Eagle Plains and Xcite Expand Beaver River Uranium Project
Eagle Plains and Xcite Expand Beaver River Uranium Project
Cranbrook, B.C., May 04, 2026: Eagle Plains Resources Ltd. (TSX -V: EPL) (OTCQB: EGPLF)
(“EPL” or “Eagle Plains ”) has offered to Xcite Uranium Inc. (TSX-V: XRI) (“XRI or Xcite”) , and
Xcite has accepted, two dispos itions recently acquired by staking in the Uranium City area, northern
Saskatchewan. The two dispositions fall within an Area of Mutual Interest (“AMI”) and as such, will
become included in the Beaver River project, increasing the project size by 1469.7ha to a total of
4502.4ha. In December 2023 Eagle Plains granted Xcite the exclusive right to earn up to an 80% interest
in the Gulch, Lorado, Beaver River, Black Bay, Don Lake, and Smitty projects (see Dec 14 news release).
The six projects comprising the Xcite option agreement s cover 54 Saskatchewan Mineral Deposit Index
(SMDI) occurrences and five past-producing uranium mines, and are 100% owned by Eagle Plains.
See Uranium City project map here
The Beaver River uranium project, located 40km SE of Uranium City, Saskatchewan, hosts near surface
high grade uranium mineralization.
The Uranium City projects are included in a formal Exploration Agreement between Eagle Plains and the
Ya’thi Néné Lands and Resource Office (“YNLR”), representing the Athabasca Denesułiné First Nations
of Hatchet Lake, Black Lake, and Fond du Lac, the Northern Hamlet of Stony Rapids, and the Northern
Settlements of Uranium City, Wollaston Lake and Camsell Portage.
Beaver River Highlights
• Historical assays up to 29.89% U3O8 in trench chip samples
• Historical drill intersections include 0.18% U3O8 over 0.3m and 0.06% U3O8 over 0.61m
• Recognized mineralized trend >1km in length
• Prospective for polymetallic Beaverlodge-type uranium mineralization in E-W and NW-SE
trending fault zones
See Beaver River Compilation map here
Exploration Update
Beaver River was one of the projects covered by a 2025 VTEM plus airborne geophysical survey carried
out by Geotech Airborne Geophysical Surveys . The survey results have been received and are being
interpreted and modelled to identify addition target areas for 2026 fieldwork, leading to fall 2026 diamond
drilling.
About the Beaver River Project
The 4502.4ha project overlies 5 Saskatchewan Mineral Deposit Index (“SMDI”) occurrences associated
with Beaverlodge-type uranium mineralization.
The polymetallic VIC U-Cu-Ni zone (SMDI 1551, 1553, and 1994) occurs along a NW-SE trending fault
zone which has been traced for approximately 1 km. Mineralization occurs in fracture filling of quartz
veins hosting sulphides, graphite, and pitchblende and uraninite, ore minerals of uranium. Historical assays
of channel samples in this zone yield up to 29.89% U3O8 over 0.3m, 18.09% U3O8 over 0.2m and 3.09%
U3O8 over 0.6m (AF 74O05- 0077). The southeast zone has been tested by nine shallow drill holes,
averaging 80m in length, returning assays of 0.18% U3O8 over 0.3m (AF74O05-0016) and 0.06% U3O8
over 0.61m along with anomalous copper, nickel, gold and silver (AF74O05-0051). The northwest portion
of the VIC zone, identified as a priority for follow-up by Denison Mines, has yet to be tested by drilling.
Another significant mineral occurrence on the Beaver River property is the Combined Mining Uranium
Showing (SMDI 1557) where northeast -trending pitchblende-bearing fractures have ben mapped over a
strike length of 137.2m. Assays from trenches yielded 0.23% U3O8 over 0.5m and 1.77% U3O8 over
0.9m.
Since uranium mineralization on the Beaver River property was first noted in 1958 the property has seen
a total of 1708m of diamond drilling in 26 shallow holes, with the last drilling completed in 1969 by Trans-
Canada Resources. Other historical work includes prospecting, mapping, scintillometer surveys, trenching
at the main showing areas, and airborne and ground-based geophysics.
An electromagnetic and magnetic VTEM survey flown by Geotech for Fission 3.0 in 2016 covered the
eastern part of the Beaver River property. The survey outlined numerous areas of enhanced conductivity
including areas of parallel conductors with offsets and termination points indicative of cross structure,
including a high priority conductive trend located west of the Combined SMDI occurrence. Follow -up
prospecting and geochemical sampling was recommended to evaluate the source of the anomalies.
The last recorded assessment work on the project was by Fission 3.0 who successfully located and
resampled historic trenches at the VIC occurrence.
Management of Eagle Plains and Xcite are encouraged by the tenor of mineralization displayed in trenches
and shallow historical drilling at Beaver River and the potential for additional uranium mineralization both
along strike and to depth within known mineralized areas, along trends identified by historical geophysical
surveys, and on any additional targets generated by 2024 work.
Rock grab samples are selective samples by nature and as such are not necessarily representative of the
mineralization hosted across the property. The above results were taken directly from the SMDI
descriptions and assessment reports) filed with the Saskatchewan government. Management cautions that
historical results were collected and reported by past operators and have not been verified nor confirmed
by a Qualified Person, but form a basis for ongoing work on the subject properties. Management cautions
that past results or discoveries on proximate land are not necessarily indicative of the results that may be
achieved on the subject properties.
