Mr. Charles Downie reports

EAGLE PLAINS ANNOUNCES MANAGEMENT TRANSITION

Eagle Plains Resources Ltd. has provided an update on a planned senior management transition that will serve to lead the company into the coming years.

Highlights:

• Tim J. Termuende, PGeo, director, has opted to resign as president and chief executive officer and will transition into the role of executive chairman.
• Charles C. (Chuck) Downie, PGeo, director, has resigned as vice-president, exploration, and has been appointed president and chief executive officer.
• Jesse T. Campbell, BSc, is expected to join the board of directors of the company until the next annual meeting of shareholders of the company and will assume the role of vice-president, exploration, following approval by the TSX Venture Exchange.
• Michael Labach has accepted the corporate development position.
• Michelle McKeough, PGeo, will succeed Mr. Campbell as president of TerraLogic Exploration Inc. (a wholly owned subsidiary of Eagle Plains) and Jarrod Brown, PGeo, has been appointed vice-president of TerraLogic Exploration.

Mr. Termuende had the following comments with respect to the proposed management transition: "After co-founding Eagle Plains in 1992 and leading the company since 1999, it is now time to take a step back from the day-to-day operations of the company. I wholeheartedly welcome Mr. Downie and Mr. Campbell in their new roles and have every confidence in their abilities to work with Glen Diduck, CFO [chief financial officer], and Norm Jordan, corporate secretary, and other staff members to continue to grow the company and enhance shareholder value. I would also like to welcome Mr. Labach to his new role and further thank and congratulate him on an excellent job completed to date with his investor relations work. Moving forward, I expect to work closely with the new officers and management in striving to achieve continuing success in the affairs of Eagle Plains. As a result of this transition, I intend to use more of my available time to focus on the affairs of Eagle Royalties Ltd."

Mr. Downie, as the incoming president and chief executive officer, had the following to say: "On behalf of myself and all of the Eagle Plains board members, management team, and hundreds of current and former employees, I thank Tim and commend him for his 20-plus years of dedication and vision in building Eagle Plains into a premier project generator and championing a sustainable business model that has generated over $100-million in spinout value to shareholders. I look forward to my new role with Eagle Plains and working with Jesse, Tim, Michael and others to build on our past success and continue to grow the company."

Mr. Downie -- biography

Mr. Downie has over 30 years of experience in mineral exploration and mining. After graduation in 1987, Mr. Downie worked for Cominco Ltd., where he was involved with exploration, evaluations, and mine development and production at various operations throughout Western Canada, including the Pine Point, Polaris, Snip and Sullivan deposits. Mr. Downie has been working with Eagle Plains and other publicly traded exploration companies since the mid-1990s. Since joining Eagle Plains as vice-president, exploration, in 1999, Mr. Downie has overseen research, project acquisition, partner liaison, first nation engagement and project management.

Mr. Campbell -- biography

Mr. Campbell has over 25 years of experience working in the mineral exploration sector across a variety of commodities and jurisdictions. Since 1998, he has held a variety of roles with Eagle Plains Resources and has been the president of its wholly owned subsidiary, TerraLogic Exploration, since 2009. He also served as director and chief operating officer of Taiga Gold Corp. from its inception in 2018 until it was acquired by SSR Mining for $31-million in 2022 and is currently a director of Eagle Royalties. Mr. Campbell graduated with distinction from the University of Calgary and holds a bachelor of science in geography.

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, with a focus on critical metals integral to an increasingly electrified, decarbonized economy.

Eagle Plains remains active in the junior mining space, with steady project acquisitions and continuing exploration projects under way targeting a variety of commodities located in British Columbia, Saskatchewan and Yukon. The company remains financially healthy and currently holds approximately $8.5-million cash in treasury, over $1.4-million in investments, and approximately $1.5-million in real estate and hard assets; and it carries no debt. TerraLogic Exploration, Eagle Plains' 100-per-cent-owned subsidiary, continues to generate significant revenue through its mineral exploration consulting activities for third party clients in addition to providing valuable intellectual capital to Eagle Plains.

The company was formed in 1992 and is the ninth-oldest listed issuer on the TSX-V (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 Taiga Gold being notable examples. Eagle Plains' latest spinout, Eagle Royalties, 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 metal 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 2010 to 2023 on Eagle Plains related projects exceed $38-million, the majority of which was financed by third party partners. This exploration work resulted in approximately 50,000 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'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.

We seek Safe Harbor.