Eagle Plains Announces Renewable Energy Subsidiary

CRANBROOK, October 2, 2024 - The Board of Directors of Eagle Plains Resources Ltd. (TSX-V:EPL) (the "Company" or "Eagle Plains") is pleased to announce 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.

The key strengths of Osprey Power include:

• Experienced Management Team: Extensive experience in Wind, Solar, Battery Energy Storage Systems (BESS) and Small Hydro development.

• Nimble: Flexibility and support to identify and pursue opportunities quickly.

• Innovative: Driven to find new ways to increase project value and advance project portfolios.

• Community Focused: Pro-active and transparent communications with neighbours, communities and stakeholders we work with.

The Osprey Power team will be led by Jared Sproule, B.Sc., who has over 17 years experience in project development, market analysis, business development, community engagement, and permitting of wind, solar, hydro, energy storage and transmission projects in various markets throughout North America.

His passion for energy development, with a focus on site prospecting and connecting with landowners and community stakeholders and Indigenous communities, has contributed to over 1 GW of successfully permitted and/or operational renewable energy projects and over 3 GW of additional projects under various stages of development. Jared has previously held positions at with TransAlta Corporation as a Renewable Developer, as a Right of Way Planner with AltaLink Management Ltd., Lead of Business Development & Community Relations at BluEarth Renewables and most recently VP, Project Origination with BW Solar. Jared has a B.Sc in Geography from the University of Calgary.

Eagle Plains will continue to focus on its core business model of acquiring and advancing grassroots critical- and precious-metal exploration properties. EPL management has recognized synergies between mineral exploration and renewable energy projects in terms of site identification and assessment, stakeholder engagement, and identifying potential partners. Work is underway to launch an independent website containing additional information about Osprey Power.

Chuck Downie, President and CEO of Eagle Plains stated recently: "as the need for renewable energy options to supply power to the Canadian electrical grid continues to grow, Eagle Plains management is excited to establish what we feel will be a premier supplier of green energy projects.

Eagle Plains will continue to focus on our successful core business of mineral exploration project generation, which has created the opportunity to provide start-up financial support to Osprey Power, and to support OP to independently develop, market and finance sustainable energy projects. Osprey Power aligns with the Eagle Plains Resources model as it identifies early-stage opportunities and works with Developers, Independent Power Producers and Communities to advance successful clean power projects."

About Osprey Power

Based in Cranbrook, B.C., Osprey Power is a creative clean power project generator that will develop generation opportunities across Canada, with an initial focus on Solar and Wind Power projects located in key Western Canadian markets with a growing demand for clean energy.

Osprey Powers' core business is identifying and acquiring the rights to develop clean energy projects. The Company understands development risk and takes a prudent risk-weighted approach to early-stage project development and will advance its diverse portfolio of projects through collaborative partnerships and development arrangements with Independent Power Producers.

Osprey Power's Development Approach

Initiation

Responsible development starts at project conception. From robust policy engagement, to establishing foundational partnerships with like-minded local organizations, to landowner outreach, community input will be key to Osprey Power's projects. Osprey Power will engage with Communities and Landowners early to discuss project plans.

Implementation

Osprey Power will develop projects that fit and align with their host communities. Our team will be on the ground with local officials and utilities, and our extensive due diligence ensures a higher likelihood of project success.

Impact

Enhancing local economies is at the core of our work at Osprey Power. We strive to maximize the local economic impact that each of our projects can contribute to the communities we work in.

Commitment

Osprey Power will engage with project stakeholders to ensure optimal project development takes place and that all of our commitments are fulfilled.

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 ninth-oldest listed issuer on the TSX-V (and one of only three 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 $100,000,000 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 holds a diverse portfolio of royalty assets throughout 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 2010-2023 on Eagle Plains-related projects exceed $38M, 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 Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@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.