Eagle Plains' Dufferin West optionee okays 2026 work

Executive Summary

• Refined Energy Corp. has approved a 2026 exploration program for Eagle Plains Resources Ltd.'s 100%-owned Dufferin West uranium project in Saskatchewan, consisting of a minimum of 1,200 metres of diamond drilling across three holes.
• The approved budget for the program is approximately $1.7 million, with work managed by Terralogic Exploration Inc. and scheduled to commence in Q1 2026.
• Eagle Plains also announced that Apogee Minerals Ltd. has decided not to proceed with its option on the Pine Channel gold project, effective December 17, 2025.

Key Details

• Dufferin West 2026 Program:
  • Scope: Minimum 1,200 metres of diamond drilling in three holes.
  • Objective: Test two distinct conductors on the Dufferin West property using ground-based gravity and electromagnetic surveys.
  • Geology: Depth to the base of the sandstone unconformity is interpreted between 60 and 340 metres. The project is prospective for unconformity- and basement-hosted uranium mineralization near the Virgin River shear zone.
  • Budget: Approximately $1.7 million, subject to adjustments based on timing and progress.
  • Operator: Terralogic Exploration Inc.
  • Timeline: Planned to commence in the first quarter of 2026.
• Dufferin Option Agreement Terms:
  • Refined Energy Interest: Exclusive option to acquire up to 75% interest.
  • Phase 1 (60% Interest): Requires $275,000 cash payment, issuance of 1,000,000 post-consolidated common shares, and financing of $2.6 million in exploration expenditures by December 31, 2026.
  • Phase 2 (Additional 15% Interest): Requires $500,000 cash payment, issuance of 500,000 post-consolidated shares, and financing of $3.0 million in exploration expenditures by December 31, 2028.
  • Royalty: A 2% smelter return royalty will be granted to Eagle Plains upon exercise of either option; 1% may be repurchased for $2 million.
• Pine Channel Project Update:
  • Status: Apogee Minerals Ltd. has decided not to proceed with its option on the 100%-owned Pine Channel gold project, effective December 17, 2025.
  • Property Details: 6,519 hectares, 40 km west of Stony Rapids, Sask.
  • Historical Data: 6,066 metres of diamond drilling in 115 historic holes. Recent sampling (2020) showed gold ranges from 6 ppb to 68,400 ppb, with 23 samples >1 g/t Au and 8 samples >10 g/t Au.
  • Recent Work: 2022-2024 included helicopter-borne aeromagnetic/radiometric surveys and lidar/orthophoto surveys, defining new target areas along strike from known mineralization.

Notable Quotes

• "We look forward to working with Refined to undertake our first drill program on the Dufferin project. We identified the Dufferin area as a prospective area for claim acquisition starting in 2023, and the upcoming drilling is the culmination of extensive technical work and data analyses, and affirms our project generator business model." — Chuck Downie, PGeo, President and CEO of Eagle Plains