Mr. Blaine Monaghan reports

PACIFIC RIDGE CLOSES FIRST TRANCHE OF FINANCING

Pacific Ridge Exploration Ltd. has closed the first tranche of its previously announced non-brokered private placement by issuing 1,632,430 units at a price of 14 cents per unit and 618,823 critical mineral flow-through units (FT units) at a price of 17 cents per FT unit for gross proceeds of $333,740.11.

Proceeds from the offering will be used for a follow-up drill program at the company's 100-per-cent-owned RDP copper-gold project (RDP) and for general working capital. Drilling at RDP in 2022 returned 107.2 metres of 1.39 per cent copper equivalent (CuEq) or 2.06 grams per tonne gold equivalent (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 gold equivalent (AuEq) (0.37 per cent copper, 0.40 g/t gold and 1.60 g/t silver) (see news release dated Oct. 25, 2022). RDP is located in north-central British Columbia, 40 kilometres west of the company's flagship Kliyul copper-gold project.

Each 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. Proceeds from the sale of the FT units will be used for Canadian critical minerals exploration expenses at Pacific Ridge's B.C. projects. These expenditures will qualify as critical mineral flow-through mining expenditures within the meaning of the Income Tax Act (Canada).

Each warrant is exercisable to purchase one additional non-flow-through common share at an exercise price of 20 cents on or before March 28, 2028. The securities are subject to a hold period ending on July 29, 2025. The company paid finders' fees totalling $16,886.81 and issued 114,020 finder warrants in connection with the first tranche of the offering. Each finder warrant is exercisable to purchase one common share at an exercise price of $0.20 on or before March 28, 2028. The offering and payment of finders' fees are subject to TSX Venture Exchange acceptance. The TSX Venture Exchange has granted Pacific Ridge a 30-day extension to close the second tranche of the offering.

Three insiders of the company, one through a company controlled by him, subscribed for an aggregate 443,572 NFT units and 58,823 FT units in this tranche of the offering. 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 offering by the insiders 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 is one of B.C.'s leading copper exploration companies. The company'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, Pacific Ridge'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.