Slam Exploration Ltd. — Interim / Quarterly Report 2022

Jun 23, 2021

FIRST QUARTER – FISCAL 2022

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MANAGEMENT DISCUSSION AND ANALYSIS

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FOR THE THREE MONTH PERIOD ENDED APRIL 30, 2020

AS OF JUNE 22, 2021

GENERAL

SLAM Exploration Ltd. (“SLAM” or the “Company”) is a resource company engaged in exploration for gold, base metals, and rare earths in Canada. The Company is a reporting issuer in British Columbia, Alberta, Ontario, Québec, and New Brunswick and trades under symbol SXL on the TSX Venture Exchange.

This Management’s Discussion and Analysis (“MD&A”) is intended to assist the reader in understanding and evaluating the trends and significant changes in the results of operations and financial conditions of the Company. This MD&A should be reviewed in conjunction with the Company’s audited financial statements for the year ended January 31, 2021 (“F2021 Financial Statements”).

The April 30, 2021 Financial Statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) and are presented in Canadian currency. The financial statements include comparisons to the three month period ended April 30, 2020. The financial statements have been prepared by management and include the selection of appropriate accounting principles, judgments and estimates necessary to prepare these financial statements in accordance with IFRS. This MD&A has taken into account information available to June 22, 2021. Additional information about SLAM and its projects are available at www.slamexploration.com.

This MD&A contains forward-looking statements as explained in the section titled “Forward Looking Statements and Critical Accounting Estimates” near the end of this document.

OVERALL PERFORMANCE

In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. The pandemic has adversely affected workforces, economies, and financial markets on a global scale. The Company has taken extra precautions to manage its affairs above and beyond the protocols established by the governments of New Brunswick, British Columbia and Canada. The full impact of the pandemic on the Company has yet to be realized and management continues to monitor this situation.

The Company responded in the prior fiscal year to rising gold prices and an evolving Appalachian gold play with an aggressive claim acquisition strategy in New Brunswick. This play continues to be a driving factor with significant new discoveries and developments in Newfoundland, Nova Scotia, and New Brunswick. Gold discoveries in the prior fiscal year by the Company at Menneval, X-Terra Resources Inc. at Grog Brook, Puma Exploration Inc. at Williams Brook, and by Galway Metals Corp. at Clarence Stream are expanding the Appalachian gold play in New Brunswick. Timely property acquisitions by staking are generating significant opportunities for additional gold discoveries by the Company but also represent substantial financial and technical commitments. The Company continues to face peer competition for limited available debt and/or equity financing available in the resource sector.

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FIRST QUARTER - FISCAL 2022

MANAGEMENT DISCUSSION AND ANALYSIS

OVERALL PERFORMANCE (CONTINUED)

To date, the Company has not yet realized profitable operations and has relied on debt and equity financing and trade credit to fund the losses. The Company recognized an income (loss) and comprehensive income (loss) of $498,984 (2020 – ($32,393)) during the three month period ended April 30, 2021.

The Company recorded an unrealized gain (loss) on marketable securities of $162,800 (2020 – ($300)) during the three months ended April 30, 2021.

On February 22, 2021, the Company received 1,000,000 shares of Major Precious Metals Corp. valued at $300,000 pursuant to the BMC property option agreement. As a result of receiving the 1,000,000 Major Precious shares, the Company recovered $3,706 of BMC exploration and evaluation costs incurred on the Portage Property and recognized $296,294 in property option revenue.

Throughout the quarter ended April 30, 2021, the Company sold 513,500 (2020 – 1,000,000) shares of Major Precious for total proceeds of $248,356 (2020 - $27,000) resulting in a realized gain of $73,766 (2020 - $33,000 loss).

During the three month period ended April 30, 2021, the Company incurred net exploration expenditures of $78,897 (2020 - $15,500), to fund ongoing exploration activities outlined in the Discussion of Operations section of this MD & A.

On April 23, 2021, the Company entered into a four year lease agreement for a Ford truck.

On April 27, 2021, the Company issued 70,000 common shares of the Company valued at $4,200 to acquire the Eighteen Mile Brook and Ferguson Brook properties.

During the three month period ended April 30, 2021, the Company received the remaining $30,000 of the authorized CEBA loan limit. The second portion of the CEBA loan was initially fair valued using a discount rate of 12% and was measured at $24,391 with difference of $5,609 being recognized as government grant on the statements of loss during the three months ended April 30, 2021. The accretion expense of $1,170 was recorded on the $60,000 total of the outstanding CEBA loan during the three months ended April 30, 2021.

Expired stock options

On April 19, 2021, 450,000 (2020 – 170,000) stock options exercisable at $0.06 (2020 - $0.05~$0.06) per share expired unexercised.

During the three month period ended April 30, 2021, the Company transferred the $26,746 (2020 - $7,116) fair value of the 450,000 (2020 – 170,000) expired stock options from share option reserves to the deficit.

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MANAGEMENT DISCUSSION AND ANALYSIS

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Discussion of Operations

The Menneval Gold Project

The Company holds a 100% interest in eight (8) mineral claims comprised of 576 claim units covering 12,454 hectares in northwestern New Brunswick. The original 81 unit claim includes 4 claim units that are subject to a 1.5% NSR. The Company can buy down 0.5% NSR for $500,000 and has right of first refusal on the remaining 1% NSR.

In February, 2020, the Company repaid $10,000 to the New Brunswick Junior Mining Assistance Program (“NBJMAP”) pursuant to the 2019 program at Menneval. In July, 2020, the NBJMAP approved a $30,000 grant for the Menneval drilling program.

In August, 2020, the Company completed 9 diamond drill holes for a total of 624 metres to test the Maisie gold vein over a strike length of 250 metres. All 9 holes intersected quartz and carbonate zones representing the Maisie vein over core lengths ranging from 0.2 m to 1.1 m at down hole depths ranging from 28 m to 105 m. Gold mineralization was intersected in all 9 holes ranging from 0.10 g/t up to 10.3 g/t gold over 0.3 metres as reported October 5, 2020 by the Company and tabled below:

Hole ID	From (metres)	Interval (metres)	Au (g/t)
MG2065	61.28	1.42	0.29
MG2065	66.16	0.50	0.67
MG2066	36.79	0.10	1.45
MG2067	29.00	0.30	3.61
MG2068	36.55	0.35	0.07
MG2069	18.60	0.30	10.30
MG2070	20.00	0.55	3.05
MG2071	26.80	0.20	0.10
MG2072	78.90	0.50	0.45
MG2073	105.07	0.38	0.17

The Company discovered a series of quartz veins by trenching adjacent to Zone 9 south of the Maisie vein. The new veins range up to 1 m thick and are mineralized with limonite and locally pyrite. Visible gold was reported and on October 7, 2020, the Company announced assay results on 39 grab samples from the Menneval gold trenching program. The results include 3 samples grading 53.80 g/t gold, 59.30 g/t gold and 363.00 g/t gold collected from 3 separate veins and 10 samples ranging from 1.20 g/t gold to 5.86 g/t gold in 7 separate veins. In addition, 26 samples range from 0.02 to 0.79 g/t gold.

These en echelon veins range up to 50 m long and 1 m thick and are mineralized with limonite and locally pyrite. They combine with the original Zone 9 veins for an overall strike length of 300 m. A separate vein No. 2 occurs an additional 230 m to the southwest. Samples 34108, 34112 and 34118 grading 363.00 g/t, 5.86 g/t and 2.93 g/t respectively were collected from vein No.2. Of the 39 samples collected, 13 samples containing gold in the range 1.00 to 363.00 g/t gold are listed in the table below:

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MANAGEMENT DISCUSSION AND ANALYSIS

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Discussion of Operations (Continued)

The Menneval Gold Project (continued)

Assay Tag	Trench	Field Sample #	Gold g/t
34108	Men20-2	MEN20-02-12	363.00
34112	Men20-2	MEN20-02-1	5.86
34118	Men20-2	MEN20-02-6	2.93
34131	Men20-7	WP190	59.30
34132	Men20-4	WP191	53.80
34134	MEN20-13	MEN20-13-1	3.99
34135	MEN20-3	MEN20-3-1	1.88
34136	MEN20-3	MEN20-3-2	1.20
34141	MEN20-6	MEN20-20-6-1	1.66
34143	MEN20-7	MEN20-7-1	5.19
34144	MEN20-7	MEN20-7-2	4.11
34146	MEN20-8	MEN20-8-2	2.21
34149	MEN20-9	MEN20-9-2	1.44

