Eagle Plains optionee sends crew to Dufferin West

Executive Summary

• Refined Energy Corp. has mobilized a ground geophysical team to Eagle Plains Resources Ltd.'s 100%-owned Dufferin West uranium project in Saskatchewan to refine drill targeting ahead of a planned 2026 diamond drilling program.
• The 2026 exploration budget is approved at approximately $1.7 million, with drilling scheduled to commence in late February to test two distinct conductors via a minimum of three holes totaling ~1,200 meters.
• Refined Energy holds an exclusive option to acquire up to a 75% interest in the project through cash payments, share issuances, and financed exploration expenditures, with specific milestones set for December 2026 and December 2028.

Key Details

• Geophysical Program: A time-domain electromagnetic (TEM) ground geophysical crew has been mobilized to generate detailed inversion models and 3D Maxwell plates to refine drill targeting.
• Drilling Plan:
  • Start Date: Late February 2026.
  • Scope: Minimum of three drill holes.
  • Total Depth: Approximately 1,200 meters.
  • Targets: Two distinct conductors on the Dufferin West property.
  • Geology: Depth to the base of the sandstone unconformity is interpreted to be between 60 and 340 meters.
  • Concurrent Work: A ground gravity geophysical program will be conducted alongside drilling to further define targets.
• Budget: Approved 2026 budget is approximately $1.7 million, subject to adjustments based on timing and progress. The program allows for expansion as new targets are generated.
• Operator: TerraLogic Exploration Inc. will manage the work.
• Project Location & Geology:
  • Located adjacent to NexGen Energy's SW3 property and ~18 km from Cameco's Centennial deposit.
  • Historic hole VR-031W3 intersected 8.78% U3O8 over 33.9 meters.
  • Project is prospective for unconformity- and basement-hosted uranium mineralization near the Virgin River shear zone.
• Option Agreement Terms (Refined Energy to Eagle Plains):
  • Phase 1 (Up to 60% Interest):
    • Exercise by: December 31, 2026.
    • Cash Payment: $275,000.
    • Share Issuance: 1,000,000 post-consolidated common shares.
    • Exploration Financing: $2.6 million.
  • Phase 2 (Additional 15% Interest for 75% Total):
    • Exercise by: December 31, 2028.
    • Cash Payment: $500,000.
    • Share Issuance: 500,000 post-consolidated shares.
    • Exploration Financing: $3.0 million.
  • Royalty: A 2% smelter returns royalty will be granted to Eagle Plains upon exercise of either option, with 1% of this royalty repurchasable for $2 million.
• Qualified Person: C.C. Downie, PGeo, Director and Officer of Eagle Plains.

Notable Quotes

• None explicitly quoted in the text; however, the release notes that historical results from the adjacent Cameco Centennial deposit (VR-031W3) intersected 8.78% U3O8 over 33.9 meters.