Pacific Bay Provides Brazil Pereira Velho Project Acquisition Update

Rhea-AI Summary

Pacific Bay Minerals (OTC:PBMFF) announced that its proposed acquisition of the Pereira Velho project in Alagoas, Brazil (originally disclosed Jan 7, 2025) will not be proceeding because the vendor, Appian Capital Advisory LLP, has optioned the property to another buyer. The company also said the financing announced Sept 25, 2025 will not proceed.

Management reiterated continued interest in Brazil and said it has assembled a Brazil team. Pacific Bay highlighted its 100% owned Haskins-Reed Critical Minerals project along Highway 37 in northwest British Columbia and noted renewed investor interest in BC critical minerals.

Positive

• 100% owned Haskins-Reed critical minerals project along Highway 37
• Company assembled a Brazil-focused team to pursue future opportunities
• Management cites renewed investor interest in BC critical minerals

Negative

• Proposed Pereira Velho acquisition in Brazil will not proceed
• Financing announced on Sept 25, 2025 will not proceed

Vancouver, British Columbia--(Newsfile Corp. - December 19, 2025) - Pacific Bay Minerals Ltd. (TSXV: PBM) "Pacific Bay" or the "Company") reports that the Company's proposed acquisition of the Pereira Velho project in Alagoas State, Brazil, as initially disclosed on January 7^th, 2025, will not be proceeding. The vendor, Appian Capital Advisory LLP, has optioned the property to another buyer.

"Pacific Bay remains upbeat on Brazil and continues to look for quality gold properties to acquire in that country," said PBM President & CEO David H. Brett. "We have assembled a highly skilled and experienced Brazil team and look forward to looking at new opportunities as they arise."

"The Company is also pleased with renewed investment interest in BC's Critical Minerals sector, particularly in the northwestern part of the province," continued David Brett. "PBM's 100% owned Haskins-Reed Critical Minerals project along Highway 37 in northwest BC positions the Company well to leverage surging metal prices and regional focus."

The Company also announces that the financing announced September 25, 2025 will not be proceeding.

About Pacific Bay Minerals Ltd.

Pacific Bay's flagship, 100% owned Haskins-Reed Critical Minerals Project in northwestern BC is one of the leading exploration projects in the Cassiar Region. Located next to Cassiar Gold Corp. on Highway 37, Haskins-Reed hosts tungsten, copper, bismuth, silver, lead, and zinc in multiple high-grade polymetallic zones, over 125 drill holes, underground workings, and significant exploration potential. The Company also owns 100% of the Weaver Gold project in southern BC and is seeking to acquire gold projects in Brazil.

The technical disclosures in this news release were reviewed and approved by David Bridge, P.Geo., a Qualified Person, as defined by National Instrument 43-101.

David H. Brett, MBA
President & CEO
Telephone: (604) 682-2421
Email: dbrett@pacificbayminerals.com

www.pacificbayminerals.com

This news release contains "forward‐looking statements" within the meaning of Canadian securities legislation. Forward‐looking statements include, but are not limited to, statements with respect to the Weaver Gold, Haskins-Reed property and acquiring projects in Brazil. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Pacific Bay will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward‐looking statements include, amongst others, the global economic climate, dilution, share price volatility and competition, results of exploration activities, and the ability of the Company to raise equity financing. Although Pacific Bay has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking statements. Pacific Bay does not undertake to update any forward‐looking statements, except in accordance with applicable securities laws.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278728

FAQ

Why did Pacific Bay (PBMFF) say the Pereira Velho acquisition is not proceeding on December 19, 2025?

The vendor, Appian Capital Advisory LLP, optioned the Pereira Velho property to another buyer, so the acquisition will not proceed.

What financing for Pacific Bay (PBMFF) was cancelled on December 19, 2025?

The company said the financing announced on Sept 25, 2025 will not be proceeding.

How does the cancelled Pereira Velho deal affect Pacific Bay's Brazil strategy (PBMFF)?

Pacific Bay said it remains upbeat on Brazil, has assembled a Brazil team, and will continue seeking quality gold properties.

What flagship project does Pacific Bay (PBMFF) highlight after the deal fell through?

Pacific Bay highlighted its 100% owned Haskins-Reed Critical Minerals project on Highway 37 in northwest British Columbia.

Does Pacific Bay (PBMFF) plan further acquisition activity in Brazil after Dec 19, 2025?

The company stated it will continue to look for quality gold properties in Brazil with its Brazil team.