Mr. David Brett reports

PACIFIC BAY EXPANDS HASKINS-REED CRITICAL MINERALS PROJECT NEAR CASSIAR, BC VIA OPTION DEAL WITH EAGLE PLAINS RESOURCES

Pacific Bay Minerals Ltd. has signed a non-binding letter of agreement with Eagle Plains Resources Ltd., dated April 22, 2026, whereby Pacific Bay Minerals can, subject to the acceptance of the TSX Venture Exchange, acquire a 100-per-cent interest in Eagle Plains' Mount Haskins property, which adjoins Pacific Bay's Haskins-Reed critical minerals project near Cassiar in Northern British Columbia. Comprising 578 hectares, Eagle Plains' Haskins claims cover similar geologic terrain to Haskin-Reed and a number of historic showings and mineral deposits, as described below.

"The mineral potential of Mount Haskins and Mount Reed has been known for over 50 years, with various companies drilling hundreds of holes and outlining multiple mineralized zones and showings," said Pacific Bay president and chief executive officer David H. Brett. "The timing is right for exploring the two properties together, in light of the current market focus around silver and critical minerals like tungsten, bismuth and copper."

About the Mount Haskins property

The 578-hectare, road-accessible Mount Haskins property is located 105 kilometres northeast of Dease Lake, B.C., and hosts the Joem and Fort Reliance mineral deposits. The claims adjoin Pacific Bay's Haskins-Reed property to the north.

Project highlights:

• Host to the Fort Reliance and Joem polymetallic deposits;
• Excellent geology highly prospective for carbonate replacement, skarn, porphyry and vein mineralization;
• Road accessible;
• Contact metamorphism of the Kechika siltstones and the Atan group limestone and quartzites by the intrusion of the granitic Major Hart pluton caused skarn alteration as well as the presence of molybdenum-tungsten stockwork mineralization at lithological contacts and silver-lead-zinc-bearing veins controlled by crosscutting fault structures.

Geology

The Mount Haskins property lies within the northern extension of the Omineca lithotectonic domain, underlain by the sedimentary Cassiar platform of the Cariboo/Cassiar terrane, which has been intruded by Eocene granitic stocks. Regional structural trends of folding and faulting are dominantly northwest.

Mineralization

There are four deposit types in the Mount Haskins area: carbonate replacement, skarn, porphyry and vein.

About the Haskins-Reed project

The Haskins-Reed property has been explored in several phases by different companies since the late 1940s, including approximately 198 drill holes. The 100-per-cent-owned land package, which includes six Crown grant claims, is host to multiple mineral prospects:

• B zone (Minfile No. 104P 038) : Skarn-hosted semi-massive to massive sulphide lenses, with silver- and gold-bearing pyrrhotite-sphalerite-chalcopyrite-galena mineralization, are hosted by metasomatized carbonate rocks. Mineralization occurs as three lenses with an aggregate strike length of 308 metres, an average true width of eight metres and an average dip of minus 40 degrees with strong vertical continuity.
• Mount Reed molybdenum-tungsten prospect (Minfile No. 104P 043): Molybdenum and tungsten mineralization is hosted by peripheral contact metamorphic exoskarn developed in carbonate-rich metasedimentary rocks of the Atan group. These rocks surround a small Eocene-age porphyritic granitic stock, with additional porphyry-style mineralization found within the intrusion itself. Historical drilling returned values of 2.01 per cent WO3 (tungsten trioxide) over 3.3 metres, 0.37 per cent WO3 over 5.18 metres and 0.17 per cent WO3 over 54.8 metres.
• Joe Reed vein prospect (Minfile No. 104P 021): Silver-rich sphalerite-galena-pyrite shear-hosted vein mineralization occurs within a persistent northerly-trending fault zone that cuts through Lower Cambrian Atan group quartzite, limestone and dolomite. A steep, westerly-dipping quartz vein averaging 1.5 metres wide can be traced along strike for 170 metres.
• Brett zone (Minfile 104P 136): Skarn-hosted massive sulphide zone with silver- and gold-bearing pyrrhotite-sphalerite-chalcopyrite-galena mineralization is hosted by metasomatized metasedimentary rocks immediately northwest of the Mount Reed stock.
• Dako and Cobra zones (Minfile No. 104P 139 and 058): Disseminated to locally massive pyrrhotite-rich base metal garnet skarn mineralization is hosted at a limestone-argillite contact within metasedimentary rocks altered to calc-silicate hornfels and skarns. Mineralization consists of pyrrhotite, sphalerite and minor galena and chalcopyrite. The local geology is very similar to the Brett zone.
• Meteor zone (Minfile 104P 137): This polymetallic gold-silver-lead-zinc skarn-hosted prospect was discovered during the 2010 trenching program while evaluating coincident soil geochemical and aeromagnetic anomalies in the north-central portion of the property. It has been traced over 555 metres of strike length, with widths ranging from four to 16 metres, and remains open along strike and downdip. Excavator trenching in 2010 returned intervals such as 24.70 metres grading 0.292 gram per tonne gold, 57.11 g/t silver, 1.21 per cent lead and 3.67 per cent zinc (trench No. 4), with a nearby grab sample returning 0.680 g/t Au, 176 g/t Ag, 0.75 per cent Pb and 12.30 per cent Zn. 2011 drilling intersected 17.5 metres grading 88.35 g/t Ag, 1.11 per cent Pb and 3.39 per cent Zn.

