Mr. Blaine Monaghan of Pacific Ridge reports

PACIFIC RIDGE ACQUIRES 100% INTEREST IN KLIYUL AND REDTON COPPER-GOLD PROJECTS

Pacific Ridge Exploration Ltd. has reached an agreement with AuRico Metals Inc., a wholly owned subsidiary of Centerra Gold Inc., to acquire a 100-per-cent interest in the Kliyul and Redton copper-gold porphyry projects by issuing 16,996,099 common shares to AuRico. The Projects are located in the prolific Quesnel Trough in northcentral British Columbia (see Figure 1).

This Agreement replaces a previous agreement with AuRico whereby the Company had the right to acquire up to a 75% interest in the Projects by spending $7.0M on exploration, issuing 3,500,000 common shares, and making cash payments totaling $160,000 by December 31, 2025 (see news release dated January 17, 2020). The Agreement is subject to regulatory approval.

"Owning one of B.C.'s newest and most exciting discoveries outright is great news for Pacific Ridge and its shareholders," said Blaine Monaghan, President & CEO of Pacific Ridge. "Over the last three years we have materially increased the size of the Kliyul mineralized body to the point where we believe that there is excellent potential to outline a sizeable copper-gold porphyry deposit. Lastly, I would like to welcome AuRico as our newest and largest shareholder. I truly believe that today's news is an important milestone that will help to create and unlock future value for the Company and its shareholders."

2023 Kliyul Copper-Gold Porphyry Project Exploration Plans

Pacific Ridge has budgeted approximately $4.6M for a 7,000 m diamond drill program at the Kliyul copper-gold project ("Kliyul") this year. In addition to further expansion drilling at the Kliyul Main Zone ("KMZ"), Pacific Ridge plans to drill test several other interpreted porphyry centres that occur along a 6-km long mineralized trend (see Figure 2). The Company will mobilize in mid-June and drilling is expected to commence by the end of June/beginning of July.

About Kliyul

Over 60 km2 in size, Kliyul is located 65 km southeast of the Centerra Kemess Project and close to existing infrastructure (Figure 1). Kliyul comprises nine porphyry copper-gold target areas along two main trends: the 1.5 km-long east-northeast Valley Fault Trend, which includes its five fault-defined target areas (Kliyul West, KMZ, Kliyul North, East Wedge, and Kliyul East); and the 6-km-long northwest-trending Divide Lake Fault Trend which includes Ginger, Parish Hill, Bap Ridge, and M-39 target areas (see Figure 2).

Since 2020, Pacific Ridge has spent over $7.5M advancing Kliyul, including 8,557 m of drilling in 15 holes as well as geological, geochemical and geophysical surveys. Based on the exploration results to date, the Company believes that there is excellent potential to define a significant porphyry copper-gold system. Drilling at KMZ to date has defined a mineralized body measuring approximately 600 m by 350 m, and to a depth of 600 m; and geophysical data, including recent magnetic and IP surveys, suggest that this body can be expanded significantly (see Figure 3). Highlights from Pacific Ridge's drilling are shown in Table 1.

Drilling confirms that the MVI Induced data closely correlates with mineralization. Anomalous MVI is ~ 38-hectare in size; current KMZ mineralized footprint is only 5.5 hectares, or 14.5% of the total footprint.

About the Redton Copper-Gold Porphyry Project

Approximately 35 sq-km in size, the Redton copper-gold porphyry project ("Redton") is adjacent to NorthWest Copper Corp's Kwanika deposit (Figure 4), which hosts 223.6 million tonnes grading 0.27% copper, 0.25 g/t gold and 0.87 g/t silver containing 1.32 billion pounds of Cu, 1.83 million ounces of Au and 6.27 million ounces of Ag in the Measured and Indicated category1. In 2022, Pacific Ridge identified a surface geochemical target of similar size and orientation as the Kwanika Central Zone footprint, located 4.5 km east of the Kwanika following an interpreted arc-transverse lineament.

About Pacific Ridge

Our goal is to become British Columbia's leading copper-gold exploration company. Pacific Ridge's flagship project is the Kliyul copper-gold project, located in the Quesnel Trough, approximately 65 km southeast of Centerra Gold Inc's Kemess Project. In addition to Kliyul, the Company's project portfolio includes the RDP copper-gold project (optioned to Antofagasta Minerals S.A.), the Chuchi copper-gold project, the Onjo copper-gold project, and the Redton copper-gold project, all located in British Columbia. Pacific Ridge would like to acknowledge that its B.C. projects are located in the traditional, ancestral and unceded territories of the Gitxsan Nation, McLeod Lake Indian Band, Nak'azdli Whut'en, Takla Nation, and Tsay Keh Dene Nation.

The technical information contained within this News Release has been reviewed and approved by Gerald G. Carlson, Ph.D., P.Eng., Executive Chairman of Pacific Ridge and Qualified Person as defined by National Instrument 43-101 policy.

We seek Safe Harbor.