Mr. C.C. Downie reports

EAGLE PLAINS AND XCITE DEFINE PROSPECTIVE GEOPHYSICAL TRENDS AT BLACK BAY, LORADO AND GULCH URANIUM PROJECTS, SK.

Eagle Plains Resources Ltd. and partner Xcite Uranium Inc. have released initial geophysical results from a 2025 VTEM (versatile time-domain electromagnetic) Plus airborne geophysical survey carried out by Geotech Airborne Geophysical Surveys that covered the Black Bay (1,114 hectares), Lorado (643 hectares) and Gulch (1,996 hectares) uranium projects. Advanced geophysical interpretation and modelling by Condor Consulting Inc. is nearing completion and will aid in prioritizing areas for summer fieldwork and targeting drill holes in Q3/Q4 2026.

At the Gulch project, the regional Black Bay fault, one of the main controlling structures for uranium mineralization in the Beaverlodge camp, is clearly defined along a break between anomalous high conductivity to the east and low conductivity to the west. The calculated vertical gradient (CVG) of the magnetic data defines the Black fault as an area with a high magnetic trend with offsets and splays possibly indicative of a favourable structural environment. A similar correlation is shown at the Lorado project, with the Lorado mine Pitchie trend occurring along a coincident conductivity and magnetic high. Uranium mineralization at the Black Bay project occurs along the flanks of a pronounced magnetic high.

The 2025 VTEM Plus airborne geophysical survey covered the six uranium projects and the survey data were merged with publicly available geophysical data collected by previous operators.

The Black Bay, Lorado and Gulch uranium projects are located near Uranium City, Sask., and host near-surface uranium mineralization as well as past-producing uranium mines. 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 54 Saskatchewan Mineral Deposit Index (SMDI) occurrences and five past-producing uranium mines and are 100 per cent owned by Eagle Plains. The projects are prospective for Beaverlodge-style, basement-hosted and unconformity-hosted uranium mineralization.

Project highlights:

• Black Bay:
  • Seven SMDI mineral occurrences;
  • Host to the past-producing Black Bay uranium mine;
  • Grab samples from historical drill core at 12.8 metres depth returned 16.74 per cent and 9.64 per cent U3O8 (triuranium octoxide);
• Lorado:
  • Three SMDI uranium occurrences;
  • Host to the past-producing Lorado uranium mine;
  • Drilling at Pitche zone returned 0.79 per cent U3O8 over 1.88 metres;
  • Structurally controlled uranium mineralization associated with graphite and pyrite;
• Gulch:
  • Four SMDI uranium occurrences;
  • Host to the past-producing Gulch uranium mine;
  • Uranium mineralization is associated with regional Black Bay structure;
  • Trenching returned up to 0.37 per cent U3O8 over three metres;
  • Prospective for both polymetallic Beaverlodge-type and unconformity-related uranium mineralization.

The Uranium City projects are included in a formal 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.

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 or 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, Lorado 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.

The Uranium City area projects have potential for both Beaverlodge-style and basement-hosted uranium mineralization. Key features about the projects include:

• Outcropping, largely northeast-southwest-trending tectonic fabric;
• Electromagnetic conductors that have been confirmed as graphite-rich pelites within or near major faults;
• Anomalous uranium geochemistry and radioactivity associated with graphitic faults;
• Compelling property-wide evidence for hydrothermal alteration;
• Uranium mineralization with corresponding elevations in pathfinder elements.

These factors, along with the presence of a substantial uranium endowment in both basement rocks and Athabasca basin cover rocks, indicate excellent potential for economic uranium mineralization within the project. The mineralization, structures and alteration identified on the claims to date are strong indicators of the possibility of a nearby source for the uranium mineralization.

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, Lorado 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, Xcite 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 NSR (net smelter return) royalty on the each of the properties.

Qualified persons

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 fourth-oldest listed issuer on the TSX-V (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 $110-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, on Oct. 30, 2025, Eagle Royalties shareholders overwhelmingly approved a three-cornered amalgamation that resulted in a reverse takeover of Eagle Royalties by Summit Royalty Corp. The resulting issuer is named Summit Royalties Ltd. and trades under the symbol SUM on the TSX-V with a market capitalization of over $100-million.

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. 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 metal 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 2025 on Eagle Plains-related projects exceed $41-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, Eagle Plains' 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.