Mr. Chuck Downie reports

EAGLE PLAINS ANNOUNCES LETTER OF INTENT WITH PACIFIC BAY MINERALS FOR THE HASKINS CRITICAL MINERALS PROJECT, BRITISH COLUMBIA

Eagle Plains Resources Ltd. has entered into a non-binding letter of intent (LOI) dated April 22, 2026, with Pacific Bay Minerals Corp. (TSX Venture Exchange: PBM) whereby Eagle Plains and Pacific Bay will negotiate and settle the terms of a definitive option agreement for Pacific Bay to acquire a 100-per-cent interest in Eagle Plains' wholly owned Haskins project.

The 578-hectare road-accessible Haskins project is located 105 kilometres northeast of Dease Lake, B.C. The Haskins is considered to be highly prospective for carbonate rEagle Plainsacement, multielement skarn type, molybdenum-tungsten stockwork porphyry and structurally controlled silver-lead-zinc vein mineralization.

Chuck Downie, president and chief executive officer of Eagle Plains, recently commented: "We are excited with the opportunity to combine the Haskins project with Pacific Bay's Haskins-Reed property. The increase in size of the merged project areas (1,850 ha total), combined with almost 20 years of exploration experience by Pacific Bay in the Mount Haskins area, makes this an excellent opportunity for Eagle Plains to participate in additional critical metals discoveries."

Under the terms of the LOI, Pacific Bay may acquire a 100-per-cent interest in the Haskins project by completing the following over a four-year period:

• Within 14 days of receipt by PBM of the approval of TSX Venture Exchange to the terms of the agreement, pay Eagle Plains 200,000 common shares of PBM.
• On or before the first year anniversary of the agreement, pay Eagle Plains an additional 300,000 common shares of PBM.
• On or before the second anniversary of the agreement:
  • Pay Eagle Plains an additional 750,000 common shares of PBM;
  • PBM to have completed at least $150,000 in exploration work on the property, with expenditures during the first year of the agreement capped at $50,000.
• On or before the third anniversary of the agreement:
  • Pay Eagle Plains an additional one million common shares of PBM;
  • PBM to have completed an additional $250,000 in exploration work on the property.
• On or before the fourth anniversary of the agreement:
  • Pay Eagle Plains an additional two million common shares of PBM;
  • PBM to have completed an additional $500,000 in work on the property.

The Haskins claims are subject to a 2-per-cent net smelter returns royalty (NSR) payable by Eagle Plains to a third party, 1 per cent of which may be repurchased by Eagle Plains for $1-million. In the event that Eagle Plains exercises the right to repurchase the 1-per-cent NSR, Pacific Bay will have the right to purchase that 1 per cent from Eagle Plains for $2-million, leaving a residual 1-per-cent NSR on the Haskins property in favour of the third party. Alternatively, Eagle Plains would agree at any time to assign the 1-per-cent repurchase right to Pacific Bay for $1-million.

During the term of the option agreement:

• Pacific Bay agrees to retain the services of Terralogic Exploration Inc. to complete the work on the Haskins property;
• Any additional claims acquired by either party within one kilometre of the existing claim boundaries will be included in the option agreement.

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 90 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.

About the Haskins property

The Haskins claims adjoin PBM's Haskins-Reed property to the north.

Project highlights

• Host to the Fort Reliance and Joem deposits;
• Excellent geology highly prospective for carbonater replacement, skarn, porphyry and vein mineralization;
• Road accessible;
• Contact metamorphism of the Kechika siltstones and the Atan Group limestone and quartzites by the intrusion of the granitic Major Hart pluton caused skarn alteration, as well as the presence of Mo-W stockwork mineralization at lithological contacts and Ag-Pb-Zn (silver-lead-zinc) bearing veins controlled by crosscutting fault structures.

Geology

The Mount Haskins property lies within the northern extension of the Omineca lithotectonic domain, underlain by the sedimentary Cassiar platform of the Cariboo/Cassiar terrane, which has been intruded by Eocene granitic stocks. Regional structural trends of folding and faulting are dominantly northwestern.

Mineralization

There are four deposit types in the Mount Haskins area: carbonate replacement, skarn, porphyry and vein.