In October 2020, the Company resumed the trenching program starting with M20-18 and uncovered vein No. 18 over a strike length of 115m and from 0.04 to 0.12 m thick. The Company collected 16 samples of quartz mineralized with limonite and pyrite. Visible gold was reported from 12 of the samples. Assay results range from 1.22 to 3,955 g/t gold over widths ranging from 0.04 to 0.12 m thick. Gold assays for all 17 samples from vein No. 18 are tabled as follows:

Field ID	Sample ID	Distance m	True Width m	Au g/t
M20-18	Vein Start	0.0
M20-18-04	6640571	4.6	0.04	1.22
M20-18-03	6640570	29.5	0.05	51.40
M20-18-02	6640569	42.9	0.08	4.06
M20-18-01	6640568	50.6	0.12	5.53
M20-18-15	6640581	52.5	0.08	26.50
M20-18-05	6640572	55.0	0.05	26.00
M20-18-06	6640573	60.0	0.05	18.60
M20-18-10	6640577	61.3	0.06	60.70
M20-18-07	6640574	62.2	0.05	159.00
M20-18-08	6640575	65.7	0.05	77.60
M20-18-09	6640576	71.1	0.06	40.40
M20-18-11	6640591	76.5	0.06	27.80
M20-18-12	6640578	77.8	0.10	1,838.00
M20-18-13	6640579	78.2	0.10	3,955.00
Continued on the following page

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MANAGEMENT DISCUSSION AND ANALYSIS

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Discussion of Operations (Continued)

The Menneval Gold Project (continued)

Field ID	Sample ID	Distance m	True Width m	Au g/t
M20-18-14	6640580	83.4	0.04	19.00
M20-18-16	6640451	93.9	0.08	4.70
M20-19-2	6640583	96.0	0.06	15.80
M20-18	Vein End	114.0

Trench 19 was dug to find the extension of No. 18 where it was displaced by a fault. Trenches M20-20 and M20-21 were dug in close proximity to the original Zone 9 vein. Trench M20-22 uncovered a quartz vein (“No. 22”) over a strike length of 560 m. The northeast section of vein No. 22 is mineralized with limonite, goethite and pyrite over a strike length of 180 m and one site of visible gold that grading 11.30 g/t gold. Vein No. 22 terminated against a porphyry dyke at its northeast end.

The Company excavated a series of 20 crosscut trenches and discovered numerous veins in an 800 m extension east of vein No. 22. Fourteen of these trenches M20-23 to 27 and M20-29 to 37 uncovered gold-bearing quartz veins ranging from 0.008 to 9.350 g/t gold. Trench 28 uncovered quartz veins that did not contain detectable gold. In a 500 m step-out, the easternmost trench M20-32 uncovered quartz veins in the vicinity of gold bearing float grading 0.92 g/t gold discovered previously by the Company. Vein thickness ranges from 0.05 to 0.30 m thick and most of these veins have not been traced along strike. The Company received assay results ranging up to 11.30 g/t gold from 102 grab samples collected from quartz veins uncovered by trenches M20-13 and M20-22 to 37. Selected gold results for 22 grab samples are tabled below:

Trench	Field Sample	Sample Tag	Grid East	Grid North	Gold g/t
M20-13	M20-13-1A	6640453	390	815	0.900
M20-13	M20-13-02	6640454	388	818	8.340
M20-22	M20-22-01	6640455	504	677	0.400
M20-22	M20-22-02	6640456	491	666	3.810
M20-22	M20-22-06	6640460	468	577	0.210
M20-22	M20-22-08B	6640461	442	276	2.190
M20-22	M20-22-08	6640465	442	276	1.100
M20-22	M20-22-09	6640466	514	687	1.130
M20-22	M20-22-10	6640467	521	699	11.30
M20-22	M20-22-11	6640468	521	705	1.460
M20-22	M20-22-12	6640469	526	715	0.620
M20-22	M20-22-15	6640472	544	730	0.280
M20-22	M20-22-16	6640473	556	758	8.000

Continued on the following page

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MANAGEMENT DISCUSSION AND ANALYSIS

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Discussion of Operations (Continued)

The Menneval Gold Project (continued)

M20-25	M20-25-03	6640497	676	767	9.350
M20-25	M20-25-09	6640103	738	635	0.620
M20-26	M20-26-01	6640104	700	783	0.700
M20-29	M20-29-02	6640116	831	825	0.897
M20-29	M20-29-05	6640119	865	754	10.2
M20-30	M20-30-01	6640120	865	819	0.124
M20-34	M20-34-02	6640134	461	977	0.162
M20-36	M20-36-02	6640141	599	699	0.729
M20-13	M20-13-03	6640354	390	818	1.780

The vein system is open to the east of the new vein discoveries. The Company dug 5 additional trenches M20-44 to M20-48 and uncovered numerous quartz boulders in a 1,700 m eastward step-out where gold-bearing boulders had been discovered previously by SLAM. Gold ranging up to 0.246 g/t was detected in 15 of the 17 boulder samples with one sample grading 2.76 g/t gold. The excavator was demobilized in late November, 2020.

Elevated Gold Values From Menneval Soil Survey

The Company collected the first batch of 281 soils samples at 25m intervals on 8 grid lines spaced 100 metres apart in the vicinity of recently discovered gold veins. This first batch returned 91 samples with elevated gold ranging from 5 to 57 parts per billion (“ppb”) and 1 sample grading 683 ppb gold.

A second batch of 616 soil samples were later collected at a sample spacing of 25 metres on lines spaced 200 metres apart to extend the survey eastward. The second batch includes 544 samples (72%) that contain elevated gold ranging from 5 ppb to 206 ppb gold.

The Company combined both batches to generate a contour map published on its website - - https://www.slamexploration.com/menneval gold project The contours highlight an untested anomalous trend (“Gold Trend A”) ranging from 20 ppb to 206 ppb gold up to 150 m wide located east of vein No. 22. Trend A extends over a strike length of 1,800 m and is open eastward. Gold Trends B and C are similar but shorter trends with up to 49 ppb gold over 600 m and 102 ppb gold over 200 m respectively. Gold Trend D is a cross-cutting anomaly up to 157 ppb gold. An unlabeled soil anomaly from 11 to 46 ppb gold over a length of 100 m lies adjacent to gold vein No. 18.

The Company commenced with the 2021 exploration program at Menneval. Targets include the No 2, No 18 and No 22 veins all with visible gold reported. Grab samples from the No 2 vein ranged up to 363.00 g/t and up to 11.30 g/t in vein No 22. Vein No. 18 had multiple of visible gold supported by assay results grading 1.22 to 3,955 g/t gold over widths ranging from 0.04 to 0.12 m. A swarm of gold-bearing veins extending eastward has been tested intermittently over a strikelength of 1,100 m and represents a high priority target. The trenching program will also test gold trends A to D and other soil geochemical targets.

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MANAGEMENT DISCUSSION AND ANALYSIS

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Discussion of Operations (Continued)

The Menneval Gold Project (continued)

The 2021 Phase I program commenced and comprises a continuation of the soil geochemistry and trenching program with a budget of $150,000. A 2,000 m diamond drilling program with a $240,000 budget in Phase II is contingent on the Phase I results and upon access to additional funding. The Company has applied for assistance of up to $100,000 under NBJMAP to support the Phase II drilling program.

Birch Lake Project

The Birch Lake Property comprises 461 mineral claim units covering an area of 9,964 hectares located 100 km west of the city of Miramichi, New Brunswick and is not subject to any Net Smelter Return royalties (“NSR”). The Company staked the initial claim 9546 on July 9, 2020, followed by 2 claims in December and 5 claims in January 2021 for a total acquisition cost of $26,400.

Mineral claim 9546 was staked to cover the Birch Lake occurrence which was discovered by previous workers. SLAM’s advance scout team discovered an open trench at this site and collected 5 grab samples of mineralized rock from trench rubble and bedrock.

The 5 grab samples grade up to 6.70 g/t gold, 141 g/t silver, 0.95% copper, 68.95% lead and 2.06% zinc. Samples ranged from siliceous metasediments that are brecciated and mineralized with hematite and galena. Sample E6640196 is a 20 kilogram slab of massive sulphide found in the rubble. Sample E6640198 is from a shear zone with hematite and galena in bedrock. Assay results for all 5 samples are summarized in the table below:

Sample	Description	Gold g/t	Silver g/t	Copper %	Lead %	Zinc %
E6640181	Rubble	6.70	290	0.08	1.57	3.50
E6640182	Rubble	4.03	63	0.167	16.30	0.87
E6640196	Slab – 20 kg	0.621	103	0.953	68.95	2.06
E6640197	Rubble	1.745	141	0.319	21.62	1.16
E6640198	Bedrock	0.523	57	0.062	2.68	0.03

The Birch Lake project was expanded to cover gold anomalies in soil and till surveys completed by earlier workers and to cover the River Dee gold occurrence where previous workers discovered gold in hole CR86-2A 14 km northwest of the Birch Lake occurrence. Hole CR86-2A collared into a breccia zone containing 0.343 g/t over 3.04 m. A number of untested till anomalies ranging from 10 to 22 ppb are located between the Birch Lake and River Dee gold. The Company intends to complete preliminary prospecting and soil geochemistry with a budget of $20,000 in 2021.

