Mr. Kevin Brewer reports

NORTH BAY RESOURCES INC. ACQUIRES A 70% INTEREST IN THE BISHOP GOLD MILL, INYO COUNTY, CALIFORNIA

CMC Metals Ltd. has entered into a share purchase agreement with North Bay Resources Inc. (NBRI), where NBRI will acquire an additional 14.5 per cent of the Bishop gold mill. This brings NBRI's total ownership to 70 per cent. The remaining 30 per cent of the mill will be owned by 1436132 B.C. Ltd., a privately held corporation.

The 96-ton-per-day mill is located north of Bishop, Calif. NBRI has recently acquired and installed additional gold extraction equipment, including a centrifuge in the gravity circuit (see NBRI's news release dated Jan. 10, 2025). Based on a December, 2024, metallurgical study (see NBRI's news release dated Dec. 16, 2024), NBRI has estimated a 97-per-cent recovery of gold from the Fran gold project at the Bishop mill. NBRI has estimated material from the Fran gold project to have a head grade of 0.9 ounce of gold per ton. Material from the Fran project has been recently transported to the Bishop mill for test processing.

The company has entered into an agreement with NBRI and the current minority owner 1436132 B.C., a private Canadian company, for NBRI to acquire an additional 14.5 per cent of 0877887 B.C. Ltd. (087), a former subsidiary of the company. The primary asset of 087 is the Bishop gold mill. Within this transaction, North Bay acquires a total interest of 70 per cent of 087, in addition to prior payments and issuances to date, by assuming the amended cash payments and common share transfers to CMC as follows.

Cash payments*:

• $12,500 payable on signing;
• $12,500 payable on Feb. 15, 2025;
• $12,500 payable on April 1, 2025;
• $50,000 payable on July 7, 2025;
• $25,000 payable on Aug. 15, 2025;
• $50,000 payable on Sept. 25, 2025.

* All cash payments are in U.S. dollars.

Share payment:

• $200,000 (Canadian) in common shares of North Bay to be delivered on signing at a foreign exchange rate 70 Canadian cents to $1 (U.S.) and a share price of 0.09 cent totalling 155,555,556 restricted common shares of NBRI subject to a minimum hold period of one year and representing approximately 2 per cent of NBRI common shares outstanding.

Kevin Brewer, president and chief executive officer of CMC, notes: "We are very pleased to have completed this transaction. This is generating further value from the divesting of the Bishop mill that we expect will provide us with a significant return in the foreseeable future. We look forward to NBRI's continued success with this project."

As a result of this final arrangement between the parties, upon completion of the cash and share payments, CMC will no longer hold a security interest in the mill. After this acquisition, CMC will hold a total of 1,275,555,556 common shares of NBRI. NBRI remains the operator of the mill.

Qualified person

Kevin Brewer, a registered professional geoscientist, is the company's president and chief executive officer, and a qualified person (as defined by National Instrument 43-101). He has given his approval of the technical information pertaining reported herein. The company is committed to meeting the highest standards of integrity, transparency and consistency in reporting technical content, including geological reporting, geophysical investigations, environmental and baseline studies, engineering studies, metallurgical testing, assaying, and all other technical data.

About CMC Metals Ltd.

CMC Metals is a growth-stage exploration company focused on the exploration of high-grade silver-lead-zinc critical mineral carbonate replacement and skarn deposits in the Rancheria silver district in Northern British Columbia and Yukon. Its properties include their flagship Silverknife project, which is immediately adjacent to Coeur Mining's Silvertip deposit, one of the highest-grade underground CRD-vein (carbonate replacement deposit) deposits in the world, the Silver Hart deposit and Blue Heaven claims (Yukon), and the Amy claims (north-central British Columbia). Other projects include the Bridal Veil (Newfoundland), an orogenic gold target, and Logjam (Yukon), a silver-gold target with porphyritic association.

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