This morning, Pacific Ridge Exploration announced the first results from the current drill program at its flagship Kliyul copper-gold project, located in northcentral British Columbia. The best hole from this release, KLI-22-041, returned 588.0m of 0.41% CuEq or 0.56 g/t AuEq including 278.0m of 0.67% CuEq or 0.92 g/t AuEq. These holes materially increase the size of the potential resource. The release highlights the first six of twelve drill holes, and we are encouraged by these drill results from KLI. This most recent drill program continues to validate the opportunity at Kliyul, and the results come in line with previous drilling programs. With todays release, it looks like the potential resource is approaching 200M Tonnes. We are maintaining our BUY rating and our target price at $0.65/share for PEX.

PEX drilled 7,000m at KLI over 12 holes with the first six holes expanding the KMZ mineralized body to the north, south and at depth. The results also confirmed the east-west trending Valley Fault is a mineralized structural zone at depth and does not cut off the KMZ system on the north. Results suggest KMZ and Kliyul North mineralization is contiguous below an approximate 300 m vertical depth. Drilling also confirmed a modelled fault west of KMZ (informally known as the Lui Fault), and significant mineralization was intersected in the outlying western block starting at about 400m vertical depth.

Why We Like PEX:

• 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

• Potential asset sales – ongoing

• Potential M&A – ongoing

• Additional 6 holes of drill results coming in from Kliyul