Eagle Plains Partner Refined Energy Completes First Drill Hole at Dufferin West; Second Hole Underway to Test High-Priority EM Conductor

The most recent release (2026-03-17) confirms Refined Energy Corp. has completed the first drill hole DW26-001 at the Dufferin West uranium project in Saskatchewan, hitting the targeted unconformity depth at 332 metres and returning a basement-intersection at 432 metres. A second drill hole (DW26-002) is underway to test the same high-priority EM conductor and gravity-low cross-cutting fault structure. Ground gravity data has been incorporated to refine targets, with a minimum program of three holes totaling about 1,200 metres and an initial budget of roughly $1.7 million. Core logging and lab assays are underway. This is a clear step forward for the Refined Energy earn-in, validating the geological model and maintaining the drill plan cadence.

Context from the period shows Eagle Plains’ project-generator approach in Saskatchewan and BC, with multiple partner-driven drill programs (George Lake, Dufferin West, Theory, Pine Channel, etc.). Prior releases in February and March 2026 detail partner mobilizations and earn-in terms (Xcite Uranium sharing a large earn-in on six Athabasca projects; Refined Energy drilling at Dufferin West; Sun Summit Minerals’ option at Theory; Earthwise option activity at Iron Range; and Kodiak Copper activity related to Ketch/Portland in BC). The March 2026 activity continues to push EPL’s pipeline of drill-ready assets via partner funding and option structures.

In terms of corporate/capital structure, EPL’s news through early 2026 emphasizes ongoing royalty and NSR arrangements on multiple properties, ongoing financings and option amendments (e.g., warrant extensions and LIFE/FT offering dynamics with Xcite), and management/IR changes (Andrew Wilson appointed as Investor Relations Rep). EPL continues to emphasize no net debt in recent statements and a strong cash/investment balance, with a broad portfolio of royalties and project stakes.

Overall take: The March 17 Dufferin West drill update is a constructive, real-time proof of concept for EPL’s generator model and the ability to advance a partner-funded project toward drill-ready status. While not an immediate revenue or resource update, the completion of the first hole and initiation of the second hole with a defined budget and targets is a meaningful progression for the Saskatchewan uranium portfolio.

Fundamental takeaway: The Dufferin West drill progress provides tangible, near-term drill-stage progress on a joint-venture-style project in a premier uranium district. It reinforces EPL’s model of leveraging partner funding to advance high-potential targets, with measured progress (drill hole DW26-001 achieved unconformity depth, DW26-002 underway) and refining targets via gravity and EM data. This historically aligns with EPL’s narrative of advancing multiple assets through earn-ins and joint ventures rather than sole-balance-sheet drilling.

In-line with prior expectations: The March 2026 messages consistently described a multi-hole drill program (~1,200 m) at Dufferin West, funded by Refined Energy, with gravity and EM targeting. The first-hole success (332 m unconformity) and the ongoing second hole are exactly in line with those expectations, suggesting no material miss or surprise. The program’s budget (~$1.7M) and completion cadence are consistent with earlier disclosures.

Improvement vs. expectations: No dramatic uplift in reserve/resource metrics is announced yet; assays are pending. The positive sign is validation of the geological model and alignment with the partner-funded program, which could improve the probability of a successful drill result and potential milestone talks or future earn-ins.

Conclusion on materiality: Routine - Positive. The news represents a meaningful, incremental advancement that supports the project-generation strategy and near-term value inflection via partner-funded exploration, but it does not deliver a standalone, bankable resource update or a transformative strategic event.