Mr. Chuck Downie reports

EAGLE PLAINS AND XCITE PROVIDE UPDATE ON BEAVER RIVER URANIUM PROJECT

Eagle Plains Resources Ltd. and Xcite Resources Inc. have received the results from a data compilation on the Beaver River uranium project, located 40 kilometres southeast of Uranium City, Sask. The Beaver River project hosts near surface high-grade uranium mineralization and is one of six Eagle Plains uranium properties under option to Xcite (see Eagle Plains/Xcite Resources news release Dec. 14, 2023). The compilation and interpretation of available data will lead to recommendations for 2024 fieldwork.

Beaver River data compilation highlights:

• Historical assays up to 29.89 per cent U3O8 in trench chip samples;

• Historical drill intersections include 0.18 per cent U3O8 over 0.3 metre and 0.06 per cent U3O8 over 0.61 m;

• Recognized mineralized trend greater than one km in length;

• Prospective for polymetallic Beaverlodge-type uranium mineralization in east-west and northwest-southeast trending fault zones.

About the Beaver River project

The 1,455-hectare project overlies five Saskatchewan Mineral Deposit Index occurrences associated with Beaverlodge-type uranium mineralization.

The polymetallic VIC uranium-copper-nickel zone (SMDI 1551, 1553 and 1994) occurs along a northwest-southeast trending fault zone which has been traced for approximately one kilometre. Mineralization occurs in fracture filling of quartz veins hosting sulphides, graphite, and pitchblende and uraninite, ore minerals of uranium. Historical assays of channel samples in this zone yield up to 29.89 per cent U3O8 over 0.3 m, 18.09 per cent U3O8 over 0.2 m and 3.09 per cent U3O8 over 0.6 m (AF 74O05-0077). The southeast zone has been tested by nine shallow drill holes, averaging 80 m in length, returning assays of 0.18 per cent U3O8 over 0.3 m (AF74O05-0016) and 0.06 per cent U3O8 over 0.61 m along with anomalous copper, nickel, gold and silver (AF74O05-0051). The northwest portion of the VIC zone, identified as a priority for follow-up by Denison Mines, has yet to be tested by drilling.

Another significant mineral occurrence on the Beaver River property is the combined mining uranium showing (SMDI 1557) where northeast-trending pitchblende-bearing fractures have been mapped over a strike length of 137.2 m. Assays from trenches yielded 0.23 per cent U3O8 over 0.5 m and 1.77 per cent U3O8 over 0.9 m.

Since uranium mineralization on the Beaver River property was first noted in 1958 the property has seen a total of 1,708 m of diamond drilling in 26 shallow holes, with the last drilling completed in 1969 by Trans-Canada Resources. Other historical work includes prospecting, mapping, scintillometer surveys, trenching at the main showing areas, and airborne and ground-based geophysics.

An electromagnetic and magnetic VTEM survey flown by Geotech for Fission 3.0 in 2016 covered the eastern part of the Beaver River property. The survey outlined numerous areas of enhanced conductivity including areas of parallel conductors with offsets and termination points indicative of cross-structure, including a high-priority conductive trend located west of the combined SMDI occurrence. Follow-up prospecting and geochemical sampling was recommended to evaluate the source of the anomalies.

The last recorded assessment work on the project was by Fission 3.0 which successfully located and resampled historic trenches at the VIC occurrence.

Management of Eagle Plains and Xcite are encouraged by the tenor of mineralization displayed in trenches and shallow historical drilling at Beaver River and the potential for additional uranium mineralization both along strike and to depth within known mineralized areas, along trends identified by historical geophysical surveys, and on any additional targets generated by 2024 work.

Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property. The above results were taken directly from the SMDI descriptions and assessment reports 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. 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.

About the Beaverlodge uranium district

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 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.

Uranium City option agreement

Under the terms of the agreements, Xcite may earn an 80-per-cent interest in each of the Beaver River, Black Bay, Don Lake, Gulch, Larado and Smitty projects 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 EPL will manage the exploration programs under the direction of a joint technical committee. The projects are owned 100 per cent by EPL, 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. 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.

Qualified person

Technical information in this news release has been reviewed and approved by C.C. Downie, PGeo, a director and officer of Eagle Plains, hereby identified as the qualified person under National Instrument 43-101.

About Eagle Plains Resources Ltd.

Based in Cranbrook, B.C., Eagle Plains is a well-funded, 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-V (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 2010-2023 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 m 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.