Mr. Tim Termuende reports

EAGLE PLAINS PARTNER ANNOUNCES CLOSING OF MULTI PROJECT OPTION AGREEMENT, HIRES SINN FOR COMMUNICATIONS, MARKETING

Eagle Plains Resources Ltd. has been notified by option partner 1416753 B.C. Ltd. (141), a subsidiary of NevGold, a British Columbia corporation, that 141 has received final exchange approval for an option agreement with Eagle Plains that was previously announced on May 31, 2023, whereby 141 may earn a 100-per-cent interest in the Acacia, Lost Horse, FinLith, Surprise and Toodoggone projects, all located in British Columbia (see project summaries herein).

As part of the closing arrangement, 141 has issued five million common shares to Eagle Plains.

Under the terms of the agreement, 141 may earn a 100-per-cent interest in the properties by completing $1-million in exploration expenditures over two years and issuing 10 million 141 shares. A 2-per-cent NSR (net smelter return) on certain properties has been reserved for Eagle Plains.

Project summaries

Acacia (VMS-polymetallic)

The 4,857-hectare Acacia project, located 60 kilometres NE (northeast) of Kamloops, B.C., is considered to have excellent potential for hosting volcanogenic massive sulphide (VMS) deposits. These deposits typically contain both base and precious metals, and occur in clusters and/or stacked lenses. The property covers a fertile stratigraphic assemblage which hosts a number of nearby, on-strike base and precious-metal VMS deposits including the Rea Gold, K7, Twin 3 and past-producing Samatosum mine, located approximately 2.5 km northwest of current property boundary. Past drilling within target stratigraphy northwest of current property boundary returned values from trace quantities up to 10.6 grams per tonne Au (gold), 335.3 g/t Ag (silver), 3.13 per cent Zn (zinc), 2.74 per cent Pb (lead) and 0.55 per cent Cu (copper) over 2.37 m. Eagle Plains management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Acacia property.

Extensive work in the area was completed following the discovery of the Samatosum and Rea deposits in the mid-1980s. Geological mapping, geophysical surveys, thousands of soil samples and over 125 drill holes were completed in target stratigraphy within 4.0 km of the current Acacia claim boundaries. Previous fractured ownership and the cessation of work in the 1990s resulted in large gaps in drilling of high-potential stratigraphy within current Acacia property boundaries.

A comprehensive compilation and target generation exercise was completed by Eagle Plains in early 2017 which included 13,461 soil, 1,023 rock and 51 silt samples, 45 trenches, 26 drill holes, and numerous geological and geophysical surveys from past operators Homestake Minerals, Omni Resources, Falconbridge Copper and Esso Minerals.

The project is fully permitted with a multiyear area-based (MYAB) permit issued through the B.C. Ministry for Energy, Mines and Low Carbon Innovation.

Lost Horse (Cu-Au)

The 2,170 ha Lost Horse project is located 27 km southwest of Clearwater, B.C. The exploration targets at Lost Horse are low sulphidation epithermal gold veins and Cu-Au porphyry mineralization. Grab samples collected on the property in 2021 returned from trace values up to 2.99 g/t Au. Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property.

FinLith (lithium)

The 2170 ha Finlith project is located 35 km northwest of Cranbrook, B.C. The property is underlain by a Cretaceous age granitic batholith as well as Proterozoic age pegmatitic intrusions. Numerous beryl occurrences have been documented on the property which is thought to be prospective for lithium.

Surprise/Toodoggone (lithium)

The Surprise (4,491 ha) and Toodoggone (7,154 ha) are early stage projects that were acquired based on favourable regional geochemical results and prospective geology that indicate the potential for lithium mineralization.

Technical information in this news release has been reviewed and approved by C.C. Downie, PGeo, a director and officer of Eagle Plains, hereby identified as the qualified person under National Instrument 43-101.

Communications and marketing contract information

The company has retained the services of Robert Sinn as an investor relations consultant to provide communication and marketing services including the redistribution of corporate news releases via social media, production of a corporate video and the production of three featured articles. Mr. Sinn will be paid $1,000 (U.S.) per month for a 12-month period, effective Jan. 1, 2023. Mr. Sinn is an arm's-length, independent contractor with offices in Fort Lauderdale, Fla. Mr. Sinn has a background in capital markets as a trader, portfolio manager and analyst. He is an investor and market analyst focused on the precious metals and junior mining sectors. Over the past decade he has developed an audience that appreciates his writing, technical analysis charts and market commentary. Mr. Sinn currently owns 18,000 shares and 50,000 warrants of Eagle Plains. No stock options were granted to Mr. Sinn in relation to this engagement.

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. 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 have transferred over $100-million in value directly to its shareholders, with Copper Canyon Resources and Taiga Gold Corp. being notable examples. Eagle Plains' latest spinout, Eagle Royalties Ltd., was listed on May 24, 2023, and holds a diverse portfolio of royalty assets throughout Western Canada.

Eagle Plains' core business is acquiring grassroots critical- and precious-metal exploration properties. 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.

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.

Throughout the exploration process, the company 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.

We seek Safe Harbor.