Eagle Plains Increases Saskatchewan Royalty Portfolio

The agreed consideration combines cash and Apogee shares with a retained royalty that Apogee can partly buy back.

Rhea-AI Summary

Eagle Plains Resources (EGPLF) has agreed to sell five Saskatchewan claim blocks to Apogee Minerals while retaining a royalty. The October 19, 2026 agreement covers 1,965 hectares adjacent to and within Apogee's Knife Lake Copper Project. Apogee will acquire a 100% interest for $20,000 cash and 1,000,000 Apogee common shares. Eagle Plains will retain a 2.5% net smelter royalty, a payment linked to mineral production proceeds; Apogee may purchase 1% for $2,000,000.

Closing remains subject to TSXV acceptance and customary conditions, including transfer of the claims through Saskatchewan's mineral registry. Separately, Eagle Plains and Pacific Imperial Mines mutually agreed to terminate their option agreement on Eagle Plains' Brownell Lake project, effective immediately.

2 points · 0 major

NegativeiHow this balance works

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1 major · 3 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThe agreed sale of five claim blocks totalling 1,965 hectares provides $20,000 and 1,000,000 Apogee common shares.
• Minor pointEagle Plains will retain a 2.5% net smelter royalty on all claims being sold.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.Apogee may purchase 1% of the retained royalty for $2,000,000, reducing Eagle Plains' royalty interest. 14% of market cap
• Moderate pointThe Brownell Lake option agreement with Pacific Imperial Mines has been terminated effective immediately by mutual agreement.
• Minor pointClosing requires TSXV acceptance and transfer of the claims through Saskatchewan's mineral registry.

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CRANBROOK, BC / ACCESS Newswire / October 20, 2026 / Eagle Plains Resources Ltd. (TSX-V:EPL)(OTCQB:EGPLF) ("EPL" or "Eagle Plains") is pleased to announce it has entered into a purchase and sale agreement with Apogee Minerals Ltd, (TSX-V:APMI ) ("Apogee" or " APMI") on five individual non core claim blocks totalling 1965 hectares located adjacent to and within APMI's Knife Lake Copper Project in east-central Saskatchewan. Under the terms of the agreement, dated October 19, 2026, Apogee will purchase a 100% interest in the properties for a cash consideration of $20,000, and 1,000,000 common shares of APMI, with EPL retaining a 2.5% Net Smelter royalty on all of claims, 1% of which may be purchased by Apogee for $2,000,000.

Closing of the Transaction remains subject to the receipt of acceptance of the TSXV and the satisfaction of customary closing conditions, including the transfer of the Eagle Plains Claims to the Company through the Mineral Administration Registry Saskatchewan (MARS) system. The Eagle Plains Claims are in good standing with the Province of Saskatchewan and are being acquired free and clear of any encumbrances other than the NSR Royalty and customary permitted encumbrances.

Brownell Project Update

Eagle Plains and Pacific Imperial Mines Inc. have mutually agreed to terminate the Option Agreement between Pacific Imperial and Eagle Plains on EPL's Brownell Lake VMS project, effective immediately.

About the Brownell Lake Project

See Brownell Lake Project Information and Map here

The Brownell Lake Project is host to regionally deformed meta-volcanic rocks which are considered to be prospective for volcanogenic massive sulphide ("VMS") mineralization. Historical select drilling results include 3.35 m of 0.48% Cu, 2.28% Zn, 1.46 g/t Au; 2.2 m of 6% Zn; and 20.5 m of 0.49% Cu. Historic work has delineated a 2,600m length EM/magnetic anomaly coincident with the VMS horizon, with an additional 1,700 m of prospective magnetic anomaly that remains untested by electromagnetics and diamond drilling. Results are historical in nature and have not been confirmed by Eagle Plains, but are considered to be reliable and will form a basis for ongoing work.

After acquiring the core tenures in 2018, Eagle Plains completed a comprehensive data compilation followed by a 2018 surface work program comprising soil sampling, geological mapping and prospecting, a ground based magnetic-VLF geophysical survey, and whole-rock lithogeochemical sampling of select surface rocks and historical drill core samples. Modelling of these results indicate that the Brownell VMS-style mineralization extends further east than previously interpreted. Additional geological mapping and soil sampling was completed in 2021 along the projected eastern extension of the mineralized horizon. Further, historical work has not tested the altered and mineralized stratigraphy to depths below 158m.

Qualified Persons

Charles C. Downie, P.Geo., a "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects and an officer and director of Eagle Plains, has reviewed and approved the scientific and technical disclosure in this news release.

About Eagle Plains Resources

Based in Cranbrook, B.C., Eagle Plains is a well-funded, prolific project generator that continues to conduct research, acquire and explore mineral projects throughout western Canada, with a focus on critical metals integral to an increasingly electrified, decarbonized economy.

The Company was formed in 1992 and is the fourth-oldest listed issuer on the TSX-V (and the only one of these four that has not seen a roll-back or restructuring of its shares). Eagle Plains has continued to deliver shareholder value over the years and through numerous spin outs has transferred over $115,000,000 in value directly to its shareholders, with Copper Canyon Resources and Taiga Gold Corp. being notable examples. Eagle Plains latest spinout, Eagle Royalties Ltd. (CSE:"ER") was listed on May 24, 2023, and on October 30, 2025, ER shareholders overwhelmingly approved a three-cornered amalgamation that resulted in a reverse takeover of Eagle Royalties by Summit Royalty Corp. The resulting issuer is named Summit Royalties Ltd. and trades under the symbol SUM on the TSX Venture Exchange with a market capitalization of over $100M.

On October 2, 2024, Eagle Plains announced the formation of a separate division within the Company that will give Eagle Plains' shareholders direct exposure to strategic opportunities in Canadian green energy transition. As a wholly owned subsidiary of Eagle Plains, Osprey Power Inc. ("OP") will focus on identifying and advancing innovative and diverse clean energy project portfolios in target markets throughout Canada, with an initial focus on Western Canada.

Eagle Plains' core business is acquiring grassroots critical- and precious-metal exploration properties. The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team.

Expenditures from 2010-2025 on Eagle Plains-related projects exceed $41M, the majority of which was funded by third-party partners. This exploration work resulted in approximately 50,000m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.

Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.

On behalf of the Board of Directors of Eagle Plains

"C.C. (Chuck) Downie, P.Geo"
President and CEO

For further information on EPL, please contact Andrew Wilson at 1 866 HUNT ORE (486 8673)

Email: abw@eagleplains.com or visit our website at https://www.eagleplains.com

Cautionary Note Regarding Forward-Looking Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

SOURCE: Eagle Plains Resources Ltd.

View the original press release on ACCESS Newswire

FAQ

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What will Eagle Plains receive for the Saskatchewan claims sold to Apogee Minerals?

Eagle Plains will receive $20,000 cash and 1,000,000 Apogee common shares for a 100% interest in five claim blocks totalling 1,965 hectares. It will retain a 2.5% net smelter royalty, of which Apogee may purchase 1% for $2,000,000. Closing remains subject to TSXV acceptance and customary conditions.