Mr. Chuck Downie reports

EAGLE PLAINS PARTNER EARTHWISE APPROVES SPRING DRILL PROGRAM AT THE IRON RANGE PRECIOUS METALS PROJECT, SE BC

Eagle Plains Resources Ltd. partner Earthwise Minerals Corp. has approved a proposal for a 2026 exploration program, which will include a minimum of 1,200 metres of diamond drilling, at Eagle Plains' 100-per-cent-owned Iron Range project, southeast British Columbia. Earthwise holds the exclusive option to acquire up to an 80-per-cent interest in the Iron Range project.

The 20,021-hectare Iron Range project is considered by management of both Eagle Plains and Earthwise to hold excellent potential for the presence of structurally controlled gold-silver mineralization, iron-oxide copper-gold (IOCG) and Sullivan-style lead-zinc-silver sedimentary-exhalative (sedex) mineralization. The property is owned 100 per cent by Eagle Plains, with part of the property subject to an underlying 1.0-per-cent net smelter royalty held by a third party. The drill program will be managed by Terralogic Exploration Inc.

The 2026 drill program will target the Talon zone structure, where 2010 drilling by Eagle Plains intersected two intervals of strong and continuous mineralization including 14.0 metres grading 5.1 grams per tonne gold, 1.86 per cent lead, 2.1 per cent zinc, 75.3 g/t silver and 7.1 m grading 8.13 g/t gold, 2.84 per cent lead, 3.07 per cent zinc, 86.6 g/t silver (DDH IR10-010).

Two of the three holes will crosscut the Talon zone structure, and are designed to infill gaps in the historic drilling, and one of the holes will test down dip and along strike of known mineralization. The drilling is scheduled to commence in mid-May, 2026.

Iron Range project summary

The 20,021 ha Iron Range project located near Creston, B.C., is owned 100 per cent by Eagle Plains, subject to a 1-per-cent NSR held by a third party on a portion of the claim group. A well-developed transportation and power corridor transects the southern part of the property, including a high-pressure gas pipeline and a high-voltage hydroelectric line, both of which follow the CPR mainline and Highway 3. The rail line provides efficient access to the Teck smelter in Trail, B.C. The project is fully permitted with a multiyear area-based (MYAB) permit in place issued by the B.C. Ministry of Mining and Critical Minerals that includes provisions for geophysical work, mechanical trenching, access trail construction and diamond drilling.

The Iron Range property covers an extensive area approximately 10 km by 32 km which overlies the regional Iron Range fault system (IRFS). Prior to the acquisition by Eagle Plains in 2001, the property had seen little systematic exploration for other than iron resources known to exist on the property since the late 1800s. Since 2001, Eagle Plains and its partners have completed 21,593 metres of diamond drilling in 87 holes, collected 2482 line km of airborne and surface geophysical data and analyzed 10,053 soil geochemical samples, 495 rock samples, and 6,955 drill core samples.

Drilling at Iron Range in 2010 resulted in the discovery of the Talon zone, where drill hole IR10-010 intersected two intervals of strong and continuous mineralization including 14.0 m grading 5.1 g/t gold, 1.86 per cent lead, 2.1 per cent zinc, 75.3 g/t silver and 7.1 m grading 8.13 g/t gold, 2.84 per cent lead, 3.07 per cent zinc, 86.6 g/t silver (Eagle Plains news release Dec. 21, 2010). Previous drilling 10 km north of the Talon zone in 2008 by Eagle Plains intersected gold mineralization in drill-hole IR08006 which assayed 7.0 m grading 51.52 g/t (1.50 ounces/ton) gold (Eagle Plains news release dated April 20, 2009).

