Star Metro - Slam Accepts Conditional Offtake Offer From Ocean Partners for 40,000 Wet Metric Tonnes of Zinc-Lead-Copper-Silver Ore From New Brunswick

MIRAMICHI, NB / ACCESS Newswire / October 29, 2026 / SLAM Exploration Ltd. (TSXV:SXL)(OTCQB:SXLXF) ("SLAM" or the "Company") is pleased to announce that it has accepted a conditional offer (the "Offer") from Ocean Partners USA, Inc. ("Ocean Partners" or the "Buyer") to purchase approximately 40,000 wet metric tonnes ("WMT") of SLAM polymetallic ore from New Brunswick (the "Material"). The Offer was issued on October 23, 2026. The Company has accepted the Offer on October 27, 2026.

The Material is expected to be sourced from the Company's A'Hearn property located in northern New Brunswick in the Bathurst Mining Camp. The Material has not yet been extracted. Extraction, processing, and shipment of the Material will require the necessary permitting and environmental approvals from the Province of New Brunswick which the Company has not yet obtained. The Company expects to start extraction, pending approvals in Spring of 2027.

"This offer from Ocean Partners is an important step toward turning SLAM's New Brunswick ore into revenue and showcasing the strength of our projects," said Jimmy Gravel, President and CEO of SLAM. "Ocean Partners is an experienced buyer of complex base metal material, and the Offer provides a clear framework for pricing, payment, and logistics, including the option to take delivery at a Canadian port. Our next step is to deliver representative samples for testing by the receiving refinery, and we look forward to working with Ocean Partners to complete a definitive agreement."

The Offer contemplates payment for the copper, lead, zinc and silver contained in the Material, priced against London Metal Exchange ("LME") cash settlement prices for copper, lead and zinc and the London Bullion Market Association ("LBMA") spot price for silver. The Material is to be shipped in bulk vessels, with 85% of its estimated value payable to SLAM provisionally within five working days of the bill of lading date, with the balance payable on final settlement following final weights and assays.

Key Terms of the Offer

The Typical Specification of the Material and the payable percentage of each metal as stated in the offer:

The Typical Average Grade is the Buyer's commercial specification for the Material as stated in the Offer. It is not a mineral resource or mineral reserve estimate and should not be relied upon as representative of the grade of any mineral deposit. g/dmt = grams per dry metric tonne.

• Quantity: 40,000 WMT under a delivery schedule to be agreed.
• Delivery: At SLAM's request, the Buyer will take delivery FOB a Canadian port and deduct actual freight costs from the provisional payment.
• Material: Bulk shipment of SLAM ore from New Brunswick, sized 90% passing 15 millimeters, free-flowing and not blended with other material.
• Weighing, sampling and assays: Final weighing, sampling, and moisture determination at the discharge port at the Buyer's cost, with standard assay exchange and independent international umpire laboratories.

Conditions and Next Steps

The Offer is conditional and does not constitute a binding sale agreement. It remains subject to, among other things, the Buyer completing satisfactory know-your-customer (KYC) procedures on SLAM; testing and confirmation of the Material by the receiving refinery; and the negotiation and execution of a definitive contract.

To support refinery testing, SLAM will deliver five individually packaged representative samples of approximately 6 kilograms each to Ocean Partners' representative. SLAM will report further developments as they occur.

About Ocean Partners

Ocean Partners USA, Inc., based in Wilton, Connecticut, is part of the Ocean Partners group, an international merchant of base and precious metal concentrates and ores that supplies smelters and refineries worldwide.

Qualifying Statement

John Dinan, P.Geo., Exploration Manager of SLAM Exploration Ltd., is a qualified person as defined by National Instrument 43-101 and has approved the contents of this news release.

Cautionary Statement

The Company has not completed a preliminary economic assessment, pre-feasibility study, or feasibility study, and has not established mineral reserves, in respect of the Material or any of its projects. Any decision to extract and sell the Material would not be based on such a study, and there is increased uncertainty and a higher risk of economic or technical failure associated with such a decision. There is no certainty that the conditions of the Offer will be satisfied, that a definitive agreement will be entered into, or that any Material will be delivered or sold on the terms described in this news release or at all.

About SLAM Exploration Ltd.

SLAM currently holds a diversified portfolio of exploration projects throughout the mineral rich Province of New Brunswick. The Company is focused on advancing the Goodwin copper-nickel-cobalt project in the Bathurst Mining Camp while continuing exploration along the Company's gold, silver, antimony, and other critical mineral properties including but not limited to the Moose Lake gold-antimony-silver project, the Mine Road VMS lead-zinc-copper-silver occurrences, and gold bearing properties including Harry Brook, and the Company's Menneval gold discovery.