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MANAGEMENT DISCUSSION AND ANALYSIS

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Discussion of Operations (Continued)

Eighteen Mile and Ferguson Brook Properties

On April 27, 2021, the Company issued 70,000 common shares of the Company valued at $4,200 to acquire the Eighteen Mile and Ferguson Brook properties. The acquisition costs were divided equally, with $2,100 being allocated to property payments for each of the properties. The properties are located approximately 100 kilometres west of Bathurst, New Brunswick.

The Eighteen Mile Property is comprised of one wholly owned mineral claim and a signed prospector agreement to acquire an additional claim comprising 4 units. The 2 claims combine to form the Eighteen Mile Property covering 1,086 hectares.

The Ferguson Brook Property is comprised of one wholly owned mineral claim and a signed prospector agreement to acquire an additional claim comprising 7 units. The 2 claims combine to form the Ferguson Brook Property covering 912 hectares.

The Optionor retained a 2% NSR royalty, of which the Company can buy back 1% of the NSR for $1,000,000 at any time. The Company has the right of first refusal on the remaining 1% NSR.

Flume Ridge Gold Property

The Flume Ridge Gold Property comprises 183 claim units covering an area of 4,136 hectares in 6 separate mineral claims located in the vicinity of the Clarence Stream gold discoveries where Galway Metals Inc. (GWM.V) is drilling in southern New Brunswick. The wholly-owned property is not subject to any NSR. A cursory prospecting program was conducted on 2 of the claims. Two samples were collected from quartz veins but the assays were below the detection limit for gold. The Company intends to complete preliminary prospecting and soil geochemistry with a budget of $10,000 in 2021.

During the three months ended April 30, 2021, the Company paid $1,540 to renew Flume Ridge claims units.

Jake Lee Gold Property

The Jake Lee Gold Property comprises 294 claim units covering an area of 6,668 hectares located in southern New Brunswick and is not subject to any NSR’s.

‐ The claims were staked to cover the potential source area for gold bearing boulders found by previous workers on an adjacent property. One road traverse was made across the property in 2019 but no samples were collected. The Company intends to complete preliminary prospecting and soil geochemistry with a budget of $10,000 in 2021.

Pug Hole

The Company holds a 100% interest in one New Brunswick mineral claim covering an area of 1,633 hectares located 40 km southeast of Galway Metals’ gold discoveries. The property is not subject to any NSR. It was staked to cover the potential strike extent of favourable rocks on the Jake Lee property. Previous workers discovered placer gold at the Ripples in New River and a prospector found gold in quartz veins grading up to 5.35 g/t gold at a site 100m west of the Pug Hole claim boundary. The Company has a preliminary budget of $10,000 for prospecting in fiscal 2021.

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MANAGEMENT DISCUSSION AND ANALYSIS

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Discussion of Operations (Continued)

Mt. Victor

The Mt. Victor Property comprises 203 claim units covering an area of 4,579 hectares located in southern New Brunswick and is not subject to any NSR’s. The Company completed additional prospecting and a trenching program to evaluate 2 gold discoveries that resulted from SLAM’s 2019 prospecting program. Trenching uncovered siliceous volcanic breccia zones and 124 samples were submitted for analysis. Results show widespread anomalous gold up to 0.1 g/t with a few samples ranging up to 0.95 g/t gold. These results are consistent with low-sulphidization epithermal gold systems. The Company plans to expand these targets with soil geochemistry and additional prospecting in 2021.The Company has a preliminary budget of $20,000 for this program.

Patapedia Property

On September 8, 2020, the Company entered into a property option agreement to acquire a 100% undivided interest in the Patapedia Property (“Patapedia”) located near Kedgwick, New Brunswick. In order to earn its 100% interest in the Patapedia Property, the Company must issue 300,000 common shares of the Company and pay $20,000 cash in accordance with the following schedule:

chedule:
	Common		Cash
	Shares		Payments
Upon signing (paid)	-	$	5,000
Upon TSX Venture Exchange approval
(issued with a fair value of $5,000)	50,000	$	-
On or before September 8, 2021	50,000	$	5,000
On or before September 8, 2022	100,000	$	5,000
On or before September 8,2023	100,000	$	5,000
TOTAL	300,000	$	20,000

The optionor retains a royalty of 1.5% Net Smelter Return on 39 claim units. The Company can buy back two-thirds of the royalty equal to 1% NSR for $1,000,000 at any time.

The Patapedia Property is host to 3 mineral occurrences listed in the New Brunswick Department of Natural Resources database as Patapedia South, Patapedia Central, and Patapedia North zones. The current focus is on the copper-silver-gold mineralization in Patapedia South.

The Patapedia South prospect, also referred to as “The Copper Breccia Zone” was drilled by 13 holes in 1973. This limited drilling program tested the zone over a strike length of approximately 200 metres and to a depth of 110 metres with potential for extensions along strike and at depth. Historical drilling results by previous workers are reported for selected holes as follows:

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MANAGEMENT DISCUSSION AND ANALYSIS

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Discussion of Operations (Continued)

Patapedia Property (continued)

Drill Hole	From (metres)	Core length	Copper%	Silver g/t	Gold g/t
NQN 73-10	92.66	0.30	6.00	115.50	0.69
NQN 73-10	110.9	0.90	0.85	96.60	0.52
NQN 73-09	68.36	0.21	3.80	69.70	0.34
NQN 73-09	82.9	0.61	2.24	48.30	1.03
NQN 73-07	86.56	0.61	8.86	143.10	0.52
NQN 73-06	20.73	0.76	2.20	64.80	0.76
NQN 73-06	35.36	0.30	10.55	66.20	0.30

The drilling results reported above are derived from assessment reports of work on file at the New Brunswick Department of Natural Resources and Energy. The results pre-date NI43-101 and are derived from Assessment Reports signed by geologists. Mike Taylor, P.Geo. President and CEO of SLAM Exploration Ltd., as the Qualified Person, has reviewed the drilling results and has found them to be well documented, consistent and reliable. However, the results are based on historical records and can only be verified by drilling. The Company has a preliminary budget of $10,000 for prospecting and geochemistry in 2021.

Fisher Ridge Gold Project

The Fisher Ridge Gold Property comprises 107 claim units covering an area of 2,339 hectares located in northern New Brunswick and is not subject to any NSR. The property covers a siliceous epithermal breccia zone discovered by the Company in an abandoned gravel quarry. The Company discovered a number of quartz float occurrences in a preliminary prospecting program. Anomalous gold 0.171 g/t was detected in one sample. The Company has a preliminary budget of $10,000 for additional sampling and geochemistry in 2021.

Stephenson Lake Gold Project

The Company staked 129 claim units in one claim to cover an area of 2,910 hectares in southern New Brunswick. The Stephenson Lake gold property is not subject to any NSR. The claim acquisition was based on geochemistry with anomalous tills up to 22 ppb gold over a large area. The 2020 soil geochemical survey comprised 85 soil samples to test the vicinity of one anomalous (8 ppb gold). Soil results are significant with elevated gold ranging up to 38 ppb gold. The Company has a preliminary budget of $10,000 for prospecting and geochemistry in 2021.

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MANAGEMENT DISCUSSION AND ANALYSIS

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Discussion of Operations (Continued)

Wilson Brook Gold Project

The Wilson Brook Gold Project comprises 865 claim units covering 18,953 hectares of prospective mineral land located near Plaster Rock in northern New Brunswick. These whollyowned claims were acquired by staking and are not subject to any NSR. The project covers a 26 km gold till anomaly that straddles two major Appalachian structures known as the Millstream Break and the Blue Bell fault zone.

The Company completed 2 test grids each designed to confirm the presence of gold in soils at Wilson Brook. Anomalous soils ranging up to 73 ppb gold and 33 ppb gold occur on test grids W1 and W2 respectively. The Company intends to expand the soil survey and conduct prospecting with a preliminary budget of $20,000 in 2021.

