Xcite Expands Beaver River Project

• Date: 2026-05-04
• Event: Project Expansion / Exploration Update for Beaver River Project.
• Land Acquisition: Added 1,469.7 hectares to the Beaver River project, bringing total tenure to 4,502.4 hectares in the Uranium City area of northern Saskatchewan.
• Geophysical Work: Company is interpreting results from a 2025 VTEM airborne geophysical survey to target areas for fieldwork and diamond drilling scheduled for Fall 2026.
• Historical Data: Cites historical trench chip samples up to 29.89% U3O8 and drill intersections (e.g., 0.18% U3O8 over 0.3m).
• VIC Zone: Highlights the VIC U-Cu-Ni Zone with NW-SE trending fault zone traced for approx 1 km, featuring historical channel samples up to 29.89% U3O8.

• Incremental Nature: The expansion of land holdings is consistent with the company's strategy outlined in February and March 2026 news releases (Eagle Plains option agreements and previous expansions). It does not represent a sudden, unexpected material shift but rather the execution of a planned portfolio build-out.
• Catalyst Timing: While positive for long-term potential, the news confirms drilling is scheduled for Fall 2026. This pushes the primary value driver (drill results) several months into the future, limiting immediate price impact.
• Historical Assays vs. New Data: The high-grade assays cited (up to 29.89% U3O8) are historical trench samples and drill intersections from previous owners or early exploration phases. They validate the geological model but do not constitute new discovery data that would justify a re-rating of the asset without current drilling confirmation.
• Market Expectation: Given the financing completed in late 2025 ($6.85M) and the land assembly announced earlier in 2026, this expansion is viewed as routine progress rather than a game-changing event.

• Company: Xcite Uranium Inc. (also referenced as Xcite Resources Inc.).
• Flagship Project: Beaver River Project, located in the Uranium City area of northern Saskatchewan (approx. 40km SE of Uranium City).
• Geological Context: Situated within the historic Beaverlodge Uranium District, which produced ~70 million lbs U3O8 between 1950 and 1982. The district is known for high-grade vein/breccia fills in basement rock associated with graphitic fault zones.
• Portfolio: Includes Beaver River, Black Bay, Don Lake, Gulch, Lorado, and Smitty projects (totaling over 10,000 hectares across the portfolio based on combined news).
• Status: Exploration stage; no production. Focus is on high-grade discovery in a dormant but historically prolific camp.