The Company's focus has been the advancement of the Goodwin copper-nickel-cobalt project in the Bathurst Mining Camp where SLAM has drilled substantial intercepts including 2.19% CuEq over 64.90 core-meters including a 31.20 zone grading 3.84% CuEq from drillhole GW24-02 as reported August 07, 2024. In the recent 2026 drilling campaign, the Company has identified a new sulphide mineralization zone identified from the Company's VTEM Survey approximately 2,000 meters northwest of the Logan zone that intercepted 43.10 continuous core-meters grading 0.44% CuEq reported on October 26, 2026 with potential to be a lateral extension of the Logan zone. All completed 2026 Goodwin Campaign drill-holes successfully intercepted sulphide mineralization.

SLAM is actively advancing gold, antimony, and silver opportunities through the Company's Moose Lake and Harry Brook projects. The Moose Lake project consists of an epithermal quartz breccia zone containing a gold-silver core, with an antimony rim along a regional fault zone. Recent work on the project has identified antimony upwards to 3.73% with 8 samples grading above 0.5% antimony from trench sampling coupled with a separate gold-silver zone consisting of upwards to 1.965 g/t gold and 73.5 g/t silver as reported on October 23, 2026. The Company's Harry Brook project includes previously documented visible gold from a boulder assayed 1,320 g/t gold discovered by the Department of Natural Resources - New Brunswick.

The portfolio also includes significant zinc and lead potential, such as the A'Hearn, and Mine Road projects, , containing the Railroad zone, which is adjacent to the former Heath Steele Mine. This includes hole IL14-03 consisting of a 9.0-meter core interval grading 14.51% Zn, 5.86% Pb, 139.9 g/t Ag, and 0.67% Cu.

The portfolio's gold projects also include the Jake Lee, and the Company's Menneval gold find which has identified 3,995 g/t gold over 0.1 core-meters along with additional intercepts of gold-bearing quartz veins first reported in a press release from October 17, 2022.

The Company holds NSR royalties and expects additional cash and share payments on both the Wedge copper-zinc project and the Ramsay gold project.

SLAM Exploration intends to pursue an active exploration strategy focused on generating new discoveries, advancing existing projects, and creating long-term value for its shareholders.

To view SLAM's corporate presentation, click here. Additional information is available on SLAM's website and on SEDAR+ at www.sedarplus.ca. Follow SLAM on X @SLAMGold, and join the Company newsletter here to receive timely company updates and news releases.

Contact Information

Jimmy Gravel, President & CEO
902-273-2387 · [email protected]

Mike Taylor, Chairman of the Board
506-623-8960 · [email protected]

SEDAR+: 00012459

Forward-Looking Statements

This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking statements are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances, and are often identified by words such as "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential," "may," "could," "would," "might," or "will," and similar expressions.

Forward-looking statements in this news release include, but are not limited to, statements regarding: the acceptance of the Offer; the satisfaction of the conditions of the Offer, including KYC procedures and refinery sample testing; the negotiation and execution of a definitive contract with Ocean Partners; the quantity, quality, timing and terms of any delivery and sale of Material; the delivery of samples; anticipated pricing, payment and logistics arrangements; and the Company's ability to generate revenue from the sale of Material.

Forward-looking statements are based on reasonable assumptions made by the Company as of the date of this news release, including that the conditions of the Offer will be satisfied; that the Material will meet the Buyer's and receiving refinery's specifications; that a definitive agreement will be concluded on terms consistent with the Offer; that the Company will be able to extract, process, transport and ship the Material as planned; that required permits, approvals and access rights will be obtained in a timely manner; that contractors, equipment, shipping and personnel will be available on acceptable terms; and that metal prices and market conditions will remain generally supportive.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied, including the risk that the Offer is not accepted or its conditions are not satisfied; the risk that sample testing does not confirm the suitability of the Material or results in penalties that make a sale uneconomic; the absence of a feasibility study or mineral reserves; uncertainty regarding the grade, quantity and quality of the Material; fluctuations in metal prices, freight costs and exchange rates; counterparty risk; regulatory, environmental and permitting risks; operating and shipping hazards; availability of financing on acceptable terms; and general economic, market and business conditions. Additional risk factors are described in the Company's most recently filed Management's Discussion and Analysis and other continuous disclosure documents available under the Company's profile on SEDAR+.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: SLAM Exploration Ltd.

View the original press release on ACCESS Newswire

L.Girard--SMC