Mr. Tim Termuende reports

EAGLE PLAINS RECEIVES COURT APPROVAL FOR EAGLE ROYALTIES SPIN OUT

Eagle Plains Resources Ltd. has received final approval by the Court of King's Bench of Alberta; a critical step toward the completion 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.

As announced previously, Eagle Plains' securityholders overwhelmingly approved a special resolution put forward to approve the arrangement at a special meeting held in Cranbrook on April 26. 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 Ltd. 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 (CSE) 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 Ltd. and 1386884 B.C.

About Eagle Plains Resources Ltd.

Based in Cranbrook, B.C., Eagle Plains is a well-financed, prolific project generator that continues to conduct research, acquire and explore mineral projects throughout Western Canada.

We seek Safe Harbor.