Mr. Blair Schultz reports

EASTMAIN PROVIDES CLARIFICATIONS TO MANAGEMENT INFORMATION CIRCULAR AND ANNOUNCES AMENDMENTS TO SHAREHOLDER MEETING MATERIALS

Eastmain Resources Inc. has proposed amendments with respect to certain matters which are to be considered and voted upon at its annual and special meeting of shareholders to be held on April 23, 2020, as well as certain clarifications to its management information circular dated as of March 6, 2020, in connection with the meeting.

Restricted share unit plan

The circular indicated that, at the meeting, shareholders would be invited to consider and, if deemed fit, reapprove the existing restricted share unit plan of the company, a copy of which is attached at Appendix 1 to Schedule A of the circular. Eastmain is proposing to amend the RSU plan in the following manner from the description thereof contained in the circular:

1. To clarify that the RSU plan is subject to the existing clawback policy of the company;
2. To lower the maximum number of restricted share units that may be issued under the RSU plan to the lower of: (i) 3 per cent of the total number of common shares issued and outstanding from time to time; and (ii) 9 per cent of the total number of common shares issued and outstanding from time to time when taken together with all other security-based compensation arrangements of the company.

Management and the board of directors of the company are of the view that the RSU plan, as amended as described herein, is in the best interests of the company and its shareholders and, accordingly, unanimously recommend that shareholders vote for the approval and confirmation of the RSU plan as so amended at the meeting. A copy of the RSU plan as amended has been filed on SEDAR.

Circular corrections

The company wishes to clarify disclosure in the circular regarding the fees paid to Stern & Lovrics LLP, chartered accountant, the company's external auditor, for services rendered for fiscal 2018 and fiscal 2019.

             AUDITOR FEES

Services               2018       2019  

Audit fees          $24,000    $24,000
Audit-related fees       $0         $0   
Tax fees             $2,500     $2,500 
All other fees           $0         $0   
Total               $26,500    $26,500

In addition, the company wishes to clarify that on Dec. 9, 2019, Blair Schultz, the interim president and chief executive officer of the company, also stepped down from Eastmain's governance and nominating committee. The governance and nominating committee is currently composed of Laurie Curtis and Maura Lendon. As previously disclosed, Mr. Schultz stepped down from each of the compensation committee and audit committee of the company in connection with his appointment as interim president and chief executive officer. No security-based compensation was granted on his appointment. Given the uncertainty of the COVID pandemic, the Eastmain board of directors recognized Mr. Schultz's term as the interim chief executive officer may extend longer than anticipated, and has this week granted options consistent with the corporation's three-year vesting schedule.

About Eastmain Resources Inc.

Eastmain is a Canadian exploration company operating in the Eeyou Istchee emerging James Bay gold camp in Quebec. The company holds a 100-per-cent interest in the Clearwater property, host of the Eau Claire project, for which it issued a preliminary economic assessment (PEA) in May, 2018, and on which the Percival discovery was made in November, 2018. Eastmain is also the operator of the Eleonore South joint venture, located immediately south of Goldcorp Inc.'s Eleonore mine, which hosts the Moni/Contact trend discovery (2017).

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