York Gold Project

The York Gold Project comprises 229 claim units covering an area of 5,149 hectares located in southern New Brunswick and is not subject to any NSR’s. The York Gold Project had till geochemical anomalies ranging up to 22 ppb gold. In 2020, the Company completed preliminary prospecting and collected 85 soil samples to test an anomalous, 22 ppb gold till anomaly. Geochemical results show gold ranging up to 46 ppb gold in soils. The Company intends to complete additional soil geochemistry and prospecting with a preliminary budget of $10,000 in 2021.

Mount Uniacke

On August 7, 2019, the Company entered into an Option Agreement to acquire a 100% interest in the Mount Uniacke gold property (the “Mount Uniacke Property”). In order to acquire its 100% interest in the Mount Uniacke Property, the Company must pay $450,000 in cash payments in stages over a 4 year period. The Optionors retain 3% NSR royalty. The Company can buy back 1% of the royalty for $500,000 and another 1% of the royalty for $1,000,000 at any time.

A consultant made a site visit and collected 7 samples of rock from waste piles at Uniacke in 2020. All 7 samples were submitted to a laboratory for testing and one sample returned an assay of 21.4 g/t gold. Visible gold had been observed in a portion of this sample but this portion was not included in the laboratory test sample.

On August 17, 2020, the Company entered into an Amendment Agreement for the Mount Uniacke Property whereby it can earn 100% interest by completion of the remaining payments as follows:

ollows:
		Cash
		Payments
Upon approval (paid)	$	15,000
On or before first anniversary (paid)	$	20,000
On or before second anniversary	$	100,000
On or before third anniversary	$	140,000
On or before fourth anniversary	$	175,000
TOTAL	$	450,000

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MANAGEMENT DISCUSSION AND ANALYSIS

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Mount Uniacke (continued)

The claims were acquired based on the presence of the Mount Uniacke gold property in the historic Meguma gold terrane of Nova Scotia. Mount Uniacke was mined from 1865 to 1941 with recorded production in excess of 27,000 ounces. Gold was produced from veins, leads and slate belts which were accurately mapped in detail by Faribault when mining was in progress and published in 1929.

According to Faribault in 1929, there are “Several large belts of low grade ore, very promising in depth in the zone of pay streaks” below the historic workings. These known gold bearing slate belts include the 2 Montreal belts and 2 PCF belts and range from 4 to 6 m thick. Additional ‐ exploration is recommended to test the depth extent of these gold bearing structures beneath the old workings. The Company is looking for a partner to participate in the Mount Uniacke Gold Project.

Other New Brunswick properties

Gold Brook Property

The Gold Brook Property comprises 40 claim units covering an area of 874 hectares located in northern New Brunswick and is not subject to any NSR’s.

Pug Hole Property

The Pug Hole Property comprises 72 claim units covering an area of 1,633 hectares located in southern New Brunswick and is not subject to any NSR’s.

Ramsay Property

During the three months ended April 30, 2021, the Company paid $7,800 in claim staking fees to acquire additional claims on the Ramsay Property. The expanded Ramsay Property comprises 8 wholly owned claims covering 4,390 hectares.

REE Project

The REE Property comprises 59 claim units covering an area of 1,320 hectares located in central New Brunswick and is not subject to any NSR’s.

Goodwin Project (BMC)

The Goodwin Property is included in the Bathurst Mining Camp (“BMC”) option agreement with Major Precious Metals Corp. (“Major Precious”). The Goodwin project comprises 168 units in 5 claims that cover 3,668 hectares. It includes claim 9829 covering 79 units staked January 6, 2021 and other former LBM claims.

SLAM made one visit to the property in 2020 to follow up on prospecting and trenching completed by Major Precious in 2019. The 2019 program included compilation of soil geochemical data for 2,567 sample sites and drilling data for 105 drill holes. Previous workers had focused on the copper ‐ nickel potential of this property but the Granges zinc occurrence was discovered by ‐ drilling in 1997 when hole ML97 02 intersected 5.93% zinc over a core length of 15.9m.

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MANAGEMENT DISCUSSION AND ANALYSIS

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Discussion of Operations (Continued)

Goodwin Project (BMC) (continued)

Additional trenching and diamond drilling are recommended to test for potential extensions of the ‐ known mineral occurrences as well as geochemical geophysical targets on the Goodwin property. High priority targets include the 15.9 metre core interval grading 5.93% zinc known as the Granges zinc occurrence. SLAM has submitted a budget to Major Precious with a significant portion of the proposed funding allocated to Goodwin.

LBM (BMC)

One of the LBM claims expired in 2020. A new claim staked to replace it in January, 2021 covers aeromagnetic anomalies and electromagnetic conductors and connects the remaining LBM claims to the Goodwin claims. Going forward, these claims will be managed as part of the Goodwin Project and continue to be part of the BMC Agreement with Major Precious.

Lower 44 (BMC)

The Lower 44 property comprises one claim covering 2,491 ha and is included in the agreement with Major Precious. The Lower 44 property is host to the former producing Wedge copper mine as well as the Tribag, West Wedge and Essex zones. All four occurrences are volcanogenic massive sulfide (VMS) occurrences intersected in diamond drill holes by previous workers dating back to the Wedge discovery in the 1950’s. Soil geochemical anomalies and airborne geophysical conductors demonstrate potential for extensions along strike as well as at depth. The Company completed a program of prospecting and trenching in the vicinity of known mineral occurrences in 2017. Trenching confirmed the presence of lead, zinc and copper mineralization associated with Tribag zone. Assays for 5 grab samples collected from two mineralized horizons are tabled as follows:

Project	Sample	Zinc%	Lead%	Copper%	Silver g/t
Lower 44	535401	0.03	0.29	0.10	15
Lower 44	535402	2.96	2.32	0.13	121
Lower 44	535403	12.60	7.22	0.53	107
Lower 44	535404	5.30	1.10	0.19	22
Lower 44	535405	1.39	8.37	0.55	88

Additional work is recommended on the Lower 44 property. There is significant potential for additional mineral discoveries including potential for extensions of the known occurrences.

O’Hearn-Strachens (BMC)

The O’Hearn-Strachens Property is included in the BMC agreement with Major Precious. One claim expired in 2020. The property is now comprised of 2 mineral claims covering 196 ha. The claims are host to the O’Hearn deposit and the Strachens zinc-lead-silver occurrences. Additional work is recommended.

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MANAGEMENT DISCUSSION AND ANALYSIS

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Discussion of Operations (Continued)

The Portage Lake Project (BMC)

This property is included in the BMC agreement with Major Precious. SLAM had intersected a zone of massive sulphide mineralization grading 12.61% zinc, 12.94% lead, 0.21% copper and 133 g/tonne silver over a core length of 1.35 m in diamond drill hole PZ-18-01. This was one of 2 holes drilled at Portage Lake by SLAM in 2018. The holes were drilled on claim 1745 which had been acquired by SLAM through a 2018 agreement with a prospector in 2018. On October 31, 2019, that option agreement was terminated with no further obligations for the Company or Major Precious to issue common shares or make cash payments with respect to the specified claims.

The Portage property now comprises claims 8320 and 8751 which cover a combined area of 4,792 ha and are held under the BMC Agreement. Additional work is recommended to trace zincbearing boulders and soil geochemical anomalies.

The BMC Properties

SLAM Exploration Ltd. submitted a BMC project update to Major Precious Metals Corp. in early 2021. This update included a recommendation for a two-phase exploration program with a total budget of $370,000 on the BMC properties in 2021. The proposed program is focused on trenching in Phase I and diamond drilling in Phase II. Phase I is to involve trenching on the Goodwin, Lower 44, Portage and O’Hearn claim groups. This program will test for potential extensions to the strike length of a number of mineralized zones using our existing database of diamond drilling, soil geochemistry, ground geophysics and extensive airborne surveys to define targets. The recommended budget for Phase I is $120,000. A 2,000 m diamond drilling program is recommended for Phase II with a budget of $250,000.

Other Ontario Properties

During the three month period ended April 30, 2021, the Company incurred $98 on the Miminiska property located in Ontario. The Company’s management has no immediate future exploration work planned for the Ontario properties.

