Mr. Tim Termuende reports

EAGLE PLAINS RECEIVES OVERWHELMING SHAREHOLDER SUPPORT FOR EAGLE ROYALTIES SPIN OUT

Eagle Plains Resources Ltd.'s securityholders have approved a special resolution put forward before its securityholders to approve a plan of arrangement under Section 193 of the Business Corporations Act (Alberta) to complete the spinout of over 50 royalty assets of Eagle Plains into Eagle Royalties Ltd., as more particularly described in the management information circular dated March 17, 2023, which is available on SEDAR.

In the aggregate, 65,087,314 votes of Eagle Plains securityholders were cast with respect to the special resolution approving the arrangement, with 99.07 per cent of such votes cast in favour of the arrangement. After excluding the votes as required under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions), 98.52 per cent of the votes cast by Eagle Plains shareholders, 100 per cent of the votes cast by Eagle Plains warrantholders and 100 per cent of the votes cast by Eagle Plains optionholders were received in favour of the arrangement.

As outlined in the circular, a $3-million concurrent financing is currently under way with 1386884 B.C. Ltd., which will amalgamate with Eagle Royalties to form the resulting issuer. The closing date for the arrangement and amalgamation has not yet been established, but is expected to be in or around mid-May, 2023.

An application for the listing of the shares of the resulting issuer has been made with the Canadian Securities Exchange with the trading symbol ER under reservation. The listing of the resulting issuer remains subject to approval of the CSE and the satisfaction of other customary conditions as set forth in the amalgamation agreement dated Feb. 28, 2023, among Eagle Plains, Eagle Royalties and 1386884 B.C. Ltd.

About Eagle Plains Resources Ltd.

Based in Cranbrook, B.C., Eagle Plains is a well-financed, prolific project generator that continues to conduct research, and acquire and explore mineral projects throughout Western Canada. The company was formed in 1992 and is the ninth-oldest listed issuer on the TSX Venture Exchange (and one of only three that has not seen a rollback or restructuring of its shares). Eagle Plains has continued to deliver shareholder value over the years and through numerous spinouts has transferred over $100-million in value directly to its shareholders, with Copper Canyon Resources and recently Taiga Gold being notable examples.

The company is committed to steadily enhancing shareholder value by advancing its diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team.

In late 2022, Eagle Plains announced the formation of a separate division within the company: Eagle Royalties, which will hold many of Eagle Plains' diverse portfolio of royalty assets. The restructuring will enhance the valuation of Eagle Plains' extensive royalty interests, enabling ER to market and develop its royalty assets while seeking additional royalty acquisition opportunities. The royalties cover a broad spectrum of commodities on projects controlled by Cameco Corp., Iso Energy Corp., Denison Mines Corp., Skeena Resources Ltd. and Hecla Mining Co./Banyan Gold Corp., among others. Eagle Plains will continue to focus on its core business model of acquiring and advancing grassroots critical and precious metal exploration properties. Throughout the exploration process, it has a mission to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.

Expenditures from 2011 to 2022 on Eagle Plains-related projects exceed $30-million, the majority of which was financed by third party partners. This exploration work resulted in approximately 45,000 metres of diamond drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.

We seek Safe Harbor.