Mr. Chuck Downie reports

EAGLE PLAINS AND SUN SUMMIT MINERALS EXECUTE OPTION AGREEMENT FOR THE THEORY COPPER-GOLD PROJECT, BRITISH COLUMBIA

Further to Eagle Plains Resources Ltd.'s and Sun Summit Minerals Corp.'s respective news releases dated Jan. 13, 2025, the parties have entered into an option agreement dated Feb. 13, 2025, pursuant to which Sun Summit has been granted the exclusive right to acquire up to a 100-per-cent interest in Eagle Plains' wholly-owned Theory copper-gold project.

The 9,676-hectare Theory project is considered to be highly prospective for both epithermal gold and copper-gold porphyry deposits. The project is located in northern-central British Columbia within the Toodoggone mining district and is in close proximity with Sun Summit's JD project. The project area shares similar geology to the JD project and Thesis Gold's Ranch-Lawyers project. The property is owned 100 per cent by Eagle Plains, with 122 hectares of the property subject to an underlying 0.5-per-cent net smelter royalty held by a third party.

To exercise the option, Sun Summit must make a series of cash payments and share issuances to Eagle Plains and finance exploration expenditures on the project. These payments, share issuance and expenditures are separated into two phases, with the first option entitling the company to acquire a 75-per-cent interest in the project by paying $255,000, issuing an aggregate of 750,000 common shares to Eagle Plains and financing $3-million in exploration expenditures on the project by over a four-year term, including diamond drilling in years 3 and 4. Pursuant to the second phase of the option, the company may acquire an additional 25-per-cent interest in the project (for a 100-per-cent total interest) by notifying Eagle Plains of its intent to increase its interest to 100 per cent and making an additional one-time payment of $1-million cash, of which half may be paid in Sun Summit shares valued at the time of notification.

If the first option or the second option is exercised, a 2-per-cent smelter return royalty will be granted to the Eagle Plains over the entire property, 1 per cent of which may be repurchased for $1-million. Following the exercise of the first option by the company, the company and the vendor will form a joint venture, which will administer the continued exploration and operation of the project.

Eagle Plains will serve as operator under the terms of option 1 and will reserve the right to use Terralogic Exploration Services as geoscience consultant. Following the exercise of option 1 and in the event of failure to exercise option 2, Sun Summit and Eagle Plains shall then form a 75/25 joint venture to further explore and develop the property.

Following a target identification exercise, an exploration plan and budget will be defined for the 2025 season. Minimum expenditures in 2025 are $200,000 with work expected to be conducted from the JD camp. A new mineral exploration permit (MX permit) will need to be secured for any future diamond drilling. The application process will be initiated by Sun Summit shortly after execution of this formal agreement.

Chuck Downie, president and chief executive officer of Eagle Plains, commented: "We are excited to partner with the Sun Summit team to advance the Theory project. Recent success by Sun Summit at their adjacent JD project as well as spectacular drill hole intercepts from Amarc Resources at the nearby Joy project underline the Toodoggone district as one of the premier copper-gold exploration camps in North America. Attracting Sun Summit to advance the early-stage Theory project after EPL completed a single, low-cost exploration program validates Eagle Plains' project generator model."

Niel Marotta, chief executive officer of Sun Summit, commented: "We are pleased to finalize the Theory option agreement. This enlarged, district-scale copper-gold project represents an exciting opportunity to revive exploration in the northern part of the Toodoggone mining district. We wish to thank Eagle Plains for having the business acumen to acquire an extensive land package with regional exploration targets.

"This deal, combined with the JD property, adds to the potential for a significant discovery and significantly enhances our strategic position in the Toodoggone mining district. By combining the Theory and JD projects, we create a district-scale opportunity with exceptional exploration potential and significant logistical synergies. The option terms are both manageable and structured, allowing us to maintain financial flexibility while advancing exploration efforts. This acquisition aligns with our goal of building a robust, diversified portfolio in this highly active mining district, and we look forward to unlocking the full potential of these assets."

The 9,676-hectare Theory property is located in Northern British Columbia within the Toodoggone mining district. The district is endowed with both epithermal gold and porphyry copper-gold deposits, most notably the past-producing Kemess mine owned by Centerra Gold. The Omineca resource road provides access to the region from Mackenzie, B.C. Recent road upgrades completed in 2023 by Thesis Gold on its Lawyers-Ranch project brought road access to within eight kilometres of the Theory property.

Geology in the Theory region primarily comprises lower Jurassic Hazelton group volcanics, which unconformably overlie late Triassic Takla group volcanics. The entire package of rocks is intruded by late Triassic and early Jurassic stocks. The majority of the Theory property encompasses the highly prospective Jurassic-Triassic unconformity (approximately 200 million years old), termed by the British Columbia Geologic Survey as the Red Line, which is known to have a high spatial correlation to many of the known deposits throughout the Golden Triangle and Toodoggone.

Exploration by previous operators has been intermittent since the mid-1960s and regional government surveys are sparse; however, encouraging mineralization and alteration commonly associated with both epithermal and porphyry systems has been documented. The most significant documented work was completed in 1988 in the north and west areas of the Theory project area. Work consisted primarily of alpine ridge and subalpine prospecting traverses as well as reconnaissance soil sample lines in areas where no outcrop was present. This work documented occurrences of low-sulphidation, epithermal-related mineralization, including quartz-barite veins with up to 8.2 grams per tonne gold, 195 grams per tonne silver and 6.2 per cent copper at the DM occurrence (British Columbia Minfile 094E 231); and a quartz carbonate vein system with up to 6.8 grams per tonne gold and 1,480 grams per tonne silver at the Fred-1 occurrence (British Columbia Minfile 094E 402). The BEV occurrences (British Columbia Minfile 094E 259), interpreted as a copper-gold porphyry target, returned select historical rock results up to 0.47 per cent copper, 10.5 grams per tonne silver and 0.13 gram per tonne gold. Detailed soils revealed a 1.6-kilometre-by-two-kilometre copper-in-soil anomaly with peak soil results to 920 parts per million copper. Very little work is documented in the southern and eastern parts of the property.

Exploration success in the area has been highlighted by the recent announcement by Thesis Gold at its Lawyers-Ranch project of a combined measured and indicated mineral resource of 4.0 million ounces and an inferred mineral resource of 727,000 ounces at respective grades of 1.51 grams per tonne gold equivalent and 1.82 grams per tonne gold equivalent (Thesis Gold; May 1, 2024, news release).

In late 2023, Eagle Plains acquired the property through staking and third party agreements. After undertaking initial compilation and interpretation of historical data on the project, Eagle Plains completed a property-wide, high-resolution airborne magnetic and radiometric survey in July, 2024.

Management cautions that historical results were collected and reported by past operators and have not been verified or confirmed by a qualified person but form a basis for continuing work on the subject properties. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.

Qualified persons

Charles C. Downie, PGeo, a qualified person for the purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects, and a director of Eagle Plains, has reviewed and approved the scientific and technical disclosure in this news release.

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 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.