Pacific Bay Completes Sphinx Mountain Rare Earth Field Program, Assays Pending

Vancouver, November 21, 2024 - Pacific Bay Minerals Ltd. (TSXV: PBM) ("Pacific Bay" or the "Company"), a mineral exploration company, is pleased to announce the completion of its field program undertaken at its 100% wholly owned, royalty-free Sphinx Mountain Rare Earth Element project, approximately 45 kilometers North of Dease Lake, British Columbia.

The project included geological mapping, prospecting, ground-based geophysics, stream-sediment samples, soil samples and rock samples covering the majority of the project's claim group. Rocks and Stream sediments have been submitted to the lab along with blanks and certified reference materials and assays are pending. Soils are awaiting to be analyzed via XRF methods.

A total of 189 soil samples, 25 Stream sediment samples, and 3 rock samples were collected. Stream and Rock samples are awaiting assay. QA/QC samples including certified reference material, field duplicates and blanks were inserted into sample intervals. Please see attached map figure for more information.

The program was intended to follow up on historic stream-sediment results returning values as high as 1.19% TREO* to give direction to future exploration activities, including airborne geophysics, and additional geological mapping and prospecting with the intent to define drill targets.

*TREO is the expressed summation of La2O3 + Ce2O3 + Pr2O3 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb2O3 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3

Map Figure 1 - Map showing detailed location of the 2024 field program, including soil and stream sediment samples along with historical stream sediment results.

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About Pacific Bay Minerals Ltd.

Pacific Bay currently has a portfolio of properties in British Columbia, including the Haskins Reed, 30km East of the Cassiar townsite, and the newly added Sphinx Mountain Project. Short term focus will be spent on exploring these projects and identifying new targets within the highly prospective regions for both precious and transitional metals.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Mr. David Bridge, P.Geo., a consultant of the Company, who is a "Qualified Person" as defined in NI 43-101

Forward-Looking Statements

This News Release contains forward-looking statements, which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "will", "may", "should", "expects", "plans", "intends", or "anticipates" or the negative of these terms or other comparable terminology. All statements included herein, other than statements of historical fact, are forward looking statements, including but not limited to the Company's expectations regarding the closing date of the Offering, the anticipated size of the Offering and other matters. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith, and reflect the Company's current judgment regarding the direction of its business, actual results will may vary, sometimes materially, from any estimates, predictions, projections, assumptions, or other future performance suggestions herein. Except as required by applicable law, the Company does not intend to update any forward-looking statements to conform these statements to actual results.

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