Pacific Ridge closes final C$8.5 million financing tranche

Vancouver, British Columbia--(Newsfile Corp. - July 2, 2026) - Pacific Ridge Exploration Ltd. (TSXV: PEX) (OTCQB: PEXZF) (FSE: PQW) (" Pacific Ridge " or the " Company ") is pleased to announce, further to its news release dated June 26, 2026, that it has closed the final tranche of its previously announced private placement for aggregate gross proceeds of C$8,456,400.02 (the " Offering "). The total Offering comprises: (i) 9,920,000 hard dollar units (the " HD Units ") at a price of C$0.20 per HD Unit for gross proceeds of C$1,984,000; (ii) 11,012,174 flow-through units (the " FT Units ") at a price of C$0.23 per FT Unit for gross proceeds of C$2,532,800.02; and (iii) 13,400,000 charity flow-through shares (the " CFT Shares ") at a price of C$0.294 per CFT Share for gross proceeds of C$3,939,600 (the " Final Tranche "). The Final Tranche closed earlier today.

The Company understands that following the closing of the Final Tranche, Minsur S.A., a leading Peruvian mining company, through its subsidiary, Cumbres del Sur S.A.C. (" Cumbres "), has purchased, as part of a follow-on transaction to the issuance of the CFT Shares, all of the common shares issued under the Final Tranche. Following completion of this transaction, Minsur S.A., through its subsidiary, Cumbres, owns approximately 13.8% of the issued and outstanding common shares of the Company (on a basic basis). "I'm very pleased to welcome Minsur as our newest and largest shareholder," said Blaine Monaghan, President & CEO of Pacific Ridge .

"Their investment is a strong endorsement of our projects, our team, and our goal of becoming B.C.'s leading copper exploration company. With more than C$9.0 million in the treasury, Pacific Ridge is well placed to continue advancing both the Kliyul copper-gold project and the RDP copper-gold project." José Vizquerra, Chief Strategy and Growth Officer of Minsur S.A. , commented: "This investment reflects Minsur's conviction in the RDP copper-gold porphyry project and in the quality of British Columbia as a Tier-1 mining jurisdiction. We look forward to the results of Pacific Ridge's 2026 exploration program." The Company will use an amount equal to the gross proceeds from the sale of the CFT Shares under the Offering to incur eligible "Canadian exploration expenses" that will qualify as "flow-through critical mineral mining expenditures" (as both terms are defined in the Income Tax Act (Canada)) (the " Qualifying Expenditures "), in respect of the Company's projects in Canada.

The Qualifying Expenditures will be incurred on or before December 31, 2027 and will be renounced by the Company to the initial purchasers of the CFT Shares with an effective date no later than December 31, 2026. All securities issued under the Offering are subject to a hold period expiring four months and one day from the date of issuance, pursuant to applicable Canadian securities laws. The Offering remains subject to final acceptance of the TSX Venture Exchange (the " TSXV ").

The Company has entered into an investor rights agreement with Cumbres (the " IRA "), pursuant to which, subject to the terms and conditions of the IRA and for so long as Cumbres and its affiliates hold at least 5.0% of the issued and outstanding common shares of the Company, the Company has granted Cumbres: (i) a participation right to maintain its proportionate shareholding in the Company in connection with future equity financings and non-cash transactions; (ii) a top-up right to subscribe for additional common shares following dilutive issuances; (iii) the right to receive participation rights substantially equivalent to those granted to any third party in connection with the purchase of the Company's equity securities; and (iv) access to technical information regarding the Company's RDP copper-gold project. The IRA will terminate when Cumbres' ownership falls below 5.0% of the outstanding common shares of the Company. The Company has also entered into a right of first refusal agreement with Cumbres (the " ROFR Agreement "), pursuant to which, subject to the terms and conditions of the ROFR Agreement, (i) the Company has granted Cumbres a right of first refusal, for a period of nine months to acquire the RDP copper-gold project and (ii) the parties have agreed to engage in good faith negotiations regarding a potential strategic transaction in respect of the RDP copper-gold project.