Slam Exploration Ltd. — Interim / Quarterly Report 2022

Dec 15, 2022

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SLAM Exploration Ltd.

Condensed Interim Financial Statements

For the Nine Months Ended October 31, 2022 and 2021 (Expressed in Canadian dollars)

NOTICE TO READER

Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying condensed interim financial statements of the Company have been prepared by and are the responsibility of the Company’s management.

The Company’s independent auditor has not performed a review of these condensed interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity’s auditor.

SLAM Exploration Ltd.

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Condensed Interim Statements of Financial Position

(Expressed in Canadian dollars) (Unaudited) As at,	October 31, 2022	January 31, 2022
Assets Current Assets Cash and cash equivalents Amounts receivable Sales tax receivable Marketable securities (Note 5) Prepaid expenses (Note 6) Total current assets Exploration and evaluation assets (Note 7) Right of use asset (Notes 8) Total assets Liabilities Current liabilities Trade payables and accrued liabilities (Note 12) Short-term loan payable (Note 9) Lease liability (Notes 8) Total current liabilities Long-term liabilities Lease liability (Notes 8) Total long-term liabilities Total liabilities Equity Share capital (Note 10) Share options reserve (Note 10) Warrants reserve (Notes 10) Deficit Total equity Total liabilities and equity	$ 146,138 64,652 31,512 134,626 4,121 381,049 1,411,039 22,509 $ 1,814,597 $ 547,558 59,573 9,296 616,427 14,143 14,143 630,570 25,514,360 205,372 375,385 (24,911,090) 1,184,027 $ **1,814,597 **	$ 444,679 82,777 9,964 167,873 5,265
		710,558 1,072,459 29,495
		$ 1,812,512
		$ 427,382 54,497 8,895
		490,774 21,169
		21,169
		511,943
		25,504,360 228,588 381,032 (24,813,411)
		1,300,569
		$ 1,812,512

Nature of operations and going concern (Note 1) Contingencies (Note 11)

Approved and authorized for issue by the Board on December 14, 2022

Signed: “Michael Taylor” Signed: “Eugene Beukman” Michael R. Taylor, President and CEO Eugene Beukman, CFO

The accompanying notes are an integral part of the condensed interim financial statements

SLAM Exploration Ltd.

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Condensed Interim Statements of income and Comprehensive income

income
(Expressed in Canadian dollars) (Unaudited)	Three months ended Nine months ended October 31, 2022 October 31, 2021 October 31, 2022 October 31, 2021
Administrative expenses Accounting, legal, and audit fees Accretion (Notes 8 and 9) Advertising and promotion Consulting and communication fees Depreciation (Note 8) Office and administrative Travel Total administrative expenses Loss before the undernoted Bad debt expense Consulting revenue Government grant Gain on sale of mineral properties (Note 7) Property option revenue (Note 7) Share-based compensation Gain (loss) on sale of marketable securities (Note 5) Unrealized (loss) gain on marketable securities (Note 5) Write-off of account payable Write-off of equipment Income (loss) and comprehensive income (loss)	$ 29,283 $ 20,012$ 73,656 $ 53,240 2,120 2,484 6,238 6,135 2,250 - 6,247 1,517 2,398 2,748 11,224 15,913 2,329 2,472 6,986 5,785 8,142 19,371 38,133 52,769 284 - 3,327 388
	(46,806) (47,087) (145,811) (135,747)
	- - 1,518 - - 25,000 15,574 25,000 - - - 5,609 - - 214,013 - - - 10,678 296,294 - (158,606) (158,606) (117,070) (20) (121,705) 73,746 86,008 (41,797) (104,497) 48,453 2,994 2,726 3,688 2,726 - - - (259)
	$ (74,874) $ (219,784) $ (126,542) $157,216
Income (loss) per share – basic and diluted Income (loss) per share – diluted Weighted average number of common shares – diluted and diluted	($0.00) ($0.00) ($0.00) $0.01 ($0.00) ($0.00) ($0.00) $0.01
	59,878,762 54,432,040 59,831,355 51,781,315

The accompanying notes are an integral part of the condensed interim financial statements

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SLAM Exploration Ltd.

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Condensed Interim Statements of Changes in Equity

(Expressed in Canadian dollars)

Balance as at January 31, 2021 Flow-through private placement (Note 10) Finder’s fees for flow-through private placement (Note 10) Shares issued as finder’s fees for flow-through private placement (Note 10) Fair value of finder’s warrants issued for flow-through private placement (Note 10) Shares issued for mineral property (Note 10) Expired share options (Note 10) Share-based compensation Net income and comprehensive income for the period Balance as at October 31, 2021 Balance as at January 31, 2022 Shares issued for mineral properties (Note 10) Forfeited share options (Note 10) Expired warrants (Note 10) Net loss and comprehensive loss for the period Balance as at October 31, 2022	Share Capital Number of Shares Amount 50,397,245 $ 25,160,896 3,299,731 174,061 - (10,567) 53,150 - - (3,959) 120,000 9,200 - - - - - - 53,870,126 $ 25,329,631 59,678,762 $ 25,504,360 200,000 10,000 - - - - - - 59,878,762 $ 25,514,360	Reserves Share Options Warrants $ 99,670 $ 146,337 - 122,915 - - - - - 3,959 - - (26,746) - 158,606 - - - $ 231,530 $ 273,211 $ 228,588 $ 381,032 - - (23,216) - - (5,647) - - $ 205,372 $ 375,385	Deficit $ (24,807,159) - - - - - 26,746 - 157,216 $ (24,623,197) $ (24,813,411) - 23,216 5,647 (126,542) $ (24,911,090)	Total Equity
	Number of Shares	Share Options
	50,397,245 3,299,731 - 53,150 - 120,000 - - - 53,870,126 59,678,762 200,000 - - -	$ 99,670 - - - - - (26,746) 158,606 -		$ 599,744 296,976 (10,567) - - 4,200 - 158,606 157,216
		$ 231,530		$ 1,211,175
		$ 228,588 - (23,216) - -		$ 1,300,569 10,000 - - (126,542)
	59,878,762	$ 205,372		$ 1,184,027

The accompanying notes are an integral part of the condensed interim financial statements

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SLAM Exploration Ltd.

