This morning, Pacific Ridge Exploration announced results from its inaugural drill program at the RDP copper-gold project, located in northcentral British Columbia. Drill hole RDP-22-005 returned 497.2m of 0.66% CuEq or 0.96 g/t AuEq including 107.2m of 1.41% CuEq or 2.04 g/t AuEq. This hole is PEX’s best hole to date across is various properties, with a gold equivalent gram-meter intercept of ~477 g-m. The RDP drill program totalled 1,861m in six drill holes with one hole being released today. We are highly encouraged by this first drill hole from RDP and anticipate Antofagasta Minerals S.A. (“Antofagasta”), PEX’s partner on the Project, will look to upsize its 2023 drill campaign. We are maintaining our BUY rating and increasing our target price to $0.65/share for PEX (previously $0.60/share).

RDP-22-005 was 513M in length and drilled at a 60° azimuth and -70° incline. The hole encountered several zones copper sulphide mineralization to the end of the hole with the highest grade closer to surface (see Figure 3 below).

PEX drilled 1,861m at RDP over 6 holes with five holes completed at the Day prospect (1,393m) and one at the Roy target (468m) as see in Figure 2 below. Results from the remaining five holes are expected later this fall.

Antofogasta Minerals S.A. Partnership:

The 2022 RDP drilling program was funded by Antofagasta Minerals S.A., a subsidiary of Antofagasta PLC (LSE:ANTO), who can earn a 75% interest in the RDP Project by spending $10.0M on exploration over eight years and delivering a preliminary economic assessment report. As a reminder, PEX was the operator and supported the RDP drill program from the Kliyul camp just 40km away.

Why We Like PEX:

• Sizable drill programs at Kliyul and RDP Copper-Gold Project (“RDP”) – Results Pending

• Kliyul & RDP projects both showing early signs of scale

• Downside risk is well hedged

• Yukon projects pose liquidation opportunities

• Management are proven winners

• Potential takeout target &/or partnerships

CATALYSTS

• Drill results from Kliyul & RDP – Q4/22

• Potential asset sales – ongoing

• Potential M&A - ongoing