Mr. C.C. Downie reports

EAGLE PLAINS COMPLETES 2024 FIELDWORK, RECEIVES DRILL PERMIT AT ADAMANT REE PROJECT, BRITISH COLUMBIA

Eagle Plains Resources Ltd. has completed 2024 fieldwork at its 100-per-cent-owned Adamant property, located 80 kilometres (km) northeast of Revelstoke, B.C. The 10,080-hectare property is host to rare earth element (REE) mineralization in syenite, carbonatite and pegmatite dike systems that are numerous and widespread over approximately 25 km of strike length. In addition, Eagle Plains is pleased to announce that the B.C. Ministry of Energy, Mines and Low Carbon Innovation has approved a multiyear area-based permit (MYAB) for the property, which includes provisions for geophysics, mechanical trenching and diamond drilling.

2024 fieldwork

Eagle Plains, through contractor TerraLogic Exploration Ltd., completed fieldwork earlier this summer with a focus on defining and extending the known syenite and pegmatite dike swarms and evaluating additional targets generated by Eagle Plains during its 2022 work program and through compilation of historic work. The 2024 field program was completed in early September and generated 23 rock samples and two stream-silt samples, as well as scintillometer survey traverses.

Two thousand twenty-four work included prospecting in the Kin Far West zone where receding glaciers have exposed new outcrop upstream from a series of historic stream silt anomalies which returned up to 4,136 parts per million (ppm) total rare earth elements (TREE). Within the northern Amy-Carmen trend, infill prospecting and mapping was completed to follow-up strongly anomalous 2022 rock samples which returned up to 43,300 ppm TREE (5.07 per cent TREO) and 25,700 ppm (2.57 per cent) niobium (Nb). Detailed prospecting was completed at the Brad-North target to assess the possible presence of a mineralized trend parallel to the Amy-Carmen zone, indicated by historic anomalous 2011 stream-silt anomalies which returned up to 4,638 ppm TREE.

Analytical results from the 2024 fieldwork are pending and will be released once they have been received, compiled and interpreted. The Adamant project is a property of merit that meets qualifying transaction requirements for both Canadian Securities Exchange and TSX Venture Exchange listings. Eagle Plains is actively seeking a partner for the project.

Adamant geology and project history

Eagle Plains acquired the Adamant property by staking in 2021 and 2022 and currently holds a 100-per-cent interest subject to underlying royalties. The Adamant property contains high-grade metamorphic rocks which have been intruded by a series of syenite dikes and sills. Critical metals were first reported in the area in 1956 with the identification of niobium in placer samples from Trident Creek. The Geological Survey of Canada in 1965 identified a large REE-bearing nepheline syenite gneiss unit northwest of the Adamant property at Trident Mountain. A study conducted in 1987 by the government of British Columbia focused on the economic viability of feldspar and nepheline syenite occurrences in the area and concluded that potential exists for the production of feldspathic products meeting commercial specifications for use in glass/ceramic manufacturing.

The last systematic exploration work on the property previous to 2022, was carried out in 2011 by Critical Elements Corp. which increased the known extent of the Trident Mountain syenite from 15 kilometres (km) to approximately 25 km. Grab samples collected in the Trident area saw results grading from trace quantities to up to 31,387 ppm total rare earth element (TREE) (3.67 per cent total rare earth oxide (TREO)), 481.2 ppm niobium (Nb); and 50,655 ppm TREE (5.92 per cent TREO), 1,721 ppm Nb and over 2,000 ppm molybdenum (Mo). In this target area, 21 samples collected returned average values of 6,829 ppm TREE, 265 ppm Nb and 195 ppm Mo.

Two thousand eleven fieldwork in the Kin area saw the discovery of new mineralization named the Amy-Carmen trend where 43 rock samples collected returned results ranging from between 38 ppm and 74,061 ppm TREE (8.67 per cent TREO), 22 ppm to 21,126 ppm (2.12 per cent) Nb and 0.7 ppm to 62,900 ppm (6.29 per cent) Mo, with respective averages of 10,074 ppm TREE, 2,684 ppm Nb and 2,832 ppm Mo. Other elements of interest from the Amy-Carmen trend include values ranging from trace quantities to up to 1,000 ppm heavy rare earth element (HREE), 166 g/t silver (Ag) and 181 ppm tantalum (Ta).

Also discovered in 2011 was the Carmen trend, which is located 500 m south of the Amy-Carmen trend. This parallel trend comprises a broad zone (approximately 250 m wide) containing many narrow, mineralized structures. The results from nine samples collected over a one-kilometre strike in this zone returned values ranging from trace quantities to up to 107,989 ppm TREE (12.63 per cent TREO), 34,731 ppm (3.47 per cent) Nb, 16.4 ppm Mo and 4,089 ppm HREE.

Many of the hard rock discoveries in 2011 were made following up targets derived from combined 2010 to 2011 airborne radiometric surveys and a detailed heli-assisted silt-stream geochemical program.

The above historical results were taken directly from Minfile descriptions and assessment reports (ARIS) filed with the B.C. 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 ongoing work on the subject properties. Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property.

Results from the 2022 Eagle Plains field program included the highest ever stream-silt sample REE assay recorded on the property with sample JMCADS009 from the Carmen trend returning 6,365 ppm TREE. Rock grab sampling returned 10 samples over 5,000 ppm TREE, with a best result of 43,331 ppm TREE (5.07 per cent TREO) located upstream of this stream-silt anomaly. Two of the top 10 rock sample results also returned the highest ever reported heavy rare earth element (HREE) assays on the property including 10,103 ppm (1.01 per cent HREE) and 8,750 ppm HREE (sample JMCADR012). Other best of strategic element rock results from the 2022 program include 1.44 per cent Mo, 2.57 per cent Nb, and 1,480 ppm Ta.

For context and in comparison to other B.C. REE projects, Defense Metals' Wicheeda project, located 80 km northeast of Prince George, has a measured mineral resource of 6.4 million tonne, averaging 2.86 per cent (TREO); indicated mineral indicated resource of 27.8 million tonne, averaging 1.84 per cent TREO; and an inferred mineral resource of 11.1 million tonne, averaging 1.02 per cent TREO, reported at a cut-off grade of 0.5 per cent TREO (Defense Metals website).

Jarrod Brown, PGeo, a qualified person for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral Projects), has prepared, reviewed and approved the scientific and technical disclosure in the news release.

About Eagle Plains Resources Ltd.

Based in Cranbrook, B.C., Eagle Plains is a well-financed, prolific project generator that continues to conduct research, acquire and explore mineral projects throughout Western Canada, with a focus on critical metals integral to an increasingly electrified, decarbonized economy.

We seek Safe Harbor.