Mr. Charles Downie reports

EAGLE PLAINS INCREASES SASKATCHEWAN URANIUM PORTFOLIO TO 40,050 HECTARES

Eagle Plains Resources Ltd. has recently acquired, through the Saskatchewan MARS on-line tenure system, significant additions to its extensive portfolio of Saskatchewan uranium assets.

Recent staking initiated on Jan. 30, 2024, included additions to the existing Lorado, Gulch, Collins Bay Extension (CBE) and Dianne Lake projects, and a new project at Richards Lake.

Eagle Plains currently holds a 100-per-cent interest in 18 individual projects comprising a total of 40,050 hectares of mineral dispositions in Saskatchewan covering both basement- and unconformity-hosted uranium targets. Since Nov. 8, 2023, Eagle Plains has acquired an additional 6,643 ha of uranium-focused tenure. The projects range from early-stage grassroots to drill ready and are distributed throughout the prospective Athabasca basin, including the Patterson Lake South (PLS), Beaverlodge and Dufferin-Centennial camps.

About Richards Lake

The 1,317 ha Richards Lake project is located 14 kilometres south of Fond-du-Lac. Previous documented work on the project includes an airborne MEGATEM geophysical survey, flown by UEX in 2005, which identified a number of conductive trends. UEX followed this up in 2007 with a ground-based TDEM (time-domain electromagnetic) survey which refined the airborne conductors and defined priority drill targets to test for unconformity-hosted uranium mineralization (AF73O3-0022). The property has never been drill tested. A detailed compilation and interpretation of available data from historical work programs has begun and will lead to recommendations for future work.

About Dianne Lake

The 4,101 ha Dianne Lake project is located 15 km northwest of Uranium City and is prospective for both unconformity and Beaverlodge-style structurally controlled uranium mineralization. Grab samples from a 2022 prospecting traverse included two samples collected near a sandstone/gneiss contact that returned greater than 1 per cent U3O8 (triuranium octoxide).

Eagle Plains is seeking to advance its uranium portfolio through collaborative partnerships. Recent partnerships include an option agreement with Xcite Resources Inc. which includes six projects in the Uranium City area (see Dec. 14 news release).

Qualified persons

Charles C. Downie, PGeo, a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and a director of Eagle Plains, has reviewed and approved the scientific and technical disclosure in this news release.

About Eagle Plains Resources Ltd.

Based in Cranbrook, B.C., Eagle Plains is a well-financed, prolific project generator that continues to conduct research, acquire and explore mineral projects throughout Western Canada, with a focus on critical metals integral to an increasingly electrified, decarbonized economy.

The company was formed in 1992 and is the ninth-oldest listed issuer on the TSX Venture Exchange (and one of only three that has not seen a rollback or restructuring of its shares). Eagle Plains has continued to deliver shareholder value over the years and through numerous spin outs has transferred over $100-million in value directly to its shareholders, with Copper Canyon Resources and Taiga Gold Corp. being notable examples. Eagle Plains' latest spinout, Eagle Royalties Ltd., was listed on May 24, 2023, and holds a diverse portfolio of royalty assets throughout Western Canada.

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