Xcite Resources Announces Increased Non-Brokered Financing

Executive Summary

• Xcite Resources increased its non‑brokered private placement (“Unit Offering”) to raise up to $5 million (41,666,667 Units at $0.12 per Unit).
• The concurrent flow‑through common share offering remains unchanged, targeting up to $700,000 (4,375,000 shares at $0.16 per share).
• Net proceeds will fund exploration and development of uranium projects in the Athabasca Basin and cover general corporate purposes; FT proceeds are earmarked for eligible Canadian flow‑through mining expenditures.

Key Details

• Unit Offering Expansion:
• Original target: up to $2.7 M → Revised target: up to $5.0 M.
• Units offered: up to 41,666,667 (each Unit = 1 common share + ½ warrant).

• Price per Unit: $0.12.

• Warrant Terms:

• Each warrant allows purchase of one common share at $0.20.

• Exercisable any time after 60 days from issuance until 48 months post‑issuance.

• Flow‑Through Offering (FT Offering):

• Up to 4,375,000 flow‑through common shares at $0.16 per share.

• Gross proceeds target: up to $700,000 (unchanged).

• Closed Tranches to Date:

• Unit Offering: $1,657,200 closed.

• FT Offering: $163,000 closed.

• Expected Additional Closing:

• Anticipated tranche closure on or about October 22 2025.

• Use of Proceeds:

• Exploration and development activities on uranium projects in the Athabasca Basin.
• General corporate purposes.

• FT proceeds specifically for eligible “Canadian exploration expenses” qualifying as flow‑through critical mineral mining expenditures under the Income Tax Act (Canada).

• Regulatory Notices:

• No offer or solicitation to U.S. persons; securities not registered under U.S. securities laws.

Notable Quotes

• “The increased financing capacity strengthens our ability to advance high‑grade uranium discoveries in the Athabasca Basin and supports our broader strategic objectives.” – Jean‑François Meilleur, CEO & Director, Xcite Resources Inc.