Mr. Tim Termuende reports

EAGLE ROYALTIES ACQUIRES EAST GOLDFIELD ROYALTY IN NEVADA, ISSUES INCENTIVE OPTIONS

Eagle Royalties Ltd. has purchased a 1-per-cent net smelter royalty (NSR) on the East Goldfield property from Silver Range Resources Ltd. (SNG) for consideration of $25,000. The royalty interest has no buydown provision.

The East Goldfield property lies eight kilometres kilometres east of the town of Goldfield in Esmeralda county, Nevada, and six kilometres east of the historic Goldfield mining district (Goldfield Main deposit). To date approximately 4.2 million (M) ounces (oz) gold has been produced from this deposit. The East Goldfield property is adjacent to claims comprising the Goldfield project currently being explored by Centerra Gold, which acquired the project from Waterton Global in February, 2022, for $206.5-million. The Goldfield project contains published measured and indicated resources of 1,574,000 ounces gold in 47.3 Mt grading 1.03 grams per tonne (g/t) gold (Au) at the Gemfield, McMahon Ridge and Goldfield Main deposits. 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.

East Goldfield property summary

The East Goldfield property covers the eastern portion of a fault-defined structural corridor localizing gold mineralization in the Goldfield district. The property is underlain by intensely faulted and hydrothermally altered rhyodacite breccia. Pervasive quartz-alunite alteration occurs throughout the property and is most intense in the area of numerous resistant, vuggy silica ledges developed along faults and fracture zones. Arroyo sediment and soil geochemical surveys by Silver Range defined anomalies for key high-sulphidation pathfinder elements including copper, arsenic, silver and gold associated with the west-northwest-striking breccias and faults within the structural corridor. Silver Range interprets the geochemical anomalies and known gold showings as leakage features and believes the East Goldfield property has the potential to host significant blind high-sulphidation epithermal gold mineralization.

Silver Range acquired the initial property area by staking in 2018 and has since mapped over 75 workings on the property. The most significant mineralized occurrence is the Tom Keane mine, located on the southern margin of the structural corridor. Historical reports document development on four levels with approximately 871 metres (m) of drifting and crosscuts and 213 m of shaft, winze and raise development. Small lease production is mentioned but not specified in these reports. A 1935 evaluation report cited assays of 6.1 m at 4.11 g/t Au from the 319 foot level and 11.6 m at 2.88 g/t Au from the 219 foot level. In 2003, Metallic Gold Ventures Inc. drilled 10 holes in the immediate area of the Tom Keane mine, reporting gold-enriched intersections in nine holes, with the best intersections being 4.57 m at 8.23 g/t Au and 44.20 m at 1.03 g/t Au.

In 2020, Silver Range expanded the claim block from four to 69 claims and optioned the property to Atac Resources. Atac prospected, sampled and drilled the property in 2021, with best reported surface chip samples returning 4.16 g/t Au over eight m, including 7.87 g/t Au over three m. In a subsequent drill program, Atac reported a broad, mineralized system with gold values in eight of 13 holes drilled, with best reported intersections of 82.30 m at 0.31g/t Au, including 9.15 m at 1.03 g/t Au. Atac terminated the option in February, 2022, prior to the Goldfield district acquisition by Centerra.

Tim Termuende is a director of both Eagle Royalties and Silver Range and accordingly has abstained from voting on resolutions relating to the transaction.

Incentive options issued

Eagle Royalties has issued incentive stock options to directors, employees and key consultants of the company for the purchase of a total of 3.7 million shares at an exercise price of 30 cents per share, expiring Aug. 8, 2029, pursuant to the company's current option plan (subject to shareholder and regulatory approvals).

Qualified person

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

About Eagle Royalties Ltd.

Eagle Royalties was previously a wholly owned subsidiary of Eagle Plains Resources, incorporated in late 2022 to manage the diverse royalty holdings of Eagle Plains.

We seek Safe Harbor.