Mr. Mike Taylor reports

SLAM ACQUIRES PENINSULA CRITICAL MINERALS LITHIUM-TANTALUM PROJECT IN PROVEN LITHIUM CAMP IN QUEBEC FROM WHITEROCK

Slam Exploration Ltd. has entered into an option agreement with Dustin Nanos and WhiteRock Corp. (signed Nov. 7, 2023), whereby Slam can acquire 100 per cent of the Peninsula critical mineral lithium project neighbouring the Rose lithium-tantalum project operated by Critical Elements Lithium Corp., located on the territory of Eeyou Istchee in the proven James Bay lithium camp in Quebec. All sections of the project are located on the traditional lands of the Cree Nation of Eastmain.

Project highlights

Proven lithium district

The Peninsula project comprises 302 claim units covering 4,700 hectares in four claim groups located 10 to 30 kilometres northeast of the 60-million-tonne Rose lithium-tantalum deposit and mine project operated by Critical Elements Lithium. Critical Elements Lithium filed a positive feasibility study on Oct. 11, 2023, for a potential mine at the Rose deposit based on the following reserves and resources.

Rose deposit:

• Critical Elements Lithium website: 60-million-tonne Rose lithium deposit as of Aug. 1, 2023;
• Probable reserves: 26.3 million tonnes of 0.87 per cent Li2O (lithium oxide) and 138 parts per million Ta2O5 (tantalum pentoxide);
• Indicated resources: 30,561,000 tonnes of 0.93 per cent Li2O and 118 ppm Ta2O5;
• Inferred resources: 2,384,000 tonnes of 0.78 per cent Li2O and 129 ppm Ta2O5.

Lithium potential of the area

The Peninsula lithium project is located northeast of the Rose lithium tantalum project and is underlain by volcano sedimentary and intrusive rock formations similar to those occurring on the Rose project. These formations could host pegmatites similar to the northeast-trending lithium pegmatite bodies that outcrop on the Rose project. Several potential areas of outcrop that are prospective for pegmatites can be identified from Google Earth and satellite views.

Critical Elements Lithium recently announced several new lithium discoveries and identified four new spodumene-bearing pegmatite outcrops in its new discovery area on the Rose project. According to Critical Elements Lithium: "The apparent strike length along the outcrops exceeds 400 metres to date, the results from the initial 10 selected samples have been received. All samples are lithium bearing and 50 per cent of them report values over 3 per cent Li2O, with some results as high as ... 5.62 per cent Li2O .... The reader is cautioned that grab samples are selective by nature and may not represent average grades."

Infrastructure

The project is 50 kilometres northwest of Nemaska's Whabouchi lithium mine, 20 km south of Hydro Quebec's Eastmain 1 major hydroelectric dam and 80 km south of Goldcorp's Eleonore gold mine. The project is 45 kilometres north of the Cree village of Nemaska, located approximately 300 km northwest of Chibougamau. The four sections of the project are all accessible from the Route du Nord, an all-season road from Chibougamau. It can also be reached from Matagami through Route 109 and Route du Nord. The Nemiscau airport is 50 km from the project.

Slam president Mike Taylor stated: "The lithium potential of this area is well established by the known 60-million-tonne lithium/tantalum resource on the Rose project to the west and the Whabouchi lithium mine 50 km to the southeast. There is excellent potential for lithium deposits on our Peninsula claims. Slam wishes to thank Dustin Nanos and WhiteRock for this opportunity and is compiling data in preparation for an exploration program on the Peninsula project."

The option agreement

To acquire interest in the Peninsula lithium project, Slam must pay WhiteRock a total of $125,000, issue WhiteRock seven million common shares and make exploration expenditures in accordance with the following schedule over a period of three years.

Upon Slam earning 100 per cent, WhiteRock will retain 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 a 0.5-per-cent NSR royalty) for a one-time payment of $600,000 at any time.

The option agreement and proposed share issuances remain subject to approval by the exchange. All shares will be subject to a statutory hold period of four months and half the shares will be subject to a hold period of eight months from issuance. Slam will pay a finder's fee of 700,000 shares and a 0.5-per-cent NSR royalty to a qualified arm's-length party. The finder NSR royalty will be granted only upon completion of the 100-per-cent earn-in by Slam. Slam retains the right to purchase this finder NSR royalty for $1-million at any time.

About Slam Exploration Ltd.

Slam is a resource company with a large portfolio of mineral claimholdings in three divisions: critical and strategic elements, gold, and base metals. The recently acquired Peninsula lithium-tantalum project, the Ear Falls lithium project and the Notre-Dame niobium project are significant additions to Slam's critical and strategic element portfolio.

Slam has built its gold portfolio through exploration for gold along regional fault structures has resulted in significant gold discoveries, including the Maisie gold vein system at Slam's wholly owned Menneval project and a number of recent gold discoveries in southern New Brunswick on its Shadow Lake, Jake Lee and Highway projects. The Jake Lee, Rogers Lake and Highway projects are underlain by volcano sedimentary sequences and highly fractionated intrusive bodies cut by deep-seated fault structures. These projects have potential for critical elements minerals as well as cobalt, silver and base metals.

The company recently added the Mine Road zinc/lead/silver project to its base metal portfolio in the mineral-rich Bathurst mining camp of New Brunswick. Previous workers drilled massive sulphide zones, including one hole with a core interval grading 14.51 per cent zinc, 5.86 per cent lead, 0.67 per cent copper and 139.9 grams per tonne silver over a 9.0-metre interval. The company holds NSR royalties and expects additional cash and share payments on the Wedge, Goodwin and Ferguson base metal projects. Slam also holds NSR royalties and may receive addition cash and share payments on the Ramsay, Reserve Creek and Opikeigen gold projects.

Quality assurance/quality control procedures

The prospecting results described herein are from recent news releases reported by other companies.

Qualifying statement

Mike Taylor, PGeo, president and chief executive officer 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.