SLAM Exploration Acquires New Niobium Critical Mineral Project - Seite 2

Image 2: Niobium Oxide Minerals In Carbonatite At Notre Dame Project

Terms of the Agreement

The term Sheet gives SLAM the option to earn 51% in and to the Notre Dame Project by making the following cash payments and share issuances to St-Georges, in addition to making qualified work expenditures:

Issuance of 500,000 common shares of SLAM to St-Georges upon regulatory approval from the TSX-V.

Payment of $25,000 cash and issuance of 500,000 common shares of SLAM to St-Georges on or before March 31st, 2024.

Payment of $25,000 cash and issuance of 1,000,000 common shares of SLAM to St-Georges on or before the 1st anniversary date of a definitive option agreement.

Engage $300,000 in qualified exploration work before the 2nd anniversary of a definitive option agreement.

Upon completion of the above cash, share and work expenditures to earn a 51% interest in and to the Notre Dame Project, the parties may elect to operate the project as a 51/49 joint venture (“JV”). Alternatively, St-Georges has the option to grant SLAM the remaining 49% ownership interest in the Notre Dame Project by issuing 1,000,000 common shares of SLAM to St-Georges.

If a JV is formed, the parties will jointly fund the project. If a party declines participation in a duly planned work program, then the declining party’s interest will revert to a 2% Net Smelter Return (“NSR”) royalty.

If a party reverts to a 2% NSR holding, the other party will pay that party a NSR of 2%. The other party will hold the right to buy back half of the NSR for $1,000,000.

In the event that SLAM purchases a 100% interest in and to the Notre Dame Project by making the 4th payment referenced above, St-Georges will retain a NSR of 2%. SLAM will hold the right to buy back half of the NSR for $1,000,000.

Finders’ fees of 300,000 common shares of SLAM will be paid to an arm’s length party. Completion of the acquisition remains subject to entering into a definitive option agreement and the proposed share issuances remain subject to approval by the TSX Venture Exchange. All security issuances will be subject to a statutory hold period of 4 months and one day from issuance in accordance with Canadian securities laws.

About SLAM Exploration Ltd:

The Notre Dame Project is a significant addition to SLAM’s critical element portfolio, including its 4700 hectare Ear Falls lithium project adjacent to Beyond Lithium’s Ear Falls project in the Dryden area of northwestern Ontario. Beyond Lithium has started trenching on a new discovery where they reported grab samples up to 4.54% lithium less than 10 kilometres along strike from SLAM’s Ear Falls project.