Slam Drilling 40.5 g/t Gold Vein on the Jake Lee Gold Project

• SLAM Exploration has launched its 2026 diamond drilling campaign at the Jake Lee gold project in New Brunswick, Canada.
• A contract for 7,000 meters of diamond drilling was signed to target gold, silver, and critical elements.
• Initial focus is on up to 500 meters on the No. 1 vein at the Jake Lee project, which previously yielded high-grade channel samples (40.5 g/t Au).
• Subsequent drilling targets include the Goodwin copper-nickel-cobalt project, Moose Lake antimony project, and Menneval gold project.
• The company is proceeding with an option agreement to acquire 100% interest in the Moose Brook property via shares and cash payments.
• A previously announced warrant extension for 2.7 million warrants has been cancelled.

• Drilling Program: The signing of a 7,000-meter drilling contract is a material operational milestone that validates management's commitment to advancing the Jake Lee gold discovery following high-grade channel sampling in January 2026. This moves the project from surface sampling to subsurface verification, which is critical for valuation.
• Warrant Extension Cancellation: The cancellation of the warrant extension announced on April 7, 2026, introduces uncertainty regarding capital structure management. If these warrants revert to their original expiry dates (April/May 2026), they pose an immediate dilution risk as they are currently in-the-money ($0.05 strike vs $0.07 price). This contradicts the positive sentiment of the April 7 announcement and suggests potential regulatory hurdles or internal strategy shifts.
• Financing Context: The company recently closed a private placement raising over $2 million in March 2026. The drilling program is consistent with the use of proceeds outlined in that financing, indicating execution rather than new capital needs immediately.
• Overall Impact: While the drilling campaign is positive for long-term potential, the warrant cancellation creates short-term volatility risk. The news does not fundamentally alter the company's valuation without drill assay results but confirms operational momentum.

• Company: SLAM Exploration Ltd. (TSX-V: SXL; OTCQB: SXLXF).
• Strategy: Building a diversified portfolio of precious and base-metal assets in New Brunswick, focusing on high-grade copper-nickel-cobalt projects and gold discoveries.
• Flagship Project - Goodwin Copper-Nickel-Cobalt: Located in the Bathurst Mining Camp; prior drilling returned 64.90m @ 2.19% Cu-Eq. Currently undergoing VTEM/IP surveys to define targets for 2026 drilling.
• Jake Lee Gold Project: Recently discovered high-grade gold vein (No. 1) with channel samples up to 40.5 g/t Au and 63.3 g/t Ag. Now entering the diamond drilling phase.
• Other Projects: Menneval Gold, Moose Lake Antimony, Harry Brook Gold-Antimony, Mine Road Project.