Pacific Bay's Brazil Bet Hits a Speedbump, But BC Projects Bay Could Be the Real Play

Mining exploration company Pacific Bay Minerals (TSXV: PBM) just pulled the plug on its Pereira Velho project acquisition in Brazil’s Alagoas State. What happened? The seller, Appian Capital Advisory LLP, shopped the property to another buyer, leaving Pacific Bay’s Brazil expansion plans temporarily stalled.

But here’s the thing—management isn’t throwing in the towel on the region. CEO David H. Brett emphasized that the company remains committed to finding quality gold opportunities in Brazil, backed by a skilled local team ready to evaluate fresh deals as they materialize.

Meanwhile, the financing round announced back in September 2025 is also off the table, which signals the company is recalibrating its capital strategy.

Where the Real Focus Is Shifting

If Pacific Bay’s Brazil project bay ambitions had to take a step back, the company is doubling down on what it already owns. The flagship Haskins-Reed Critical Minerals project in northwestern British Columbia is getting serious attention—particularly as critical minerals prices surge and regional interest heats up.

The Haskins-Reed property, located alongside Cassiar Gold Corp on Highway 37, sits on a polymetallic goldmine. We’re talking tungsten, copper, bismuth, silver, lead, and zinc across multiple high-grade zones. The project has over 125 drill holes completed, underground workings already established, and significant exploration upside still untapped.

David Brett sees this as the perfect timing: “The renewed investment interest in BC’s Critical Minerals sector, particularly in the northwestern part of the province,” he noted, “positions the Company well to leverage surging metal prices and regional focus.”

What This Means for the Company

Pacific Bay still holds 100% of its Weaver Gold project in southern BC, maintaining a diversified exploration portfolio. The Pereira Velho setback in Brazil isn’t a strategic retreat—it’s more of a course correction. With commodity prices elevated and BC’s critical minerals sector gaining traction, the company is pivoting focus to assets it controls entirely.

The move suggests Pacific Bay is being more selective about new acquisitions, preferring to maximize value from existing projects while exploring quality opportunities as they present themselves.

About Pacific Bay Minerals Ltd.

Pacific Bay’s 100%-owned Haskins-Reed Critical Minerals Project in northwestern BC is recognized as one of the region’s leading exploration assets. Positioned on Highway 37 within the prolific Cassiar Region, the project hosts multiple polymetallic zones with significant resource potential. The company also maintains the Weaver Gold project in southern BC and continues evaluating opportunities in the Brazil market.

Technical disclosures were reviewed by David Bridge, P.Geo., a Qualified Person under National Instrument 43-101.

Forward-looking statements in this update are based on current expectations and involve risks including global economic conditions, exploration results variability, and equity financing challenges. Pacific Bay makes no guarantee regarding forward-looking accuracy and does not commit to updates except as required by securities regulations.