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Condensed Interim Statements of Cash Flows

(Expressed in Canadian dollars)

Nine month periods ended July 31,	2022	2021
Operating Activities Net income (loss) for the period Accretion expense Depreciation Government grant (Gain) loss on sale of marketable securities Property option revenue Share based compensation Gain on sale of sale of mineral properties Unrealized (gain) loss on marketable securities Write-off of equipment Bad debt expense Change in non-cash operating working capital Receivables Prepaid expenses and other receivables Sales tax receivable Trade payables and accrued liabilities Cash flows provided by (used in) operating activities Financing Activities Shares issued for cash, net of share issue costs Loan payable Lease liability payment Cash provided by (used in) financing activities Investing Activities Exploration and evaluation expenditures, net of recoveries Cash received from sale of properties Government assistance Proceeds from sale of marketable securities Cash used in investing activities Change in cash and cash equivalents Cash and cash equivalents Beginning of period End of the period	$ (126,542) 6,238 6,986 - 121,705 (10,678) - (214,013) 104,497 - 1,518 16,607 1,144 (21,548) 120,177 6,091 - - (7,788) (7,788) (387,389) 55,000 - 35,545 (296,844) (298,541) 444,679 $ 146,138	$ 157,216 4,251 5,785 (5,609) (73,746) (296,294) 158,606 - (48,453) 259 - (9,325) (9,102) (19,379) (17,834)
		(153,625)
		286,409 30,000 (5,081)
		311,328
		(465,858) - 42,800 257,856
		(65,202)
		(7,499) 237,323
		$ 229,824

Supplemental disclosure with respect to cash flows (Note 13)

The accompanying notes are an integral part of the condensed interim financial statements

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SLAM Exploration Ltd.

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Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars)

For the nine months ended October 31, 2022 and 2021

1. Nature of operations and going concern

SLAM Exploration Ltd. (the “Company” or "SLAM"), is engaged in the acquisition, exploration and development of exploration and evaluation properties in New Brunswick, Nova Scotia, and Ontario, Canada. The Company was incorporated under the Canada Business Incorporation Act on November 26, 1996. The Company is publicly traded on the TSX Venture Exchange under the symbol “SXL”. The head office of the Company is located at 295 Hutchinson Drive, Miramichi, New Brunswick, Canada, E1V 6C7. The Company’s mailing address is 789 West Pender Street, Suite 810, Vancouver, British Columbia, V6C 1H2.

The Company is in the process of exploring its exploration and evaluation properties for mineral resources and has not determined whether these exploration and evaluation 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 development, and the achievement of profitable operations. The amounts shown as exploration and evaluation assets represent net 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 and evaluation programs will result in profitable mining operations. The recoverability of the carrying value of exploration and evaluation 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, if necessary, or alternatively upon the Company’s ability to dispose of its interests on an advantageous basis. Changes in future conditions could require material write downs of the carrying values.

Although the Company has taken steps to verify title to the properties on which it is conducting exploration and in which it has an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee the Company’s title. Property title may be subject to unregistered prior agreements and non-compliance with regulatory requirements.

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 October 31, 2022, the Company had not yet achieved consistent profitable operations, has an accumulated deficit of $24,911,090 (January 31, 2022 - $24,813,411) and expects to incur further losses all of which casts significant doubt about the Company's ability to continue as a going concern. 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. There is no assurance that the Company will be successful in its plans to raise additional funds.

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SLAM Exploration Ltd.

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Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars)

For the nine months ended October 31, 2022 and 2021

2. Basis of preparation

2.1 Statement of Compliance

These condensed unaudited interim financial statements of the Company are prepared in accordance with International Financial Standard 34 Interim Financial Reporting of the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”) and interpretations of the International Financial Reporting Committee (“IFRIC”). Accordingly, these condensed interim financial statements do not include all of the information and footnotes required by IFRS for complete financial statements for the year-end reporting process.

These condensed interim financial statements follow the same accounting policies and methods of application as the Company’s audited financial statements for the year ended January 31, 2022. The policies applied in these condensed interim financial statements are based on IFRS issued as of the date the Board of Directors approved the financial statements. These condensed interim financial statements should be read in conjunction with the Company’s annual audited financial statements for the year ended January 31, 2022.

2.2 Basis of Measurement

These condensed interim financial statements have been prepared on a historical cost basis, except for certain financial assets which are carried at fair value. In addition, these audited financial statements have been prepared using the accrual basis of accounting except for cash flow information. These audited financial statements are presented in Canadian dollars which is also the Company's functional currency.

3. Significant accounting policies

In preparing these condensed interim consolidated financial statements, the significant accounting policies and the significant judgments made by management in applying the Company’s significant accounting policies and key sources of estimation uncertainty were the same as those that applied to the Company’s audited financial statements for the year ended January 31, 2022.

