Eagle Plains offers seven dispositions to Xcite

Executive Summary

• Eagle Plains Resources Ltd. has acquired seven new uranium dispositions in the Uranium City area of Northern Saskatchewan, which are being integrated into its Don Lake, Smitty, and Beaver River projects.
• The company has entered into an option agreement with Xcite Resources Inc., granting Xcite the right to earn an 80% interest in six projects (Gulch, Lorado, Beaver River, Black Bay, Don Lake, and Smitty) through a $330,000 cash payment, issuance of 4.5 million shares, and $19.2 million in exploration expenditures.
• The release provides detailed historical geological data and assay results for various mineral occurrences within the expanded Don Lake-Smitty project area, alongside updates on permitting and airborne geophysical surveys.

Key Details

• Property Expansion:
  • Eagle Plains offered seven dispositions to Xcite Resources Inc., which were accepted.
  • Don Lake-Smitty Projects: Now contiguous with an additional 2,649 hectares, bringing the total area to 4,055 hectares. Covers 14 SMDI uranium occurrences, including the past-producing Beta Gamma mine.
  • Beaver River Project: Added 1,578 hectares, bringing the total to 3,033 hectares.
  • The six projects under the Xcite option cover 40 Saskatchewan Mineral Deposit Index (SMDI) occurrences and four past-producing uranium mines.
• Option Agreement Terms (Xcite Resources Inc.):
  • Earn-in Structure: Xcite may earn an 80% interest in each individual property.
  • Expenditures: $3.2 million per property, totaling $19.2 million across all properties.
  • Equity: Issuance of 750,000 common shares per property, totaling 4.5 million shares.
  • Cash Payments: $55,000 per year over four years, totaling $330,000.
  • Joint Venture: Upon fulfillment, an 80/20 joint venture is formed. Eagle Plains retains a carried interest until a bankable feasibility study is delivered.
  • Royalty: Eagle Plains retains an underlying 2% net smelter return (NSR) royalty on each property.
  • Operator: Xcite appointed as operator; Eagle Plains manages exploration under a joint technical committee.
• Don Lake-Smitty Historical Mineralization Details:
  • Beta Gamma Mine (SMDI 1394):
    • Underground development completed 1953-1955; reopened 1958-1959.
    • Shipped ~150 tons at 0.22% - 0.77% U3O8 to Lorado mill.
    • 2013 resampling by Pelican Minerals returned grab samples up to 0.77% U3O8.
  • Tobe Mines Uranium Occurrence (SMDI 1476):
    • 1968 drilling: Best intercept 0.07% U3O8 over 0.9m.
    • 1968 bulk sample: 54kg at estimated 60% U3O8.
  • SMDI 1399 (Beta Gamma Occurrences 6E/6W & Zone 5):
    • 1959: 10-ton bulk sample shipped to Lorado mill.
  • West Uranium Showing (SMDI 1398):
    • 1953-1954 drilling: Best intercept 3.2% U3O8 over 37cm.
    • 1970 trenching: Chip samples included 4.3% U3O8 over 25.4cm and 1.3% U3O8 over 40.7cm.
  • SMDI 2113 (Radiometric Anomaly No. 86):
    • 1975: Trench exposed pitchblende in shears/breccia.
    • 2013 resampling: Grab samples up to 1.89% U3O8 and 1.46% U3O8.
  • SMDI 1411 (Aurora Yellowknife Showing):
    • 1950: Grab samples returned 0.01% to 18.20% U3O8.
• Operational Updates:
  • Permitting: Applications submitted to Saskatchewan Ministry of Environment for Class 2 exploration permits (ground geophysics, camps, diamond drilling).
  • Geophysics: Final deliverables received from 2025 Geotech Airborne Geophysical Surveys' VTEM Plus survey. 697 line km completed. Data sent to Condor Consulting for modeling to refine drill targets.
• Personnel:
  • Andrew Wilson appointed as Investor Relations Representative, effective Feb 17, 2026.
  • Salary: $5,400/month.
  • Holds 2,240 common shares.

Notable Quotes

• None explicitly quoted in the text, though the release notes that technical information was reviewed by C.C. Downie, PGeo.