Pacific Bay Brazil Gold Property Update, Trading Resumption

(MENAFN- Newsfile Corp) Vancouver, British Columbia--(Newsfile Corp. - April 16, 2025) - Reagan Glazier, President & CEO Pacific Bay Minerals Ltd. (TSXV: PBM) (" Pacific Bay " or, the " Company ") reports that the shares of the Company will be reinstated for trading by the TSX Venture Exchange (the "Exchange") on commencement of trading, Monday April 21^st, 2025. The shares of the Company were halted upon the Company disclosing in its January 7^th, 2025 news release that is had signed a letter of intent to acquire a property in Brazil that was deemed to be a Fundamental Acquisition under Exchange policies and therefore a reviewable transaction. The resumption follows provision to the Exchange of certain information, such as a 43-101 compliant Technical Report on the Pereira-Velho gold prospect (the "Project") in Alagoas State, Brazil, which report remains subject to further comment and review by the Exchange, and a draft of the definitive option agreement with Appian Capital Advisory ("Appian") whereby Pacific Bay proposes to acquire 100% of the Project (the "Agreement"). The Agreement is nearing completion and has not yet been signed. Further details of the Agreement and the Project are outlined below. The transaction remains subject to final review and approval from the Exchange.

"Pacific Bay looks forward to completing this transaction as soon as possible and opening an exciting new chapter of gold exploration in Brazil," said Pacific Bay President & CEO Reagan Glazier. "The markets are volatile, but gold has remained strong and I believe this is a great time to be taking on such a promising property."

The Pereira-Velho Gold Prospect

The following are key findings from the Technical Report on the Project, located in Coité do Nóia, Alagoas, Brazil.

Covering 14,596 hectares in the gold-rich Borborema Province, the project benefits from excellent road access and proximity to the commercial hub of Arapiraca, supporting year-round exploration in a tropical climate.

The Technical Report, prepared by RBM Serviços Técnicos Ltda., highlights significant gold discoveries driven by past exploration, including soil sampling, trenching, and two drilling campaigns totaling over 6,300 meters. These efforts confirmed gold in quartz veins and pyrite-rich zones, with continuous mineralization at depth-pointing to a promising orogenic gold system. Sample testing followed strict industry standards, verifying reliable gold grades and visible gold in drill cores.

Metallurgical tests suggest strong gold recovery potential from oxidized ores using methods like cyanidation or heap leaching, though sulfide-rich ores may require additional processing to unlock their value. The project's geology features ancient metamorphic rocks-gneisses, quartzites, and banded iron formations-ideal for hosting gold deposits.

The Technical Report recommends a US$1,560,000 budget including further drilling studies to expand resources and assess economic potential. Ongoing environmental and community efforts will ensure sustainable progress.

With an eight-month exploration plan proposed, Pacific Bay is poised to unlock the full promise of Pereira Velho, delivering value to shareholders and stakeholders alike.

Activity	Cost (US$)
Drilling	850,000
Lab assaying	150,000
Metallurgical tests	25,000
Resources statement report	38,000
Vehicles/rent/facilities/IT	55,000
G&A	300,000
Continency (10%)	142,000
Subtotal	$1,560,000

Figure 1 Location Map

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Figure 2 Hills formed by quartzites, facing southeast

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Figure 3 Geological map with the main lithologies and structural features within the Pereira Velho Project area.

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Figure 4 (a) Outcrop of fractured quartzite with the presence of (b) folded structure (flexural?); (c) quartzite with foliation trending to the NE and with boxwork and (d) outcrop of the quartzite with foliation trending to the SW

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Figure 5 (a, b) Drill core composed of biotite gneiss with propylitic alteration; (c) quartzo-feldspathic gneiss with argillic alteration.

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Figure 6 (a) Free gold (VG-visible gold) identified in hole PVDH-045, at a depth of 49.50 meters; (b) Free gold (VG-visible gold) in hole PVDH-015, at a depth of 95.65 m

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Figure 7 Visible gold (VG) in drill core sample, PVDH-007

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Figure 8 Map with the compilation of soil geochemistry campaigns carried out by MVV and PVE. First-order anomalies for gold marked in magenta with values between 100 and 1090 ppb.

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The Agreement

As previously announced, key terms of the Agreement are:

Payment to Appian of CND$710,000 in cash and CDN$700,000 in either common shares or cash, at the company's discretion. These payments are structured in two tranches:​

• Upon signing the definitive agreement and obtaining necessary approvals:​
  • CDN $280,000 in cash.
  • CDN $250,000 in cash or common shares.
• On the first anniversary of the definitive agreement:​
  • CDN $430,000 in cash.
  • CDN $450,000 in cash or common shares.

Appian is to retain a 1.5% NSR on production from the project. Pacific Bay has the option to buy back this royalty at any time for a total of USD $3.5 million.​

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

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