Mr. C.C. Downie reports

EAGLE PLAINS AND XATSULL FIRST NATION ANNOUNCE EXPLORATION AGREEMENT

Eagle Plains Resources Ltd. has signed an exploration agreement dated Feb. 26, 2026, with the Xatsull First Nation for exploration activities associated with the Mount Polley West property in central British Columbia. The agreement establishes a framework for Eagle Plains and Xatsull to collaborate on early-stage exploration. As well as including protocols for communication, co-drafting of all regulatory applications, engagement, environmental protection, employment, training and business opportunities, the agreement provides Xatsull's conditional support for a five-year exploration permit application. Xatsull's support is conditional on Eagle Plains complying with agreed-upon environmental protections, monitoring and continuing engagement commitments. The exploration permit application is currently being processed by the British Columbia Ministry of Mining and Critical Minerals.

"We are honoured to have the support of the Xatsull First Nation as we advance the Mount Polley West project," said Chuck Downie, chief executive officer of Eagle Plains Resources. "The exploration agreement will provide a foundation for partnership and ensure direct participation from Xatsull in the project through economic benefits. Protection of land and water and collaboration with people who live in our project areas is paramount to our success and local and traditional Xatsull knowledge will be used to inform our permitting and work programs."

"This agreement reflects what is possible when engagement is grounded in respect for our laws, our title and rights, and our responsibility to the land. Our support is not given lightly; it is informed and conditional, with clear expectations around environmental protection, monitoring and our ongoing role in decision making. We are at the table to ensure any work in our territory protects our lands, our waters, and key species like salmon and caribou for future generations," said Kukwpi7 (Chief) Rhonda Phillips, Xatsull First Nation. "Xatsull supports sustainable resource development that is consistent with our responsibility to steward our territory and ensure that all activities align with our laws and the protection of our lands and waters. We look forward to continuing our work with Eagle Plains and supporting mutual success for both parties."

Xatsull First Nation is a first nation government and is part of the larger Secwepemc (Shuswap) Nation, located in the Cariboo region of British Columbia near Williams Lake.

About Mount Polley West (MPW)

The 7,407-hectare MPW project is located 54 kilometres north-northeast of Williams Lake and adjacent to Imperial Metals' Mount Polley property, in British Columbia's Cariboo region. The property is owned 100 per cent by Eagle Plains, with a portion of the property subject to net smelter royalties held by third parties.

Grassroots fieldwork by Eagle Plains and past operators at MPW have identified many of the geological indicators associated with porphyry and epithermal mineralizing systems.

In 2025, a single day of prospecting was completed in a drainage in the northeast of the property. Morehead Creek, a tributary of the Quesnel River, has undergone significant historical placer mining but assessment of bedrock geology is limited. Prospecting confirmed the presence of monzonite-monzodiorite intrusions (Moorehead Creek stock) indicated by regional mapping. A new mineralized occurrence of sheared fine-grained monzonite hosting three-to-five-centimetre-wide chalcocite and malachite mineralization was discovered on the east bank of the creek. Rock (grab) sample JCMPR001 returned 161 grams per tonne silver and 8.4 per cent copper.

Key highlights include:

• Historical trenching returned 1.12 per cent copper over 35 metres, including 7.12 per cent copper over five metres;
• Historic exploration has documented multiple mineralized intrusions similar in nature to the Mount Polley intrusive complex (MPIC);
• Coincident geophysical and geochemical anomalies that support the presence of additional prospective intrusions;
• Exploration by Eagle Plains has located down-ice basal till gold grain counts indicative of potential proximal sources.

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 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.

The Mount Polley West property lies in the Quesnel Trough and is underlain by the Triassic Nicola Group volcanics and volcaniclastics intruded by coeval and younger small stocks, plugs and dikes of syenitic to monzodioritic composition, a setting similar to the Mount Polley mine approximately five kilometres to the east. In addition, 10 documented British Columbia Minfile mineral occurrences lie within the property boundaries, primarily copper showings.

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 spinouts, has transferred over $110-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, on Oct. 30, 2025, Eagle Royalties 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-V with a market capitalization of over $100-million.

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. 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 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 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 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, Eagle Plains' 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.