Mr. Mike Taylor reports

SLAM RECEIVES 1ST OPTION PAYMENT FROM NINE MILE METALS

Slam Exploration Ltd. has received 533,334 common shares and 333,334 common share purchase warrants of Nine Mile Metals Ltd. to fulfil the first anniversary payment due pursuant to the option agreement dated Feb. 9, 2023, to acquire the Wedge project. The Wedge project is a former copper producer located in the centre of the Bathurst Mining Camp in New Brunswick.

Nine is conducting a diamond drilling program at the Wedge project. Nine reported a mineralized core interval of 134 metres in hole WD24-02 in a news release dated March 4, 2024, and a mineralized core interval of 76.4 metres in hole WD24-04 in a news release dated March 12, 2024. Certified assays are pending on hole WD24-02, and hole WD24-04 is being logged and sampled as drilling continues.

The Wedge project agreement: Nine issued the above-noted securities on Feb. 9, 2024, and March 1, 2024, respectively. A portion of the securities (333,334 shares and 333,334 warrants) were issued in lieu of a $20,000 cash component of the option payment. The shares were issued at a price of six cents per share. Each warrant is exercisable by the company to purchase one additional share of Nine at a price of 10 cents until March 1, 2026. All securities issued to the company are subject to a four-month statutory hold period that ends on June 10, 2024, and July 2, 2024. Nine shares closed on March 12, 2024, at 12.5 cents per share.

Nine has the option to complete its 100 per cent earn-in through the issuance of an additional 900,000 shares and payment of $120,000 cash to Slam over the next three years. Slam retains a 2-per-cent net smelter return royalty (NSR) on future mineral production from the lands beneath these mineral claims. Half of the NSR can be purchased by Nine at a price of $1-million at any future time.

The Jake Lee gold project: The company is applying for trenching and drilling permits on its Jake Lee project in the vicinity of Galway's 2.3 million ounce (Moz) gold deposit at Clarence stream in southwestern New Brunswick.

Targets at Jake Lee include:

• The Edge 15 discovery of 4.76 grams per tonne (g/t) gold (Au) over one metre is a basal till unit from 0.15 m to 1.15 m drilled in overburden drill hole DH15.
• The Edge 16 occurrence of five g/t gold over 0.8 metre occurs in a basal till unit of sand and rock fragments from 12.2 m to 13 m in overburden drill hole DH16, located 420 m to the southwest of hole DH15. Two other intervals reported from hole DH16 include 1.83 g/t gold from 0.15 m and clay-sand from 0.353 g/t gold over 1.6 m from 6.90 m. These placer gold discoveries were made by Edge Exploration Inc. in a 17-hole overburden drilling program conducted on the Dam Lake claim in 2021. The Dam Lake claim is adjacent to the Jake lee project and was acquired by Slam in the Dam Lake agreement reported Feb. 8, 2024.
• Four boulders grading from 1.49 g/t gold to 39.3 g/t gold over spread over a distance of 250 m, as reported Jan. 25, 2023.
• The five-metre wide CT vein and a train of gold- and copper-bearing quartz boulders.
• Gold anomalies ranging from 0.01 g/t to 0.98 g/t gold in 187 out of 3,899 soil samples collected to date on the project. In addition, one soil sample assayed 16.2 g/t gold.
• Airborne resistivity and magnetic anomalies associated with gold soil and float occurrences.

Goodwin Lake agreement: The company has been notified in a letter from QNB Metals Inc., whereby QNB has declined to participate further in the Goodwin project, and relinquished all right, title and interest it may have acquired pursuant to the Goodwin project option agreement dated Jan. 20, 2023. Slam now owns a 100-per-cent interest in the Goodwin project.

About Slam Exploration Ltd.

Slam Exploration is a public resource company with a large portfolio of mineral claim holdings built around its wholly owned Menneval gold project in the mineral-rich province of New Brunswick. Slam has discovered multiple gold veins at Menneval, and previously reported gold-bearing core intervals including 162.5 g/t gold over 0.2 m and 56.90 g/t gold over 0.5 m (news releases dated Dec. 13, 2021, and Nov. 22, 2022). The company reported significant gold discoveries on its Jake Lee project in the vicinity of the Clarence Stream gold deposit where Galway Metals Inc. is working on a 2.3-million-ounce gold deposit in southern New Brunswick.

The company recently added the Mine Road VMS (volcanogenic massive sulphide) copper-zinc-silver project to its base metal portfolio in the mineral-rich Bathurst mining camp of New Brunswick. Successful diamond drill holes by previous workers include IL2014-003, with a nine m core interval grading 14.51 per cent zinc, 5.86 per cent lead, 0.67 per cent copper and 139.9 g/t silver.

The company holds net smelter return royalties, and expects additional cash and share payments, on the Wedge copper-zinc project, and on the Ramsay, Reserve Creek and Opikeigen gold projects.

Quality assurance/quality control (QA/QC) procedures

The results described above are from previous news releases by Slam and other firms. The news releases included a summary of QA/QC procedures and the company deems these results to be reliable.

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.