SLAM Commences OTCQB Trading Under Symbol SXLXF

• The most recent release (2026-04-01) announces SLAM Exploration Ltd. will begin trading on the OTCQB Venture Market under the ticker SXLXF, while maintaining its TSX-V listing (SXL). The dual listing is aimed at improving U.S. investor access, liquidity, and visibility to support growth plans in 2026. Management highlighted ongoing exploration at Jake Lee and Menneval (gold discoveries) and district-scale development at the Goodwin copper-nickel-cobalt project.
• The OTCQB move follows a series of prior announcements that collectively depict an active exploration and financing cadence in 2025–early 2026:
• Financing activity: multiple private placements (flow-through and non-flow-through) to fund exploration (notably for Goodwin and Jake Lee), with insider participation and NSR/royalty-tracking structures. Key transactions include an oversubscribed/private placement in March 2026 and upsized/private placements announced in February 2026, continuing to fund Goodwin, Jake Lee, Menneval, and other NB properties.
• Acquisitions and project expansion: SLAM expanded its land package around Goodwin (Mount Raymond copper-nickel-cobalt occurrence adjacent to Goodwin) via an option agreement, expanding the portfolio to cover ~12,500 hectares as of March 11, 2026.
• Geophysical and drilling program updates: VTEM airborne survey at Goodwin announced in January 2026; initial drill results and extensive IP surveys have been rolled out across Granges, Farquharson, Logan zones, with multiple intervals reported in late 2025 and early 2026 showing copper, nickel, cobalt, and gold results. The Jake Lee project has seen high-grade gold float/soil anomalies and trench sampling; Menneval has reported gold soil anomalies and historic high-grade intervals in core data, with ongoing assay work.
• Strategic cash/shares from partner projects (Nine Mile Metals, Ramsay gold) maintain near-term liquidity and NSR royalty cash flow expectations in 2025–2026.
• In the context of the prior news flow, the OTCQB listing is positive and aligns with the company’s broader strategy to broaden its shareholder base and improve liquidity for its NB exploration portfolio, but it does not introduce new resource economics or a definitive mine/resource update on its own.

• Materiality of the most recent news: Material - Positive (Routine). The OTCQB listing is a significant market-access enhancement and liquidity accelerator, especially for U.S. investors, but it does not by itself alter project economics, resource size, or near-term cash flow. It is a meaningful corporate/market-access step that complements the ongoing exploration program and capital-raising activities.
• Alignment with prior expectations: The company had been actively expanding its NB footprint and pursuing aggressive exploration financing and project updates throughout 2025 and early 2026. The OTCQB listing is consistent with a growth-by-liquidity strategy and with the cadence of financings, land acquisitions, and drill programs already in motion.
• Improvements or misses: Improvement in market access and liquidity is the primary positive signal. No miss is evident in the latest release; it is a complementary step to the ongoing exploration program and capital deployment around Goodwin, Jake Lee, and Menneval.
• Implications for the stock: The listing could broaden the investor base and improve trading liquidity, potentially supporting broader price discovery and reducing trading friction for U.S.-based investors. For the near term, it supports the ongoing exploration-backed equity financing strategy by making it easier for new investors to participate.

• SLAM Exploration Ltd. is a Canadian junior explorer focused on multi-commodity exploration in New Brunswick, with a district-scale Goodwin copper-nickel-cobalt project and gold prospects (Jake Lee, Menneval, Howard/Highway-related assets, plus Love Lake and others). The company pursues early-stage exploration, drill testing of high-grade vein systems, and cash/royalties from partner projects (e.g., Nine Mile Metals, Ramsay gold agreement). The Mount Raymond property addition expands the Goodwin corridor, adding cobalt/copper/nickel potential to the district-scale portfolio. Jake Lee is a significant gold target with multiple high-grade grab/sample results and ongoing trenching and assay work.

Flagship project indicators: - Goodwin Copper-Nickel-Cobalt Project (Bathurst Mining Camp, NB): Diamond drilling across Granges, Farquharson, and Logan zones; IP/VTEM surveys; potential for district-scale, multiple-zone extensions; recent drill results show Cu-Ni-Co mineralization, with notable intercepts and expanding strike lengths (e.g., Farquharson zone extension). - Jake Lee Gold Project (NB): No definitive resource yet; numerous high-grade grab samples and trench results (e.g., 94.8 g/t Au grab sample; multiple trenches with significant sulfide-bearing quartz veins); 2025–2026 programs include soil sampling, trenching, and up to a multi-kilometer target corridor along a magnetic anomaly. - Menneval Gold Project (NB): Historic high-grade gold intervals; soil anomalies and ongoing assay work; multiple targets with potential for near-term drill-testing.

Capital structure including financings and levels - Issued shares: Approximately 118.47 million (as of 2025-12-18/2025-12-23 reporting). - Warrants: Substantial outstanding warrant base across multiple tranches: - Early 2025–2026 warrants at exercise prices around C$0.05 with expiries ranging 2025–2027 (e.g., 3.684M; 8.341M; 3.428M; 1.866M; 1.000M; 4.999.998M; etc., as per 2025–2026 structure). - Additional warrants at higher exercise prices (C$0.08–C$0.12) with expiries up to 2030. - Options: Several million stock options outstanding with exercise prices typically between C$0.05–C$0.09, expiring 2025–2030. - Financing activity: Multiple private placements through 2025–2026, including flow-through and non-flow-through units, with insider participation and options/warrants attached; funds earmarked for exploration (Goodwin, Jake Lee) and corporate development. Notable recent raises include a March 2026 upsized placement and February 2026 increases. - Royalties/NSR: NSR royalties on multiple NB properties; royalties and private/partner payments continue to contribute to cash flows and project funding.

