Vancouver, British Columbia--(Newsfile Corp. - 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.

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

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