Mr. Jean-Francois Meilleur reports

XCITE URANIUM COMMENCES DRILL PROGRAM AT THE DON LAKE URANIUM PROJECT, SASKATCHEWAN

Xcite Uranium Inc. has begun the first diamond drilling program at the 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. The Uranium City projects are prospective for Beaverlodge-style, basement-hosted and unconformity-hosted uranium mineralization.

Don Lake project highlights:

• 12 SMDI (Saskatchewan Mineral Deposit Index) 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).

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.

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.

The technical content disclosed in this news release was reviewed and approved by Lorne M. Warner, PGeo, an independent qualified person as per NI 43-101, Standards of Disclosure for Mineral Projects.

We seek Safe Harbor.