Juggernaut Exploration Ltd. — Capital/Financing Update 2020

Mar 20, 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 20, 2020

Item 3 News Release

The news release issued with respect to the material change was disseminated through Stockwatch on March 20, 2020 .

Item 4 Summary of Material Change

JUGGERNAUT CLOSES NON-BROKERED FINANCING.

Item 5 Full Description of Material Change

Vancouver, British Columbia – March 20, 2020 – Juggernaut Exploration Ltd. (TSX-V: JUGR) (OTCQB: JUGRF) (FSE: 4JE) (the “Company” or “Juggernaut”) reports that further to its March 5, 2020 news release, the Company has filed for final approval of its previously announced financing (the “Financing”) from the TSX Venture Exchange (the “Exchange”).

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.

5 Investors subscribing for a total of 160,000 Units for gross proceeds of $32,000 relied on the MI 45-321 Suitability of Advice Exemption.

In accordance with 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 broker-warrants have been issued.

Proceeds from the Financing will be used for mineral exploration projects 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 20, 2020