Mr. Blaine Monaghan reports

PACIFIC RIDGE'S COMMON SHARES TRADING ON THE FRANKFURT STOCK EXCHANGE

Pacific Ridge Exploration Ltd.'s common shares are now trading on the Frankfurt Stock Exchange (FSE) under the trading symbol PQWN.

"The FSE listing will help Pacific Ridge grow its German shareholder base as the company continues to advance the Kliyul copper-gold project and the RDP copper-gold project," said Blaine Monaghan, president and chief executive officer of Pacific Ridge. "This listing couldn't come at a better time as we have 11 more holes to report from Kliyul and three holes to report from RDP."

Pacific Ridge completed a total of 19 diamond drill holes (KLI-23-051 to KLI-23-069) totalling 10,284 metres at its 100-per-cent-owned Kliyul copper-gold project this year, the largest-ever exploration program at the project. Kliyul is located in the prolific Quesnel terrane in north-central British Columbia close to existing infrastructure. In addition, the company completed three diamond drill holes totalling 1,428 metres at the RDP copper-gold project. RDP is located 40 kilometres west of Pacific Ridge's flagship Kliyul and is under option to Antofagasta Minerals S.A., a wholly owned subsidiary of Antofagasta PLC.

Antofagasta can earn a 75-per-cent interest in RDP by spending $10-million on exploration over eight years and delivering a preliminary economic assessment report (see news release dated Feb. 8, 2022).

2023 exploration highlights:

• Kliyul drill hole KLI-23-054 intersected 305.5 metres (m) of 0.59 per cent CuEq* (copper equivalent) or 0.87 gram per tonne (g/t) AuEq** (gold equivalent) (0.23 per cent copper, 0.51 g/t gold and 1.22 g/t silver) within 540.3 m of 0.44 CuEq* or 0.65 g/t AuEq** (0.19 per cent copper, 0.36 g/t gold and 1.09 g/t silver) (see news release dated Aug. 23, 2023).
• Kliyul drill hole KLI-23-058 intersected 103.5 m of 0.63 per cent CuEq* or 0.94 g/t AuEq** (0.18 per cent copper, 0.66 g/t gold and 0.93 g/t silver) within 388.5 m of 0.42 per cent CuEq or 0.62 g/t AuEq** (0.18 per cent copper, 0.35 g/t gold and 1.05 g/t silver) from the Kliyul North zone (see news release dated Oct. 10, 2023).
• Known extents of the Kliyul porphyry copper-gold complex now measure 600 m east-west, up to 600 m north-south and up to 600 m vertical depth.
• Results for the remaining 11 drill holes from Kliyul will be released once they are received and compiled.
• Results for the three drill holes from RDP will be released once they are received and compiled.

About Pacific Ridge Exploration Ltd.

Pacific Ridge's goal is to become British Columbia's leading copper-gold exploration company. Pacific Ridge's flagship asset is its 100-per-cent-owned Kliyul copper-gold project, located in the Quesnel terrane close to existing infrastructure. 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, PhD, PEng, executive chairman of Pacific Ridge and qualified person as defined by National Instrument 43-101 policy.

* CuEq equals ((copper (Cu) per cent) times Cu dollar times 22.0462) plus (gold (Au) (g/t) times gold recovery/copper recovery (AuR/CuR) times Au dollar times 0.032151) plus (silver (Ag) (g/t) times silver recovery/copper recovery (AgR/CuR) times Ag dollar times 0.032151)) divided by (Cu dollar times 22.0462).

** AuEq equals ((Au (g/t) times Au dollar times 0.032151) plus ((Cu per cent) times CuR/AuR times Cu dollar times 22.0462) plus (Ag (g/t) times AgR/CuR times Ag dollar times 0.032151)) divided by (Au dollar times 0.032151).

Commodity prices: Cu dollar equals $3.25 (U.S.) per pound (lb); Au dollar equals $1,800 (U.S.) per ounce (oz); and Ag equals $20 (U.S.) per oz.

There has been no metallurgical testing on Kliyul mineralization. The company estimates copper recoveries of 84 per cent, gold recoveries of 70 per cent and silver recoveries of 65 per cent based on the average recoveries from Kemess Underground, Mount Milligan and Red Chris.

Factors: 22.0462 equals Cu per cent to lb per tonne; 0.032151 equals Au g/t to troy oz per tonne; and 0.032151 equals Ag g/t to troy oz per tonne.

We seek Safe Harbor.