The preparation of condensed interim financial statements requires that the Company’s management make judgments and estimates of effects of uncertain future events on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period. Actual future outcomes could differ from present estimates and judgments, potentially having material future effects on the Company’s condensed interim financial statements. Estimates are reviewed on an ongoing basis and are based on historical experience and other facts and circumstances. Revisions to estimates and the resulting effects on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively.

4. Capital management

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.

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SLAM Exploration Ltd.

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Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars)

For the nine months ended October 31, 2022 and 2021

4. Capital management (continued)

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 working capital once it has obtained financing. 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 nine months ended October 31, 2022. The Company is not subject to externally imposed capital requirements.

5. Marketable securities

At October 31, 2022, the Company held the following investments:

Investee Shares #	Fair market value $ Cost $ Cost per share $
International Cobalt Corp. 16,666 Canadian Copper Inc. 13,474 Major Precious Metals Corp. 1,037,000 Puma Exploration Inc. 250,000 Stratabound Minerals Corp. 700,000	4,333 32,000 1.92 943 1,752 0.13 51,850 61,100 0.06 42,500 122,500 0.49 35,000 56,000 0.08 134,626 273,352

At January 31, 2022, the Company held the following investments:

Investee Shares #	Fair market value $ Cost $ Cost per share $
International Cobalt Corp. 16,666 Major Precious Metals Corp. 962,000	4,333 32,000 1.92 163,540 288,600 0.30 167,873 320,600

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SLAM Exploration Ltd.

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Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars)

For the nine months ended October 31, 2022 and 2021

5. Marketable securities (continued)

For the nine months ended October 31, 2022:

During the nine months ended October 31, 2022, the Company received 1,000,000 (2021 – 1,000,000) common shares of Major Precious Metals Corp. (“Major Precious”) pursuant to the terminated BMC property option agreement. The Major Precious common shares had a fair value of $50,000 (2021 - $300,000). During the period ended October 31, 2022, the Company held 1,037,000 common shares of Major Precious with a fair value of $51,850 and recorded an unrealized loss on marketable securities of $4,440.

The Company sold 925,000 (2021 – 541,500) shares of Major Precious for total proceeds of $35,545 (2021 - $257,856) resulting in a realized gain (loss) of ($121,705) (2021 - $73,746).

On March 2, 2022, the Company signed a sale agreement (the “Agreement”) to sell its Ferguson Brook properties (the “Properties”) to Puma Exploration Inc. (“Puma”). The Company transferred a 100% interest in the Properties to PUMA in consideration for the issuance of 250,000 common shares of PUMA (received at a fair value of $122,500), $15,000 cash payment (received) and additional performance cash payments totaling $175,000, subject to the royalty (Note 7). During the period ended October 31, 2022, the Company held 250,000 common shares of Puma with a fair value of $42,500 and recorded an unrealized loss of $80,000. Puma distributed 6,000,000 common shares of Canadian Copper Inc. (“CCI”) to its shareholders and the Company received 13,474 shares of CCI with a fair value of $1,752. During the period ended October 31, 2022, the Company recorded an unrealized loss of $808.

On March 29, 2022, the Company entered into an option agreement with Stratabound Minerals Corp. (“Stratabound”) that set the terms for the sale of the Ramsay property to Stratabound. Stratabound can earn 100% interest in the Ramsay property by completing a total of $470,000 in cash ($40,000 received) and issuing 700,000 common shares to the Company (received at a fair value of $56,000) (Note 7). During the period ended October 31, 2022, the Company recorded an unrealized loss of $21,000.

During the nine months ended October 31, 2022, the Company recorded an unrealized loss on marketable securities of $106,248 (2021 – Unrealized gain of $48,453).

6. Prepaid expenses

Auto insurance Filing fees General liability insurance Shareholder communications	October 31, 2022 January 31, 2022 $ 1,528 $ 910 - 602 - 3,753 2,593 -
	$ 4,121 $ 5,265

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SLAM Exploration Ltd.

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Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars)

For the nine months ended October 31, 2022 and 2021

7. Exploration and evaluation assets

New Brunswick Benjamin REE Birch Lake Cumberland Eighteen Mile Brook Ferguson Brook Gold Brook McNair Menneval Flume Ridge Gold Goodwin Jake Lee Lower 44 Mt. Blair Mt. Victor Patapedia Portage Shingle Gulch Stephenson Lake Wilson Brook York Gold Other New Brunswick properties Nova Scotia Mount Uniacke Ontario Other Ontario Properties**	October 31, 2022 Expenditures for the period Impairment of exploration and evaluation assets for the period Recovery of expenses for the period Cumulative since inception net of impairment $ 12,100 $ - $ - $ 36,100 1,678 - - 58,741 720 - - 721 2,336 - - 4,436 - - (2,100) - 3,021 - - 11,260 - - - 1,620 137,437 - (12,000) 748,725 14,648 - - 35,683 32,208 - (32,208) - 103,973 - - 160,134 3,824 - (3,154) 670 15,507 - - 17,847 990 - - 54,798 10,305 - - 68,663 43,149 - (3,960) 39,189 - - - 2,094 - - - 13,457 1,342 - - 114,733 - - - 20,224 24,492 - (16,527) 21,142 - - - 1 800 - - 802 $ 408,529 $ - $ (69,949) **$1,411,039 **	January 31, 2022
		Cumulative since Inception net of impairment $ 24,000 57,063 1 2,100 2,100 8,238 1,620 623,289 21,035 - 56,161 - 2,340 53,808 58,358 - 2,094 13,457 113,391 20,224 13,177 1 2
		$1,072,459

*Denotes BMC property.