Some of the above results were taken directly from Minfile descriptions and assessment reports (ARIS) filed with the British Columbia 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 on the subject properties.

Since acquiring an option on the Haskins-Reed property in 2008, Pacific Bay has carried out substantial additional exploration, including drilling campaigns in 2011 and 2018, a full-property airborne geophysical survey, trenching, geochemical surveys, mapping, and a digital compilation of most of the project's historic maps, drill logs and other exploration data.

Transaction summary

Under the agreement, Pacific Bay can acquire a 100-per-cent interest in the property by making payments and completing exploration work as follows:

1. Within 14 days of receipt by Pacific Bay of the approval of TSX Venture Exchange to the terms of the agreement, pay Eagle Plains 200,000 common shares of Pacific Bay;
2. On or before the first anniversary of the agreement, pay Eagle Plains an additional 300,000 common shares of Pacific Bay;
3. Exploration expenditures by Pacific Bay on the Haskins property to be capped at $50,000 during the first year of the agreement;
4. On or before the second anniversary of the agreement:
   1. Pay Eagle Plains an additional 750,000 common shares of Pacific Bay;
   2. Pacific Bay to have completed at least $150,000 in exploration work on the property;
5. On or before the third anniversary of the agreement:
   1. Pay Eagle Plains an additional one million common shares of Pacific Bay;
   2. Pacific Bay to have completed an additional $250,000 in exploration work on the property;
6. On or before the fourth anniversary of the agreement:
   1. Pay Eagle Plains an additional two million common shares of Pacific Bay;
   2. Pacific Bay to have completed an additional $500,000 in work on the property;
7. The property is subject to a 2-per-cent net smelter return royalty in favour of a third party; Pacific Bay may acquire 1 per cent of such NSR royalty at any time for $2-million;
8. The parties will complete a more fulsome and definitive agreement to replace the agreement in due course.

About Pacific Bay Minerals Ltd.

Pacific Bay's flagship, 100-per-cent-owned Haskins-Reed critical minerals project in northwestern British Columbia is one of the leading exploration projects in the Cassiar region. Located next to Cassiar Gold Corp. on Highway 37, Haskins-Reed hosts tungsten, copper, bismuth, silver, lead and zinc in multiple high-grade polymetallic zones, over 125 drill holes, underground workings and significant exploration potential. The company also owns 100 per cent of the Weaver gold project in Southern British Columbia, now under option/joint venture with Aurwest Resources Corp., whereby Aurwest can earn 50 per cent.

The technical disclosures in this news release were reviewed and approved by independent geological consultant David Bridge, PGeo, a qualified person, as defined by National Instrument 43-101. Mr. Bridge is not an officer, director or employee of the company.

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