Mr. Tim Termuende reports

EAGLE PLAINS ANNOUNCES CLOSING OF SPIN-OFF TRANSACTION

Eagle Plains Resources Ltd. has closed the spinout transaction and the amalgamation of Eagle Royalties Ltd. and 2513756 Alberta Ltd. (formerly 1386884 B.C. Ltd.) to form Eagle Royalties, effective May 19, 2023. Pursuant to the transaction, Eagle Plains shareholders of record as at the close of trading on May 18, 2023, will receive one Eagle Royalties share for every three Eagle Plains shares held. The transaction is described in further detail in the Eagle Plains management information circular dated March 17, 2023, a copy of which is filed on SEDAR.

Listing

Eagle Royalties expects to list its common shares on the Canadian Securities Exchange on or about Wednesday, May, 24, 2023, under the trading symbol ER. An application for the listing was conditionally approved by the CSE on May 11, 2023.

Escrow

All Eagle Royalties shares issued to Eagle Plains and former securityholders of Eagle Plains as a result of the transaction, and all Eagle Royalties shares issued in exchange for the initial seed shares of 2513756 Alberta (collectively, the escrow shares) will be subject to a voluntary contractual escrow as follows: (i) 20 per cent of the escrow shares shall be free trading on the date of Eagle Royalties' listing; and (ii) 20 per cent of escrow shares are expected to be released every three months thereafter. As such, 100 per cent of the escrow shares are expected to be free trading within 12 months from Eagle Royalties' public listing. In addition, CSE will impose statutory escrow restrictions on the insiders of the Eagle Royalties.

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. Eagle Plains 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.

Eagle Plains 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 Eagle Royalties 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, the company's mission is 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.