Mr. Charles Downie reports

EAGLE PLAINS AND YA'THI NENE LANDS AND RESOURCES ADD GEORGE LAKE PROJECT TO EXPLORATION AGREEMENT

Eagle Plains Resources Ltd. 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, have recently added the George Lake project to the exploration agreement between Eagle Plains and YNLR (see 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. Guided by YNLR's vision for economic growth, environmental stewardship and cultural preservation, the agreement promotes employment, training opportunities and respect for local practices, aligning with Eagle Plains' dedication to responsible exploration practices.

The agreement enables active participation from basin communities through opportunities for employment and training, contracting with northern businesses, contributions to YNLR's community trust, and harvester compensation. Regular communication between Eagle Plains and YNLR will directly inform exploration permitting, environmental monitoring and program implementation, with YNLR's community land technicians providing on-site oversight and assessment of exploration activities.

Eagle Plains has been active in the Saskatchewan mineral exploration since 2006, currently holding a 100-per-cent interest in 48 individual projects comprising a total of approximately 110,797 hectares of mineral dispositions covering uranium, base metal, critical metal and gold targets. Eagle Plains also holds a 25-per-cent interest in the 12,951-hectare Olson gold project. The projects range from early-stage grassroots to drill ready.

About the George Lake project

The fully permitted George Lake project is located 280 kilometres north of La Ronge, Sask. The project has excellent access and is located on an all-weather spur road along Saskatchewan Highway 905. Eagle Plains holds a 100-per-cent interest in claims comprising the property, subject to a 2-per-cent royalty held in favour of Eagle Royalties Ltd.

George Lake project highlights:

• 10,050 metres of drilling completed in 90 holes, with the best drill holes returning 57.9 metres grading 3.42 per cent zinc (including 9.1 metres grading 7.1 per cent zinc) and 47.8 metres grading 4.5 per cent zinc and 0.61 per cent lead (including 8.0 metres grading 7.0 per cent zinc and 1.4 per cent lead) (SMAF 64E05-0033);
• George Lake deposit dimensions are approximately 35 metres thick by 150 metres in width by 800 metres in length, open to depth and along strike;
• Potential for discovery of extensions of existing mineralization and other discrete mineralization elsewhere on the property.

George Lake geophysics summary

The George Lake property was covered by the 2022 eastern Wollaston domain electromagnetic and magnetic high-resolution geophysical survey, flown by the government of Saskatchewan. The 200-metre-line-spaced survey was carried out by Geotech Canada Inc. utilizing Geotech's VTEM (versatile time-domain electromagnetic) Max time-domain electromagnetic (TDEM) system. Results from the survey indicate a strong southwest-northeast-trending EM conductor that crosses the entire property. The conductor is coincident with the George Lake deposit mineralization and has been only partially drill tested. The survey also located weaker parallel conductor trends north and south of the main conductor, with the northern conductor coincident with the Spence Lake mineralized zone.

In 2024, Eagle Plains contracted EarthEx Geophysical Solutions to undertake detailed interpretation of the VTEM survey data to assess the electromagnetic and magnetic response of the George Lake deposit and identify new exploration targets. EarthEx successfully identified 17 target zones, three of which (TZ3, TZ10 and TZ15) have been prioritized for follow-up investigation. A magnetic inversion component was included as part of the modelling portion of the program, which revealed that the contact that hosts the George Lake deposit is near vertical and continuous to depth, providing valuable information for drill targeting.

George Lake exploration target

The results from the 2024 geophysical modelling and the results from historical drilling, including the continuous nature of the mineralization, the reported grades of the mineralization, shallow drilling depths and examination of historical drill core, indicate the potential to expand the size of the known George Lake deposit, with a conceptual exploration target containing two million tonnes to five million tonnes with grades of 3 per cent to 5 per cent zinc and 0.5 per cent to 1.5 per cent lead.

The potential quantity and grade of the George Lake mineralization is conceptual in nature, and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the target being delineated as a mineral resource.

The property overlies eight Saskatchewan Mineral Deposit Index (SMDI) occurrences, including the George Lake zinc deposit. Zinc and lead mineralized boulders were discovered in the George Lake area in 1965, which led Falconbridge Nickel Mines to acquire a large land position in the area, resulting in a 34-hole diamond drill program in 1969 to 1970, which defined the George Lake deposit. The deposit contains sedex-style mineralization (sedimentary exhalative), with a higher-grade core of greater than 5 per cent zinc.

Some of the above results were taken directly from the SMDI 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.

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 $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, 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 Royalties 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. 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.