Mr. C.C. Downie reports

EAGLE PLAINS PARTNER REFINED ENERGY IDENTIFIES URANIUM TARGETS AT DUFFERIN NORTH URANIUM PROPERTY, SASKATCHEWAN

Eagle Plains Resources Ltd.'s partner Refined Energy Corp. has completed the review and interpretation of historical geophysical survey data at the Dufferin North property in the Athabasca basin. Four priority target areas were identified by Condor Consulting Inc. using archived electromagnetic, magnetic and gravity data. The data interpretation is part of the 2024 work program on the Dufferin project as described in the news release of Oct. 7, 2024. The property lies adjacent to and within the Virgin River shear zone, approximately 18 kilometres along strike to the south-southwest from the Centennial uranium deposit of Cameco Corp.

Four target zones were identified by Condor using an airborne gravity survey as the primary data source, complemented by regional magnetic data. A series of gravity lows, potentially indicative of alteration, coincide with a north-northeast-trending magnetic low and are overlain by several conductor traces from historical EM surveys. Geochemical anomalies and a lithogeochemical halo are also present on the property.

In the fall of 2024, a modern MobileMT airborne geophysical survey was flown by Expert Geophysics Ltd. to complement the historical data sets. The contractor completed 123 line kilometres over two of the four target zones before needing to abandon the survey due to adverse weather. Interpretation of the recent survey results in conjunction with the historical data is under way.

Refined holds the exclusive option to acquire an up-to-75-per-cent interest in the 10,140-hectare Dufferin project, which is made up of the North and West Dufferin properties, located approximately 18 kilometres from Cameco's Centennial deposit, where historic drill hole VR-031W3 intersected 8.78 per cent triuranium octoxide over 33.9 metres (SMAF 74G12-0061).

Mark Fields, chief executive officer of Refined, stated: "We are very encouraged to receive positive results from this interpretation of the historical work at Dufferin North. The data will allow us to focus future work on these prospective targets. Simultaneously, we are advancing our drill program plans for Dufferin West, located 40 km south of Dufferin North. Our work is focused on the discovery of potential high-grade deposits that characterize the Athabasca basin."

The Dufferin project is located on or in close proximity to the known trace of the Virgin River shear zone and related splays, which are key structures for potential uranium mineralization.

The project is prospective for unconformity- and basement-hosted uranium mineralization in proximity to the Virgin River shear zone. Faulted basement contacts and brittlely reactivated structures are the primary locations for mineralization in the area covered by the Dufferin project. The relatively high concentration of secondary uranium-bearing minerals demonstrated by prior exploration work on the Dufferin project may also indicate uranium mineralization. Remobilization may play an important role in this region of the Athabasca basin. Geophysical EM and magnetic anomalies demonstrated by prior exploration work on the Dufferin project are supported by previous 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 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.

Dufferin option agreement details

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 has been 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.

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-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.

On Oct. 2, 2024, Eagle Plains announced announce the formation of a separate division within the company that will give Eagle Plains' shareholders direct exposure to strategic opportunities in Canadian green energy transition. As a wholly owned subsidiary of Eagle Plains, Osprey Power Inc. will focus on identifying and advancing innovative and diverse clean energy project portfolios in target markets throughout Canada, with an initial focus on 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 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, its 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.