About the Beaverlodge Uranium District
The Beaver River, Black Bay, Don Lake , Gulch, Lorado, and Smitty projects are located in t he
Beaverlodge District near Uranium City in the Lake Athabasca region of Saskatchewan. Occurrences of
uranium mineralization are abundant in the Uranium City area and have been explored and documented
since the 1940s. The Beaverlodge camp was the first uranium producer in Canada, with historic production
of approximately 70.25 million pounds of U3O8 between 1950- 1982, from ore grades averaging 0.23%
U3O8. The two largest producers were the Eldorado Beaverlodge (Ace-Fay-Verna) mine and the Gunnar
uranium mine. The Beaverlodge area has seen limited uranium focused exploration since the early 1990’s.
The Uranium City area projects have potential for both Beaverlodge -style and basement-hosted uranium
mineralization. Key features about the projects include:
• Outcropping, largely northeast-southwest-trending tectonic fabric;
• Electromagnetic conductors that have been confirmed as graphite-rich pelites within or near major
faults;
• Anomalous uranium geochemistry and radioactivity associated with graphitic faults;
• Compelling property-wide evidence for hydrothermal alteration;
• Uranium mineralization with corresponding elevations in pathfinder elements.
These factors, along with the presence of a substantial uranium endowment in both basement rocks and
Athabasca basin cover rocks, indicate excellent potential for economic uranium mineralization within the
project. The mineralization, structures and alteration identified on the claims to date are strong indicators
of the possibility of a nearby source for the uranium mineralization.
Eagle Plains’ management cautions that past results or discoveries on proximate land are not necessarily
indicative of the results that may be achieved on the subject properties.
Uranium City Option Agreement
Under the terms of the agreements, Xcite may earn an 80% interest in each of the Beaver River, Black
Bay, Don Lake , Gulch, Lorado, and Smitty projects by completing CDN$3,200,000 in exploration
expenditures, issuing 750,000 common shares of Xcite and making cash payments to Eagle Plains of
CDN$55,000 over four years, for an aggregate of CDN$19,200,000 in exploration expenditures,
4,500,000 shares and $330,000 in cash to Eagle Plains . Upon Xcite fulfilling the terms of any or all of
the earn-in agreements, an 80/20 joint venture will be formed, with Eagle Plains retaining a carried interest
in all expenditures until delivery by Xcite or its assigns of a bankable feasibility study. During the option
earn in period, XRI will be appointed as operator, and EPL will manage the exploration programs under
the direction of a joint technical committee. The projects are owned 100% by EPL, who will retain an
underlying 2% NSR royalty on the each of the properties.
Qualified Persons
Charles C. Downie, P.Geo., a “qualified person” for the purposes of National Instrum ent 43- 101 -
Standards of Disclosure for Mineral Projects and a director of Eagle Plains, has reviewed and approved
the scientific and technical disclosure in this news release.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains is a well -funded, prolific project generator that continues to
conduct research, acquire and explore mineral projects throughout western Canada, with a focus on
critical metals integral to an increasingly electrified, decarbonized economy.
The Company was formed in 1992 and is the fourth- oldest listed issuer on the TSX -V (and the only
one of these four that has not seen a roll-back or restructuring of its shares). Eagle Plains has continued
to deliver shareholder value over the years and thr ough numerous spin outs has transferred over
$115,000,000 in value directly to its shareholders, with Copper Canyon Resources and Taiga Gold
Corp. being notable examples. Eagle Plains latest spinout, Eagle Royalties Ltd. (CSE:“ER”) was
listed on May 24, 2023, and on October 30, 2025, ER shareholders overwhelmingly approved a three-
cornered amalgamation that resulted in a reverse takeover of Eagle Royalties by Summit Royalty Corp.
The resulting issuer is named Summit Royalties Ltd. and trades under the symbol SUM on the TSX
Venture Exchange with a market capitalization of over $100M.
On October 2, 2024, Eagle Plains announced the formation of a separate division within the Company
that will give Eagle Plains’ shareholders direct exposure to strategic opportunities in Canadian green
energy transition. As a wholly owned subsidiary of Eagle Plains, Osprey Power Inc. (“OP”) will
focus on identifying and advancing innovative and diverse clean energy project portfolios in target
markets throughout Canada, with an initial focus on Western Canada.
Eagle Plains’ core business is acquiring grassroots critical- and precious-metal exploration properties.
The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio
of projects toward discovery through collaborative partnerships and development of a highly
experienced technical team.
Expenditures from 2010- 2025 on Eagle Plains -related projects exceed $ 41M, the majority of which
was funded by third -party partners. This exploration work resulted in approximately 50,000m of
diamond-drilling and extensive ground- based exploration work facilitating the advancement of
numerous projects at various stages of development.
Throughout the exploration process, our mission is to help maintain prosperous communities by
exploring for and discovering resource opportunities while building lasting relationships through
honest and respectful business practices.
On behalf of the Board of Directors of Eagle Plains
“C.C. (Chuck) Downie, P.Geo”
President and CEO
For further information on EPL, please contact Andrew Wilson at 1 866 HUNT ORE (486 8673)
Email: [email protected] or visit our website at https://www.eagleplains.com
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs, geological interpretations, receipt of
property titles, potential mineral recovery processes, etc. Forward-looking statements address future
events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such statements.