Mr. Blaine Monaghan reports

PACIFIC RIDGE CLOSES FIRST TRANCHE OF OVERSUBSCRIBED FINANCING; RAISES MORE THAN $1.675 MILLION

Pacific Ridge Exploration Ltd. has closed the first tranche of its oversubscribed non-brokered private placement, raising a total of $1,675,419.51.

The company issued 7,469,679 flow-through units at a price of 9.5 cents per FT unit for gross proceeds of $709,619.51, which includes an oversubscription of 1,159,139 FT units ($110,118.12). Pacific Ridge also issued 12,072,500 non-flow-through units at a price of eight cents per NFT unit for gross proceeds of $965,800 in a first tranche of the non-flow-through portion of the financing. The company expects to close the second and final tranche (1,058,750 NFT units) of the financing shortly.

Pacific Ridge intends to use the proceeds raised from this financing 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 copper-gold porphyry projects in British Columbia.

Each FT unit comprises one common share of the company issued as a flow-through share within the meaning of the Income Tax Act (Canada) and one common share purchase warrant. Each NFT unit comprises one common share of the company and one warrant. Each warrant is exercisable to purchase one additional non-flow-through common share at an exercise price of 12 cents any time on or before March 22, 2026. The securities are subject to a hold period ending on July 23, 2024. The company paid finder's fees totalling $66,066.12 in connection with the financing. The financing and payment of finder's fees are subject to TSX Venture Exchange acceptance.

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 (Canada) and flow-through mining expenditures as defined in Subsection 127(9) of the Income Tax Act (Canada). 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.

An insider of the company subscribed for 120,000 FT units and, through a company controlled by him, 250,000 NFT units. Such participation is considered to be a related party transaction as defined under Multilateral Instrument 61-101. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the financing by the insider does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101.

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, 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.