Mr. Blaine Monaghan reports

PACIFIC RIDGE RAISING $2.4M TO EXPLORE PORTFOLIO OF U.S. COPPER AND GOLD PROJECTS

Pacific Ridge Exploration Ltd. plans to raise $2.4-million to explore the portfolio of recently optioned copper and gold projects in the united States: the Mineral Hill gold project (Wyoming), the Red Star copper project (Utah), the Ripsey West copper project (Arizona) and the Royston copper project (Nevada). Please see news release dated Jan. 8, 2025, for further information.

"These highly prospective projects are located in mining-friendly states, are road accessible and are ready to be drilled," said Blaine Monaghan, president and chief executive officer of Pacific Ridge. "Additionally, the projects complement our existing portfolio of copper projects in Canada and expand our footprint into areas that include some of the world's largest porphyry copper mines. We are excited to get to work."

The company plans to issue up to 15 million units at a price of 16 cents per unit in a non-brokered private placement for gross proceeds of up to $2.4-million. Each unit will comprise one common share of the company and one common share purchase warrant. Each warrant will be exercisable to purchase one additional common share at an exercise price of 24 cents for a period of 36 months. The warrants contain an accelerated expiry clause. Pursuant to the acceleration clause, if the common shares of the company close at or above 40 cents for 10 consecutive trading days on the TSX Venture Exchange, then Pacific Ridge may elect to accelerate the expiry date of the warrants by issuing a news release announcing the accelerated warrant term, pursuant to which the warrants will expire on the 30th calendar day after the date of such news release.

Proceeds from this financing will be used to explore the projects and for general working capital. 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 the projects

Mineral Hill

Mineral Hill is over 902 hectares in size (comprising 19 patented lode and placer claims, and 177 unpatented federal lode mining claims) and is located in eastern Wyoming in the Black Hills gold province, which has produced more than 40 million ounces of gold from the Homestake gold mine alone. Tertiary alkalic intrusive centres and domes follow an 80-kilometre-long west-northwest-trending belt across the Black Hills. Low- to intermediate-sulphidation epithermal gold-silver mineralization is currently being mined 18 km east of Mineral Hill at Coeur Mining Inc.'s Wharf mine. Targets at Mineral Hill include high-grade epithermal gold veins and disseminated and stockwork veined porphyry gold-copper mineralization. The company believes Mineral Hill represents a fully intact upright alkalic porphyry gold-copper system and near-surface epithermal transition zone that is associated with a three by two km composite alkaline intrusive centre. Known gold-copper mineralization at historical Interocean mine is related to cross-cutting quartz-sulphide veins in a 300-metre-long north-south-trending corridor that has been drill-tested to about 200 m vertical depth and remains open in every direction. Epithermal gold target areas lie 600 to 750 m west and southwest of the Interocean zone.

Red Star

Red Star is approximately 3,005 hectares in size (398 unpatented federal lode mining claims) and is adjacent to the Star mining district, Utah. Surface alteration and mineralization suggests the presence of a porphyry copper system beneath postmineral cover composed of volcanics and alluvium. Polymetallic (Pb-Zn-Ag-Cu-Au) (lead-zinc-silver-copper-gold) fissure veins, mantos and local Zn-rich skarn are hosted in east-tilted and fault-repeated Paleozoic carbonate rocks in the Star mining district. These fissure veins may be analogous to fissure veins found in the periphery of the Bingham and Tintic districts. Red Star also shares a similar regional geophysical signature with Bingham and Tintic porphyry copper deposits, each lying within east-northeast-trending aeromagnetic domains considered to be representative of Tertiary batholiths. The timing of Tertiary magmatism in Utah youngs southward such that the age of an undiscovered porphyry system at Red Star would likely be approximately 34 to 27 Ma ... At Red Star, known polymetallic fissure veins and replacement mantos, and a copper-zinc skarn occurrence (Moscow mine), define a west-southwest-trending vector toward a 2.0 by 1.5 km porphyry target area with anomalous geophysics (Spartan IP-MT and UAV (unmanned aerial vehicle) magnetics). The primary target zone starts about 1.5 km west of the Moscow mine skarn.

Ripsey West

Ripsey West is over 2,161 hectares in size (comprising 36 unpatented federal lode mining claims and eight Arizona state leases) and is located 23 km south of the Ray mine in Arizona. The principal target at Ripsey West is a high-grade Laramide porphyry copper system. An east-northeast-trending target area measures approximately 3.5 by 1.5 km and has potential for both hypogene mineralization and supergene enrichment.

The Ripsey West exploration model is for a porphyry copper system that has been episodically faulted and tilted 90 degrees eastward and buried under alluvial cover in a half graben basin. The porphyry target area lies between a two km long east-northeast-trending stock-shaped magnetic low feature in the west thought to be associated with a Laramide pluton, and a magnetic high feature in the east demarking the faulted basin edge. A zone of quartz-sericite-pyrite (QSP) alteration and D-veins associated with east-northeast-trending Laramide porphyry dikes extends for 900 m east outside the basin margin, and base metal mineralization and veins in historical drilling continue for approximately two km. These provide a vector toward a porphyry core in the west under the postmineral alluvium.

Royston

Royston is over 1,855 hectares in size (comprising 227 unpatented federal lode mining claims) and is located 30 km northwest of Tonopah in Nevada. The principal target at Royston is a porphyry copper system within a 2.8 by 1.8 km target area which contains a significant zone of QSP alteration and mineralization. A five-hole reconnaissance reverse circulation drill program completed in late 2023 confirmed the presence of a strongly westward tilted and fault segmented porphyry of significant scale containing intense QSP alteration and base metal mineralization. Two of the holes were cased and are ready to be followed up with diamond core tails under the active drill permit at Royston.

About Pacific Ridge Exploration Ltd.

Pacific Ridge is one of North America's leading copper exploration companies. The company owns or control eight copper projects located in premier copper mining districts in America and Canada.

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