Other New Brunswick Properties – Benjamin REE, Big Bend, Clarks Lake, Costigan, Lewis Brook, Murray Brook, Nine Mile, North Rim, Pug Hole, Ramsay, REE, Rogers Brook, Simpson, TSN, Upper 40, and Little River. *Ontario Properties – Keezhik and Miminiska.

Beginning balance Expenditures Impairment of exploration and evaluation assets Recovery of expenses Ending balance	October 31, 2022 $ 1,072,459 408,529 - (69,949) $ 1,411,039	January 31,2022
		$ 577,752 606,453 (41,390) (70,356)
		$ 1,072,459

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SLAM Exploration Ltd.

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Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars)

For the nine months ended October 31, 2022 and 2021

7. Exploration and evaluation assets (continued)

Benjamin REE Property

The Benjamin REE property is located 80 km northwest of the city of Bathurst, New Brunswick and is not subject to any NSR’s.

Birch Lake Property

The Birch Lake property is located 100 km west of the city of Miramichi, New Brunswick and is not subject to any NSR’s.

During the year ended January 31, 2022, the Company received $34,100 for refunded staking fees related to the Birch Lake property.

BMC Properties

On February 22, 2019, the Company entered into an option agreement with Major Precious Metals Corp. (“Major Precious”) that set the terms for purchase of the BMC Properties by Major Precious consisting of 35 mineral claims, including Goodwin, O’Hearn-Strachens, California Lake, Lower 44, LBM, North Rim, Portage, Satellite, Nine Mile (see “other New Brunswick Properties”), and Red Pine. Major Precious could have earned a 100% interest in the remaining BMC Properties by completing a total of $700,000 in cash and 5,000,000 in share payments over a fouryear period. The Company retained a 2% NSR royalty.

	Common		Cash
	Shares		Payments
Upon signing (cash paid)		$	10,000*
Upon CSE approval (cash paid)	500,000*	$	10,000*
On or before six months after CSE approval	500,000*	$	80,000
On or before first anniversary	1,000,000*	$	100,000
On or before second anniversary	1,000,000*	$	100,000
On or before third anniversary	1,000,000	$	200,000
On or before fourth anniversary	1,000,000	$	200,000
TOTAL	5,000,000	$	700,000

*payments received

During the nine months ended July 31, 2022, the Company received 1,000,000 (2021 - 1,000,000) common shares of Major Precious valued at a fair value of $50,000 (2021 - $300,000) pursuant to the terminated BMC property option agreement. As a result of receiving the 1,000,000 (2021 - 1,000,000) Major Precious shares, the Company recovered $39,322 (2021 - $3,706) of BMC exploration and evaluation costs. The recoveries were comprised of $32,208 for Goodwin, $3,154 for Lower 44, and (2022 - $3,960; 2021 - $3,706) for Portage. The Company recognized $10,678 (2021 - $296,294) in property option revenue upon receipt of the Major Precious common shares in the current period.

On April 28, 2022, the option agreement with Major Precious was terminated as a result of default of cash payments.

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SLAM Exploration Ltd.

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Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars)

For the nine months ended October 31, 2022 and 2021

7. Exploration and evaluation assets (continued)

Cumberland REE Project

The Cumberland rare earth element property is located 60 km east of the city of Fredericton, New Brunswick and is not subject to any NSR’s.

During the year ended January 31, 2022, the Company recognized $1,039 of impairment expense on the Cumberland property. The Company’s management decided to impair the Cumberland property as the Company had no exploration activities planned in the foreseeable future.

Eighteen Mile and Ferguson Brook Properties

On April 27, 2021, the Company issued 70,000 common shares of the Company valued at a fair value of $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 kilometers west of Bathurst, New Brunswick.

On March 2, 2022, the Company signed a sale agreement to sell its Ferguson Brook property to Puma Exploration Inc. (“Puma”). The Company transferred a 100% interest in the Ferguson Brook property to Puma upon receipt of $15,000 cash and 250,000 common shares with a fair value of $122,500. Puma is also obligated to make additional performance cash payments totaling $175,000, subject to the royalty. As a result of the sale, the Company recovered $2,100 of exploration and evaluation costs related to the Ferguson Brook property, thereby realizing a $134,540 gain on the sale of the Ferguson Brook property.

Puma will make the following payments to the Company:

	Common Shares	Cash Payments
Upon receipt of TSXV approval of the Agreement (received)	250,000 $	15,000
Upon a Positive Preliminary Economic Assessment	- $	25,000
Upon a Positive Feasibility Study	- $	50,000
Upon reachingCommercial Production	-$	100,000
TOTAL	250,000 $	190,000

The Agreement defines the Ferguson Brook mineral claim as 2 properties. Property A comprises 35 claim units that the Company acquired by staking. Property B comprises a 7-unit portion of the Property that the Company acquired through an “Underlying Agreement” with a third party. The Company retains a 2% net smelter return (“NSR”) royalty on any saleable production from Property A. Fifty percent of the NSR royalty (i.e.,1%) may be purchased by Puma for $1,000,000. Puma retains a right of first refusal on the remaining 1% NSR royalty that is held by the Company.

