Mr. Chuck Downie reports

EAGLE PLAINS' PARTNER XCITE URANIUM INC. COMMENCES DRILL PROGRAM AT THE DON LAKE URANIUM PROJECT, SASKATCHEWAN

Eagle Plains Resources Ltd. partner Xcite Uranium Inc. has commenced a diamond drilling program at Eagle Plains' 100-per-cent-owned Don Lake project in Saskatchewan. The 1,500-metre, 14-hole program will test for structurally controlled uranium mineralization defined by both historical work and results from the 2025/2026 field programs.

The Don Lake uranium project is located near Uranium City, Sask., and hosts near-surface uranium mineralization as well as a past-producing uranium mine. In December, 2023, Eagle Plains granted Xcite the exclusive right to earn up to an 80-per-cent interest in the Don Lake, Gulch, Lorado, Beaver River, Black Bay 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.

Don Lake project highlights:

• 12 SMDI uranium occurrences;
• Tenures cover past-producing Beta Gamma mine (SMDI 1394) and the Don Lake uranium deposit (SMDI 1393);
• Historical drilling at A zone returned values of 10.7 per cent U3O8 (triuranium octoxide) over 0.3 metre and 2.14 per cent U3O8 over 0.67 m (AF 74N10-0422);
• Trench samples up to 1.17 per cent U3O8 over 1.98 m (AF 74N10-0422).

"The last significant boots-on-the-ground fieldwork at the Don Lake property was almost 50 years ago," commented Chuck Downie, president and chief executive officer of Eagle Plains Resources. "For context, as we read about groundbreaking at the NexGen Rook project, 50 years ago, the only significant uranium discovery on the west side of the Athabasca basin was the Cluff Lake mine. The long history of exploration and historic mining in the Beaverlodge camp, combined with the current uranium price and forecasts for future uranium consumption, are perfect catalysts to refocus on new, near-surface discoveries on the northern side of the basin."

The approved 2026 budget for Don Lake is approximately $1.1-million, consisting of $200,000 in fieldwork (completed) and $900,000 allocated for drilling. All work is managed by TerraLogic Exploration Inc.

2026 Don Lake field program

Work in 2026 was focused on the central and eastern parts of the claims between the northeast-trending Boom Lake and Black Bay faults and the southeast-trending Townend fault. Fieldwork included soil sampling, prospecting, structural mapping and scintillometer surveying. Geophysical work included 682 line kilometres of airborne radiometric and magnetic completed by Precision GeoSurveys and 2.9 square kilometres of drone lidar surveying. In addition, Condor Consulting was contracted to complete interpretation and modelling of 72 line kilometres of VTEM (versatile time-domain electromagnetic) data collected in 2025.

A total of 282 soil samples were collected east of the Black Bay fault, a regional structure that is inferred to control uranium mineralization in the Beaverlodge camp. At the Midas target, geochemical results defined a number of highly anomalous uranium values interpreted to define structural splays from the main fault zone.

At the Don target area, a drone-based lidar survey was used to accurately locate historical trenches and workings. This was followed up with structural mapping, prospecting and sampling.

The radiometric survey defined several features of interest, including broad total uranium (equivalent uranium) anomalies over the historic A, B and C zone areas and Hawker trench area (the Don target) and the Midas target area. West of the Boom Lake fault, the survey located an additional radiometric anomaly coincident with the historic Beta Gamma mine.

Don Lake drill program

The 2026 drilling program will test for structurally controlled uranium mineralization west of the Black Bay fault, and north of the Townend fault, within the Don and Midas targets. The holes are aligned to target the intersection between northeast-trending and northwest-trending structures. In the Don target area, the drilling will test for extensions of high-grade uranium mineralization beneath the A, B and C zone trenches and the Hawker trenches. At the Midas target area, drilling will target the source of the coincident 2026 uranium geochemical anomaly and the strong anomaly defined by the 2026 radiometric survey.

The program will consist of 1,500 metres of diamond drilling, with 14 holes from six different pad locations. The 2026 drilling was contracted to Apex Drilling with crews based out of Uranium City.

About the Don Lake project

The road-accessible, 1671-hectare project overlies 12 SMDI occurrences associated with Beaverlodge-type basement-hosted uranium mineralization.

The property is transversed by the parallel, northeasterly striking Boom Lake and Black Bay fault, the latter of which is a regional structure that is inferred to control uranium mineralization in the Beaverlodge camp. In the southeastern corner of the property, Martin group sediments form an unconformable contact with older Tazin group gneisses, along the hangingwall of the Black Bay fault.

