Bullet Exploration.News Release re closing (February 8, 2024) - Final (W0451007x10917F).pdf

Bullet Exploration Inc. Completes Acquisition of 1365826 B.C. Ltd.

Gains Toehold in Prolific Gold Bearing Region of Nevada

DATELINE: Vancouver, British Columbia

Ticker" "AMMO"

Date: February 8th, 2024

Vancouver, British Columbia - Bullet Exploration Inc. ("Bullet" or the "Company") is pleased to announce that it has completed the acquisition (the "Acquisition") of all of the issued and outstanding shares and warrants of 1365826 B.C. Ltd. ("136") from the shareholders and warrant holders of 136 (the "136 Shareholders").

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 $0.075 per Bullet common share, with 7,130,000 of the warrants expiring on October 13, 2024, and the remaining 870,000 warrants expiring on November 16, 2024.

No finder's 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 ("136 Nevada"), a wholly owned subsidiary of 136, is a party to an option agreement for the acquisition of 100% interest in certain mineral claims knows and the Jefferson property (the "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. - 2 -

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 December 12, 2023, available on SEDAR + at www.sedarplus.ca .

For further information please contact:

Bullet Exploration Inc. Anthony Zelen Chief Executive Officer T: 778-388-5258 E: info@bulletexploration.com

Reader Advisory This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward- looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the exploration and findings on the Property. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in the mining industry; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive. - 3 -

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.