The Company will retain a 1% net smelter return (“NSR”) royalty on any saleable production from Property B. Fifty percent of the NSR royalty (i.e., 0.50%) on Property B may be purchased by Puma for $500,000. Puma retains a right of first refusal on the remaining 0.50% NSR royalty that is held by the Company.

Flume Ridge Gold Property

The Flume Ridge Gold Property is located in southern New Brunswick and is not subject to any NSR’s.

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SLAM Exploration Ltd.

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Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars)

For the nine months ended October 31, 2022 and 2021

7. Exploration and evaluation assets (continued)

Jake Lee Gold Property

The Jake Lee Gold property is located in southern New Brunswick and is not subject to any NSR’s.

McNair Property

The McNair property is located in northern New Brunswick and is not subject to any NSR’s.

Menneval Gold Project

Menneval Gold property is located in northwestern New Brunswick.

The New Brunswick Junior Mining Assistance Program (“NBJMAP”) approved a $30,000 (2021 - $20,000) grant on the Menneval property drill program, of which $12,000 (2021 - $8,000) had been received at October 31, 2022.

Mount Uniacke Property (Nova Scotia)

On August 7, 2019, the Company entered into an Option Agreement to acquire a 100% interest in the Mount Uniacke property (the “Mount Uniacke property”). In order to acquire its 100% interest in the Mount Uniacke property, the Company was obligated to pay $450,000 in cash payments in stages over a four year period. The Optionors retained 3% NSR royalty. The Company could have bought back 1% of the royalty for $500,000 and another 1% of the royalty for $1,000,000 at any time.

On January 31, 2020, the Company recognized $2,025 of impairment expense on the Mount Uniacke Property. The Company’s management decided to impair the Mount Uniacke Property as it was uncertain if the Company would be able to settle or extend the payment obligations.

On August 17, 2020, the Company entered into an Amendment Agreement for the Mount Uniacke property with the following commitments:

ollowing commitments:
		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

During the year ended January 31, 2022, the Company recognized $24,839 of impairment expense on the Mount Uniacke Property. The Company’s management decided to impair the Mount Uniacke Property as the Company had no exploration activities planned in the foreseeable future. In March, 2022, the Company terminated the option agreement for the Mount Uniacke property. The Company retains one claim acquired by e-staking but no work is planned.

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SLAM Exploration Ltd.

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Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars)

For the nine months ended October 31, 2022 and 2021

7. Exploration and evaluation assets (continued)

Mt. Blair Property

The Mt. Blair property is located in southern New Brunswick and is not subject to any NSR’s.

Mt. Victor Property

The Mt. Victor property is located in southern New Brunswick and is not subject to any NSR’s.

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 will issue 300,000 common shares of the Company and pay $20,000 cash in accordance with the following schedule:

	Common		Cash
	Shares		Payments
Upon signing (paid)	-	$	5,000
Upon TSX Venture Exchange approval (issued)	50,000	$	-
On or before September 8, 2021 (issued and paid)	50,000	$	5,000
On or before September 8, 2022 (Deferred)	100,000	$	5,000
On or before September 8,2023	100,000	$	5,000
TOTAL	300,000	$	20,000

In fiscal 2021 and 2020, the Company paid $5,000 cash (2020 - $5,000) and issued 50,000 common shares (2020 – 50,000) valued at a fair value of $5,000 (2020 - $5,000) pursuant to the Patapedia property option agreement.

The optionor retained 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.

Stephenson Lake Gold Project

The Stephenson Lake Gold property is located in southern New Brunswick. The mineral claim expired in 2022.

Wilson Brook Gold Project

The Wilson Brook Gold project is located in northern New Brunswick and is not subject to any NSR’s.

York Gold Project

The York Gold property is located in southern New Brunswick. The mineral claim expired in 2022.

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SLAM Exploration Ltd.

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Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars)

For the nine months ended October 31, 2022 and 2021

7. Exploration and evaluation assets (continued)

Other New Brunswick Properties

Gold Brook Property

The Gold Brook property is located in central New Brunswick and is not subject to any NSR’s.

Sale of Ramsay property

On March 29, 2022, the Company entered into an option agreement with Stratabound Minerals Corp. (“Stratabound”) that set the terms for the sale of the Ramsay property to Stratabound. Stratabound can earn 100% interest in the Ramsay property by completing a total of $470,000 in cash ($40,000 paid) and issuing 700,000 common shares (issued at a fair value of $56,000) to the Company. The Company recovered $16,527 of exploration and evaluation costs related to the Ramsay property on the sale, thereby recognizing a $79,473 gain on the sale of the Ramsay property.

	Common	Cash
	Shares	Payments*
Upon signing of the Agreement (received)	700,000 $	40,000
On or before first anniversary	- $	80,000
On or before second anniversary	- $	100,000
On or before third anniversary	- $	120,000
On or before fourth anniversary	-$	130,000
TOTAL	250,000 $	470,000

*Stratabound has the right at its discretion to provide up to 50% of any of the above cash payments except the initial $40,000 payment, to be made by way of the issuance of common shares of Stratabound.

The Company also is to receive the following performance payments:

(a) $25,000 cash due upon a Positive Preliminary Economic Assessment;

(b) $50,000 cash due upon a Positive Feasibility Study; and

(c) $100,000 one-time cash payment due upon reaching Commercial Production.

The Agreement defines the Ramsay claims as 2 properties A and B. The Company retains a 2% net smelter return (“NSR”) royalty on any saleable production from Property A. Property A consists of 5 claims comprising 110 claim units covering 2,392 hectares that the Company acquired by staking.

