The Board of Eagle Plains Resources Ltd. (TSXV:EPL) announced the spin off of unknown stake in Eagle Royalties Ltd on January 4, 2023. Eagle Plains Resources Ltd. (TSXV:EPL) entered into an arrangement agreement to spin off of unknown stake in Eagle Royalties Ltd on February 28, 2023. In consideration for the transfer of the Royalties, Eagle Royalties plans to issue to Eagle Plains Resources an aggregate of 42 million Spin-out Shares.

Of the total Spin-out Shares, it is expected that approximately 5.5 million Spin-out Shares will be retained by Eagle Plains Resources and the remaining approximately 36.5 million Spin-out Shares will be distributed to former Eagle Plains Resources shareholders on a 1:3 basis. Shareholders meeting is expected to be held on April 26, 2023. The letter of intent was approved by the Board of Directors of Eagle Plains.

The board of directors of Eagle Plain and Eagle Royalties have unanimously approved the signing of the arrangement agreement to give effect to the spin-out transaction. Eagle Plains plans to complete the Proposed Transaction by Q2, 2023 or such other date as is reasonably practicable. The transaction has record date of March 17, 2023 and is expected to close late in April.

The record date for share exchange shall be May 18, 2023. As of April 27, 2023, Eagle Plains Resources Ltd. (TSXV:EPL) shareholders has approved the transaction. Eagle Plains Resources Ltd. announced that it has received final approval by the Court of King's Bench of Alberta.

An application for the listing of the shares of the Resulting Issuer has been made with the Canadian Securities Exchange ("CSE") with the trading symbol "ER" under reservation. Transaction is expected to close in or around mid-May 2023.