Mr. Mark Fields reports

EAGLE PLAINS PARTNER REFINED ENERGY FILES 43-101 REPORT ON DUFFERIN PROJECT WITH RECOMMENDATIONS FOR DRILL PROGRAM AT DUFFERIN WEST TARGETS

Eagle Plains Resources Ltd. partner Refined Energy Corp. has filed a National Instrument 43-101, Standards of Disclosure for Mineral Projects, technical report for the Dufferin project in the Athabasca basin. A drill program consisting of a minimum of four holes and 1,250 metres is recommended for the Dufferin West targets at a budget of $2,062,500. The technical report is available under Refined's SEDAR+ profile.

The highest-priority target area is represented by a conductor associated with the interpreted trace of the Virgin River shear zone. It is a strong conductor associated with a distinct magnetic transition. This conductor is interpreted to extend from the unconformity at the sandstone contact well into the underlying basement rocks. The second conductor is also interpreted to extend from the unconformity to a lesser distance into the underlying basement rocks. Neither target has ever been drill tested and the depth of sandstone cover above the unconformity is estimated to be relatively shallow at less than 200 metres. Uranium deposits in the Athabasca basin are often located at or underneath the unconformity contact between the overlying sandstone and the basement rocks.

Mark Fields, chief executive officer of the company, stated: "It is exciting to be planning an initial drill program for Refined Energy in the Athabasca basin, renowned for its history of exploration, discovery and development of high-value uranium mines. The Dufferin project is located in proximity to northeast-southwest-trending faults which are known to host uranium mineralization. An example approximately 18 kilometres north of Dufferin West on the same Virgin River shear zone is Cameco's Centennial deposit, where historic drill hole VR-031W3 intersected 8.78 per cent U3O8 [triuranium octoxide] over 33.9 metres (SMAF 74G12-0061)1. Our work is focused on the discovery of potential high-grade deposits that characterize the Athabasca basin."

Refined holds the exclusive option to acquire up to a 75-per-cent interest in the 10,140-hectare Dufferin project, which is made up of the Dufferin North and Dufferin West properties.

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 indicates uranium mineralization remobilization may play an important role in this region of the Athabasca basin. Geophysical EM (electromagnetic) 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 (Saskatchewan Mineral Deposit Index) 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 or 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 issuances 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 NI 43-101.

Update on Donna property option

Eagle Plains reports that it has received formal notice from option partner Annacotty Resources Corp., a private British Columbia company, that it has terminated its option on Eagle Plains' 100-per-cent-owned Donna property, located 70 kilometres east of Vernon, B.C. The Donna property is road accessible and located within rocks of the prolific Quesnel terrane, host to many major British Columbia porphyry deposits such as Highland Valley, Gibraltar, Mount Polley, Mount Milligan, Copper Mountain and others. Despite the rich endowment of mineralization in these rocks, the Donna area has seen relatively little exploration activity by industry or government. Placer gold claims overlie many of the creeks draining the Donna property. The project area is considered to hold good potential to host intrusive-related gold mineralization. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Donna property.

Since acquiring the property, Eagle Plains has carried out annual systematic exploration, including airborne radiometric and magnetic surveys, prospecting, geological mapping, soil and silt geochemical sampling, and 1,152 metres (3,779 feet) of diamond drilling in 12 holes. The property boasts a robust GIS (geographic information system) database consisting of rock, soil, silt, till, trench and drill hole results within and adjacent the property area. In July, 2020, Eagle Plains completed the purchase of historical Crown grants covering workings documented at the St. Paul and Morgan mines (British Columbia Minfile 082LSE010), which include shafts, tunnels, winzes, and an unknown number of open cuts and trenches, as well as a tram line and stamp mill that operated in the early 1900s.

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 $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 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 $39-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.