Juggernaut Exploration Ltd. — Capital/Financing Update 2024

May 24, 2024

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

May 24, 2024

Item 3 News Release

The news release issued with respect to the material change was disseminated through The Newswire May 24, 2024.

Item 4 Summary of Material Change

JUGGERNAUT ANNOUNCES OVERSUBSCRIBED $3,328,598.33 FINANCING

PLANS FOLLOW UP DRILLING ON EXTENSIVE HIGH-GRADE COPPER-GOLD TARGETS

Item 5 Full Description of Material Change

Vancouver, British Columbia – May 24, 2024 – Juggernaut Exploration Ltd. (TSX-V: JUGR) (OTCQB: JUGRF) (FSE: 4JE) (the “Company” or “Juggernaut”) further to its May 16[th] , 2024 news release, Juggernaut is pleased to report that it has received TSX Venture Exchange conditional approval and will be filing to close its institutionally supported oversubscribed non-brokered private placement financing (the “Financing”) for aggregate gross proceeds of $3,328,598.33. Crescat Capital will now have 13,828,386 shares of Juggernaut Exploration Ltd. The use of funds from this financing will be to drill ~5000 meters on Juggernaut’s 100% controlled Bingo and Midas properties, targeting prolific high-grade Copper and Gold at the surface.

The Financing consists of 27,395,871 units (“Units”), priced at $0.1215 each for gross proceeds of $3,328,598.33. Each Unit consists of one common share plus one warrant to purchase one common share at $0.14 for a thirty-six-month period.

The Company may pay finders’ fees in accordance with TSX rules. All securities issued pursuant to this financing will be subject to a four-month plus one-day hold.

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

May 24, 2024