Strategic investors - Nine Mile Metals Ltd.: Cash and share consideration in 2025 (e.g., 1.2 million shares plus cash on one date; additional private-company share receipts later). NSR/royalty interactions and potential future participation in Wedge project. - Ramsay gold agreement counterpart: Cash and private-company shares via Ramsay agreement; ongoing payments anticipated in 2025–2026. - Mount Raymond property stake: SLAM earns 100% interest; potential partner NSR framework in place. - Insider and director involvement across financings; some transactions executed under MI 61-101 exemptions.

Debt risk and capital needs - SLAM’s financing history shows repeated reliance on flow-through/private placements to fund exploration. The balance sheet in the interim MD&As indicates a pattern of exploration asset capitalization, ongoing losses, and a need for working capital support, albeit with government/nationals program funding (e.g., JMAP) and NSR royalties providing some cash inflows. There is no significant disclosed debt facility in these releases; leases and small lease liabilities exist, and some short-term obligations are paid through financing activities. The company’s front-end cash position and working capital have fluctuated materially across 2024–2025, with ongoing need for capital to fund 2026 exploration campaigns.

Key and hidden risks - Exploration risk: No defined resource geologically confirmed yet; pilots continue to yield high-grade hits but require more drilling to convert into resource estimates. - Dilution risk: Ongoing financings with FT/NFT units and warrants can dilute equity; insider participation is present, with associated related-party transaction considerations. - Commodity price risk: Copper-Nickel-Cobalt and Gold exposures both rely on commodity prices; metal price cycles will impact project economics and valuation. - Regulatory and permitting risk: TSX-V acceptance for financings; approvals for land acquisitions/option arrangements; reliance on government grants and tax credits (flow-through renunciation) with regulatory timing. - Market/stock liquidity risk: While OTCQB aims to improve liquidity, the stock remains a small-cap micro-cap with exposure to speculative exploration risk and concentration on NB projects.

Final summary and takeaways - The April 1, 2026 OTCQB listing represents a positive, market-access enhancement that complements SLAM’s ongoing and aggressive NB exploration program. It is a supportive, not transformative, signal that aligns with the company’s strategy of financing exploration and expanding its land position in New Brunswick. - The company’s near-term catalysts include assay updates from Jake Lee and Menneval, drill results from Goodwin (Granges, Farquharson, Logan), and potential deeper extensions from IP/VTEM work. Mount Raymond expansion adds to district-scale potential. - The overall trajectory remains positive for investor access and exploration upside, but valuation remains tied to ongoing drill results, discovery scale, and the ability to translate high-grade anomalies into defined resources. Dilution risk remains elevated due to ongoing financings and warrant issuances.

Appendix and Sources - Historical News Releases (selected): - 2026-04-01: SLAM Commences OTCQB Trading Under Symbol SXLXF - 2026-03-12: SLAM Raises $2,072,750 From Oversubscribed Private Placement - 2026-03-11: SLAM Acquires New Copper Nickel Cobalt Showing Adjacent to Goodwin - 2026-03-02: SLAM Reports Soil Samples up to 0.466 g/t Gold at Jake Lee - 2026-01-23: SLAM Launches Airborne VTEM Survey - Geotech Flying Over Goodwin Copper Nickel Cobalt Project - 2025-12-18: Slam Uncovers Mineralized Quartz Vein at Jake Lee - 2025-12-11: Slam Drills 74.80 m Cu-Ni-Co at Goodwin - 2025-12-03: SLAM Reports Copper, Nickel and Cobalt Assays and Extends Farquharson Zone to 360 m - 2025-11-25: SLAM Extends Farquharson Zone at Goodwin - 2025-11-12: SLAM Expands Farquharson Zone - 2025-10-15: Slam Drills 81 and 74 m Intervals at Goodwin - 2025-10-10 / 2025-10-10: Financing closings and related announcements - 2025-09-18 to 2025-09-29: Financing and exploration updates; IP results - 2025-08-28 to 2025-08-07: Gold discoveries at Jake Lee; Goodwin IP results - 2025-06-30 to 2025-04-29: Jake Lee exploration campaigns; Jake Lee/Jake Lee Love Lake updates - 2025-05-21 / 2025-05-22: Flow-Through Private Placement announcements - 2025-04-29: 2025 exploration launch at Jake Lee and Love Lake - Price and financial data (periods and statements referenced): - SEDAR interim financial statements and annual statements for SLAM Exploration Ltd. (archived 2025–2026 milestones) - Interim MD&A and annual financial statements showing cash flows, losses, exploration expenditures, and equity structure - Data period and limitations: - News period covered: 2025-04-29 through 2026-04-01 (extensive releases across financing, exploration, and corporate actions) - Time Series Price Data: Not provided in the supplied data - Financial statements: SEDAR MD&A and annual financial statements provided in the JSON - Transcripts / Investor presentations: Not provided in the supplied data

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