Mr. Tim Fernback reports

APOGEE COMPLETES FIELD PROGRAM AT THE PINE CHANNEL PROPERTY

Apogee Minerals Ltd. has completed a field program with Eagle Plains Resources Ltd. (EPL) at the Pine Channel property, located approximately 40 kilometres (km) west of Stoney Rapids, Sask. Apogee holds an option to acquire an 80-per-cent interest in the property, subject to a 2-per-cent net smelter return (NSR) royalty held by Eagle Royalties Ltd., which contains a 1-per-cent buyback clause to Eagle Plains. The current program comprised prospecting and geological mapping, and was managed by TerraLogic Exploration Inc., of Cranbrook, B.C.

Pine Channel property highlights

Highlights from documented historical work and previously reported results include:

• Algold Bay: 63.5 grams per tonne (g/t) gold (Au) over 0.6 metre (m) (drill hole) (SMDI 1575);
• North Norite Bay: 407.96 g/t Au over 0.5 m (drill hole) (SMDI 2183);
• ELA: 39.96 g/t Au over 0.55 m (drill hole) (SMDI 1574);
• Holes G-1 and G-3: 3.20 g/t Au over one m (drill hole) (SMDI 2329);
• Occurrence No. 6/occurrence No. 8: 90.6 g/t Au over 0.2 m (trench sample) (SMDI 1581);
• Cole Lake Ni-Cu (nickel-copper): 0.45 per cent Ni over 7.0 m (drill hole), and 6.2 g/t Au, 0.01 per cent Ni and 0.06 per cent Cu over 3.0 m (trench sample) (SMDI 1583);
• Multiple untested geophysical anomalies and mineralized trends associated with favourable geology.

Some of the above results were summarized from Saskatchewan Mineral Deposit Index (SMDI) descriptions and assessment reports filed with the Saskatchewan government. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a qualified person, but form a basis for continuing work in the Pine Channel property area.

2025 field program

The 2025 field program focused on the Algold Bay showing area and evaluating structural trends identified by analyses of high-resolution aeromagnetic data collected in 2022 and 2024, as well as high-resolution lidar (light detection and ranging) and orthophoto data collected in 2022. A total of 64 rock samples were collected over six days and analytical results are pending.

Pine Channel gold project summary

The Pine Channel property consists of 29 mineral dispositions, covering 6,519 hectares, located approximately 40 km west of Stony Rapids, Sask., which is the logistics/business hub for Northern Saskatchewan. The property can be accessed year-round by float- or ski-equipped aircraft from Stony Rapids or Fort McMurray, Alta. The eastern and northern part of the property is transected by a high-voltage power line. Most geological fieldwork is limited to late May to October, but other operations, such as geophysical surveys and diamond drilling, can be completed year-round.

The main deposit type that is being explored for at Pine Channel is structurally controlled vein-quartz (lode) gold deposits. Mineral occurrences on the Pine Channel property contain predominantly gold, with rare base metal occurrences. Within the Pine Channel tenures, there are 20 documented historical showings.

Government mapping in the Pine Channel area dates from 1913, with the first industry work reported in 1950. A total of 51 assessment reports have been filed within the current Pine Channel tenure area. Past operators include Golden Rule Resources Ltd. and Colchis Resources Ltd., which were both active on the project during the 1980s, the last sustained period of exploration in the area. The most recent work prior to Eagle Plains acquiring the claims in 2018 was in 2013 when the area was flown with an airborne variable time domain electromagnetic (VTEM) survey focused on locating targets for diamond exploration. There has been a total of 6,066 m of diamond drilling in 115 historic holes completed within the current Pine Channel property claim boundaries, with the majority of the holes completed less than 100 m in length. Although the wide-spaced drilling did intersect significant gold mineralization in places, much of the drilling was completed using thin diameter core, which is considered ineffective for assessing the high-grade nuggety gold shears and veins found at Pine Channel.

Since acquiring the property, Eagle Plains has completed field programs focused on prospecting and mapping in areas of known mineral occurrences. The work confirmed the widespread occurrences of auriferous quartz veins and associated shear systems in the Pine Channel property. Analytical results from the 72 rock samples collected in 2020 range from six parts per billion (ppb) Au to 68,400 ppb Au. Twenty-three of the samples returned greater than one g/t Au and eight returned greater than 10 g/t Au. The most encouraging of the known showings are the ELA shaft showing (SMDI 1574), and occurrence No. 6 and occurrence No. 8 (SMDI 1581), which both demonstrate anomalous gold geochemical results and potential for extension of known mineralization along strike.

Work in 2022 and 2024 included a helicopter-borne high-resolution aeromagnetic and radiometric survey, and a high-resolution lidar and orthophoto survey. Lineation analyses of the lidar imaging, combined with the aeromagnetic data, defined a number of new target areas adjacent to and along strike from known mineralization, which will be priority targets for future exploration.

Pine Channel option agreement details

In May, 2021, Apogee entered into an option agreement with Eagle Plains. The agreement, as amended, gives Apogee the exclusive right to earn an 80-per-cent interest in the Pine Channel property, by completing $3-million in exploration expenditures, issuing 2.2 million voting class common shares to Eagle Plains and making $150,000 in cash payments over a five-year period. Under the terms of the agreement, Eagle Plains is designated as the operator of the projects. The original terms of the option agreement have been amended a number of times in order to extend original expiry dates.

Eagle Royalties holds a 2-per-cent NSR royalty on the majority of claims comprising the Pine Channel property, with Eagle Plains holding the right to buy back a 1-per-cent royalty interest for $1-million, while an arm's-length party holds an underlying 2-per-cent royalty on specific dispositions comprising the Pine Channel property, with Eagle Plains holding the right to buy back a 1-per-cent royalty interest for $1-million.

Qualified person

Technical information in this news release has been reviewed and approved by C.C. Downie, PGeo, a director and officer of Eagle Plains, hereby identified as the qualified person under National Instrument 43-101.

About Apogee Minerals Ltd.

Apogee Minerals is a mineral exploration company. The company's goal is to build shareholder value through mineral project acquisitions and advancement, as well as new mineral discoveries.

We seek Safe Harbor.