Pacific Bay applies for drill permit at Haskins-Reed

• Pacific Bay Minerals Ltd. filed a Notice of Work with the B.C. Ministry of Mining and Critical Minerals on May 12, 2026.
• The filing seeks a five-year permit for an exploration program at the 100%-owned Haskins-Reed project in British Columbia.
• Proposed scope includes up to 120 diamond drill holes totaling approximately 24,000 metres over five years.
• Year-one (2026) target is up to 30 holes focusing on tungsten-rich skarns at Mount Reed and polymetallic zones (copper, bismuth, silver, lead, zinc).
• This follows the April 27, 2026 announcement of an option agreement to expand the project by acquiring the adjoining Mount Haskins property.

• The news is categorized as Routine - Positive because it represents execution of a previously announced strategy rather than new discovery or capital injection.
• In November 2025, the company raised $305,000 specifically earmarked for BC critical mineral exploration; this permit filing validates that use of proceeds.
• No material change to valuation is expected as the market has already priced in the exploration plan and financing from late 2025.
• The cancellation of the Brazil Pereira-Velho acquisition in December 2025 remains a lingering negative sentiment factor, making this positive news incremental rather than transformative.

• Flagship Project: Haskins-Reed Critical Minerals Project in the Cassiar district of British Columbia (100% owned).
• Mineralization: Skarn-hosted tungsten, bismuth, copper, silver, lead, and zinc; historical intercepts include 2.01% WO3 over 3.3m and high-grade silver zones.
• Secondary Assets: Weaver Gold Project (JV with Aurwest Resources) in BC; Mount Haskins property (option agreement signed April 2026).
• Brazil Asset: Pereira-Velho project acquisition was cancelled in December 2025 due to vendor transferring option to a third party.