Mr. Tim Termuende reports

2024 FIELDWORK COMPLETED AT ADAMANT REE PROJECT, BRITISH COLUMBIA

Eagle Royalties Ltd. operator Eagle Plains Resources Ltd. has recently issued news confirming that 2024 fieldwork has been completed at Eagle Plains' 100-per-cent-owned Adamant property, located 80 kilometres NE (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. Eagle Royalties holds a 2-per-cent NSR (net smelter return) on the claims comprising the property, with Eagle Plains holding the right to buy back to 1 per cent for consideration of $1-million. Eagle Plains acquired the Adamant property by staking in 2021 and 2022. The project is currently permitted for advanced exploration including 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 ppm (parts per million) 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) total rare-earth oxides (TREO) and 25,700 ppm (2.57 per cent) 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.

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 Royalties Ltd.

Eagle Royalties benefits from maintaining a strong treasury (currently in excess of $3.5-million) and holds a diverse portfolio of 38 royalty interests in Western Canada. Target commodities subject to royalties include a broad spectrum including critical metals, precious metals, industrial minerals and diamonds. Its flagship royalty is associated with the AurMac project located in Yukon, operated by Banyan Gold Corp. ER holds royalty interests ranging from 0.5 per cent to 2 per cent on claims that contain a significant portion of AurMac's 7.0-million-ounce gold inferred resource located at the Powerline and Airstrip deposit areas. Eagle Royalties also holds royalty interests on a number of historical base metal deposits located in Western Canada.

Eagle Royalties was previously a wholly owned subsidiary of Eagle Plains Resources Ltd., incorporated in late 2022 to manage the diverse royalty holdings of EPL. In May, 2023, ER listed on the Canadian Securities Exchange after being spun out to Eagle Plains' shareholders on a 1:3 basis by means of a plan of arrangement.

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