Mr. Jean-Francois Meilleur reports

XCITE EXPAND URANIUM CITY URANIUM PROJECTS

Xcite Resources Inc. has included seven dispositions recently acquired by staking in the Uranium City area, Northern Saskatchewan, by Eagle Plain. The dispositions fall within an area of mutual interest, and, as such, will become included in the Don Lake, Smitty and Beaver River projects, respectively. The Don Lake-Smitty projects are contiguous with an additional 2,649 hectares of claims bringing the total area to 4,055 hectares. The Beaver River project has added 1,578 hectares, for a total of 3,033 hectares.

The Uranium City projects are included in a formal exploration agreement between Eagle Plains and the Ya'thi Nene Lands and Resource Office, 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.

Don Lake-Smitty

The new tenures at the Don Lake-Smitty area cover 14 SMDI uranium occurrences, including the past-producing Beta Gamma mine and two mineralized zones that have been bulk sampled. The more significant occurrences are described below.

Mineralization at Don Lake-Smitty is described as Beaverlodge type, with 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).

The Beta Gamma mine (SMDI 1394) was first staked in 1948 to cover the prospective Heron shear zone. Trenching and shallow diamond drilling located two mineralized zones approximately 75 metres apart. The No. 1 zone was defined over a distance of approximately 244 m with a width averaging one m, with the No. 2 zone averaging about one m in width over a distance of 335 m (AF 74N10-081). Between 1953 and 1955, underground development, including a three compartment shaft between the No. 1 and No. 2 zones, was completed. The mine was subsequently closed in July, 1955, but was reopened in 1958 and 1959, with approximately 150 tons of mineralized material at a reported grade of 0.22 per cent to 0.77 per cent U3O8 shipped to the Lorado mill (AF 74N10-0161). Resampling of historical trenches by Pelican Minerals Inc. in 2013 returned grab samples from trace amounts up to 0.77 per cent triuranium octoxide (sample 085126) (MAW00451).

In 1968, SMDI 1476 Tobe mine uranium occurrence 26-1 was discovered and tested by 11 short diamond drill holes totalling 178 metres, with the best intercept of 0.07 per cent U3O8 over 0.9 m from 5.8 to 6.7 m in DDH 26-107 (AF 74N10-0161). Later in 1968, a 54-kilogram bulk sample of surface vein material was shipped to the Eldorado nuclear mill with an estimated grade of 60 per cent U3O8 (SMDI 1476).

SMDI 1399 consolidated Beta Gamma mine uranium occurrences 6E and 6W, and uranium zone No. 5, discovered in the early 1950s, are occurrences of pitchblende in vertical, narrow breccia zones. In 1959, a 10-ton bulk sample of selected mineralized material from the occurrence 6E was shipped to the Lorado mill (SMDI 1399).

The West uranium showing SMDI 1398 was discovered by Basalt Uranium and Exploration in 1953. The fracture-hosted pitchblende mineralization is exposed on surface for approximately 61 m. In 1953 and 1954, five diamond drill holes were completed on the zone, with the best intercept of 3.2 per cent U3O8 over 37 centimetres (AF 74N10-0054). In 1970, Saco Mining located and trenched a second showing in the area. Chip samples from the East zone trenches included 4.3 per cent U3O8 over 25.4 cm and 1.3 per cent U3O8 over 40.7 cm (AF 74N10-0410).

The SMDI 2113 radiometric anomaly No. 86 area was first explored in 1969, but mineralization was not discovered until 1975 by Fosago Exploration, which undertook scintillometer prospecting, geological mapping, radiometric surveying, trenching, sampling, rotary drilling and percussion drilling (AF 74N10-0472). Diamond drilling results were inconclusive, but a 50-metre-long, 1.5-metre-wide, three-metre-deep trench exposed pitchblende mineralization in shears and breccia zones. Resampling of the trenches by Pelican Minerals in 2013 returned grab samples from trace amounts up to 1.89 per cent U3O8 (sample 085254) and 1.46 per cent U3O8 (sample 85255) (MAW00451).

SMDI 1411 Aurora Yellowknife uranium showing 50-CC2-146

The showing was located in 1950 during a geological investigation. Ten grab samples taken at equal intervals along a 17-metre-length fracture containing erratically disseminated pitchblende returned from 0.01 per cent to 18.20 per cent U3O8 (AF 74N10-0056).

Permitting update

Eagle Plains has made applications with the Saskatchewan Ministry of Environment for Class 2 exploration permits for each of the Uranium City projects. The permits include provisions for ground-based geophysics, temporary work camps and diamond drilling.

Geophysics update

The final deliverables from the 2025 Geotech airborne geophysical surveys VTEM Plus survey have been received. A total of 697 line kilometres of survey was completed. The data have been sent to Condor Consulting Inc. for modelling and interpretation, and the results will be used to refine drill targets and to identify areas for ground truthing.

Athabasca basin history and mineralization

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.

Rock grab samples and bulk samples are selective samples by nature and, as such, are not necessarily representative of the mineralization hosted across the property. Some of 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. 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.

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 Xcite Resources Inc.

Xcite Resources is an early-stage exploration company working to become a leader in the discovery and development of energy transition metals. The uranium project portfolio in the Athabasca basin will propel the company's efforts to achieve a high-grade discovery based on new geological modelling and exploration thesis in a past-producing uranium camp dormant for 40 years. The Uranium City project portfolio constitutes the Don Lake, Beaver River, Smitty, Lorado, Gulch and Black Bay properties.

We seek Safe Harbor.