Mr. Chuck Downie reports

EAGLE PLAINS AND REFINED METALS EXECUTE OPTION AGREEMENT FOR THE DUFFERIN URANIUM PROJECT

Eagle Plains Resources Ltd. and Refined Metals Corp. (RMC, or the company) have entered into an option agreement dated Feb. 26, 2024, pursuant to which Refined has been granted the exclusive right to acquire up to a 75-per-cent interest in the 6,424-hectare Dufferin project. The Dufferin project is made up of the North and West properties, both of which are located approximately 18 kilometres from Cameco's Centennial deposit, where historic drill hole VR-031W3 intersected 8.78 per cent U308 (triuranium octoxide) over 33.9 metres (SMAF 74G12-0061).

To exercise the option, Refined must make a series of cash payments and share issuances to Eagle Plains, and finance exploration expenditures on the project. These payments, share issuance and expenditures are separated into two phases, with the first option entitling the company to acquire a 60-per-cent interest in the project by paying $275,000, issuing an aggregate of one million postconsolidated common shares to Eagle Plains and financing $2.6-million in exploration expenditures on the project by Dec. 31, 2026. Pursuant to the second phase of the option, the company may acquire an additional 15-per-cent interest in the project (for a 75-per-cent total interest) by paying an additional $500,000, issuing an additional 500,000 postconsolidated shares to Eagle Plains and financing an additional $3-million in exploration expenditures on the project by Dec. 31, 2028. The Dufferin project is owned 100 per cent by Eagle Plains, which will be appointed as operator during the first option period.

If the first option or the second option is exercised, a 2-per-cent smelter return royalty will be granted to Eagle Plains, 1 per cent of which may be repurchased for $2-million. Following the exercise of the first option or the second option by the company, the company and Eagle Plains will form a joint venture, which will administer the continued exploration and operation of the project.

Chuck Downie, PGeo, president and chief executive officer of Eagle Plains, commented on the transaction: "We are pleased to be able to partner with Refined on the Dufferin project. Over the past 18 months, there has been a tremendous focus on the Athabasca basin in terms of tenure acquisition, mergers and acquisitions, and exploration spending by both junior and senior companies. We look forward to advancing this underexplored and highly prospective project with Refined."

Mark Fields, chief executive officer of the company, stated: "We are excited to add the Dufferin project to our project portfolio and the exposure to uranium it provides. Positioned in the Athabasca basin region, which is renowned for its high-grade uranium deposits and storied history of exploration, discovery and development, we believe that the project is a terrific exploration opportunity for the company."

About the Dufferin project

The Dufferin project is composed of the Dufferin West and North properties located near the southern boundary of the Athabasca basin. They are prospective for unconformity- and basement-hosted uranium mineralization in proximity to a major northeast-southwest-trending structural zone known as the Virgin River shear zone. The relatively high concentration of secondary-uranium-bearing minerals at the project may also indicate uranium mineralization remobilization may play an important role in this region of the Athabasca basin. Faulted basement contacts and brittlely reactivated structures are the primary locations for mineralization in the area covered by the Dufferin project. Geophysical electromagnetic (EM) and magnetic anomalies are supported by uranium and boron soil and lake sediment anomalies along the inferred fault zones, which are expected to aid in focusing future exploration programs.

Some of the above results were taken directly from the SMDI (Saskatchewan Mineral Deposit Index) descriptions and assessment reports (SMAF) filed with the Saskatchewan government. Management cautions that historical results were collected and reported by past operators, and have not been verified nor confirmed by a qualified person, but form a basis for continuing work on the subject properties. 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.

Eagle Plains and Refined plan to undertake further detailed data compilation with a view to deploying the most effective geophysical exploration methods from a variety that have proven effective in the Athabasca basin. These include EM, magnetic, resistivity and gravity surveys to delineate prospective conductors and alteration signatures. Geochemical sampling will also be considered over specific structures and conductors. The results of the geophysical exploration are expected to be used to identify disrupted faults delineated by EM conductors and other geophysical anomalies for drill targeting.

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. Eagle Plains has been active in the uranium exploration space since 2006, but, as reported on Nov. 8, 2023, and Feb. 12, 2024, Eagle Plains 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.

Qualified person

Mr. 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.

Eagle Plains' core business is acquiring grassroots critical- and precious-metal exploration properties. The company is committed to steadily enhancing shareholder value by advancing its diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team.

Expenditures from 2010 to 2023 on Eagle Plains-related projects exceed $38-million, the majority of which was financed by third party partners. This exploration work resulted in approximately 50,000 metres of diamond drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.

Throughout the exploration process, the company's mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.

We seek Safe Harbor.