Juggernaut Exploration Ltd. — Capital/Financing Update 2020

Feb 1, 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

January 31, 2020

Item 3 News Release

The news release issued with respect to the material change was disseminated through Stockwatch on January 31, 2020 .

Item 4 Summary of Material Change

JUGGERNAUT CLOSES FIRST TRANCH OF UNIT FINANCING.

Item 5 Full Description of Material Change

Vancouver, British Columbia – January 31, 2020 – Juggernaut Exploration Ltd. (TSXV: JUGR) (OTCQB: JUGRF) (FSE: 4JE) (the “Company” or “Juggernaut”) is pleased to announce that it has filed documents with the TSX Venture Exchange (the “Exchange”) seeking approval to close the first tranche of its $0.20 unit financing for gross proceeds of $619,800.

Subject to Exchange approval, the Company will issue 3,099,000 Units (the “Units”), each Unit being comprised of 1 common share and 1 common share purchase warrant, each warrant entitling the holder to purchase an additional common share of the Company for $0.40 for a period of 24 months.

Subject to Exchange approval the Company will pay cash finders’ fees totaling $13,308.00 to various finders and issue 66,540 broker warrants, such broker warrants being exercisable at $0.40 for a period of 24 months.

If, at any time four months after the date of completion of the offering, the company's shares have a closing price equal to or higher than $0.80 per share for 10 consecutive trading days on the Exchange (as defined herein), the company shall thereafter be entitled to give notice to the holders, by news release, that such warrants will expire at 4:30 p.m. ET on that date which is 30 days after the date of such news release, unless exercised before the expiry of that period.

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 January 31, 2020