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MANAGEMENT DISCUSSION AND ANALYSIS

Exploration and evaluation expenditures for the three month period ended April 30, 2021:

			Claim										Total
			staking and		Field	Geological	Property		Travel and		Recovery of		expenditures
PROPERTY NAME	**Assays **		renewals		operations	consulting	payments		related		expenses		(recoveries)
New Brunswick
Birch Lake	$	-	$	-	$ 1,427	$ 1,400	$	-	$	-	$	-	$	2,827
Eighteen Mile Brook		-		-	-	-	2,100			-		-		2,100
Ferguson Brook		-		-	-	-	2,100			-		-		2,100
Flume Ridge Gold		-	1,540		-	-		-		-		-		1,540
Menneval	9,701			-	29,320	7,220		-		292		-	46,533
Mt. Victor		-		-	-	2,660		-		-		-		2,660
Patapedia	3,203			-	-	-		-		-		-		3,203
Portage*		-		-	-	-		-		-	(3,706)		(3,706)
Shingle Gulch		-		-	1,434	-		-		-		-		1,434
Stephenson Lake	1,658			-	-	-		-		-		-		1,658
Wilson Brook	1,404			-	1,434	3,040		-		-		-		5,878
York Gold	1,573			-	-	-		-		-		-		1,573
Other New Brunswick**
properties		-	7,800		159	3,040		-		-		-	10,999
Ontario
Other Ontario***		-		-	-	-		-		98		-		98
Total	$ 17,539		$ 9,340		$ 33,774	$ 17,360	$ 4,200		$	390	$(3,706)		$ 78,897

*Denotes BMC property

**Other New Brunswick Properties– Lewis Brook, Nine Mile, North Rim, Pug Hole, Ramsay, REE Project, TSN, Upper 40, and Little River.

***Other Ontario Properties – Miminiska, Opikeigen and Reserve Creek.

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MANAGEMENT DISCUSSION AND ANALYSIS

Outlook

The Company holds a portfolio of 19 mineral properties covering 80,000 ha of prospective mineral ground outside of the BMC in the mineral–rich province of New Brunswick. These projects were mostly acquired by staking and are not subject to any NSR. They were mainly acquired for their gold potential but some show potential for zinc-lead-silver-copper and coppernickel as well as REE and cobalt discoveries. The Company intends to complete sufficient work to maintain these mineral claims in good standing through 2022.

The Company has commenced trenching on its wholly-owned Menneval Gold Project in northwestern New Brunswick where its 2020 program resulted in significant new gold discoveries. The 2021 trenching program will further test a number of gold vein discoveries including No. 18 where multiple sites of visible gold were associated with gold assays up to 3955 g/t gold over 0.12 m. Additional trenching targets include gold soil anomalies up to 1800 m long. The Company expects to follow the trenching with a proposed Phase II diamond drilling program but implementation of Phase II may require access to additional funding.

The Company intends to complete additional work on its Birch Lake property to test for extensions of the Birch Lake poly-metallic occurrence where the Company collected 5 grab samples ranging up to 6.70 g/t gold, 141 g/t silver, 0.95% copper, 68.95% lead and 2.06% zinc. This work will include soil geochemistry, prospecting and trenching. The Company also intends to complete additional soil geochemistry and/or prospecting on its Gold Brook, Shingle Gulch, and Wilson Brook gold properties all located in the same area of northern New Brunswick.

Trenching uncovered breccia zones up to 25 m wide with anomalous gold to 0.1 g/t and a few samples ranging up to 0.95 g/t gold on the Mt. Victor property in southern New Brunswick. Soil geochemical surveys at Stephenson Lake and York gold projects returned up to 46 ppb gold. The Company continues to evaluate the Flume Ridge, Jake Lee and Pug Hole gold projects. Additional soil geochemistry and prospecting are planned for these properties all located in the evolving southern New Brunswick gold district. This district is centered around the Clarence Stream gold property where Galway Gold Inc. has reported successful drilling results.

One of 7 samples collected from a rock dump at the Uniacke gold property returned an assay of 21.4 g/t gold. Uniacke is located 100 km west of the Moose River gold mine operated by St. Barbara in the Meguma gold mining district of Nova Scotia. Subject to an NSR royalty, the Company has signed an option agreement to earn 100% interest through a series of optional payments. An option payment is due in August, 2021. The Company proposes to complete a diamond drill hole beneath the old workings but this work is subject to access to additional funding as well as a renewal or extension of the agreement.

The Company continues to evaluate its gold properties in Ontario including its wholly-owned Reserve Creek and Opikeigen projects where the Company has demonstrated gold potential by previous drilling results. Global market conditions have elevated gold prices and the Company hopes to benefit from this portfolio of gold properties by vending out to other companies.

The Company retains NSR royalties on the Nash Creek, Superjack and Coulee base metal projects as well as the BMC properties sold to Major Precious. The Company continues to work with Major Precious in the exploration and evaluation of the BMC properties. The Company received 1,000,000 Major Precious shares in February, 2021 and considers the BMC agreement in good standing at this time.

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MANAGEMENT DISCUSSION AND ANALYSIS

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Outlook (continued)

SLAM is a project generator that acquires mineral projects, upgrades them up and seeks to send them to other companies. Its goal is to build a potential revenue stream from royalties pursuant to sale of mineral properties. The Company is actively seeking potential clients or partners for various properties. Drilling is required to upgrade these properties and the Company will require access to additional funding. This may be accomplished through additional property sales, by forming partnerships with other firms and/or issuance of equity. In addition to project funding, SLAM must raise sufficient capital for current liabilities and for recurring general and administrative expenses. Our ability to do so is subject to very competitive global market conditions where companies in the resource sector are competing for limited available debt and/or equity financing.

Financial position

The Company’s Statements of Financial Position reports total assets of $1,602,239 (January 31, 202 - $1,045,385).

Exploration and evaluation assets increased by $78,897, from $577,752 at January 31, 2021, to $656,649 at April 30, 2021. Total expenditures of $82,603 (2020 - $19,550) were incurred on exploration and evaluation assets during the three months ended April 30, 2021. The Company recovered $3,706 (2020 - $4,050) of exploration and evaluation costs during the three months ended April 30, 2021.

On February 22, 2021, the Company received 1,000,000 shares of Major Precious Metals Corp. valued at $300,000 pursuant to the BMC property option agreement. As a result of receiving the 1,000,000 Major Precious shares, the Company recovered $3,706 of BMC exploration and evaluation costs incurred on the Portage Property and recognized $296,294 in property option revenue.

The Company recovered $4,050 of LBM claim staking fees during the comparative three months ended April 30, 2020.

SLAM’s Statement of Financial Position indicates total liabilities of $506,311 (January 31, 2021 - $445,641) as at April 30, 2021.

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MANAGEMENT DISCUSSION AND ANALYSIS

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RESULTS OF OPERATIONS – FOR THE THREE MONTHS ENDED APRIL 30, 2021

Total exploration and evaluation expenditures on projects for the three months ended April 30, 2021 were $82,603 (2020 - $19,550), which were comprised of the following:

New Brunswick Birch Lake Eighteen Mile Brook Ferguson Brook Flume Ridge Gold Gold Brook Jake Lee LBM Menneval Mt. Victor Patapedia Portage Satellite Shingle Gulch Stephenson Lake Wilson Brook York Gold Other New Brunswick Properties Ontario Other Ontario Properties Total expenditures before recoveries Recoveries Net exploration and evaluation costs*	2021 2020
	$ 2,828 $ - 2,100 - 2,100 - 1,540 - - - - 330 - 920 46,531 10,000 2,660 - 3,203 - - 2,390 - 330 1,434 - 1,658 - 5,878 - 1,573 - 11,000 4,230 98 1,350
	$ 82,603 $ 19,550 (3,706) (4,050)
	$ 78,897 $ 15,500

*Denotes BMC property

**Other New Brunswick Properties – Lewis Brook, Nine Mile, North Rim, Pug Hole, Ramsay, REE Project, TSN, Upper 40, and Little River.

***Other Ontario Properties – Miminiska, Opikeigen and Reserve Creek.

Exploration expenditures during the three months ended April 30, 2021 were offset by a recovery of expenditures totalling $3,706 (2020 - $4,050). The current quarter recovery was the receipt of 1,000,000 (2020 – Nil) common shares of Major Precious Metals Corp. with a fair value of $300,000 (2020 - $Nil) pursuant to the BMC property option agreement. As a result of receiving the Major Precious shares, the Company recovered $3,706 (2020 – $Nil) of BMC exploration and evaluation costs incurred on the Portage Property and recognized $296,294 (2020 - $Nil) in property option revenue. During the comparative period ended April 30, 2020, the Company recovered $Nil (2020 - $4,050) of LBM claim staking fees.

