Eagle Plains partner begins drilling at Iron Range

• Event: Earthwise Minerals Corp. has commenced a diamond drilling program at Eagle Plains Resources Ltd.'s 100%-owned Iron Range project in southeastern British Columbia.
• Date: May 11, 2026.
• Scope: Three planned holes totaling approximately 1,200 metres targeting the Talon zone structure and a coincident resistivity-conductivity IP anomaly.
• Funding: The program is funded by Earthwise Minerals under an option agreement; Eagle Plains retains ownership until options are exercised.
• Historical Context: Targets historic high-grade intercepts including 14.0m @ 5.1 g/t Au, 75.3 g/t Ag and 7.1m @ 8.13 g/t Au, 86.6 g/t Ag from the Talon Zone (2010).
• Option Terms: Earthwise can acquire up to an 80% interest via cash payments ($250k + $1M), share issuances (1.5M shares for Phase 1), and exploration expenditures ($4M over four years). Eagle Plains retains a 2% NSR royalty.
• Management Commentary: CEO Chuck Downie highlighted the Talon zone as a high-grade gold-mineralized shear proximal to a major regional structure, indicating potential for additional mineralization.

• Execution of Prior Announcements: The commencement of drilling follows the April 30, 2026 announcement approving the program. This is operational execution rather than new strategic information.
• Capital Efficiency: The partner (Earthwise) funds the exploration ($4M commitment), reducing cash burn and dilution risk for Eagle Plains shareholders during this phase.
• Asset Progression: Moves a key asset (Iron Range) from planning to active drilling, validating the option agreement structure which has been in place since late 2025/early 2026.
• Market Expectation: The market likely priced in the April approval; this news confirms momentum but does not introduce new valuation drivers until assay results are released.
• Risk Mitigation: The structured earn-in agreement protects Eagle Plains' downside while allowing a partner to validate the asset before taking significant equity interest.

• Strategy: Eagle Plains operates as a project generator, acquiring properties, developing them through joint ventures/options to minimize dilution, and monetizing via royalties or spin-offs.
• Flagship Projects:
  • Iron Range (BC): Precious metals (Au-Ag-Pb-Zn) with high-grade historical intercepts; currently in drilling phase by partner Earthwise.
  • George Lake (SK): Critical metals (Zn-Pb); completed 2026 drilling program extending mineralization to depth.
  • Dufferin West (SK): Uranium project; drilling commenced by partner Refined Energy targeting unconformity-hosted deposits near Cameco's Centennial Deposit.
• Portfolio: Over 25 projects across BC and Saskatchewan, focusing on gold, copper, uranium, and critical metals.