Mr. David Brett reports

PACIFIC BAY FILES DRILLING PERMIT FOR HASKINS-REED CRITICAL MINERALS PROJECT NEAR CASSIAR, BC

Pacific Bay Minerals Ltd. has filed a notice of work with the B.C. Ministry of Mining and Critical Minerals, applying for a five-year permit to complete up to 120 diamond drill holes comprising up to 24,000 metres over a five-year period at the company's 100-per-cent-owned Haskins-Reed critical mineral project in the Cassiar mining camp in north-central British Columbia. The proposed 2026, year-one program plans to drill up to 30 holes targeting tungsten-rich skarns at the Mount Reed prospect, copper/bismuth/silver/lead/zinc-rich Meteor and Della B zone carbonate replacement zones.

Significant results from a 2011 drill program by Pacific Bay include 14 metres of 102.59 grams per tonne silver, 0.52 per cent copper, 4.96 per cent zinc and 0.29 per cent bismuth in the B zone, and 17.5 metres of 88.35 g/t silver, 3.39 per cent zinc and 1.11 per cent lead in the Meteor zone. Two thousand eighteen Pacific Bay drilling at Meteor intersected 5.2 metres grading 6.20 per cent zinc, 35.83 g/t silver, 0.68 per cent lead and 0.23 per cent copper. Historical drilling at Mount Reed returned values of 2.01 per cent WO3 over 3.3 metres, 0.37 per cent WO3 over 5.18 metres and 0.17 per cent WO3 over 54.8 metres/

"As prices for tungsten, bismuth and copper continue to climb, Pacific Bay is eager to reactivate exploration at Haskins-Reed," said Pacific Bay chief executive officer David H. Brett. "The Cassiar area has heated up, and we're excited about renewing attention on the region."

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 five Crown grant claims, is host to multiple mineral prospects:

• B zone: Skarn-hosted semi-massive to massive sulphide lenses, with silver- and gold-bearing pyrrhotite-sphalerite-chalcopyrite-galena mineralization, are hosted by metasomatized carbonate rocks.
• Mount Reed molybdenum-tungsten prospect: Molybdenum and tungsten mineralization is hosted by peripheral contact metamorphic exoskarn developed in carbonate-rich metasedimentary rocks of the Atan group.
• Joe Reed vein prospect: 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.
• Brett zone: A 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: 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.
• Meteor zone: 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. Two thousand ten excavator trenching returned intervals such as 24.70 metres grading 0.292 g/t Au, 57.11 g/t Ag, 1.21 per cent Pb and 3.67 per cent Zn.

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.

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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