Mr. Mike Taylor reports

SLAM CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT AND RAISES $689,000

Slam Exploration Ltd. has raised gross proceeds of $689,000 from closing the first tranche of the previously announced non-brokered private placement, through the issuance of 1,722,500 units issued at a price of 40 cents per unit. The company expects to complete one or more additional tranches of the offering on or before Sept. 26, 2025.

Each unit consisted of:

• Four flow-through common shares;
• One non-flow-through common share;
• 2.5 transferable non-flow-through common share purchase warrants (with two half warrants comprising one whole warrant).

Each whole warrant will entitle the holder to acquire one additional common share of the company at a price of 12 cents for a period of 24 months from issuance. The company may accelerate the expiry of the warrants if, at any time prior to their expiry, the volume-weighted average trading price of the common shares on the TSX Venture Exchange is at least 20 cents for 30 consecutive trading days. In that event, the warrants will expire 20 days after the company issues a press release announcing the acceleration.

The gross proceeds from the sale of the flow-through shares will be used to incur Canadian exploration expenses (CEE) on the company's New Brunswick properties. These expenditures are expected to qualify as flow-through critical mineral mining expenditures under the Income Tax Act (Canada) and to be renounced to subscribers with an effective date no later than Dec. 31, 2025 (or such other date as permitted by law). Subscribers are expected to be entitled to claim the 30-per-cent critical mineral exploration tax credit in respect of such expenditures.

The proceeds from the non-flow-through shares and any warrants exercised will be used for general corporate purposes, including working capital and corporate development activities.

The offering is subject to the final acceptance of the TSX-V and all other required regulatory approvals.

All securities issued under the offering will be subject to a statutory hold period of four months and one day from the closing date that expires on Jan. 19, 2026.

In connection with the offering, the company will pay finders' fees consisting of cash payments of $1,200 and the issuance of 3,000 non-transferable warrants to certain eligible arm's-length finders. Each finder warrant entitles the holder to acquire one common share of the company at a price of 12 cents for a period of 24 months from the date of issuance, on the same terms as the warrants issued under the offering.

Insider participation: Four insiders of the company participated in the offering and acquired an aggregate of 335,000 units. The participation by such insiders in the offering constitutes a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company relied on the exemptions from the formal valuation and minority shareholder approval requirements under sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, on the basis that neither the fair market value of the securities issued to insiders nor the consideration paid by such insiders exceeded 25 per cent of the company's market capitalization.

About Slam Exploration Ltd.

Slam Exploration is a publicly listed resource company with a 40,000-hectare portfolio of mineral claim holdings in the mineral-rich province of New Brunswick. Diamond drilling is in progress on the Goodwin copper-nickel-cobalt project in the Bathurst mining camp (BMC) of New Brunswick. The drilling program follows significant copper, nickel and cobalt intercepts from 15 diamond drill holes reported by the company in 2024 on the Goodwin project. These include a 64.90-metre core interval grading 0.73 per cent copper, 0.64 per cent nickel and 0.05 per cent cobalt, including 1.11 per cent copper, 0.95 per cent nickel and 0.07 per cent cobalt over a 39.40-metre core interval, as reported in a news release dated Aug. 7, 2024. Induced polarization (IP) results for three lines over the Granges, Logan and Farquharson copper-nickel-cobalt zones show potential for depth extensions as reported on July 18, Aug. 7 and Aug. 21, 2025, in news releases by the company.

The company launched its 2025 exploration program with two new gold discoveries on its wholly owned Jake Lee claims. Slam reported eight grab samples, with assays ranging from 7.42 grams per tonne to 94.80 grams per tonne gold in the initial discovery on July 9, 2025. A second discovery comprised quartz float grading 16.20 grams per tonne and 3.78 grams per tonne gold, respectively, in Trench JT25-05, located 100 metres southwest of the initial discovery as reported Aug. 28, 2025.

Slam drilled two holes and cut multiple gold-bearing veins on its wholly owned Menneval gold project in 2024. The company 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 in news releases on Dec. 13, 2021, and Nov. 22, 2022. The company is currently collecting 1,000 additional samples to expand the soil coverage and further define the target on this extensive vein system.

The company is a project generator and expects to receive significant cash and share payments in 2025. Slam received $9,000 cash and 1.2 million shares from Nine Mile Metals Inc. on Feb. 28, 2025, pursuant to the Wedge project agreement. On March 29, 2025, the company received a cash payment of $60,000 as well as 180,000 shares of a private company pursuant to the Ramsay gold agreement. The company holds net smelter return royalties and expects to receive additional cash and share payments on the Wedge copper-zinc project and on the Ramsay gold project.

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.