TSX.V:AMMO

BULLET EXPLORATION INC. ENTERS INTO AGREEMENT TO ACQUIRE 1365836 B.C. LIMITED

Bullet Exploration Inc. (“Bullet” or the “Corporation”) (TSXV: AMMO) is pleased to announce that the
Corporation has entered into an arm’s length share exchange agreement (the “Share Exchange Agreement”) with all shareholders and warrant holders of 1365826 B.C. Limited (“136”), to acquire all of the issued and outstanding common shares and share purchase warrants held in 136 (the “Transaction”). The Transaction remains subject to the final approval of the TSX Venture Exchange.

Under the terms of the Share Exchange Agreement, Bullet will issue a total of 23,000,000 common shares
of the Corporation and 8,000,000 share purchase warrants to the 136 shareholders and warrant holders to
acquire all (and not less than all) of the issued and outstanding common shares and common share purchase warrants of 136. The exercise price of the newly issued warrants will be $0.075 per Bullet common share, with 7,130,000 of the warrants expiring on October 13, 2024 and the remaining 870,000 warrants expiring on November 16, 2024.

136, through its subsidiary 1365826 Nevada LLC (“136 Nevada”), is a party to an option agreement (the
“Option Agreement”) for the option to acquire a 100% interest in certain mineral claims known as the
Jefferson Property (the “Property”). The Property comprises 209 lode claims totaling 2,640 acres and is
located in the Moors Creek mining district of Nye County, Nevada, approximately 55 miles north of
Tonopah.

Pursuant to the terms of the Option Agreement, 136 Nevada has the exclusive right to earn an undivided
100% interest in and to the Jefferson Property by making the following payments:

July 5, 2022 – US$65,000 (paid)
July 5, 2023 – US$85,000 (paid)
July 5, 2024 – US$105,000
July 5, 2025 – US$$3,745,000

In addition, the Option Agreement calls for a 1% Net Smelter Return (“NSR”) tied to the Property until the
aggregate payments of the NSR total US$10,000,000, after which time the NSR will cease.

For further information please contact:
Bullet Exploration Inc.
Anthony Zelen
Chief Executive Officer
T: 778-388-5258
E: info@bulletexploration.com

Reader Advisory

This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the closing of the purchase of 136. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic
conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in the mining industry; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

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