Uranium mineralization at Don Lake is structurally controlled, occurring as pitchblende hosted in fractures and veins associated with faults and shear zones and often associated with graphite and sulphides.

Three zones of radioactivity and uranium mineralization have been identified at the Don Lake A, B and C zones (SMDI 1393), which have been traced by historical drilling and trenching over approximately 525 metres.

Zone A is a vein system with a length of 213.4 m that crosses the trend of a northeast-striking lineament. Fourteen trenches and 20 shallow drill holes have been completed over the zone. Analytical results range from trace values up to 8.57 per cent U3O8 over 0.91 m and 2.86 per cent U3O8 over 0.61 m in trenching and 10.7 per cent U3O8 over 0.3 m and 2.14 per cent U3O8 over 0.67 m in drilling (AF74N10-0422).

Zone B, positioned to the northwest and interpreted to be a continuation of the mineralized trend observed at Zone A, has seen 12 shallow diamond drill holes and 20 trenches completed. Trench sampling reported grades as high as 1.17 per cent U3O8 over 1.98 m, with drilling results including 0.71 per cent U3O8 over 0.34 m and 0.64 per cent U3O8 over 0.3 m. The uranium mineralization occurs in a series of veins and fractures.

Zone C is positioned to the southeast of zones A and B and further defines the northwest-southeast mineralized trend. Six shallow drill holes and nine trenches have been completed at zone C, where trench samples returned from trace amounts up to 3.02 per cent U3O8 over 0.61 m and drilling intercepts included 0.80 per cent U3O8 over 0.3 m and 0.85 per cent U3O8 over 0.52 m.

At radioactive occurrence 50-CC3-10 and 50-CC3-44 (SMDI 1383) and the Midas copper-uranium showing (SMDI 1384), pitchblende occurs as in shears associated with the Crackingstone fault. Showings associated with the Townend fault uranium showings (SMDI 1385) host pitchblende in fracture splays and breccia zones. A 10-foot (3.1-metre) channel sample taken across a width of 1.0 foot (0.30 metre) assayed 1.63 per cent U3O8 (AF74N10-0056).

At the A.R. Hawker trench ARH-2 (SMDI 2116), structurally controlled uranium and sulphide mineralization is associated with net textured quartz veins. Grab samples from trenches and surface showings returned from trace values up to 1.2 per cent and 0.78 per cent U3O8 (AF74N10-0453).

Don Lake history

Anomalous radioactivity at Don Lake was first noted by the Geological Survey of Canada in 1948, with the first claims recorded later that year by the Eldorado Mining and Refining Company. In 1950, Aurora Yellowknife Mines identified 28 radioactive occurrences on the property, including the 50-CC3-10 and 50-CC3-44 (SMDI 1383), the Midas Cu-U showing (1384) and the Townend fault uranium showings (SMDI 1385). The same year, Eldorado completed three short diamond drill holes at the Don Lake zone A showing (SMDI 1393), with hole D-1 returning 2.0 per cent U3O8 over 0.6 m from 49.7 to 50.3 m (AF 74N10-0345).

Between 1948 and 1968, various operators conducted work within the current Don Lake tenure, including prospecting, scintillometer surveying, trenching and limited diamond drilling. Most of this work is poorly documented. The next significant work was by Matrix Exploration in 1969, which carried out prospecting, scintillometer surveying, trenching and 1,200 m of diamond drilling in 37 holes at the Don Lake A, B and C zones. Trenching in the A zone returned from trace values up to 8.57 per cent U3O8 over 0.91 m and 2.86 per cent U3O8 over 0.61 m. The best drill intercept was from zone A, where hole 23 returned 10.7 per cent U3O8 over 0.3 m (AF 74N10-0422).

Between 1971 and 1978, August Hawker, Matrix Exploration and Kodiak Developments carried out prospecting, scintillometer surveys, trenching and ground geophysics on various areas of the current Don Lake tenure.

Parts of the property were covered by airborne geophysics flown by Greater Lenora Resources Corp. in 1997 (electromagnetic) and by the Geological Survey of Canada and Saskatchewan Energy and Mines, which contracted Sander Geophysics to obtain gamma-ray spectrometric, aeromagnetic and VLF-EM (very-low-frequency/electromagnetic) data in 2000, the last significant work on the property.

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. Some of the above results were taken directly from the SMDI descriptions and assessment reports (AF) 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 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 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 Venture Exchange (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 $115-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 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.