Mr. Charles Downie reports

EAGLE PLAINS AND XCITE EXPAND URANIUM CITY URANIUM PROJECTS

Eagle Plains Resources Ltd. has offered to Xcite Resources Inc., and Xcite has accepted, two dispositions recently acquired by staking in the Uranium City area, Northern Saskatchewan. The two dispositions fall within an area of mutual interest (AMI) and as such, will become included in the Gulch and Larado projects, respectively. The Larado project has been increased by 398 hectares (643 ha total) and Gulch has increased by 311 ha (1996 ha total). In December, 2023, Eagle Plains granted Xcite the exclusive right to earn up to an 80-per-cent interest in the Gulch, Lorado, Beaver River, Black Bay, Don Lake and Smitty projects (see Dec. 14 news release). The six projects comprising the Xcite option agreements cover 26 Saskatchewan Mineral Deposit Index (SMDI) occurrences and four past-producing uranium mines.

Under the terms of the option agreements, Xcite may earn an 80-per-cent interest in each individual property by completing $3.2-million in exploration expenditures, issuing 750,000 common shares of Xcite and making cash payments to Eagle Plains of $55,000 over four years, for an aggregate of $19.2-million in exploration expenditures, 4.5 million shares and $330,000 in cash to Eagle Plains. Upon Xcite fulfilling the terms of any or all of the earn-in agreements, an 80/20 joint venture will be formed, with Eagle Plains retaining a carried interest in all expenditures until delivery by Xcite or its assigns of a bankable feasibility study. During the option earn-in period, XRI will be appointed as operator, and Eagle Plains will manage the exploration programs under the direction of a joint technical committee. The projects are owned 100 per cent by Eagle Plains, which will retain an underlying 2-per-cent net smelter return royalty on the each of the properties.

Eagle Plains currently holds a 100-per-cent interest in 18 individual projects comprising a total of 40,050 ha of mineral dispositions in Saskatchewan covering both basement- and unconformity-hosted uranium targets. Eagle Plains has been active in the uranium exploration space since 2006, but as reported on Nov. 8, 2023, and Feb. 12, 2024, it has acquired significant additional uranium-focused tenures. 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. Eagle Plains is seeking to advance its uranium portfolio through collaborative partnerships.

Athabasca basin history and mineralization

The Beaver River, Black Bay, Don Lake, Gulch, Larado and Smitty projects are located in the Beaverlodge district near Uranium City in the Lake Athabasca region of Saskatchewan. Occurrences of uranium mineralization are abundant in the Uranium City area and have been explored and documented since the 1940s. The Beaverlodge camp was the first uranium producer in Canada, with historic production of approximately 70.25 million pounds of U3O8 (triuranium octoxide) between 1950 and 1982, from ore grades averaging 0.23 per cent U3O8. The two largest producers were the Eldorado Beaverlodge (Ace-Fay-Verna) mine and the Gunnar uranium mine. The Beaverlodge area has seen limited uranium focused exploration since the early 1990s. Eagle Plains' management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.

Beaverlodge-style uranium deposits host structurally controlled, high-grade mineralization in veins and breccia-fills within basement rocks. Mineralization often occurs at geological contacts and consists of structures filled with hematite, chlorite and graphite associated with pitchblende (an ore mineral of uranium).

Qualified person

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 spinouts 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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