Mr. Jimmy Gravel reports

SLAM ACCEPTS CONDITIONAL OFFTAKE OFFER FROM OCEAN PARTNERS FOR 40,000 WET METRIC TONNES OF ZINC-LEAD-COPPER-SILVER ORE FROM NEW BRUNSWICK

Slam Exploration Ltd. has accepted a conditional offer from Ocean Partners USA Inc. to purchase approximately 40,000 wet metric tonnes of Slam polymetallic ore from New Brunswick. The offer was issued on Oct. 23, 2026. The company accepted the offer on Oct. 27, 2026.

The material is expected to be sourced from the company's A'Hearn property located in northern New Brunswick in the Bathurst mining camp. The material has not yet been extracted. Extraction, processing and shipment of the material will require the necessary permitting and environmental approvals from the Province of New Brunswick which the company has not yet obtained. The company expects to start extraction, pending approvals in spring of 2027.

"This offer from Ocean Partners is an important step toward turning Slam's New Brunswick ore into revenue and showcasing the strength of our projects," said Jimmy Gravel, president and chief executive officer of Slam. "Ocean Partners is an experienced buyer of complex base metal material, and the offer provides a clear framework for pricing, payment and logistics, including the option to take delivery at a Canadian port. Our next step is to deliver representative samples for testing by the receiving refinery, and we look forward to working with Ocean Partners to complete a definitive agreement."

The offer contemplates payment for the copper, lead, zinc and silver contained in the material, priced against London Metal Exchange cash settlement prices for copper, lead and zinc and the London Bullion Market Association spot price for silver. The material is to be shipped in bulk vessels, with 85 per cent of its estimated value payable to Slam provisionally within five working days of the bill of lading date, with the balance payable on final settlement following final weights and assays.

Key terms of the offer

The typical specification of the material and the payable percentage of each metal as stated in the offer are as follows.

The typical average grade is the buyer's commercial specification for the material as stated in the offer. It is not a mineral resource or mineral reserve estimate, and should not be relied upon as representative of the grade of any mineral deposit.

• Quantity: 40,000 wet metric tonnes under a delivery schedule to be agreed;
• Delivery: At Slam's request, the buyer will take delivery FOB a Canadian port and deduct actual freight costs from the provisional payment;
• Material: bulk shipment of Slam ore from New Brunswick, sized 90 per cent passing 15 millimetres, free-flowing and not blended with other material;
• Weighing, sampling and assays: final weighing, sampling and moisture determination at the discharge port at the buyer's cost, with standard assay exchange and independent international umpire laboratories.

Conditions and next steps

The offer is conditional and does not constitute a binding sale agreement. It remains subject to, among other things, the buyer completing satisfactory know-your-customer procedures on Slam; testing and confirmation of the material by the receiving refinery; and the negotiation and execution of a definitive contract.

To support refinery testing, Slam will deliver five individually packaged representative samples of approximately six kilograms each to Ocean Partners' representative. Slam will report further developments as they occur.

Qualifying statement

John Dinan, PGeo, exploration manager of Slam Exploration, is a qualified person as defined by National Instrument 43-101 and has approved the contents of this news release.

Cautionary statement

The company has not completed a preliminary economic assessment, prefeasibility study or feasibility study, and has not established mineral reserves, in respect of the material or any of its projects. Any decision to extract and sell the material would not be based on such a study, and there is increased uncertainty and a higher risk of economic or technical failure associated with such a decision. There is no certainty that the conditions of the offer will be satisfied, that a definitive agreement will be entered into, or that any material will be delivered or sold on the terms described in this news release or at all.

About Slam Exploration Ltd.

Slam currently holds a diversified portfolio of exploration projects throughout the mineral-rich province of New Brunswick. The company is focused on advancing the Goodwin copper-nickel-cobalt project in the Bathurst mining camp while continuing exploration along the company's gold, silver, antimony and other critical mineral properties, including, but not limited to, the Moose Lake gold-antimony-silver project, the Mine Road volcanogenic massive sulphide lead-zinc-copper-silver occurrences and gold-bearing properties including Harry Brook, and the company's Menneval gold discovery.

The company's focus has been the advancement of the Goodwin copper-nickel-cobalt project in the Bathurst mining camp, where Slam has drilled substantial intercepts including 2.19 per cent copper equivalent over 64.90 core metres including a 31.20 zone grading 3.84 per cent CuEq from drill hole GW24-02 as reported Aug. 7, 2024. In the recent 2026 drilling campaign, the company has identified a new sulphide mineralization zone identified from the company's VTEM survey approximately 2,000 metres northwest of the Logan zone that intercepted 43.10 continuous core metres grading 0.44 per cent CuEq reported on Oct. 26, 2026, with potential to be a lateral extension of the Logan zone. All completed 2026 Goodwin campaign drill holes intercepted sulphide mineralization.

Slam is actively advancing gold, antimony and silver opportunities through the company's Moose Lake and Harry Brook projects. The Moose Lake project consists of an epithermal quartz breccia zone containing a gold-silver core, with an antimony rim along a regional fault zone. Recent work on the project has identified antimony upward to 3.73 per cent with eight samples grading above 0.5 per cent antimony from trench sampling coupled with a separate gold-silver zone consisting of upward to 1.965 grams per tonne gold and 73.5 g/t silver as reported on Oct. 23, 2026. The company's Harry Brook project includes previously documented visible gold from a boulder assayed 1,320 g/t gold discovered by the Department of Natural Resources, New Brunswick.

The portfolio also includes significant zinc and lead potential, such as the A'Hearn and Mine Road projects, containing the Railroad zone, which is adjacent to the former Heath Steele mine. This includes hole IL14-03 consisting of a 9.0-metre core interval grading 14.51 per cent zinc, 5.86 per cent lead, 139.9 g/t silver and 0.67 per cent copper.

The portfolio's gold projects also include the Jake Lee, and the company's Menneval gold find, which has identified 3,995 g/t gold over 0.1 core metres along with additional intercepts of gold-bearing quartz veins first reported in a press release from Oct. 17, 2022.

The company holds net smelter return royalties and expects additional cash and share payments on both the Wedge copper-zinc project and the Ramsay gold project.

Slam Exploration intends to pursue an active exploration strategy focused on generating new discoveries, advancing existing projects and creating long-term value for its shareholders.

We seek Safe Harbor.