Mr. Blaine Monaghan reports

PACIFIC RIDGE CLOSES SECOND TRANCHE OF OVERSUBSCRIBED FINANCING; RAISES MORE THAN $1.76 MILLION

Pacific Ridge Exploration Ltd. has closed the second and final tranche of its oversubscribed non-brokered private placement raising a total of $1,760,119.51.

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.

"I would like to thank everyone that participated in the financing," said Blaine Monaghan, president and chief executive officer of Pacific Ridge. "With gold trading at all-time highs, and copper trading north of $4.00 (U.S.) per pound, there has never been a better time to have exposure to one of B.C.'s leading copper-gold exploration companies. We are excited to continue advancing our highly prospective portfolio of copper-gold porphyry projects in such a robust commodity market."

In this second tranche, the company issued 1,058,750 non-flow-through units at a price of eight cents per NFT unit for gross proceeds of $84,700. In the first tranche (see news release dated March 25, 2024), Pacific Ridge issued 12,072,500 NFT units for gross proceeds of $965,800 and also 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 included an oversubscription of 1,159,139 FT units ($110,118.21).

Each NFT unit comprises one common share of the company and one common share purchase warrant. 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 warrant. Each warrant is exercisable to purchase one additional non-flow-through common share at an exercise price of 12 cents any time for a period of two years. The securities issued in the second tranche are subject to a hold period ending on Aug. 6, 2024. The company paid finder's fees totalling $4,362 in connection with this tranche of 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, through a company controlled by him, subscribed for 150,000 NFT units in this tranche of the financing. 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.

Director resignation

Borden Putnam III has resigned from the company's board of directors. Pacific Ridge would like to thank Mr. Putnam for his services and contributions to the company.

About Pacific Ridge Exploration Ltd.

Pacific Ridge Exploration'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.