Xcite closes $3.26-million third tranche of financing

Mr. Jean-Francois Meilleur reports XCITE RESOURCES ANNOUNCES CLOSING OF THIRD TRANCHE OF NON-BROKERED FINANCING Xcite Resources Inc. has closed the third tranche of its previously announced (see the company's news releases dated Oct. 8, Oct. 10 and Oct. 16, 2025) non-brokered private placements. Under the third tranche, the company raised gross proceeds of $3,269,480, comprising gross proceeds of $3,122,000 through the issuance of 26,016,667 units at a price of 12 cents per unit and gross proceeds of $147,480 through the issuance of 921,750 flow-through common shares at a price of 16 cents per flow-through share. Each unit consists of one common share of the company and one-half of one common share purchase warrant, with each warrant entitling the holder to acquire one common share at a price of 20 cents per common share at any time after Dec. 22, 2025, and until Oct. 22, 2029. As previously announced, the company previously closed on gross proceeds of $1,657,200 under the unit offering and gross proceeds of $163,000 under the flow-through offering. The net proceeds from the offering will be used for exploration and development activities on the company's uranium projects located in the Athabasca basin and for general corporate purposes. The proceeds from the issuance of the flow-through shares will be used to incur eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures as defined in the Income Tax Act (Canada). Under the third tranche, the company paid finders' fees of $27,494, issued 120,000 finder warrants, each exercisable for one unit at a price of 12 cents per unit until Oct. 22, 2027, and 84,540 finder warrants, each exercisable for one common share at a price of 16 cents per share until Oct. 22, 2027. All securities issued under the offering are subject to a statutory hold period of four months and one day from the date of issuance, expiring Feb. 23, 2026, in accordance with National Instrument 45-102, Resale of Securities. About Xcite Resources Inc. Xcite Resources is an early-stage exploration company working to become a leader in the discovery and development of energy transition metals. The uranium project portfolio in the Athabasca basin will propel the company's efforts to achieve a high-grade discovery based on new geological modelling and exploration thesis in a past-producing uranium camp dormant for 40 years. The Uranium City project portfolio constitutes the Don Lake, Beaver River, Smitty, Lorado, Gulch and Black Bay properties. We seek Safe Harbor.