Mr. Chuck Downie reports

EAGLE PLAINS ANNOUNCES LETTER OF INTENT WITH EARTHWISE MINERALS FOR optION OF THE IRON RANGE PROJECT, BRITISH COLUMBIA

Eagle Plains Resources Ltd. has entered into a non-binding letter of intent (LOI) with Earthwise Minerals Corp. (CSE: WISE) whereby Eagle Plains and Earthwise will negotiate and settle the terms of a definitive option agreement for Earthwise to acquire up to an 80-per-cent interest in Eagle Plains' wholly owned Iron Range gold project.

Drilling at Iron Range in 2010 resulted in the discovery of the Talon zone, where drill hole IR10-010 intersected two intervals of strong and continuous mineralization including 14.0 metres grading 5.1 grams per tonne gold, 1.86 per cent lead, 2.1 per cent zinc, 75.3 g/t silver and 7.1 m grading 8.13 g/t gold, 2.84 per cent lead, 3.07 per cent zinc, 86.6 g/t silver (Eagle Plains news release Dec. 21, 2010). Previous drilling 10 kilometres north of the Talon zone in 2008 by Eagle Plains intersected gold mineralization in drill hole IR08006 which assayed 7.0 metres grading 51.52 g/t (1.50 ounces/ton) gold (Eagle Plains news release dated April 20, 2009).

Management of both Eagle Plains and Earthwise consider the Iron Range project to hold excellent potential for the presence of structurally controlled gold-silver mineralization, iron-oxide-copper-gold (IOCG) and Sullivan-style lead-zinc-silver sedimentary-exhalative (sedex) mineralization.

Iron Range project summary

The 21,437-hectare Iron Range project located near Creston, B.C., is owned 100 per cent by Eagle Plains, subject to a 1-per-cent NSR (net smelter return) on a portion of the claim group. A well-developed transportation and power corridor transects the southern part of the property, including a high-pressure gas pipeline and a high-voltage hydroelectric line, both of which follow the CPR mainline and Highway 3. The rail line provides efficient access to the Teck smelter in Trail, B.C. The project is fully permitted with a multiyear area-based (MYAB) permit in place issued by the B.C. Ministry of Mining and Critical Minerals that includes provisions for geophysical work, mechanical trenching, access trail construction and diamond drilling.

The Iron Range property covers an extensive area approximately 10 km by 32 km which overlies the regional Iron Range fault system (IRFS). Prior to the acquisition by Eagle Plains in 2001, the property had seen little systematic exploration for other than iron resources known to exist on the property since the late 1800s. Since 2001, Eagle Plains and its partners have completed 21,593 m of diamond drilling in 87 holes, collected 2,482 line km of airborne and surface geophysical data and analyzed 10,053 soil geochemical samples, 495 rock samples and 6,955 drill core samples.

Under the terms of the LOI, Earthwise may acquire a 70-per-cent interest in the Iron Range project (option 1) by completing the following over a four-year period:

• Total exploration of expenditures of $4-million, including $200,000 in 2025;
• Total cash considerations of $250,000;
• Issuing 1.5 million common shares of Earthwise.

Following the completion and notice of option 1, Earthwise shall have the right to earn an additional 10-per-cent interest in the Iron Range project (option 2) by notifying Eagle Plains of its intent to increase its interest to 80 per cent, making an additional one-time payment of $1-million cash and completing a bankable feasibility study on the property.

Upon completion and notice of exercise of option 1, Eagle Plains will retain a total 2.0-per-cent NSR on all areas underlain by the property, which may be bought down to 1.0 per cent for $1.5-million.

Eagle Plains will serve as operator under the terms of option and will reserve the right to use TerraLogic Exploration Inc. as geoscience consultant. Following the exercise of either option 1 or 2, Earthwise and Eagle Plains shall then form a 70/30 or 80/20 joint venture (JV) to further explore and develop the property.

A formal agreement with industry standard terms will be prepared, and the expectation is the agreement will be settled and executed by the parties within 45 days. The terms and conditions of the formal agreement will be subject to the laws of the Province of British Columbia, Canada, and subject to regulatory approval.

Further details regarding the proposed transaction will be provided in a comprehensive news release if, and when, the parties enter into the formal option agreement. There can be no guarantees that the proposed transaction will be completed as contemplated or at all.

Qualified person

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.

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.

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 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.

On Oct. 2, 2024, Eagle Plains announced announce the formation of a separate division within the company that will give Eagle Plains' shareholders direct exposure to strategic opportunities in Canadian green energy transition. As a wholly owned subsidiary of Eagle Plains, Osprey Power Inc. will focus on identifying and advancing innovative and diverse clean energy project portfolios in target markets throughout Canada, with an initial focus on 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 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 m of diamond drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.

Throughout the exploration process, its 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.