File: Attachment Bullet Exploration.News Release (May 2, 2024) (W0453010x10917F).pdf

Bullet Exploration Inc. Amends Option Terms for Jefferson Gold Property

DATELINE: Vancouver, British Columbia

Ticker" "AMMO"

Date: May 2, 2024

Vancouver, British Columbia - Bullet Exploration Inc. ("Bullet" or the "Company") (TSXV: AMMO) is pleased to announce that it has successfully amended the payment terms with respect to the option agreement underlying the Jefferson Gold Property.

Bullet, through its wholly owned subsidiary 1365826 Nevada LLC ("136 Nevada"), is a party to an option agreement for the acquisition of a 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 Property spans 1,068 hectares (2,640 acres) and contains 132 claims, strategically located among some of the most productive mines in the region.

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

Original Payment Terms:

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.).

Pursuant to the amendment, the Revised Payment Terms are as follows:

July 5, 2022: $65,000 (U.S.) (paid); July 5, 2023: $85,000 (U.S.) (paid): July 5, 2024: $135,000 (U.S.) July 5, 2025: $315,000 (U.S.) July 5, 2026: $600,000 (U.S.) July 5, 2027: $2,900,000 (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 successfully negotiated a drastic reduction in near term cash payments for the Jefferson Gold Property," stated Ehsan Agahi President and CEO. He continued, "We are eager to test the prospectivity of the Property and look forward to actively advancing our exploration efforts over the coming months."

For Further information, please contact:

Ehsan Agahi

President, Chief Executive Officer

Telephone: +1 (604) 358-6172

Email: ehsan@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 advancing exploration efforts 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.

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.