Mr. Reagan Glazier reports

PACIFIC BAY MINERALS AMENDS TERMS OF PRIVATE PLACEMENT

Further to Pacific Bay Minerals Ltd.'s press release dated May 15, 2023, and due to challenging market conditions, the company has amended the terms of its previously announced non-brokered private placement. The company has reduced the price of the units under the offering from seven cents per unit to five cents per unit. Each unit will now comprise one common share in the capital of the company and one share purchase warrant. Each warrant will entitle the holder thereof to acquire one share for a period of 36 months from the closing date of the offering, at an exercise price of 10 cents per share.

Pursuant to the amended terms of the offering, the company will issue up to 10 million units, for total gross proceeds of up to $500,000. The offering is expected to close in June, 2023, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals. Proceeds from the offering will be used to advance the continuing exploration at the Atlin goldfields property optioned by the company in Northern British Columbia, for the repayment of certain debt obligations and for general working capital purposes. In connection with the offering, certain finders may receive a cash fee and/or non-transferable finder 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 run-of-river hydroelectric project. The Yellowjacket deposit contains a historic resource of gold mineralization located 10 kilometres away from the town of Atlin and has year-round road access.

We seek Safe Harbor.