About the Haskins-Reed project

The Haskins-Reed property has been explored in several phases by different companies since the late 1940s, including approximately 198 drill holes. The 100-per-cent-owned land package, which includes six Crown grant claims, is host to multiple mineral prospects.

• B zone (Minfile 104P 038): Skarn-hosted semi-massive to massive sulphide lenses, with silver- and gold-bearing pyrrhotite-sphalerite-chalcopyrite-galena mineralization, are hosted by metasomatized carbonate rocks. Mineralization occurs as three lenses with an aggregate strike length of 308 metres, an average true width of eight metres, and an average dip of negative 40 degrees with strong vertical continuity.
• Mount Reed molybdenum-tungsten prospect (Minfile 104P 043): Molybdenum and tungsten mineralization is hosted by peripheral contact metamorphic exoskarn developed in carbonate-rich metasedimentary rocks of the Atan Group. These rocks surround a small Eocene-age porphyritic granitic stock, with additional porphyry-style mineralization found within the intrusion itself. Historical drilling returned values of 2.01 per cent WO3 over 3.3 metres, 0.37 per cent WO3 over 5.18 metres and 0.17 per cent WO3 over 54.8 metres.
• Joe Reed vein prospect (Minfile 104P 021): Silver-rich sphalerite-galena-pyrite shear-hosted vein mineralization occurs within a persistent northerly trending fault zone that cuts through Lower Cambrian Atan Group quartzite, limestone and dolomite. A steep, westerly dipping quartz vein averaging 1.5 metres wide can be traced along strike for 170 metres.
• Brett zone (Minfile 104P 136): Skarn-hosted massive sulphide zone with silver- and gold-bearing pyrrhotite-sphalerite-chalcopyrite-galena mineralization is hosted by metasomatized metasedimentary rocks immediately northwest of the Mount Reed stock.
• Dako and Cobra zones (Minfile 104P 139, 058): Disseminated to locally massive pyrrhotite-rich base metal garnet skarn mineralization is hosted at a limestone-argillite contact within metasedimentary rocks altered to calc-silicate hornfels and skarns. Mineralization consists of pyrrhotite, sphalerite, and minor galena and chalcopyrite. The local geology is very similar to the Brett zone.
• Meteor zone (Minfile 104P 137): This polymetallic gold-silver-lead-zinc skarn-hosted prospect was discovered during the 2010 trenching program while evaluating coincident soil geochemical and aeromagnetic anomalies in the north-central portion of the property. It has been traced over 555 metres of strike length, with widths ranging from four to 16 metres, and remains open along strike and down dip. Two thousand ten excavator trenching returned intervals such as 24.70 metres grading 0.292 gram per tonne Au, 57.11 g/t Ag, 1.21 per cent Pb and 3.67 per cent Zn (Trench No. 4), with a nearby grab sample returning 0.680 g/t Au, 176 g/t Ag, 0.75 per cent Pb and 12.30 per cent Zn. Two thousand eleven drilling intersected 17.5 metres grading 88.35 g/t Ag, 1.11 per cent Pb and 3.39 per cent Zn.

Since acquiring an option on the Haskins-Reed property in 2008, Pacific Bay has carried out substantial additional exploration including drilling campaigns in 2011 and 2018, a full-property airborne geophysical survey, trenching, geochemical surveys, mapping and a digital compilation of most of the project's historic maps, drill logs and other exploration data.

Some of the above results were taken directly from Minfile descriptions and assessment reports (ARIS) filed with the British Columbia government. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a qualified person but form a basis for continuing work on the subject properties.

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 fourth-oldest listed issuer on the TSX-V (and the only one of these four 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 spin outs has transferred over $115-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. (CSE: ER), was listed on May 24, 2023, and on Oct. 30, 2025, ER shareholders overwhelmingly approved a three-cornered amalgamation that resulted in a reverse takeover of Eagle Royalties by Summit Royalty Corp. The resulting issuer is named Summit Royalties Ltd. and trades under the symbol SUM on the TSX Venture Exchange with a market capitalization of over $100M.

On Oct. 2, 2024, Eagle Plains announced 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. (OP), 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 the company's diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team.

Expenditures from 2010 to 2025 on Eagle Plains-related projects exceed $41-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, 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.