Xcite Resources closes brokered offerings

Mr. Jean-Francois Meilleur reports XCITE RESOURCES ANNOUNCES CLOSING OF BROKERED LIFE AND FLOW-THROUGH OFFERINGS AND PROVIDES UPDATE ON CONCURRENT NON-BROKERED FINANCING Xcite Resources Inc. has closed the brokered components of its previously announced private placement offerings, conducted pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106, Prospectus Exemptions, and a concurrent flow-through offering, conducted under other prospectus exemptions. Brokered offerings The LIFE offering consisted of 9,166,667 units of the company at a price of 12 cents per unit for aggregate gross proceeds of $1.1-million. Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one common share at a price of 20 cents per common share at any time after Dec. 7, 2025, and until that date that is 48 months following the date of issuance (Oct. 8, 2029). The flow-through (FT) offering consisted of 3,105,000 flow-through common shares at a price of 16 cents per FT share for aggregate gross proceeds of $496,800. The brokered offerings were conducted on a best efforts basis by Canaccord Genuity Corp., acting as agent and sole bookrunner. The company paid a cash commission equal to 8 per cent of the gross proceeds raised under the brokered offerings and issued broker warrants equal to 8 per cent of the number of units and FT units sold. Under the LIFE offering, the company issued an aggregate of 733,733 broker warrants, each exercisable for one unit at a price of 12 cents per unit until that date that is 24 months following the date of issuance (Oct. 8, 2027). Under the flow-through offering, the company issued an aggregate of 248,400 broker warrants, each exercisable for one common share at a price of 16 cents per share until that date that is 24 months following the date of issuance (Oct. 8, 2027). The company also issued an aggregate of one million common shares at a price of 12 cents per share, as payment of a corporate finance fee of $120,000 under the brokered offerings. Concurrent non-brokered offerings As previously announced, the company is also conducting concurrent non-brokered private placements consisting of: A hard-dollar unit offering of up to 22.5 million units at a price of 12 cents per non-brokered unit, on the same terms as the LIFE offering; A flow-through share offering of up to 4,375,000 flow-through common shares at a price of 16 cents per non-brokered FT share, on the same terms as the flow-through offering. The company closed an initial tranche of the non-brokered offerings concurrently with the brokered offerings, representing aggregate gross proceeds of $757,999.92 (raising $725,999.92 through the issuance of 6,049,999 non-brokered units and $32,000 through the issuance of 200,000 non-brokered ft shares). The company expects to close a second tranche of the non-brokered offerings on or about the close of business on Oct. 8, 2025. As previously disclosed, the company may pay finders' fees of up to 8 per cent of the gross proceeds raised under the non-brokered offerings and may issue finders' warrants entitling the holders to purchase, in the aggregate, that number of securities (being non-brokered units in the case of the non-brokered unit offering and common shares in the case of the non-brokered FT offering) equal to 8 per cent of the number of securities sold under the applicable non-brokered offering, exercisable at an exercise price equal to the applicable offering price and exercisable for a period of 24 months following the applicable closing date. No finders' fees or finders' warrants were paid or issued in connection with the closing of the initial tranche of the non-brokered offerings. Use of proceeds The net proceeds from the brokered offerings and the non-brokered offerings will be used for exploration and development activities on the company's uranium projects, located in the Athabasca basin, and for general corporate purposes. The proceeds from the flow-through offering and the offering of non-brokered ft shares will be used to incur eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures as defined in the Income Tax Act (Canada). Securities law matters The units and the components thereof issued in the LIFE offering are free trading. All securities issued pursuant to the flow-through offering and the initial tranche of the non-brokered offerings, as well as the broker warrants and common shares issued as consideration for the corporate finance fee, are subject to a statutory hold period of four months and one day from the date of issuance, expiring Feb. 9, 2026, in accordance with National Instrument 45-102, Resale of Securities. 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.