Mr. Mike Taylor reports

SLAM RAISES $90,000 IN PRIVATE PLACEMENT

Slam Exploration Ltd. has closed the first tranche of a non-brokered private placement with the issuance of 3.6 million flow-through units at a price of 2.5 cents per flow-through unit for gross proceeds of $90,000. Each flow-through unit comprises one common share of the company issued on a flow-through basis and one common share purchase warrant issued on a non-flow-through basis. Each warrant will entitle the holder thereof to acquire one non-flow-through common share at a price of five cents for a period of 24 months from the date of closing. The flow-through units will be subject to a statutory hold period of four months and one day, which will expire on Aug. 26, 2024.

The company issued 84,000 finder warrants and paid $2,100 in cash finder fees in connection with the private placement. Proceeds received from the flow-through units will be used to finance exploration on Slam's gold, zinc, copper and nickel projects in New Brunswick, Canada.

The private placement remains subject to customary closing conditions, including approval from the TSX Venture Exchange. An additional 2.4 million flow-through units remain available for a final closing at any date before May 21, 2024. For additional information call Mike Taylor at 506-623-8960.

Insider participation

Two company insiders participated in the private placement, paying a total for both of $50,000 for two million flow-through units. The participation by such insiders is a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company has relied on exemptions from the formal 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 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of nor the fair market value of the consideration for the transaction, insofar as it involved the related parties, exceeded 25 per cent of the company's market capitalization (as determined under MI 61-101).

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 grams per tonne gold over 0.2 metre and 56.90 grams per tonne gold over 0.5 metre (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. These discoveries include the Edge 15 and Edge 16 discoveries with gold grades of 4.76 grams per tonne gold and 5.00 grams per tonne gold over 1.0 metre and 0.8 metre, respectively, in basal till layers, as reported Feb. 8, 2024 from overburden drill holes.

The company recently added the Mine Road VMS (volcanogenic massive sulphide) copper-zinc-silver project to its base metal portfolio in the Bathurst mining camp of New Brunswick. Successful diamond drill holes by previous workers include IL2014-003 with a nine-metre 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.

The company is a project generator and has received significant cash and share payments over the last six months as follows: $150,000 cash and 50,000 shares from S2 Minerals Inc. on Dec. 19, 2023, pursuant to the Reserve Creek gold agreement; and 534,000 shares and 333,000 warrants (exercisable at 10 cents) issued by Nine Mile Metals Inc. on March 1, 2024, pursuant to the Wedge project agreement. The company has received $25,000 cash and expects to receive 2.5 million shares of Lode Gold Resources Inc. issued at a price of three cents per share in lieu of $100,000 cash due pursuant to the second anniversary of the Ramsay gold agreement. The company holds NSR (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 procedures: The results described herein 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 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.