Mineralization at the Pyromorphite zone (B.C. MinFile 082FSE141) was discovered in 2009 after construction of logging roads exposed sheared and brecciated sediments hosting centimetre-scale quartz veins bearing pyromorphite (lead) mineralization. No significant work has been completed at the zone since its initial discovery by the previous tenure holder. Rock (grab) sample SK10-207 reports 27.0 g/t Au, 173.0 g/t Ag and 13.4 per cent Pb (B.C. assessment report 31659). Rock (grab) sample MK10-170 reports 54.7 g/t Au, 42.2 g/t Ag and 2.8 per cent Pb (B.C. assessment report 31659). Two thousand twenty-five fieldwork at the pyromorphite returned up to 13.4 g/t Au, 27.2 g/t Ag and 10,000 ppm As (arsenic), and 2.7 per cent Pb from an in situ grab sample (KBBIRR004) (Eagle Plains news release dated Nov. 17, 2025). The polymetallic (As-Pb-Zn) nature of the mineralization at the pyromorphite zone and the association between arsenopyrite (As) and Au mineralization are consistent with the structurally hosted mineralization that defines the Talon zone target 12 km to the southwest.

Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property. Some of the above 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 continuing work on the subject properties. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.

Iron Range option agreement details

To exercise the option, Earthwise must make a series of cash payments and share issuances to Eagle Plains and finance exploration expenditures on the project. These payments, share issuance and expenditures are separated into two phases, with the first option entitling the company to acquire a 70-per-cent interest in the project by paying $250,000, issuing an aggregate of 1.5 million common shares to Eagle Plains and financing $4-million (Australian) in exploration expenditures on the project by over a four-year term, including $200,000 in expenditures in 2025. Pursuant to the second phase of the option, the company may acquire an additional 10-per-cent interest in the project (for an 80-per-cent total interest) by notifying Eagle Plains of its intent to increase its interest to 80 per cent and making an additional one-time payment of $1-million cash, and completing a bankable feasibility study on the property, before the eighth anniversary of the option.

If the first option or the second option is exercised, a 2-per-cent smelter returns royalty will be granted to the Eagle Plains over the entire property, 1 per cent of which may be repurchased for $1.5-million.

Eagle Plains will serve as operator under the terms of option and will reserve the right to use TerraLogic Exploration Inc. as geoscience consultant. Following the exercise of either option 1 or 2, Earthwise and Eagle Plains shall then form a 70/30 or 80/20 joint venture (JV) to further explore and develop the property.

Qualified person

Charles C. Downie, PGeo, a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and an officer and director of Eagle Plains, has reviewed and approved the scientific and technical disclosure in this 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.

The company was formed in 1992 and is the fourth-oldest listed issuer on the TSX-V (and the only one of these four that has not seen a rollback or restructuring of its shares). Eagle Plains has continued to deliver shareholder value over the years and through numerous spin outs has transferred over $115-million in value directly to its shareholders, with Copper Canyon Resources and Taiga Gold Corp. being notable examples. Eagle Plains latest spinout, Eagle Royalties Ltd. (CSE: ER) was listed on May 24, 2023, and on Oct. 30, 2025, ER shareholders overwhelmingly approved a three-cornered amalgamation that resulted in a reverse takeover of Eagle Royalties by Summit Royalty Corp. The resulting issuer is named Summit Royalties Ltd. and trades under the symbol SUM on the TSX Venture Exchange with a market capitalization of over $100-million.

On Oct. 2, 2024, Eagle Plains announced the formation of a separate division within the company that will give Eagle Plains' shareholders direct exposure to strategic opportunities in Canadian green energy transition. As a wholly owned subsidiary of Eagle Plains, Osprey Power Inc. (OP) will focus on identifying and advancing innovative and diverse clean energy project portfolios in target markets throughout Canada, with an initial focus on Western Canada.

Eagle Plains' core business is acquiring grassroots critical- and precious-metal exploration properties. The company is committed to steadily enhancing shareholder value by advancing the company's diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team.

Expenditures from 2010 to 2025 on Eagle Plains-related projects exceed $41-million, the majority of which was financed by third party partners. This exploration work resulted in approximately 50,000 m of diamond drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.

Throughout the exploration process, the company's mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.

We seek Safe Harbor.