Mr. Mark Fields reports

REFINED METALS CORP. AND EAGLE PLAINS RESOURCES ENTER INTO AN OPTION AGREEMENT FOR THE DUFFERIN PROJECT IN THE ATHABASCA BASIN

Refined Metals Corp. has entered into an option agreement with Eagle Plains Resources Ltd. (the vendor) dated Feb. 26, 2024, pursuant to which the company has been granted the right, at its option, to acquire up to a 75-per-cent interest in the Dufferin project, a prospective uranium property located in the Athabasca basin, Northern Saskatchewan, Canada. To exercise the option, the company must make a series of cash payments and share issuances to the vendor and finance exploration expenditures on the project. These payments, share issuance and expenditures are separated into two phases, with the first phase entitling the company to acquire a 60-per-cent interest in the project by paying an aggregate of $275,000 to the vendor, issuing an aggregate of one million common shares to the vendor and financing an aggregate of $2.6-million in exploration expenditures on the project, in each case 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 to the vendor, issuing an additional 500,000 shares and financing an additional $3-million in exploration expenditures on the project, in each case by Dec. 31, 2028.

Mark Fields, chief executive officer of the company, stated: "We are excited to add the Dufferin project to our project portfolio and for 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."

C.C. (Chuck) Downie, PGeo, president and CEO of Eagle Plains, commented on the transaction: "We are pleased to be able to partner with Refined on the 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, uranium-prospective project with Refined."

The Dufferin project

The project is made up of the North and West properties, both of which are located approximately 18 kilometres from Cameco's Centennial deposit (historic drill hole VR-031W3 intersected 8.78 per cent U3O8 (triuranium octoxide) over 33.9 metres).

These properties are prospective for unconformity- and basement-hosted uranium mineralization in proximity to northeast-southwest-trending faults. 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 at the project demonstrated by prior exploration work on the project may also indicate uranium mineralization remobilization may play an important role in this region of the Athabasca basin. Geophysical electromagnetic (EM) and magnetic anomalies demonstrated by prior exploration work on the 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.

The vendor and the company 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.

Option agreement

As noted above, pursuant to the terms of the option agreement, the company has the option to acquire a 60-per-cent interest in the project from the vendor (first option) in consideration for completing a series of cash payments and share issuances and financing exploration expenditures on the project, in accordance with the attached schedule.

Following the company's exercise of the first option, the company has the option to acquire an additional 15-per-cent interest in the project from the vendor (second option) for a total interest in the project of 75 per cent in consideration for completing a further series of cash payments and share issuances and financing exploration expenditures on the project, in accordance with the attached schedule.

The vendor will serve as operator of the project during the first option period, following which, in the event that the company exercises the first option, the company will become the operator of the project. Pursuant to the option agreement, the company has the right to accelerate all cash payments, share issuances and exploration expenditures in order to accelerate its exercise of the option.

If the first option or the second option is exercised, a 2-per-cent smelter return royalty will be granted to the vendor, 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 the vendor will form a joint venture which will administer the continued exploration and operation of the project.

All shares issued to the vendor pursuant to the option agreement will be subject to a statutory four-month hold period pursuant to applicable Canadian securities laws. The number of shares issuable to the vendor pursuant to the option agreement will be adjusted in the event that the company undertakes certain capital reorganization or corporate transactions.

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 the vendor, has reviewed and approved the scientific and technical disclosure in this news release.

About Refined Metals Corp.

Refined Metals is a junior mining company dedicated to identifying, evaluating and acquiring interests in mineral properties in North America. In addition to the Dufferin project, Refined is also exploring a lithium property, the Simard property, located in the Lac Simard region of Quebec. The Simard property covers 5,551 hectares and has over 96 claim blocks. The company is also party to an option agreement in respect of the Horizon South property, a prospective, exploration-stage lithium property located in Tonopah, Nev. The company continues to review other mineral properties in North America for possible acquisition in the future.

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