Property B consists of 2 claims comprising 12 units that the Company acquired through an “Underlying Agreement” with a third party. The Company will retain a 1% net smelter return (“NSR”) royalty on any saleable production from Property B.

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SLAM Exploration Ltd.

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Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars)

For the nine months ended October 31, 2022 and 2021

7. Exploration and evaluation assets (continued)

Sale of Ramsay property (continued)

1% of the NSR royalties on Properties A and B (being 100% of 1% NSR on Property B and 50% of 2% NSR on Property A) may be purchased by Stratabound for $1,000,000. Stratabound retains a right of first refusal on the remaining 1% NSR royalty that is held by the Company.

Ramsay, Rogers Brook, and Murray Brook properties

On April 8, 2022, the Company issued 200,000 common shares with a fair value of $10,000 to acquire the three mineral tenures known respectively as the Ramsay, Rogers Brook and Murray Brook claims located near Route 180 in New Brunswick. The property is subject to a 2% net smelter return (“NSR”) royalty on any saleable production from the claims. Fifty percent of the NSR royalty (i.e.,1%) may be purchased by the Company for $1,000,000. The Company retains a right of first refusal on the remaining 1% NSR royalty.

Ontario Properties

Opikeigen and Reserve Creek

On December 17, 2021, the Company entered into an option agreement with Alex Carpenter (“Carpenter” or the “Optionee”) that sets the terms for purchase of Opikeigen and Reserve Creek properties (the “Properties”) in Ontario by Carpenter. Carpenter can earn 100% interest in the Properties by completing a total of $1,000,000 in cash and 200,000 in share payments over a 4 year period. The Company retains a 2% NSR royalty. Carpenter can buy back 1% of the royalty for $1,000,000.

1% of the royalty for $1,000,000.
	Common		Cash
	Shares		Payments
Upon signing (received in December, 2021)		$	50,000
On or before first anniversary	50,000	$	100,000
On or before second anniversary	50,000	$	150,000
On or before third anniversary	50,000	$	200,000
On or before fourth anniversary	50,000	$	500,000
TOTAL	200,000	$	1,000,000

During the year ended January 31, 2022, as a result of receiving cash payment of $50,000, the Company recovered $2,950 exploration and evaluation costs and recognized $47,050 in property option revenue.

8. Right of use asset and lease liability

On April 23, 2021, the Company entered into a four-year lease agreement for a Ford truck with a monthly payment of $865. The Company recognized its right-of-use asset and lease liability for the lease based on the present value of future minimum lease payments. The present value of minimum lease payments was calculated using the interest rate implicit in the leases.

Set out below are the carrying amounts of the right of use asset and lease liability recognized and the movements during the nine months ended October 31, 2022 and the year ended January 31, 2022:

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SLAM Exploration Ltd.

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Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars)

For the nine months ended October 31, 2022 and 2021

8. Right of use asset and lease liability (continued)

	Right of use
	asset	Lease liability
	$	$
As at January 31, 2021	-	-
Additions	37,257	37,257
Accretion	-	1,459
Depreciation	(7,762)	-
Payments	-	(8,652)
As at January 31, 2022	29,495	30,064
Accretion	-	1,163
Depreciation	(6,986)	-
Payments	-	(7,788)
As at October 31, 2022	22,509	23,439
Current	-	9,296
Non-current	-	14,143

The following table shows future minimum lease payments of the Company’s financial liabilities based on contractual undiscounted payments as at October 31, 2022:

undiscounted payments as at October 31, 2022:
	$
2023	2,596
2024	10,383
2025	10,383
2026	1,730
	25,092

9. Short-term loan payable

During the year ended January 31, 2021, the Company obtained a Canada Emergency Business Account (the “CEBA”) loan in the amount of $30,000. The Company received additional CEBA loans of $30,000 during the year ended January 31, 2022. The total $60,000 CEBA loan was received from the Royal Bank of Canada and is guaranteed by the Canadian government. The loan is non-interest bearing until December 31, 2022 and repayment of the loan prior to December 31, 2022 will result in loan forgiveness of up to $20,000 of the loan. After January 1, 2023, the loan may be converted into a loan with a fixed annual interest rate of 5% until December 31, 2025.

The first $30,000 of the CEBA loan received in fiscal 2021 was initially fair valued using a discount rate of 12% and was measured at $22,324 with difference of $7,676 being recognized as government grant on the statements of loss during the year ended January 31, 2021. The accretion expense of $1,920 was recorded on the first $30,000 of the CEBA loan during the year ended January 31, 2021.

During the year ended January 31, 2022, the Company received the remaining $30,000 of the CEBA loan. The second portion of the CEBA loan was initially fair valued using a discount rate of 12% and was measured at $24,391 with the difference of $5,609 being recognized as government grant on the statements of loss during the year ended January 31, 2022.

During the nine months ended October 31, 2022, the Company recorded accretion expense of $5,076.

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SLAM Exploration Ltd.

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Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars)

For the nine months ended October 31, 2022 and 2021

10. Shares, warrants and options

Authorized:

Unlimited number of common shares without nominal or par value.

Issued and outstanding:

The following shares were issued during the nine months ended October 31, 2022:

On April 8, 2022, the Company issued 200,000 common shares of the Company valued at a fair value of $10,000 to acquire the Ramsay, Rogers Brook and Murray Brook properties (Note 7).

The following shares were issued during the nine months ended October 31, 2021:

Shares issued for mineral 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.

