Mr. Mike Taylor reports

SLAM ACQUIRES NEW LITHIUM PROJECT

Slam Exploration Ltd. has entered into an arm's-length option agreement dated Oct. 11, 2023, to acquire a 100-per-cent interest in the Ear Falls lithium project, located in the vicinity of a new lithium discovery by Beyond Lithium Inc. near Ear Falls in Northwestern Ontario.

Project highlights:

• New lithium discoveries: The project comprises 230 claim units covering 4,700 hectares in two claim groups respectively located 10 kilometres (km) northeast and 12 km south of a new 1,000-metre-long spodumene-bearing pegmatite zone with grab samples up to 4.54 per cent lithium oxide (Li2O) reported by Beyond Lithium on its Ear Falls project.
• Northeast claim group: The northeast group comprises 50 claims covering 1,018 hectares located 10 km along strike from new lithium discoveries by Beyond Lithium which recently reported, "New spodumene-bearing pegmatites zone discovered at the Ear Falls project with grab samples up to 4.54 per cent Li2O."
• Mineral trend: Beyond Lithium also reports favourable geology and a highly fractionated sample located two km northeast of the new discovery spodumene zone. This suggests a trend toward Slam's northeast claims. This trend is supported by aeromagnetic signatures.
• Southern claim group: The southern group comprises 180 claim units covering 3,678 hectares located 12 kilometres south of the new lithium discovery. The southern claim group is underlain by sediments and granitic rocks that are prospective for pegmatites.
• Regional lithium play: The Ear Falls lithium project is underlain by volcano-sedimentary and intrusive rocks transected by a splay of the Lake St. Joseph fault, a regional structure that cuts through the Root Bay area where Green Technology Metals is drilling to expand a JORC-compliant resource on the Root Bay and McCombe deposits. Pioneer Lithium recently announced a new pegmatite discovery on its adjacent Root Bay claims.
• Infrastructure: Both claim groups are accessible through a network of logging roads and secondary roads off Highway 105 that connects the mining town of Red Lake to the Trans-Canada highway.
• The optionors: The Ear Falls lithium agreement was signed by Perry English and Gravel Ridge Resources Ltd., jointly, the optionors, along with the chief executive officer of Slam.

Slam president Mike Taylor states: "The new lithium discovery of 4.54 per cent Li2O by Beyond Lithium is very significant. The geological setting is similar to Root Bay where Green Technology Metals recently announced drilling to expand its lithium deposits. Slam wishes to thank the optionors for this opportunity and is planning an exploration program at Ear Falls. The company intends to continue its aggressive pursuit of new exploration opportunities especially in the critical element space."

The agreement: To earn a 100-per-cent interest in and to the Ear Falls Lake lithium project, Slam must pay the optionors a total of $79,000 over three years and issue the optionors 300,000 common shares in accordance with the schedule shown in the attached table.

Upon Slam earning 100-per-cent interest, the optionors are to hold a 1.5-per-cent net smelter return (NSR) production royalty. Slam retains the right to buy back one-third of the royalty equal to 0.5-per-cent NSR for a one-time payment of $600,000 at any time. Upon such purchase and payment being made, the optionors will retain a production royalty equal to 1.0% per cent of NSR.

The option agreement and proposed share issuances remain subject to approval by the TSX Venture Exchange. All security issuances will be subject to a statutory hold period of four months and one day from issuance in accordance with Canadian securities laws. No finders' fees were paid on this arm's-length agreement.

About Slam Exploration Ltd.

The Ear Falls lithium project is a significant addition to Slam's mineral portfolio which has been mainly focused on the mineral-rich province of New Brunswick where it holds a large portfolio of gold, REE (rare earth elements) and base metal projects. Exploration for gold along regional fault structures has resulted in significant gold discoveries. These include the Maisie gold vein system at Slam's wholly owned Menneval project. In addition, Slam has identified an area with high potential for gold discoveries in southern New Brunswick where the company acquired the Shadow Lake, Jake Lee, Rogers Lake and Highway projects. These projects have potential for rare earth element minerals, as well as cobalt, silver and base metals.

QA/QC (qualifying assurance/quality control) procedures: The prospecting results described above are from recent news releases reported by other companies.

Qualifying statements: Mr. Taylor, PGeo, president and CEO of Slam Exploration, is a qualified person as defined by National Instrument 43-101 and has approved the contents of this news release.

We seek Safe Harbor.