Mr. Sean Charland reports

EAGLE BAY RESOURCES ANNOUNCES PRIVATE PLACEMENT OFFERING OF FLOW-THROUGH UNITS TO RAISE GROSS PROCEEDS OF UP TO $250,000

Eagle Bay Resources Corp. intends to undertake a non-brokered private placement offering of up to 2,272,727 flow-through (FT) units at a price of 11 cents per FT unit to raise aggregate gross proceeds of up to $250,000. Each FT unit will consist of one common share in the capital of the company, to be issued as a flow-through share within the meaning of the Income Tax Act (Canada), and one common share purchase warrant. Each FT warrant shall entitle the holder to purchase one common share in the capital of the company, issued on a non-flow-through basis, at a price of 13 cents per FT warrant share for a period of two years from closing of the offering.

The company will use the gross proceeds from the sale of the FT units to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures as such terms are defined in the Income Tax Act (Canada) related to the company's Cap property, located in British Columbia, Canada, on or before Dec. 31, 2023. All qualifying expenditures will be renounced in favour of the subscribers effective Dec. 31, 2023.

All securities issued pursuant to the offering will be subject to a statutory hold period of four months and a day from the closing in accordance with securities laws. Any participation by insiders in the offering will constitute a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. The closing remains subject to several conditions, including receipt of subscriptions and regulatory approval, if required.

About Eagle Bay Resources Corp.

Eagle Bay is a Canadian exploration company specializing in the acquisition and development of high-potential rare earth elements (REEs) and niobium properties. Eagle Bay Resources is publicly listed on the Canadian Securities Exchange under trading symbol EBR.

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