Eagle Plains and Pacific Bay Minerals Execute Option Agreement for Haskins Critical Minerals Project, British Columbia

Pacific Bay Minerals Ltd. (PBM) and Eagle Plains Resources executed a definitive option agreement on July 14, 2026, granting Pacific Bay exclusive rights to earn up to 100% of the Haskins critical metals project in British Columbia. This transaction follows a non-binding letter of intent signed on April 27, 2026, and a subsequent drill permit application filed on May 12, 2026.

Under the terms of the earn-in, Pacific Bay must issue 4,250,000 common shares over four years, structured as 200,000 shares initially, 300,000 in Year 1, 750,000 in Year 2, 1,000,000 in Year 3, and 2,000,000 in Year 4. Mandatory exploration expenditures total $950,000 over the same four-year period, broken down as $50,000 in Year 1, $150,000 in Year 2, $250,000 in Year 3, and $500,000 in Year 4.

The 578-hectare property is contiguous with Pacific Bay's existing Haskins-Reed project, expanding the combined footprint to 1,850 hectares. The property carries a 2% Net Smelter Returns (NSR) royalty, with Pacific Bay holding an option to purchase 1% of this NSR for $2,000,000.

Pacific Bay Minerals Ltd. (PBM) has issued a follow-up to its April 2026 Letter of Intent, confirming the transaction structure and securing necessary regulatory approval. The deal involves a share consideration of 4.25 million shares, representing approximately 12% dilution to the current share base of roughly 35.4 million shares. While this level of dilution is standard for exploration-stage earn-ins, it remains a tangible overhang. No immediate cash outlay is required, as the dilution is strictly tied to future exploration milestones.

The expansion consolidates adjacent properties, aiming to improve operational efficiency and ensure jurisdictional continuity for the planned 2026 drilling program. Market impact is expected to be incremental and in line with prior announcements, rather than introducing new or unexpected catalysts.

Pacific Bay Minerals Ltd. (TSXV: PBM) is an exploration-stage company focused on critical minerals and precious metals in British Columbia and Brazil. Its flagship asset is the 100%-owned Haskins-Reed Critical Minerals Project, located in the Cassiar district of BC, which hosts tungsten, bismuth, copper, zinc, silver, and lead. Historical data highlights tungsten skarns grading 2.01% WO3 over 3.3m and polymetallic zones grading 102.59 g/t Ag and 4.96% Zn over 14m.

The company also holds secondary assets, including the Weaver Gold Property in BC under a joint venture option with Aurwest Resources, and is searching for gold assets in Brazil. Pacific Bay Minerals is in the exploration stage, with no NI 43-101 compliant resources or economic studies existing; historical estimates are non-compliant. The company is led by Chairman and CEO David H. Brett, who has 40 years of experience, while former CEO Reagan Glazier remains on the board.