On September 8, 2021, the Company paid $5,000 cash and issued 50,000 common shares with a fair value of $5,000 pursuant to the Patapedia property option agreement.

Completed flow-through private placement

On July 15, 2021, the Company completed a private placement of 3,299,731 flow-through units (the “FT Units”) at $0.09 per FT Unit for gross proceeds of $296,976. Each FT Unit was comprised of one common share and one-half share purchase warrant issued on a non-flow through basis (each whole common share purchase warrant, a “warrant”). Each warrant is exercisable at $0.10 per share until July 15, 2023. The fair value of $174,061 for the common shares was allocated to share capital and the remaining $122,915 for the warrants was recorded in warrants reserve. The estimated $122,915 fair value of the warrants was measured using the Black-Scholes Pricing Model with the following assumptions: share price $0.09; exercise price - $0.10; expected life – 2 years; volatility – 196.74%; dividend yield - $0; and risk-free-rate – 0.44%. No flow-through premium was recognized for this flow-through financing.

The Company paid $10,567 cash, issued 53,150 finder’s shares valued at $4,784, and issued 53,150 finder’s warrants valued at $3,959 in relation to the completed flow-through private placement. The estimated fair value of the finder’s warrants of $3,959 was measured using the Black-Scholes Pricing Model with the following assumptions: share price $0.09; exercise price - $0.10; expected life - 2 years; volatility – 196.74%; dividend yield - $0; and riskfree rate – 0.44%

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SLAM Exploration Ltd.

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Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars) For the nine months ended October 31, 2022 and 2021

10. Shares, warrants and options (continued)

Warrants:

As at October 31, 2022, outstanding warrants and finders’ warrants to purchase common shares were as follows:

Value of Warrants $ 124,179 3,959 122,915 114,396 9,936 $ 375,385	Number of Warrants Date of Grant Expiration Date Exercise Price 1,880,168 August 11, 2020 August 11, 2024 $0.08 53,150 July 15, 2021 July 15, 2023 $0.10 1,649,868 July 15, 2021 July 15, 2023 $0.10 2,663,636 December 31, 2021 December 31, 2023 $0.10 231,364 December 31, 2021 December 31, 2023 $0.10 6,478,186

* Denotes finder’s warrants

Warrants Outstanding, opening balance Issued Expired Exercised Outstanding, ending balance	Nine Months Ended October 31, 2022 Warrants Weighted Average Exercise Price 6,563,686 $ 0.09 - - (85,500) (0.08) - - 6,478,186 $ 0.09	Year Ended January 31, 2022	Year Ended January 31, 2022
	Warrants 6,563,686 - (85,500) - 6,478,186	Warrants 2,215,668 4,598,018 - (250,000) 6,563,686	Weighted Average Exercise Price
			$ 0.08 $ 0.10 - $ 0.08 $ 0.09

On August 11, 2022, the Company received TSX Venture Exchange approval to extend the expiry date of 1,880,168 warrants exercisable at $0.08 per share, from August 11, 2022 to August 11, 2024.

The Company transferred $5,647 from warrant reserve to deficit for 85,500 expired warrants.

Options:

Options issued under this plan to directors, consultants and employees vest upon issuance whereas options issued to investor relation consultants vest as to 25% at issuance, and 25% every three months thereafter. The grant date fair values of the options are charged to share-based compensation expense and exploration and evaluation assets over the vesting period.

The table below lists the outstanding options to purchase common shares as at October 31, 2022:

Value $ 7,415 8,868 46,342 142,745 $ 205,370	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 $0.05 630,000 August 11, 2020 August 11, 2025 $0.075 1,800,000 September 3, 2021 September 3, 2026 $0.085 2,880,000

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SLAM Exploration Ltd.

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Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars)

For the nine months ended October 31, 2022 and 2021

10. Shares, warrants and options (continued)

Options (continued):

Options Outstanding, opening balance Granted Expired/forfeited Outstanding, ending balance Exercisable	Nine Months Ended October 31, 2022 Number of Options Weighted Average Exercise Price 3,180,000 $ 0.08 - - (300,000) (0.08) 2,880,000 $ 0.08 2,880,000 $ 0.08	Nine Months Ended October 31, 2022 Number of Options Weighted Average Exercise Price 3,180,000 $ 0.08 - - (300,000) (0.08) 2,880,000 $ 0.08 2,880,000 $ 0.08	Year Ended January 31, 2022	Year Ended January 31, 2022
	Number of Options 3,180,000 - (300,000) 2,880,000 2,880,000		Number of Options 1,670,000 2,000,000 (490,000) 3,180,000 3,180,000	Weighted Average Exercise Price
		$ 0.08 - (0.08) $ 0.08 $ 0.08		$ 0.06 0.085 0.06 $ 0.08 $ 0.08

Expired and forfeited stock options

The Company transferred $23,216 (2021 - $26,746) from share option reserve to deficit for 300,000 forfeited (2021 – expired 450,000) share options.

11. Contingencies

Environmental contingencies

The Company’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive. The Company has made, and expects to make in the future, expenditures necessary to comply with such laws and regulations. The properties the Company holds interest in are currently in the initial exploration stages and it has not determined whether significant restoration, rehabilitation and environmental costs will be required. The Company would only record liabilities for restoration, rehabilitation and environmental costs when reasonably determinable and when such costs can be reliably quantified. Management is of the opinion that the Company addresses environmental risk and compliance in accordance with industry standards and specific project environmental requirements.