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MANAGEMENT DISCUSSION AND ANALYSIS

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RESULTS OF OPERATIONS – FOR THE THREE MONTHS ENDED APRIL 30, 2021 (CONTINUED)

The Company’s income (loss) and comprehensive income (loss) for the three months ended April 30, 2021 (“2021”) was $498,984 compared to ($32,393) during the three months ended April 30, 2020 (“2020”), an improvement in financial performance of $531,377. The Company’s income (loss) and comprehensive income (loss) during the 2021 period was comprised of some of the following items:

• a) an unrealized gain (loss) on marketable securities, from a $300 loss in 2020 to a $162,800 gain in 2021. At April 30, 2021, the Company had 1,040,000 (2020 – Nil) shares of Major Precious Metals Corp. with a fair value of $478,400 (2020 - $Nil), 16,666 (2020 – 16,666) shares of International Cobalt Corp with a fair value of $4,000 (2020 - $2,000), and Nil (2020 – 1,000) shares of Semafo Inc. with a fair value of $Nil (2020 - $3,500). The overall unrealized gain (loss) was comprised of an unrealized gain of $164,800 (2020 – $Nil) on its Major Precious shares, an unrealized loss of $2,000 (2020 – $Nil) on its International Cobalt shares, and an unrealized loss of $Nil (2020 – $300) on its Semafo Inc. shares;

• b) the Company realized a $73,766 gain (2020 – $31,799 loss) on the sale of marketable securities in 2021. The Company sold 513,500 (2020 – 1,000,000) shares of Major Precious for total proceeds of $248,356 (2020 - $27,000) resulting in a realized gain of $73,766 (2020 - $33,000 loss); sold Nil (2020 – 30,000) shares of Great Atlantic Resources Corp. for total proceeds of $Nil (2020 - $22,230) resulting in a realized gain of $Nil (2020 - $1,230); and sold Nil (2020 – 700,000) shares of International Cobalt for total proceeds of $Nil (2020 - $6,970) resulting in a realized loss of $Nil (2020 - $29);

• c) total administrative expenses for 2021 were $39,485 (2020 - $31,794), an increase of $7,691. Accounting, legal and audit fees of $15,000 (2020 - $15,000) were identical to the comparative period. Office and administration expenses of $16,686 (2020 - $15,557) in 2021 were $1,129 higher than 2020 as a result of decreased regulatory fees, increased membership dues, and increased insurance expense. Advertising and promotion costs of $217 (2020 - $232) were $15 less than 2020 as a result of cost-cutting measures. Consulting and communication fees of $5,320 (2020 - $90) increased as a result of requiring more geological consulting services from the Company’s CEO. Travel expenses of $250 (2020 - $891) decreased by $641 as the Company continued its cost-cutting measures. Depreciation expense of $842 (2020 - $24) was comprised of $18 (2020 - $24) on the Company’s equipment and $824 (2020 - $Nil) on its new right of use asset, a Ford truck.

• d) in 2020, the Company recorded forgiveness of debt of $31,500 owed to a private company in which a director controls.

During the three month period ended April 30, 2021, the Company received the remaining $30,000 of the authorized CEBA loan limit. The second portion of the CEBA loan was initially fair valued using a discount rate of 12% and was measured at $24,391 with difference of $5,609 being recognized as government grant on the Statements of Loss and Comprehensive Loss during the three months ended April 30, 2021. The accretion expense of $1,170 was recorded on the $60,000 total of the outstanding CEBA loan during the three months ended April 30, 2021.

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MANAGEMENT DISCUSSION AND ANALYSIS

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Summary of Quarterly Results

The following tables set out financial performance highlights for the last eight quarters and have been prepared in accordance with IFRS.

been prepared in accordance with IFRS.
Quarterly Item	Q1	Q4	Q3	Q2
	April 30, 2021	January 31, 2021	October 31, 2020	July 31, 2020
Income (loss) and comprehensive income (loss)	498,984	52,334	(430,967)	496,702
Income (loss) per share	0.01	0.00	(0.01)	0.01
Cash and cash equivalents	415,089	237,323	420,926	346,271
Assets	1,602,239	1,045,385	981,253	912,657
Liabilities	426,620	421,397	511,692	501,589
Equity (deficiency)	1,102,928	599,744	469,561	411,068
Quarterly Item	Q1	Q4	Q3	Q2
	April 30, 2020	January 31, 2020	October 31, 2019	July 31, 2019
Loss and comprehensive loss	(32,393)	(183,388)	(191,136)	(56,345)
Loss per share	(0.00)	(0.00)	(0.01)	(0.00)
Cash and cash equivalents	21,038	12,349	60,067	55,972
Assets	248,058	308,394	487,281	618,434
Liabilities	391,792	429,735	425,234	365,251
Equity (deficiency)	(153,734)	(121,341)	62,047	253,183

The Company had a milestone achievement for the quarter ended April 30, 2021, when it recognized an income and comprehensive income of $498,984. The April 30, 2021, quarter income was mainly attributed to receiving 1,000,000 common shares of Major Precious Metals Corp. with a fair value of $300,000 pursuant to the BMC property option. As a result of receiving the Major Precious shares, the Company recovered $3,706 of BMC exploration and evaluation costs incurred on the Portage Property and recognized $296,294 in property option revenue. The Company also adjusted the fair value of 1,040,000 Major Precious shares at April 30, 2021, resulting in a $164,800 unrealized gain on marketable securities. During the three months ended April 30, 2021, the Company sold 513,500 Major Precious shares for total proceeds of $248,356 resulting in a realized gain of $73,766.

The most significant quarterly loss and comprehensive loss of $430,967 occurred in the quarter ended October 31, 2020. The primary component of the October 31, 2020 quarterly loss was a $245,540 unrealized loss on marketable securities. The overall unrealized loss on marketable securities was comprised of an unrealized loss of $2,000 on its International Cobalt shares and an unrealized loss of $243,540 on its Major Precious shares;

Shareholder’s deficiency changed to equity in the quarter ended July 31, 2020 as a result of recognizing $422,700 in property option revenue related to the BMC property option agreement.

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MANAGEMENT DISCUSSION AND ANALYSIS

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FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

During the three month period ended April 30, 2021, the working capital (deficiency) of the Company was $486,988 (January 31, 2021 – $45,959).

On April 27, 2021, the Company issued 70,000 common shares valued at $4,200 to acquire the Eighteen Mile and Ferguson Brook properties.

The Company was able to achieve property option revenue of $296,294 (2021 - $Nil) during the three month period ended April 30, 2021. Property option revenue was recognized in relation to the 1,000,000 Major Precious Metals Corp. shares received in relation to the BMC property option agreement. The $Nil (2020 - $106,724) other income is derived from the Company providing geological services.

The Company sold 513,500 Major Precious shares for total proceeds of $248,356 resulting in a realized gain of $73,766 on marketable securities in the quarter ended April 30, 2021.

During the three months ended April 30, 2021, the Company recorded an unrealized gain (loss) of $162,800 (2021 – ($300)) on marketable securities. The Company had an unrealized gain of $164,800 (2020 – $Nil) on its Major Precious shares, an unrealized loss of $2,000 (2020 – $Nil) on its International Cobalt shares, and an unrealized loss of $Nil (2020 – $300) on its Semafo Inc. shares.

As at April 30, 2021, the Company had cash and cash equivalents of $415,089 (January 31, 2021 - $237,323) to pay off current liabilities of $426,620 (January 31, 2021 - $421,397). The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The Company may raise additional funds through an equity private placement in the future and possibly sell one or more of its exploration and evaluation assets in order to maintain its capital structure and working capital requirements. In the event that the Company is unsuccessful in obtaining financing it may request extensions on payment obligations and/or abandon exploration and evaluations assets. There is no assurance that the Company will be successful in its plans to raise additional funds.

The Company owns a portfolio of gold, base metal, and rare earth properties but these do not typically generate operating income. The Company will continue to focus on its exploration and evaluation programs in New Brunswick, Nova Scotia, and Ontario.

During the three month period ended April 30, 2021, the Company received the remaining $30,000 of the authorized CEBA loan limit. The second portion of the CEBA loan was initially fair valued using a discount rate of 12% and was measured at $24,391 with difference of $5,609 being recognized as government grant on the statements of loss during the three months ended April 30, 2021. The accretion expense of $1,170 was recorded on the $60,000 total of the outstanding CEBA loan during the three months ended April 30, 2021.

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FIRST QUARTER - FISCAL 2022

MANAGEMENT DISCUSSION AND ANALYSIS

SHARES, WARRANTS AND OPTIONS

On April 27, 2021, the Company issued 70,000 common shares of the Company valued at $4,200 to acquire the Eighteen Mile and Ferguson Brook properties.

