Mr. Blaine Monaghan reports

PACIFIC RIDGE INCREASES SIZE OF FINANCING

Due to strong investor demand, Pacific Ridge Exploration Ltd. has increased the previously announced financing (see news release dated Feb. 22, 2024) from $1,350,500 to $1,650,500 to finance continued exploration at the company's 100-per-cent-owned Kliyul copper-gold project, located in the prolific Quesnel terrane in north-central British Columbia.

Financing

Pacific Ridge plans to issue up to 13,131,250 units at a price of eight cents per unit and 6,310,540 flow-through units at a price of 9.5 cents per flow-through unit in a non-brokered private placement for gross proceeds of up to $1,650,500. Each unit will comprise one common share of the company and one common share purchase warrant. Each flow-through unit will comprise 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 flow-through 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 flow-through 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 finders' fees of 6 per cent cash on a portion of the financing. The financing and payment of finders' fees are subject to TSX Venture Exchange acceptance.

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. The project 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 metres east-west, up to 600 metres north-south and up to 650 metres 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 110.0 metres of 0.97 per cent copper equivalent or 1.44 grams per tonne gold equivalent (0.27 per cent copper, 1.03 grams per tonne gold and 1.55 grams per tonne silver) within 455.8 metres of 0.43 per cent copper equivalent or 0.63 gram per tonne gold equivalent (0.17 per cent copper, 0.37 gram per tonne gold and 0.93 gram per tonne silver) (see news release dated Jan. 9, 2024).
• Drill hole KLI-23-069, collared in KMZ North, returned 45.0 metres of 0.58 per cent copper equivalent or 0.86 gram per tonne (0.38 per cent copper, 0.28 gram per tonne gold and 2.20 grams per tonne silver) within 570.0 metres of 0.27 per cent copper equivalent or 0.40 gram per tonne gold equivalent (0.14 per cent copper, 0.18 gram per tonne gold and 0.99 gram per tonne silver). The 45-metre interval, at 584 metres downhole depth, is the deepest mineralized interval ever encountered at Kliyul and provides a downplunge 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 electromagnetic) and MT (magnetotelluric) surveys, to refine targeting for higher-grade mineralization in KMZ West and a porphyry centre in KMZ North.

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 SA), 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 British Columbia 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.