SLAM Closes Second And Final Tranche Of Private Placement And Raises $211,000

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

MIRAMICHI, NB / ACCESS Newswire / October 10, 2025 / SLAM Exploration Ltd. (TSXV:SXL) ("SLAM" or the "Company")is pleased to announce that is has raised gross proceeds of $211,000 from closing the second and final tranche of the previously announced non-brokered private placement (the "Offering") through the issuance of 527,500 units ("Units") issued at a price of $0.40 per Unit.

Under both tranches of the Offering, the Company raised aggregate proceeds of $900,000 through the issuance of an aggregate of 2,302,750 Units.

Each Unit consisted of:

• four (4) flow-through common shares (the "FT Shares");

• one (1) non-flow-through common share (the "NFT Share"); and

• two and one-half (2.5) transferable non-flow-through common share purchase warrants (with two half-warrants comprising one whole warrant, each a "Warrant").

Each whole Warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.12 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 (the "TSXV") is at least $0.20 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 FT 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 December 31, 2025 (or such other date as permitted by law). Subscribers are expected to be entitled to claim the 30% Critical Mineral Exploration Tax Credit in respect of such expenditures.

The proceeds from the NFT 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 TSXV 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 February 11, 2026.

The Company did not pay any finder's fees on the second tranche of the Offering.