Mr. Tim Termuende reports

EAGLE ROYALTIES ANNOUNCES EXPANSION OF SCHOTTS LAKE ROYALTY

Eagle Royalties Ltd. has received formal notice from Eagle Plains Resources Ltd. that Eagle Plains has significantly expanded the land package comprising the 3,871-hectare Schotts Lake project, located in east-central Saskatchewan, approximately 40 kilometres northwest of Flin Flon, Man. The property has been expanded by 1,069 hectares through staking, which has added approximately 27 per cent more area, which contains important geological and structural trends defined by recent work on the property. Schotts Lake contains a historical copper-zinc resource (details herein) and is considered a flagship royalty asset by Eagle Royalties. Eagle Royalties holds a 2-per-cent net smelter return royalty on 15 of the 18 dispositions that comprise the property.

Schotts Lake geology and history

The Schotts Lake property hosts metamorphic and intrusive rocks, which are dominantly volcanic in origin and associated with an island arc environment. The rocks are folded into an easterly dipping synform. Mineralization was first discovered in 1953 by Kay Lake Mines. A total of 79 drill holes have been completed for a total of 9,516 metres (31,200 feet) and a historical resource of 1,983,850 tonnes grading 0.61 per cent copper and 1.35 per cent zinc (Aur Resources; 2003-SDMI 0320). Notably, the historical resource did not include precious metal enrichment and/or cobalt. Eagle Royalties' management considers these estimates to be historical in nature and cautions that a qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves in accordance with National Instrument 43-101. These estimates do not comply with current definitions prescribed by NI 43-101 or the Canadian Institute of Mining and are disclosed only as indications of the presence of mineralization, and they are considered to be a guide for additional work. The historical models and data sets used to prepare these historical estimates are not available to Eagle Royalties, nor are any more recent resource estimates or drill information on the property.

Mineralization at Schotts Lake consists of semi-massive to massive pyrrhotite and pyrite with associated chalcopyrite (copper) and sphalerite (zinc). The Schotts Lake deposit is interpreted to be a typical exhalative volcanogenic massive sulphide (VMS) zone. The mineralized zone has an average thickness of 20.4 metres, is overturned and lies on the eastern limb of a major northeasterly plunging fold. The deepest mineralized intercept is at a vertical depth of 266 metres, with mineralization open to depth. Compilation work completed by Eagle Plains resulted in the recognition of gold-rich mineralization in certain areas of the property, with results of up to 18.66 grams per tonne gold over 1.86 metres reported in drill hole SL1955-19 (Mineral Assessment Work 63M-001).

The attached table outlines other significant historical drill intercepts.

Recent exploration activity by Eagle Plains in 2021 consisted of a ground-based electromagnetic (EM) survey over 6.5 line kilometres, covering known mineralization and surveying of areas of high potential. This work was followed up in 2022 with soil sampling, lithogeochemical sampling and geological mapping on high-priority EM targets. Comprehensive geophysical modelling of all geophysical data including a high-resolution 2008 VTEM (versatile time-domain electromagnetic) survey was subsequently completed, identifying additional drill targets with the objective of expanding the current resource.

These results were taken directly from the SMDI (Saskatchewan Mineral Deposit Index) descriptions and assessment reports filed with the Saskatchewan 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 they 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.

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

About Eagle Royalties Ltd.

Eagle Royalties was previously a wholly owned subsidiary of Eagle Plains Resources, incorporated in late 2022 to manage the diverse royalty holdings of Eagle Plains. In May, 2023, Eagle Royalties was spun out to Eagle Plains' shareholders on a 1:3 basis by means of a plan of arrangement. Concurrent with the spinout transaction, Eagle Royalties amalgamated with 1386884 B.C. Ltd., which effectively provided Eagle Royalties with $2.7-million in initial financing. Eagle Royalties was listed for trading on the Canadian Securities Exchange on May 19, 2023.

Eagle Royalties benefits from having over 50 royalty interests in Western Canada, covering a broad spectrum of commodities, including critical metals, precious metals, uranium, industrial minerals and diamonds. Projects subject to royalties in favour of Eagle Royalties are controlled by companies including Cameco Corp., IsoEnergy Corp., Denison Mines Corp., Skeena Resources Ltd. and Hecla Mining Co./Banyan Gold Corp., among many others.

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