Slam drills mineralized core intervals at Goodwin

On October 15, 2025, SLAM Exploration announced initial visual results from its 2025 diamond drilling campaign at the Goodwin Copper-Nickel-Cobalt Project in New Brunswick. The company has completed four drill holes (GW25-16 to GW25-19) and reports that all have intersected mineralized core intervals containing pyrrhotite and chalcopyrite (a copper sulphide mineral).

Key visual intercepts include: * Hole GW25-17: An 81-meter zone of mineralized gabbro, which includes a 48.7-meter interval described as "strongly mineralized." * Hole GW25-19: A 74-meter zone of pyrrhotite mineralization with disseminated chalcopyrite.

Importantly, this news release contains only visual descriptions of the drill core. No assay results for copper, nickel, cobalt, or gold have been received or reported. The company states that a total of 236 samples from the first three holes are at the lab pending analysis, with an additional 86 samples from the fourth hole being prepared for submission.

This news is a routine, albeit positive, update on an ongoing exploration program. Its primary function is to confirm that the drilling is intersecting the targeted mineralization, which it has successfully done.

Progression and Context: * 2024 Success: The current drill program follows up on highly successful 2024 drilling that established Goodwin as the company's flagship asset. Key 2024 results included hole GW24-02 intersecting 64.9 meters grading 0.73% copper, 0.64% nickel, and 0.05% cobalt. This set a high bar for expectations. * Target Definition (Summer 2025): The company followed up with Induced Polarization (IP) geophysical surveys which identified deep chargeability anomalies, suggesting the potential for depth extensions to the known zones. This provided the targets for the current 4,000-metre drill program. * Financing (September/October 2025): SLAM secured $900,000 through a complex private placement at an effective price of $0.08 per share (pre-warrant valuation) to fund this drilling. * Current Drilling (October 2025): The program commenced in late September. This news confirms the company is hitting wide zones of mineralization similar in appearance to those from the successful 2024 campaign. The reported core lengths of 81m and 74m are encouraging and suggest good continuity.

Impact Assessment: The news is positive because it validates the geological model and confirms the drill program is hitting its intended targets over significant widths. This de-risks the program from a geological perspective. However, the absence of assay results makes it impossible to determine the economic significance. Visual estimates of mineralization are notoriously unreliable for predicting grade. The market often discounts such news, adopting a "show me the assays" stance.

Therefore, the news is in line with expectations and does not represent a material step-change for the company. The material event will be the release of the assay results. The stock price has already appreciated significantly since mid-2025 in anticipation of this drill program, moving from the $0.03-$0.04 range to its current level around $0.10. This news should support the current valuation but is unlikely to drive a major re-rating on its own.

SLAM Exploration is a Canadian junior exploration company operating primarily as a project generator, acquiring and advancing mineral properties to option or joint venture with other companies. Its portfolio includes gold and critical metals projects, mainly in New Brunswick.

The company's flagship project is the Goodwin Copper-Nickel-Cobalt Project located in the Bathurst Mining Camp, New Brunswick. Following significant drill intercepts in 2024 that identified mineralization across three zones (Granges, Farquharson, Logan), SLAM has focused its efforts on this project. A 4,000-metre drill program commenced in late 2025 to expand the known zones along strike and at depth, based on targets generated from a summer 2025 IP geophysical survey.