12. Related party transactions

The remuneration of directors and key management personnel during the nine months ended October 31, 2022 and 2021 were as follows:

Short-term benefits Share-based compensation	2022 $ 122,798 - $ 122,798	2021 $ 123,313 95,164
		$ 218,477

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SLAM Exploration Ltd.

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Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars)

For the nine months ended October 31, 2022 and 2021

12. Related party transactions (continued)

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.

Included in trade payables and accrued liabilities as at October 31, 2022, was $425,366 (January 31, 2022 - $372,826) due to a director of the Company and $Nil (January 31, 2022 - $Nil) due to a private company controlled by two of the Company’s directors.

13. Supplemental information with respect to cash flows

3. Supplemental information with respect to cash flows
Interest paid Income tax paid	October 31, 2022 $ April 30, 2022 $
	- - - -

During the nine months ended October 31, 2022: the Company received 250,000 shares of Puma Exploration Inc. and 700,000 shares of Stratabound Minerals with a fair value of $122,500 and $56,000, respectively, related to the sale of Ferguson and Ramsay properties (Note 7).

The Company received 1,000,000 (2021 – 1,000,000) common shares of Major Precious Metals Corp. (“Major Precious”) pursuant to the terminated BMC property option agreement. The Major Precious common shares had a fair value of $50,000 (2021 - $300,000).

On April 8, 2022, the Company issued 200,000 common shares with a fair value of $10,000 pursuant to the acquisition of the Ramsay, Rogers Brook, and Murray Brook properties (Note 7).

During the six months ended July 31, 2021, the Company issued 70,000 common shares with a fair value of $4,200 to acquire the Eighteen Mile and Ferguson Brook properties. (Note 7)

On July 15, 2021, the Company issued 53,150 finder’s warrants valued at $3,959 in relation to the completed flowthrough private placement.

14. Financial instruments

14.1 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. Short-term loan payable and lease liability are carried at their amortized cost.

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SLAM Exploration Ltd.

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Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars)

For the nine months ended October 31, 2022 and 2021

14. Financial instruments (continued)

14.1 Fair value of financial instruments (continued):

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 October 31, 2022 and January 31, 2022, 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.

14.2 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 nine months ended October 31, 2022.

(i) Credit Risk

The Company's credit risk is primarily attributable to cash and equivalents, and marketable securities. Cash and cash equivalents are held with reputable Canadian financial institutions, from which management believes the risk of loss to be minimal. All transactions executed by the Company in listed securities are settled or paid for upon delivery using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the broker has received payment. Receivables are assessed to determine whether there is objective evidence that an impairment has been incurred but not yet been identified. The Company considers that there is evidence of impairment if any of the following indicators are present: 1. Significant financial difficulties of the debtor, 2. Probability that the debtor will enter bankruptcy or financial reorganization, and 3. Default in payments. The debtor was never in default in payments in past and in a case of default, the Company has a right to re-acquire a 100% interest in the sold properties provided that the Company delivers a written notice of default to the debtor and the debtor does not remedy the default within 30 days of delivery of the notice of default. 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 October 31, 2022, the Company had a cash and cash equivalents balance of $146,138 (January 31, 2022 - $444,679) to settle current liabilities of $616,427 (January 31, 2022 - $490,774). 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.

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SLAM Exploration Ltd.

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Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars)

For the nine months ended October 31, 2022 and 2021

14. Financial instruments (continued)

14.2 Financial risk factors (continued)

(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.

(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 October 31, 2022. 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) 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.

(vi) 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.

14.3 Sensitivity analysis

The Company has designated its cash and cash equivalents, and marketable securities as FVTPL, which are measured at fair value. Receivables are classified as loans and receivables, which are measured at amortized cost. Payables and accruals, and short-term loan payable are classified as other financial liabilities, which are measured at amortized cost. As at October 31, 2022, the carrying and fair value amounts of the Company's current financial assets are approximately the same.

During the nine months ended October 31, 2022, the Company did not have any significant interest income or expenses nor any foreign exchange gain or loss. A 10% change in either the interest rate or the exchange rate would not significantly affect the Company.

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SLAM Exploration Ltd.

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Notes to the Condensed Interim Financial Statements

(Expressed in Canadian dollars)

For the nine months ended October 31, 2022 and 2021

15. COVID-19 pandemic

In March 2020, the World Health Organization declared, the outbreak of the novel strain of coronavirus, specifically identified as “COVID-19”, a pandemic. This has resulted in governments worldwide enacting emergency measures to limit the spread of the virus, including closure of non-essential businesses. As of the date of this report, the majority of the Company’s operations are considered essential in all jurisdictions in which the Company operates. As such, to date the Company has been able to continue operating with no material impact to operations.

There have been no material revisions to the nature and number of estimates and judgments made in respect of the Company’s financial statements of prior years. However, the effects of COVID-19 have required significant judgements and estimates to be made in the preparation of the Company’s financial statements.

Additionally, the effects of COVID-19 may require revisions to estimates of expected credit losses attributed to accounts receivable. To date no revisions to managements’ estimates and judgements used in the preparation of the Company’s financial statements have been necessary.

Due to rapid developments and uncertainty surrounding COVID-19 or the possible ending of COVID-19, it is not possible to predict the impact that COVID-19 will have on the Company’s operations or financial results in the future, its suppliers, and its customers. Additionally, it is possible the Company’s operations and financial results will change in the near term as a result of COVID-19 or the ending of COVID-19.

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