Mr. Mike Taylor reports

SLAM ACQUIRES SHADOW LAKE GOLD PROPERTY

Slam Exploration Ltd., further to its news release dated May 11, 2023, has received TSX Venture Exchange approval and closed the option agreement dated May 9, 2023, with Robert Murray (the optionor) to acquire a 100-per-cent interest in the Shadow Lake property, located on the Trans-Canada Highway 15 kilometres west of Saint John, N.B.

The Shadow Lake gold project

The property is host to seven recent gold discoveries made in 2021 by previous workers. Six gold discoveries on the east portion of the claims include one site that returned a grab sample grading 70.4 grams per tonne (g/t) gold and five sites where grab samples are grading from 0.396 g/t to 3.03 g/t gold. Approximately 14 kilometres to the west, a similar occurrence returned grab samples ranging up to 54.9 g/t gold. Slam's prospecting team reported a site of visible gold at this occurrence after a due-diligence visit. Assays are pending on five samples collected during this visit.

The option agreement: Upon signing of the option agreement, Slam paid $15,000 cash to the optionor and has now issued 100,000 common shares at a price of five cents per share to the optionor. The shares are subject to a statutory hold period of four months and one day, which will expire on Oct. 19, 2023. The company must issue a further 1.4 million shares and make cash payments of $230,000 over a period of four years from signing the option agreement in order to earn a 100-per-cent interest in the property.

The property is subject to a royalty of 2-per-cent net smelter return (NSR). The company may purchase one-half of the royalty for $1-million at any time and the remaining half of the royalty for $2-million, at any time. The property comprises six claims covering 3,782 hectares along a 20-kilometre stretch of granitic and sedimentary rocks associated with the Fundy fault zone.

About Slam Exploration Ltd.

The company continues to generate cash and collect securities from other companies through mineral property option agreements. During the past six months, the company has received a total of $529,250 from a combination of mineral property payments and private placements. The company currently holds an aggregate of 2,760,949 common shares received from mineral property option agreements with other issuers.

Targeting critical elements as well as gold, the company aggressively pursues new exploration opportunities such as the recently staked Highway project with known occurrences of cobalt, copper and silver, as well as gold.

Slam's exploration team is following up on known and recently discovered gold occurrences on the Jake Lee, Highway and Shadow Lake gold projects. These projects are associated with the Fundy fault zone and located in southwestern New Brunswick, where Galway Metals recently announced a 2.3-million-ounce gold deposit at Clarence stream. The company plans further work at its drill-ready Menneval gold project in northern New Brunswick, and intends to explore cobalt, nickel and copper geochemical anomalies on its Portage project in the Bathurst mining camp (BMC). The company is evaluating the Cumberland Bay rare earth element (REE) project in central New Brunswick and the Keezhik gold project in Ontario.

The company has sufficient funds for the work currently in progress. View Slam's corporate presentation at the company's website.

Quality assurance/quality control procedures

Previous workers collected 261 grab samples, including 47 samples from 0.01 g/t to 0.1 g/t gold, 19 samples grading 0.1 g/t to one g/t gold and six samples grading 1.47 g/t to 70.4 g/t gold. According to their reports, samples were sent to ALS Global and were analyzed for gold using standard fire assay (30 grams) with inductively coupled plasma atomic emission spectroscopy (ICP-AES) finish. Slam has been provided with an Excel spreadsheet of these data but does not have access to the assay certificates.

Qualifying statements

Mike Taylor, PGeo, president and chief executive officer of Slam Exploration, a qualified person as defined by National Instrument 43-101, approves the contents of this news release.

We seek Safe Harbor.