Mr. Reagan Glazier reports

PACIFIC BAY MINERALS INCREASES FINANCING TO $350,000

Pacific Bay Minerals Ltd.'s previously announced non-brokered private placement of flow-through and non-flow-through units has been increased by $100,000 for gross proceeds of up to $350,000, now consisting of $150,000 of non-flow-through units (the hard units) and $200,000 of flow-through units.

Each hard unit will consist of one common share and one common share purchase warrant. Each flow-through unit will consist of one flow-through common share (within the meaning of the Income Tax Act (Canada)) and one warrant. Each warrant shall be exercisable into one additional common share for 24 months from closing at an exercise price of eight cents per warrant. In accordance with the policies of the TSX Venture Exchange, the company may pay a finder's fee of up to 7 per cent in cash for subscriptions to the financing.

The financing is expected to close on or about April 1, 2024, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals. The securities issued pursuant to the financing will be subject to a four-month hold period from the date of closing of the financing.

Certain insiders of the company may participate in the financing. The issuance of units to insiders of the company pursuant to the financing will be considered related party transactions within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transaction. The company intends to rely on exemptions from the formal valuation and minority approval requirements of sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation, based on a determination that fair market value of the participation in the financing by insiders will not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101.

Pacific Bay intends to use the funds to acquire and develop its portfolio of critical mineral exploration projects in British Columbia, Canada, and for working capital and general corporate purposes. The aggregate gross proceeds raised from the flow-through units will be used before 2025 for general exploration expenditures, which will constitute Canadian exploration expenses (within the meaning of Subsection 66.1(60) of the Income Tax Act). A portion of the gross proceeds from the flow-through units will also be used for expenditures that will qualify as critical mineral flow-through mining expenditures within the meaning of the Income Tax Act.

About Pacific Bay Minerals Ltd.

Pacific Bay Minerals is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mining projects. Pacific Bay Minerals is focused on its 100-per-cent-owned properties located in British Columbia: Sphinx Mountain rare earths, Wheaton Creek gold, Haskins Reed polymetallic and Weaver gold.

We seek Safe Harbor.