Mr. Chuck Downie reports

EAGLE PLAINS PARTNER EARTHWISE COMPLETES DATA REVIEW OF THE IRON RANGE GOLD PROJECT, BRITISH COLUMBIA

Eagle Plains Resources Ltd. partner Earthwise Minerals Corp. has completed a comprehensive review of data collected at Eagle Plains 100% owned Iron Range Project. Earthwise holds the exclusive option to acquire up to an 80% interest in the Iron Range Project.

Planning is under way for the 2025 field season, with the focus on detailed follow-up of historic soil geochemical and till anomalies in the Talon zone area and along structural splays of the Iron Range fault.

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 and 75.3 grams per tonne silver and 7.1 metres grading 8.13 grams per tonne gold, 2.84 per cent lead, 3.07 per cent zinc and 86.6 grams per tonne silver (see Eagle Plains' news release dated Dec. 21, 2010). Previous drilling 10 kilometres north of the Talon zone in 2008 by Eagle Plains intersected gold mineralization in drill hole IR08-006, which assayed 7.0 metres grading 51.52 grams per tonne (1.50 ounces per ton) gold (see Eagle Plains' news release dated April 20, 2009).

The 21,437-hectare Iron Range project is considered by management of both Eagle Plains and Earthwise 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. The property is owned 100 per cent by Eagle Plains, with part of the property subject to an underlying 1-per-cent net smelter royalty held by a third party.

Iron Range option agreement details

To exercise the option, Earthwise 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 70-per-cent interest in the project by paying $250,000, issuing an aggregate of 1.5 million common shares to Eagle Plains and financing $4-million in exploration expenditures on the project by over a four-year term, including $200,000 in expenditures in 2025. Pursuant to the second phase of the option, the company may acquire an additional 10-per-cent interest in the project (for an 80-per-cent total interest) by notifying Eagle Plains of its intent to increase its interest to 80 per cent; and making an additional one-time payment of $1-million cash and completing a bankable feasibility study on the property, before the eighth anniversary of the option.

If the first option or the second option is exercised, a 2-per-cent smelter returns royalty will be granted to the Eagle Plains over the entire property, 1 per cent of which may be repurchased 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 the first or second option, Earthwise and Eagle Plains shall then form a 70/30 or 80/20 joint venture to further explore and develop the property.

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 royalty 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 Canadian Pacific mainline railway and Highway 3. The rail line provides efficient access to the Teck smelter in Trail, B.C. The project is fully permitted with a multi-year area-based (MYAB) permit in place issued by the British Columbia 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 kilometres by 32 kilometres that 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 metres of diamond drilling in 87 holes; collected 2,482 line kilometres of airborne and surface geophysical data; and analyzed 10,053 soil geochemical samples, 495 rock samples and 6,955 drill core samples.

Qualified person

Charles C. Downie, PGeo, a qualified person for the purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects, and an officer and 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 $39-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.