Mr. Reagan Glazier reports

PACIFIC BAY MINERALS ANNOUNCES $500,000 NON-BROKERED PRIVATE PLACEMENT

Pacific Bay Minerals Ltd. has arranged a non-brokered private placement of up to 7.15 million units of the company at a price of seven cents per unit for gross proceeds of up to $500,500. Each unit will consist of one common share and one-half share purchase warrant, with each warrant entitling the holder to acquire an additional share at a price of 12 cents for a period of 36 months from the closing date of the offering.

The offering is expected to close on or about May 30, 2023, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals. The securities issued pursuant to the offering will be subject to a four-month hold period from the date of closing of the offering.

Proceeds from the offering will be used to advance continuing exploration at the Atlin goldfields property optioned by the company in Northern British Columbia, and to make payment to Brixton Metals Corp. as per the option agreement on the property.

In connection with the offering, certain finders may receive a cash fee and/or non-transferable finders' warrants.

About Pacific Bay Minerals Ltd.

The company has an option to earn a 100-per-cent interest in the Atlin goldfields property, an early-stage exploration project containing the Yellowjacket deposit, among several other prospective gold projects neighbouring the Atlin hydroelectric project. The Yellowjacket deposit contains a historical gold mineralization resource, is located 10 kilometres away from the town of Atlin, and has year-round, maintained road access.

We seek Safe Harbor.