As at April 30, 2021, there were 50,467,245 common shares in the capital of the Corporation issued and outstanding, and 53,902,913 common shares on a fully-diluted basis. This included 2,215,668 warrants and 1,220,000 options.

As of the date of this report, there were 53,902,913 shares on a fully-diluted basis. This included 2,215,668 warrants and 1,220,000 options.

As at April 30, 2021, outstanding warrants and finders’ warrants to purchase common shares were as follows:

Value of Warrants $ 140,690 5,647 $ 146,337	Number of Warrants Date of Grant Expiration Date Exercise Price 2,130,168 August 11, 2020 August 11, 2022 $0.08 85,500* August 11, 2020 August 11, 2022 $0.08 2,215,668

* Denotes finder’s warrants

The table below lists the outstanding options to purchase common shares as at April 30, 2021:

Value $ 7,415 8,868 56,640 $ 72,923	Options Outstanding Date of Grant Expiration Date Exercise Price 150,000 November 29, 2017 November 29, 2022 $0.05 300,000 March 23, 2018 March 23, 2023 $0.05 770,000 August 11, 2020 August 11, 2025 $0.075 1,220,000

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MANAGEMENT DISCUSSION AND ANALYSIS

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TRANSACTIONS WITH RELATED PARTIES

The remuneration of directors and key management personnel during the three months ended April 30, 2021 and 2021 were as follows:

April 30, 2021 and 2021 were as follows:
Name Relation to SLAM Type of Service Mike Taylor CEO, President, Secretary, and Director Consulting Mike Taylor CEO, President, Secretary, and Director Office rent Partum Advisory Services Eugene Beukman (Director and CFO) and Theo van der Linde (Director) jointly control Partum Advisory Services Accounting and corporate services	April 30, 2021 $ 21,280 $ 2,250 $ 15,000 $ 38,530	April 30, 2020
		$ - $ 2,250 $ 15,000
		$ 17,250

All related party transactions are in the normal course of operations and have been measured at the agreed to amounts, which is the amount of consideration established and agreed to by the related parties.

The Company does not directly employ any of the individuals responsible for managing and operating the Company’s business.

Mike Taylor, provides consulting and geological services to the Company under the terms of a May 7, 2009 CEO Agreement (the “CEO Agreement”). Mr. Taylor’s services as CEO have been provided under an employment agreement with an indefinite term. Mr. Taylor’s employment contract provides that he is entitled to a base salary of $99,000 per year payable in equal byweekly installments, subject to annual review by the Board. In addition, the Corporation agreed to reimburse Mr. Taylor for reasonable out-of-pocket expenses incurred from time to time and to provide Mr. Taylor with use of a vehicle. The contract with Mr. Taylor provides that in the event of a “Change of Control”, as defined below, and if the Corporation terminates the employment of Mr. Taylor as President within 18 months of the date on which Change of Control occurs, the Corporation will pay to Mr. Taylor an amount equal to 250% of his annual remuneration package. Mr. Taylor’s employment may otherwise be terminated on 90 days prior written notice for any reason, or without notice, for cause.

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MANAGEMENT DISCUSSION AND ANALYSIS

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TRANSACTIONS WITH RELATED PARTIES (CONTINUED)

Change of Control of the Corporation is defined as (i) a majority of the Board being replaced, or (ii) an acquisition of shares of the Corporation as a result of which the person or persons may exercise effective control of the Corporation.

From 2013, Eugene Beukman’s services as CFO have been provided through a service contract with Pender Street Corporate Consulting and later assigned in April of 2019 to Partum Advisory Services. Accounting and corporate fees are based upon general commercial rates. The Management Contract states that in the event that there is a take-over or change of control of the Corporation resulting in the actual or constructive termination of the Contractor’s services, the Corporation shall pay damages equal to twenty-four months of fees paid to the Contractor pursuant to the Agreement for the six months immediately preceding the date of termination. The damages shall be paid as a lump sum payment on the day after the Contractor’s termination.

Included in trade payables and accrued liabilities as at April 30, 2021, was $380,417 (January 31, 2021 - $356,887) due to a director of the Company and his spouse. During the three month period ended April 30, 2021, the Company recorded forgiveness of debt of $Nil (2021 - $31,500) owed to Pender Street Corporate Consulting.

During the three month period ended April 30, 2021, the Company prepaid $5,250 for accounting and corporate services to a firm jointly controlled by two of the Company’s directors.

OFF-BALANCE SHEET ARRANGEMENTS

The Company has not entered into any off-balance sheet financing arrangements.

FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value estimates are made at the statement of financial position date based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties in significant matters of judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect these estimates.

The carrying amounts for cash and cash equivalents, amounts receivable, sales tax receivable, and trade payables and accrued liabilities approximate fair market value because of the limited term of these instruments. Cash and cash equivalents are carried at fair value. Long-term loan payable is carried at its amortized costs.

Fair value measurements are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy shall have the following levels: (a) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); (b) inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) (Level 2); and (c) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).

At April 30, 2021 and 2020, the Company’s financial instruments that are carried at fair value, consisting of cash and cash equivalents, and marketable securities, have been classified as Level 1 within the fair value hierarchy.

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MANAGEMENT DISCUSSION AND ANALYSIS

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FINANCIAL RISK FACTORS

The Company's risk exposures and the impact on the Company's financial instruments are summarized below. There have been no changes in the risks, objectives, policies and procedures during the three month period ended April 30, 2021.

(i) Credit risk

The Company's credit risk is primarily attributable to cash and equivalents, and marketable securities. The Company has no significant concentration of credit risk arising from operations. The risk of default is considered minimal. Management believes that the credit risk concentration with respect to financial instruments above is remote.

(ii) Liquidity risk

The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at April 30, 2021, the Company had a cash and cash equivalents balance of $415,089 (January 31, 2021 - $237,323) to settle current liabilities of $426,620 (January 31, 2021 - $421,397). The Company's ability to continue operations and fund its exploration property expenditures is dependent on management's ability to secure additional financing. Management is continuing to pursue various financing initiatives in order to provide sufficient cash flow to finance operations as well as to fund its exploration expenditures.

The Company has limited financial resources, has no source of operating income and has no assurance that additional funding will be available to it for future exploration of its projects, although the Company has been successful in the past in financing its activities through the previously mentioned financing activities. The ability of the Company to arrange additional financing in the future will depend, in part, on the prevailing capital market conditions and exploration success. In recent years, the securities markets have experienced wide fluctuations in price which have not necessarily been related to the operating performance, underlying asset values or prospects of such companies. There can be no assurance that continual fluctuations in price will not occur. Any quoted market for the common shares may be subject to market trends generally, notwithstanding any potential success of the Company in creating revenue, cash flows or earnings.

(iii) Interest rate risk

The Company periodically monitors the investments it makes and is satisfied with the credit ratings of its banks. The Company closely monitors interest rates to determine the appropriate course of action to be taken by the Company.

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MANAGEMENT DISCUSSION AND ANALYSIS

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FINANCIAL RISK FACTORS (CONTINUED)

(iv) Commodity price risk

The Company is exposed to commodity price risk. Commodity price risk is defined as the potential impact on earnings and economic value due to commodity price movements and volatilities. The Company closely monitors commodity prices, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company. The Company’s future profitability and viability of exploration depends upon the world market price of commodities. Commodity prices have fluctuated widely in recent years. There is no assurance that, even if commercial quantities of commodities are produced in the future, a profitable market will exist for them. A decline in the market price of commodities may also result in the Company reducing its mineral resources, which could have a material and adverse effect on the Company’s value.

The Company is not a commodity producer as of April 30, 2021. Therefore, commodity price risk may affect the completion of future equity transactions such as equity offerings and the exercise of share options and warrants. This may also affect the Company’s liquidity and its ability to meet its ongoing obligations.

(v) Foreign currency risk

The Company's functional currency is the Canadian dollar and major purchases are transacted in Canadian dollars. Management believes the foreign exchange risk derived from currency conversions is negligible and therefore does not hedge its foreign exchange risk. The Company does not hold balances in foreign currencies to give rise to exposure to foreign exchange risk.

(vi) Market risk

Market risk is the risk that a change in market prices, interest rate levels, indices, liquidity and other market factors will result in losses. The Company is exposed to market risk as a result of its available for sale investments.

CHANGE IN ACCOUNTING POLICIES

The Company adopted the following accounting policy on February 1, 2021:

Right-of-use asset and lease liability

The Company applies judgement in determining whether the contract contains an identified asset, whether they have the right to control the asset, and the lease term. The lease term is based on considering facts and circumstances, both qualitative and quantitative that can create an economic incentive to exercise renewal options. Management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not to exercise a termination option.

