Eagle Plains Partner Xcite Resources Commences Airborne Geophysical Surveys at Uranium City Area Projects, Saskatchewan

The most recent news release, dated 2025-11-05, announces that Eagle Plains' partner, Xcite Resources Inc., has commenced airborne geophysical surveys at the jointly held Uranium City Area Projects in Saskatchewan. Survey equipment has been mobilized to conduct a 697 line-kilometer helicopter-borne geophysical survey using the VTEM Plus system across six uranium projects: Beaver River, Black Bay, Don Lake, Gulch, Lorado, and Smitty.

Under the option agreement, Xcite Resources may earn an 80% interest in each of the six projects by completing CDN$3,200,000 in exploration expenditures per project (aggregate CDN$19,200,000), issuing 750,000 common shares of Xcite per project (aggregate 4,500,000 shares), and making cash payments to Eagle Plains of CDN$55,000 per project (aggregate CDN$330,000) over four years. Upon fulfillment of these terms, an 80/20 joint venture will be formed, with Eagle Plains retaining a carried interest until the delivery of a bankable feasibility study. Eagle Plains also retains an underlying 2% Net Smelter Royalty (NSR) on each of the properties, which may be reduced to 1% upon payment of $2 million.

The commencement of airborne geophysical surveys at the Uranium City Area Projects is a positive development for Eagle Plains, particularly in the context of the historical progression of this particular partnership.

Historical Context: * 2025-01-03: Xcite postponed aggregate cash payments of $60,000 and work commitments of $300,000 (originally due Dec 31, 2024) to June 30, 2025. Xcite issued 600,000 shares to Eagle Plains. * 2025-07-03: Xcite again amended the agreements, further postponing the same aggregate cash payments ($60,000) and work commitments ($300,000) to September 30, 2025, and issued 150,000 shares for these amendments. * 2025-09-17: Xcite announced a financing, and within that news, it was stated that amending agreements with Eagle Plains were signed, postponing total work commitments of $1,200,000 to December 31, 2025, for the Athabasca uranium property portfolio.

Impact Assessment: The commencement of the airborne geophysical survey, although a fundamental step in exploration, comes after repeated postponements of work commitments and cash payments from Xcite. The fact that Xcite is now mobilizing and executing a substantial 697 line-kilometer VTEM Plus survey indicates that they are finally making tangible progress on the required exploration expenditures. This is a relief and a positive sign that the partnership is moving forward after previous delays.

For Eagle Plains, as a project generator, having its partners actively advance projects is key to its business model. The geophysical survey is a critical phase for delineating potential drill targets and derisking the projects, which could lead to future discoveries. This activity supports the value of Eagle Plains' retained interest (carried 20% until bankable feasibility) and its 2% NSR on these projects.

However, given the previous pattern of delays, this news, while positive, is largely about fulfilling long-standing expectations rather than exceeding them. It's a return to the anticipated work program rather than a significant new initiative or discovery. Therefore, the impact is considered "Routine - Positive" as it confirms forward momentum, but doesn't materially change the overall outlook beyond what was previously expected (albeit delayed).

Eagle Plains Resources Ltd. (EPL) operates as a project generator in the mineral exploration sector, primarily in British Columbia, Saskatchewan, and Yukon. Its core business involves acquiring grassroots exploration properties, conducting initial-stage exploration to add value, and then optioning these properties to third-party partners. This model allows EPL to maintain exposure to exploration upside through equity, royalties, and carried interests, while minimizing its own direct exploration expenditures.

EPL holds a diversified portfolio of critical and precious metal projects including copper-gold, gold, silver-lead-zinc, uranium, and graphite. The company does not currently have a single "flagship project" in the traditional sense of a high-resource or advanced development project. Instead, its strength lies in its extensive portfolio and its ability to continually option out properties to funding partners.

Key projects mentioned in the news releases, either owned 100% or optioned to partners, include: * Uranium City Area Projects (Saskatchewan): (Beaver River, Black Bay, Don Lake, Gulch, Lorado, Smitty) – Optioned to Xcite Resources Inc., targeting Beaverlodge-style uranium. EPL retains a 20% carried interest until bankable feasibility and a 2% NSR. * Dufferin Uranium Property (Saskatchewan): (Dufferin North, Dufferin West) – Optioned to Refined Energy Corp., targeting unconformity and basement-hosted uranium. EPL is operator in Phase 1, retains 2% NSR. * Theory Copper-Gold Project (British Columbia): Optioned to Sun Summit Minerals Corp., targeting epithermal gold and copper-gold porphyry deposits. EPL retains 2% NSR. * Iron Range Gold Project (British Columbia): Optioned to Earthwise Minerals Corp., targeting structurally controlled gold-silver, IOCG, and Sedex mineralization. EPL retains 2% NSR. * Mount Polley West Copper-Gold Project (British Columbia): Optioned to Tana Resources Inc., targeting copper-gold porphyry and epithermal gold. EPL retains 2% NSR. * Rusty Springs Silver-Lead-Zinc-Copper Project (Yukon): Recently sold to Blackcomb Silver Corp. for 5M shares upfront, 5M contingent shares, and a 0.5-1.5% NSR. * Black Diamond Antimony and Precious Metal Project (British Columbia): 100% owned, with recent high-grade sample results (e.g., 3,350 g/t Ag). Available for option. * Snowstorm Sb/Au Project (British Columbia): 100% owned, with high-grade gold/silver/antimony results (e.g., 76.30 g/t Au). Available for option. * Olson Gold Project (Saskatchewan): Jointly owned with SKRR Exploration Inc. (EPL 25%, SKRR 75%). * George Lake Project (Saskatchewan): 100% owned, subject to 2% royalty to Eagle Royalties. Historical zinc-lead deposit. * Slocan Graphite Project (British Columbia): Sold to Weaver Energy Corp. for cash and royalties.

EPL also owns 100% of TerraLogic Exploration Inc., a geological consulting firm that provides services to EPL's partners and other third-party clients, generating revenue for EPL.