Pacific Ridge Announces C$7.2 Million Non-Brokered Private Placement of Charitable Flow-Through, Traditional Flow-Through and Hard Dollar Units

About this update from Pacific Ridge Exploration Ltd.

Vancouver, British Columbia--(Newsfile Corp. - June 4, 2026) - Pacific Ridge Exploration Ltd. (TSXV: PEX) (OTCQB: PEXZF) (FSE: PQW) ("Pacific Ridge" or the "Company") announces a non-brokered private placement to raise aggregate gross proceeds of up to C$7,200,000 (the "Offering"). The Offering consists of: (i) up to 5,000,000 hard dollar units of the Company (the "HD Units") at a price of C$0.20 per HD Unit for gross proceeds of up to C$1,000,000; (ii) up to 11,000,000 flow-through units of the Company (the "FT Units") at a price of C$0.23 per FT Unit for gross proceeds of up to C$2,530,000; and (iii) up to 12,500,000 charity flow-through shares (the "CFT Shares") at a price of C$0.294 per CFT Share for gross proceeds of up to C$3,675,000. The Company understands that a strategic investor may acquire up to 12,500,000 common shares of the Company, which is expected to represent approximately 13.7% of the outstanding common shares of Pacific Ridge (assuming completion of the maximum Offering), and would result in the strategic investor becoming the Company's largest shareholder. Each HD Unit will consist of one common share (a "Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each FT Unit will consist of one common share of the Company that will qualify as a "flow-through share" (an "FT Share") within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Income Tax Act") and one-half of one Warrant that will also qualify as a "flow-through share" within the meaning of the Income Tax Act. Each CFT Share will also qualify as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act. Each Warrant will entitle the holder to purchase one common share of the Company (a "Warrant Share") at a price of C$0.30 at any time on or after the date that is four months following the closing date of the Offering (the "Closing Date") until the date that is 24 months following the Closing Date. The Company will use the gross proceeds from the CFT Shares for drilling at the RDP copper-gold project located in British Columbia. The gross proceeds from the FT Shares will be used for drilling at the Kliyul copper-gold project, also located in British Columbia. The net proceeds from the HD Units will be used for general working capital and corporate purposes. The gross proceeds from the sale of F...

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