The Company uses estimation in determining the incremental borrowing rate used to measure the lease liability, specific to the asset, underlying currency, and geographic location. Where the rate implicit in the lease is not readily determinable, the discount rate of the lease obligations are estimated using a discount rate similar to the Company’s specific borrowing rate. This rate represents the rate that the Company would incur to obtain the funds necessary to purchase the asset of a similar value, with similar payment terms and security in a similar environment.

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MANAGEMENT DISCUSSION AND ANALYSIS

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MANAGEMENT OF CAPITAL

The Company considers its capital structure to consist of share capital, share options reserve and warrants reserve. The Company's objective when managing capital is to maintain adequate levels of funding to support its exploration activities and to maintain corporate and administrative functions necessary to support operational activities. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business.

The exploration and evaluation assets in which the Company currently has an interest are in the exploration and evaluation stage; as such the Company is dependent on external financing to fund its activities. In order to carry out the planned exploration and pay for administrative costs, the Company will spend its existing working capital and expects to raise additional amounts as needed. The Company will continue to assess new exploration and evaluation assets and seek to acquire an interest in additional exploration and evaluation assets if it feels there is sufficient geologic or economic potential and if it has adequate financial resources to do so.

The Company invests all capital that is surplus to its immediate operational needs in short-term, liquid and highly rated financial instruments, such as cash and other short-term guaranteed deposits, and all are held in major Canadian financial institutions. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable.

The Company is dependent on the capital markets as its sole source of operating capital. The Company’s capital resources are largely determined by the strength of the junior resource markets, by the status of the Company’s projects in relation to those markets, and by its ability to compete for investor support of its projects. The Company is not subject to any externally imposed capital requirements. However, it is subject to any regulations and rules imposed by the Toronto Stock Exchange Venture in issuing and/or maintaining debt or equity financings.

There were no changes in the Company's approach to capital management during the three month period ended April 30, 2021. The Company is not subject to externally imposed capital requirements.

SENSITIVITY ANALYSIS

The Company has designated its cash and cash equivalents, and marketable securities as heldfor trading, which are measured at fair value. Receivables are classified as loans and receivables, which are measured at amortized cost. Payables and accruals, and long-term loan payable are classified as other financial liabilities, which are measured at amortized cost. As at April 30, 2021, the carrying and fair value amounts of the Company's current financial assets are approximately the same.

During the three month period ended April 30, 2021, the Company did not have any significant interest income. The Company recorded significant revenue which was the $296,294 for property option revenue pursuant to the BMC Property option agreement. There was no foreign exchange gain or loss. A 10% change in either the interest rate or the exchange rate would not affect the Company.

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Investor Relations

SLAM management is currently providing information directly to shareholders and the general public. This is mainly provided by timely news release disclosure, quarterly and annual reports as well as through the Company website www.slamexploration.com. In addition, the Company utilizes Twitter, Facebook and LinkedIn.

GENERAL COMMENTS TO GUIDE READERS CONCERNING THE APRIL 30, 2021 FINANCIAL STATEMENTS AND MD&A:

DISCLOSURE CONTROLS AND INTERNAL CONTROLS OVER FINANCIAL REPORTING

As is inherent in a small company, management identified a lack of segregation of duties and the need to document a system of disclosure controls and procedures. In response to these issues, the Company continuously monitors its financial accounting and reporting system.

In contrast to the certificate formerly required under National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (NI 52-109), the required Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in MI 52-109. The new certificate means that the certifying officers are not making any representations relating to the establishment and maintenance of:

• i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

• ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s IFRS policies.

Notwithstanding, the issuer’s certifying officers are responsible for ensuring that appropriate processes are in place to provide them with sufficient knowledge to support the representations they are making in the certificate.

Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in MI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

ACCOUNTING RESPONSIBILITIES, PROCEDURES AND POLICIES

Management is responsible for the preparation of the financial statements subject to review by the Audit Committee which reports to the Board of Directors. At each annual meeting the shareholders appoint independent auditors to audit and report directly to them on the financial statements.

Great care is taken by management to use appropriate IFRS principles and estimates in preparing the financial statements to present the financial position and results of operations on a fair and consistent basis. The principal accounting policies are summarized in Note 3 to the Company’s audited financial statements for the year ended January 31, 2021.

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MANAGEMENT DISCUSSION AND ANALYSIS

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ACCOUNTING RESPONSIBILITIES, PROCEDURES AND POLICIES (CONTINUED)

The Audit Committee is comprised of an independent director and the CFO as appointed by the Board of Directors. They meet periodically with management and the external auditors regarding internal controls, auditing matters, financial reporting issues and to confirm that all administrative duties and responsibilities are properly discharged. The Audit Committee reviews the financial statements as well as management’s discussion and analysis on a quarterly basis. They oversee the accounting and audit process and consider the engagement or reappointment of external auditors. The external auditors have full and free access to the Audit Committee which reports its findings to the Board of Directors for approval of the financial statements prior to issuance to the shareholders.

GOING CONCERN

The Company is in the process of exploring its properties for mineral resources and has not determined whether these properties contain economically recoverable ore reserves. The underlying value of the exploration and evaluation assets is entirely dependent on the existence of economically recoverable reserves, preservation of its interests in the underlying properties, the ability of the Company to obtain the necessary financing to complete developments, and the achievement of profitable operations. The amounts shown as exploration and evaluation assets represent costs to date, less amounts written off, and do not necessarily represent present or future values.

The business of mining and exploring for minerals involves a high degree of risk and there can be no assurance that current exploration programs will result in profitable mining operations. The recoverability of the carrying value of exploration properties and the Company’s continued existence is dependent upon the preservation of its interest in the underlying properties, the discovery of economically recoverable reserves, the achievement of profitable operations, or the ability of the Company to raise alternative financing and/or dispose of its interests on an advantageous basis. Changes in future conditions could require material write downs of the carrying values. The company’s mineral property interests are subject to the risk of increases in taxes and royalties, renegotiation of contracts, currency exchange fluctuations and political uncertainty.

Although the Company has taken steps to verify title to its properties in accordance with industry standards for the current stage of exploration of the properties, these procedures do not guarantee the Company’s title. Property title may be subject to unregistered prior agreements, compliance with regulatory requirements and other factors.

These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) on a going concern basis, which contemplates that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. Accordingly, these financial statements do not include any adjustments to the amounts and classification of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. At April 30, 2021, the Company had not yet achieved profitable operations, has an accumulated deficit of $24,281,429 (January 31, 2021 - $24,807,159) since inception and expects to incur further losses in the development of its business. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The Company plans to raise additional funds to maintain its capital structure and working capital requirements.

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MANAGEMENT DISCUSSION AND ANALYSIS

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FORWARD LOOKING STATEMENTS AND CRITICAL ACCOUNTING ESTIMATES

This MD&A and related financial statements contain forward-looking information related to our future financial condition and operations as well as anticipated events and circumstances. Such forward looking information is provided to assist the reader with understanding our expectations, plans and priorities for future periods and may not be appropriate for other purposes. All forwardlooking information in this document is qualified by these cautionary statements.

This information is subject to important risks, uncertainties and assumptions and the actual results or events may differ materially from the results or events predicted. There can be no assurance that the anticipated results will have the expected consequences for the Company or that the expected results will even be realized. Except as may be required by Canadian securities laws, we disclaim any intention and assume no obligation to update or revise any forward-looking information, even if new information becomes available, as a result of future events or for any other reason. Readers should not place undue reliance on any forward-looking information.

In the normal course of preparing financial statements in conformity with IFRS management is required to make estimates and assumptions that affect the reported amounts of revenues and expenses during the reporting period, as well as the reported amounts of assets and liabilities including contingent assets and liabilities at the date of the financial statements. Management estimates are used in the determination of impairment of mineral properties, useful lives of assets for amortization and share-based compensation. Financial results as determined by future actual events in the fullness of time could differ from those estimates.

QUALIFIED PERSON

Mr. Mike Taylor, P.Geo, President and CEO of SLAM is the Qualified Person (“QP”) (as defined in National Instrument 43-101, “Standards of Disclosure for Mineral Projects”) responsible for the scientific and technical information pertaining to SLAM properties as described in this MD&A.

Contact:

Mike Taylor, President & CEO SLAM Exploration Ltd. PO Box 4141 Station D Miramichi, New Brunswick E1V 7K8

Email: mike@slamexploration.com Follow on Twitter : @ SLAMGold