Mr. Blaine Monaghan reports

PACIFIC RIDGE SELECTED FOR PDAC CORE SHACK; FINANCING

Pacific Ridge Exploration Ltd. will showcase drill core from both the Kliyul copper-gold project and the RDP copper-gold project at this year's PDAC (Prospectors & Developers Association of Canada) core shack. Kliyul and RDP are located in north-central British Columbia.

Drill core from Kliyul and RDP will be on display Tuesday, March 5, and Wednesday, March 6, at booth No. 3117B. In addition, the company is attending the investor exchange from Sunday, March 3, to Wednesday, March 6, at booth No. 3130.

About Kliyul

Owned 100 per cent by Pacific Ridge, Kliyul is over 90 square kilometres in size and is located in the prolific Quesnel terrane close to existing infrastructure. Kliyul hosts a number of compelling exploration targets, including the Kliyul Main zone (KMZ), which has been the company's focus since 2020. Pacific Ridge has completed more than 17,500 metres of diamond drilling at KMZ and has expanded the known mineralized extents to 760 m east-west, up to 600 m north-south and up to 650 m vertical depth.

The last two holes of the 2023 diamond drill program, KLI-23-068 and KLI-23-069, returned some of the best mineralized intervals ever reported from KMZ and provided a vector for a higher-grade porphyry centre:

• Drill hole KLI-23-068, collared in KMZ West, intersected 110 m of 0.97 per cent copper equivalent (CuEq), or 1.44 grams per tonne (g/t) gold equivalent (AuEq) (0.27 per cent copper, 1.03 g/t gold and 1.55 g/t silver), within 455.8 m of 0.43 per cent CuEq, or 0.63 g/t AuEq (0.17 per cent copper, 0.37 g/t gold and 0.93 g/t silver) (see news release dated Jan. 9, 2024).
• Drill hole KLI-23-069, collared in KMZ North, returned 45 m of 0.58 per cent CuEq, or 0.86 g/t AuEq (0.38 per cent copper, 0.28 g/t gold and 2.20 g/t silver), within 570 m of 0.27 per cent CuEq, or 0.40 g/t AuEq (0.14 per cent copper, 0.18 g/t gold, and 0.99 g/t silver). The 45 m interval, at 584 m downhole depth, is the deepest mineralized interval ever encountered at Kliyul and provides a down-plunge vector for a higher-grade porphyry centre at KMZ (see news release dated Jan. 9, 2024).

KMZ remains open in every direction and Pacific Ridge plans further exploration work this year, including ZTEM (z-tipper axis electromagnetic) and MT (magnetotelluric) surveys, to refine targeting for higher-grade mineralization in KMZ West and a porphyry centre in KMZ North.

About RDP

Owned 100 per cent by Pacific Ridge, RDP is over 100 square km in size and is located within the Stikine terrane, which is host to numerous significant porphyry deposits in Northern British Columbia, including Kemess, Red Chris, Kerr-Sulphurets and Galore Creek. RDP contains several porphyry copper-gold targets (Roy, Day, Porcupine and Bird) that have been intermittently explored since the early 1970s. Drilling at the Day target in 2022 intersected 107.2 m of 1.39 per cent CuEq, or 2.06 g/t AuEq (0.63 per cent copper, 1.10 g/t gold and 2.91 g/t silver), within 497.2 m of 0.66 per cent CuEq, or 0.97 g/t AuEq (0.37 per cent copper, 0.40 g/t gold and 1.60 g/t silver) (drill hole RDP-22-005) (see the news release dated Oct. 25, 2022).

Financing

Pacific Ridge plans to issue up to 9.4 million units at a price of eight cents per unit and 6.3 million flow-through (FT) units at a price of 9.5 cents per FT unit in a non-brokered private placement for gross proceeds of up to $1,350,500. Each unit will be composed of one common share of the company and one common share purchase warrant. Each FT unit will be composed of one common share of the company issued as a flow-through share, within the meaning of the Income Tax Act (Canada), and one warrant. Each warrant will be exercisable to purchase one additional non-flow-through common share at an exercise price of 12 cents for a period of 24 months.

Proceeds from the sale of FT shares will be used to incur Canadian exploration expenses, as defined in Subsection 66.1(6) of the Income Tax Act, and flow-through mining expenditures, as defined in Subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than Dec. 31, 2024, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT shares.

Proceeds from this financing will be used for general working capital and for exploration at Pacific Ridge's flagship Kliyul copper-gold project, as well as for exploration at the company's other projects in British Columbia. Pacific Ridge may pay finder's fees of 6 per cent cash on a portion of the financing. The financing and payment of finder's fees are subject to TSX Venture Exchange acceptance.

About Pacific Ridge Exploration Ltd.

The company'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), 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.

We seek Safe Harbor.