Juggernaut Exploration Ltd. — Capital/Financing Update 2020

Mar 6, 2020

Form 51-102F3 Material Change Report Under Subsection 7.1(1) of National Instrument 51-102

Item 1 Reporting Issuer

Juggernaut Exploration Ltd.

Item 2

Date of Material Change

March 5, 2020

Item 3 News Release

The news release issued with respect to the material change was disseminated through Stockwatch on March 5, 2020 .

Item 4 Summary of Material Change

JUGGERNAUT RECEIVES CONDITIONAL APPROVAL AND CLOSES FIRST TRANCHE OF NON-BROKERED FINANCING.

Item 5 Full Description of Material Change

Vancouver, British Columbia – March 5, 2020 – Juggernaut Exploration Ltd. (TSX-V: JUGR) (OTCQB: JUGRF) (FSE: 4JE) (the “Company” or “Juggernaut”) is pleased to announce that further to its February 28, 2020 news release it has received conditional approval from the TSX Venture Exchange (the “Exchange”) and has closed the first tranche of its $0.28 flow-through unit and $0.20 hard-dollar unit financing for gross proceeds of $225,000.

At the close of the first tranche the Company has issued 120,000 $0.28 flow-through units (“FT Units”), each FT Unit being comprised of 1 flow-through common share of the Company and 1 common share purchase warrant, each warrant being exercisable for an additional common share of the Company at $0.56 for 12 months, subject to the right of the Company to accelerate the exercise period to 30 days should the closing price of common shares of the Company be at or above $1.12 for 10 consecutive trading days.

The Company has also issued 957,000 hard-dollar units (“Units), each Unit being comprised of 1 common share of the Company and 1 common share purchase warrant, each warrant being exercisable for an additional common share of the Company at $0.40 for 24 months, subject to the right of the Company to accelerate the exercise period to 30 days should the closing price of common shares of the Company be at or above $0.80 for 10 consecutive trading days.

In accordance with TSX Venture Exchange policies, finders’ fees cash commission of $7,740 have been paid and 1,200 flow-through unit broker-warrants and 37,020 hard-dollar unit brokerwarrants have been issued.

Funds from the financing will be used for mineral project exploration and general working capital purposes.

All securities issued pursuant to the offering (including warrants issued to finders), as well as any shares issued pursuant to the exercise of warrants, will be subject to a four-month hold period from the closing date.

Item 6 Reliance on subsection 7.1(2) or (3) of National Instrument 51-102

This report is not being filed on a confidential basis.

Item 7 Omitted Information

None

Item 8 Executive Officer

Daniel Stuart, CEO

Item 9 Date of report March 5, 2020