Mr. Robert Brown reports

FINLAY MINERALS ENTERS INTO EARN-IN AGREEMENTS WITH FREEPORT FOR ITS PIL & ATTY PROPERTIES

Finlay Minerals Ltd. has entered into two definitive earn-in agreements with Freeport-McMoRan Mineral Properties Canada Inc., a wholly owned subsidiary of Freeport-McMoRan Inc., pursuant to which it has granted Freeport separate options to earn an 80-per-cent interest in its Pil and Atty properties in the Toodoggone district of Northern British Columbia.

Highlights:

• Freeport may earn 80 per cent of the Pil and Atty projects by expending $35-million in exploration expenditures and making cash payments of $4.1-million (refer to Table 1 below for further details).
• Finlay will act as the operator during the earn-in period.
• Exploration program planning is under way and will be announced shortly.

The earn-in in respect of each of the properties may be exercised separately. Following the completion of the earn-in on either of the properties, Freeport and Finlay will respectively hold interests of 80 per cent and 20 per cent in such property, and a joint venture will be formed for further exploration and development. In the event that a party does not finance its portion of further joint venture programs, their interests in the joint venture will dilute. Any party that dilutes to below a 10-per-cent interest in the joint venture will exchange its joint venture interest for a net smelter return (NSR) royalty of 1 per cent on the applicable property, which is subject to a 0.5-per-cent buyback for $2-million (U.S.).

The earn-in requirements can be accelerated by Freeport at its discretion. During the earn-in period, Finlay will be the operator on the properties, collecting an operator fee, under the direction of a technical committee that will approve work programs and budgets during the earn-in period.

The Pil and Atty properties are each subject to a 3.0-per-cent NSR royalty held by Electrum Resource Corp., a private company, the outstanding voting shares of which are held by company directors: John A. Barakso and Ilona B. Lindsay. The company has a current right to buy back one-half of the royalty (1.5 per cent) on each property for an aggregate payment of $2-million and $1.5-million, respectively. Finlay and Electrum have agreed that, upon the exercise of the earn-in in respect of each property by Freeport, the buyback right will be amended to provide for a 2.0-per-cent buyback for each property, in consideration for an increased buyback payment to be sole financed by Freeport without joint venture dilution to Finlay and will be divided equally between Finlay and Electrum.

Freeport-McMoRan is a leading international metals company focused on copper, with major operations in the Americas and Indonesia and significant reserves of copper, gold and molybdenum.

The earn-in agreements were executed and delivered on April 17, 2025, and are subject to approval of the TSX Venture Exchange. Finlay and Freeport are arm's-length parties and no finders' fees were incurred with these transactions.

About the Pil property

The 100-per-cent-owned Pil property covers 13,374 hectares of highly prospective ground in the prolific Toodoggone mining district of northern-central British Columbia. The core Pil claims were staked over 30 years ago by the founders of the company. Over the decades, numerous copper-gold-molybdenum porphyry and porphyry-related gold-silver epithermal targets have been identified at Pil. The identified targets are central to a broader 70-kilometre porphyry corridor trend, which includes: Centerra Gold's past-producing Kemess South copper-gold porphyry mine and Kemess underground copper-gold-silver porphyry resource, Thesis Gold's Lawyers-Ranch gold-silver epithermal resource, and Amarc Resources and Freeport's newly discovered Aurora copper-gold-silver porphyry. Readers are cautioned that mineralization on the foregoing regional properties is not necessarily indicative of mineralization on the Pil property. The Pil property is road accessible and permitted for the 2025 season.

About the Atty property

The 100-per-cent-owned Atty property covers 3,875 hectares in the prolific Toodoggone mining district of northern-central British Columbia. The Atty property adjoins Centerra Gold's Kemess project and Amarc Resources and Freeport's Joy property. Several epithermal-style silver-plus-or-minus-gold-plus-or-minus-copper-plus-or-minus-base-metal veins are exposed on the Atty property, and geochemical and geophysical work has outlined at least two promising porphyry targets, including the drill-ready Kem target. The Atty property is road accessible and permitted for the 2025 season.

Qualified person

Wade Barnes, PGeo, vice-president, exploration, for Finlay and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical content of this news release.

About Finlay Minerals Ltd.

Finlay is a TSX Venture Exchange company focused on exploration for base and precious metal deposits with four 100-per-cent-owned properties in Northern British Columbia: the Pil and Atty properties in the Toodoggone district, the Silver Hope copper-silver property (21,322 hectares), and the Say copper-silver property (15,246 hectares).

Finlay Minerals is advancing the Pil, Atty, Say and Silver Hope properties, which host copper-gold porphyry and gold-silver epithermal targets within different porphyry districts of Northern and central British Columbia. Each property is located in areas of recent development and porphyry discoveries with the advantage of hosting the potential for new discoveries.

Finlay trades under the symbol FYL on the TSX-V and under the symbol FYMNF on the OTCQB.

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