Mr. Chuck Downie reports

EAGLE PLAINS AND XCITE AMEND URANIUM CITY OPTION AGREEMENTS

Eagle Plains Resources Ltd. and Xcite Resources Inc. have entered into six amending agreements dated as of June 30, 2025, relating to Xcite's Athabasca uranium property portfolio. The amending agreements have the effect of postponing the Dec. 31, 2024, cash payments ($60,000 in aggregate) and work commitments ($300,000 in aggregate) under the agreements to Sept. 30, 2025 (see Eagle Plains' news release dated Dec. 14, 2023).

As consideration for entering into the amending agreements, Xcite will issue an aggregate of 150,000 Xcite common shares to Eagle Plains. When issued, in accordance with applicable securities laws, the shares will be subject to a four-month hold period.

The six projects are included in an exploration agreement between Eagle Plains and the Ya'thi Nene Lands and Resource Office (YNLR), representing the Athabasca Denesuline First Nations of Hatchet Lake, Black Lake and Fond du Lac, the Northern Hamlet of Stony Rapids, and the Northern Settlements of Uranium City, Wollaston Lake and Camsell Portage (see Eagle Plains' news release dated Nov. 26, 2024). The agreement supports mineral exploration in Nuhenene, the traditional territory of the Athabasca First Nations in Treaty 8 and Treaty 10 territories, and recognizes Eagle Plains' commitment to building a mutually beneficial relationship with the Athabasca communities.

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 historical 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 (an ore mineral of uranium).

Uranium City area project summaries

Beaver River (1,455 hectares (ha)):

• Four SMDI (Saskatchewan Mineral Deposit Index) occurrences;
• Grab samples from VIC U-Cu-Ni (uranium-copper-nickel) occurrence (SMDI 1553) returned from trace values up to 27.62 per cent U3O8, 36.30 per cent U3O8 and 29.70 per cent U3O8 (AF 74O05-0051);
• Mineralized zone approximately 1,097 metres (m) in length (AF 74O05-0066)'
• Rock chip samples at SMDI 1994, 800 m southeast of VIC occurrence, returned U3O8 values of 29.89 per cent over 29.2 centimetres (cm), 18.09 per cent over 15.2 cm and 3.09 per cent over 60.9 cm (AF 74O05-0077).

Black Bay (1,114 ha):

• Six SMDI occurrences;
• Black Bay uranium mine (SMDI 1296) discovered in 1953; mineralization developed in three main shoots discovered along a strike length of approximately 152.4 m (500 feet) and a downdip distance of 731.5 m (2,400 feet); 1355 tons produced at 0.17 per cent U3O8;
• Grab samples from drill core at Bluegrass U zone (SMDI 1295), located 600 m northwest of Black Bay mine, returned 16.74 per cent U3O8and 9.64 per cent U3O8 at a depth of 12.8 m.

Don Lake (524 ha):

• Six SMDI occurrences;
• Discovered in 1950 by Eldorado Mining and Refining;
• Drilling at Don Lake A, B and C zones (SMDI 1393) returned values of 10.7 per cent U3O8 over 0.3 m in DDH (diamond drill hole) No. 23 and 2.14 per cent U3O8 over 0.67 m in DDH No.6 from a sheared and brecciated granite (AF 74N10-0422);
• A zone mineralization continuous over approximately 213 m.

Gulch (1,996 ha):

• 20 kilometres (km) southwest of Uranium City;
• Four SMDI occurrences;
• Uranium mineralization associated with regional Black Bay structure;
• 1953 to 1957 underground development at Gulch uranium mine (SMDI 1221) outlined 11 mineralized shoots;
• 1954 trenching at Lucy (SMDI 1223) returned values from below detection to up to 0.37 per cent U3O8 over three m;
• Duvex Oils and Mines radioactive zones (SMDI 1224) grab samples returned values from trace up to 2.23 per cent U3O8;
• Last documented work in 2015 concluded that anomalous U mineralization was structurally controlled similar to the past-producing Gulch uranium mine and further work, including deeper drilling, was recommended for the property.

Larado (643 ha):

• 10 km south of Uranium City along Saskatchewan Provincial Highway 962;
• Three SMDI occurrences;
• Larado uranium mine (SMDI 1228) saw extensive underground development and production from 1953 to 1960; structurally controlled uranium mineralization associated with graphite and pyrite;
• Pitchie uranium zone (SMDI 1229) is located 850 m southwest of the Larado mine; main zone uranium mineralization exposed on surface for 91 m; historical work includes approximately 50 diamond drill holes, the majority of which were less than 100 m in length.

Smitty (849 ha):

• Two SMDI occurrences;
• Uranium mineralization first discovered in 1950;
• Underground development started in 1952 with a shaft and a number of sublevels;
• In 1954, the Smitty became the first privately owned uranium producer in Canada with mineralized material shipped to the nearby Eldorado mill.

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 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 fourth-oldest listed issuer on the TSX Venture Exchange (and the only one of these four 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 July 2, 2025, Eagle Royalties announced that it had entered into a definitive amalgamation agreement with Summit Royalty Corp. pursuant to which Summit will go public by way of a reverse takeover (RTO) of Eagle Royalties. Eagle Royalties shareholders will receive a consideration of 18 cents per Eagle Royalties share, representing a premium of 47 per cent based on Eagle Royalties' closing price on June 30, 2025, on the Canadian Securities Exchange. Completion of the RTO is subject to a number of conditions, including, but not limited to, exchange acceptance and required shareholder approvals of Eagle Resources and Summit. There can be no assurance that the RTO will be completed as proposed or at all.

On Oct. 2, 2024, Eagle Plains announced 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. (OP) 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 $39-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.