Eagle Plains Provides Update on Uranium City Uranium Projects and Announces Hiring of Andrew Wilson as Investor Relations Representative
Eagle Plains Provides Update on Uranium City Uranium Projects and
Announces Hiring of Andrew Wilson as Investor Relations Representative
Cranbrook, B.C ., February 19th, 2026: Eagle Plains Resources Ltd. (TSX -V:EPL) (OTCQB:
EGPLF) (“EPL” or “ Eagle Plains ”) has offered to Xcite Resources Inc. (TSX-V:XRI) (“XRI or
Xcite”), and Xcite has accepted, seven dispositions recently acquired by staking in the Uranium City area,
northern Saskatchewan. The dispositions fall within an Area of Mutual Interest (“AMI”) and as such, will
become included in the Don Lake, Smitty and Beaver River projects respectively. The Don Lake - Smitty
projects are now contiguous with an additional 2649ha of claims bringing the total area to 4055ha. The
Beaver River project has added 1578ha, for a total of 3033ha.
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 . The six projects comprising the Xcite
option agreements cover forty Saskatchewan Mineral Deposit Index (SMDI) occurrences and four past -
producing uranium mines.
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.
See Uranium City project map here
Don Lake - Smitty
The new tenures at the Don Lake – Smitty area cover 14 SMDI uranium occurrences, including the past
producing Beta Gamma mine and two mineralized zones that have been bulk sampled. The more
significant occurrences are described below.
Mineralization at Don Lake – Smitty is described as Beaverlodge type, with structurally controlled, high
grade mineralization in veins and breccia -fills within basement rocks. Mineralization often occurs at
geological contacts and consists of structures filled with hematite , chlorite and graphite associated with
pitchblende (an ore mineral of uranium).
The Beta Gamma Mine (SMDI 1394) was first staked in 1948, to cover the prospective Heron Shear
Zone. Trenching and shallow diamond drilling located two mineralized zones approximately 75 meters
apart. The No.1 Zone was defined over a distance of approximately 244m with a width averaging 1m, with
the No.2 Zone averaging about 1m in width over a distance of 335m. (AF 74N10-081). Between 1953 –
1955, underground development, including a three-compartment shaft between the No.1 and No.2 Zones,
was completed. The mine was subsequently closed in July 1955, but was reopened in 1958 – 1959, with
approximately 150 tons of mineralized material at a reported grade of 0.22% – 0.77% U3O8 shipped to
the Lorado mill. (AF 74N10-0161). Resampling of historical trenches by Pelican Minerals Inc. in 2013
returned grab samples from trace amounts up to 0.77% U3O8 (Sample 085126) (MAW00451).
In 1968, SMDI 1476 Tobe Mines Uranium Occurrence 26-1 was discovered and tested by eleven short
diamond drill holes totalling 178m, with the best intercept 0.07% U3O8 over 0.9 m from 5.8 – 6.7m in
DDH 26-107. (AF 74N10-0161). Later in 1968, a 54 kg bulk sample of surface vein material was shipped
to the Eldorado Nuclear Mill with an estimated grade of 60% U3O8. (SMDI 1476).
SMDI 1399 Consolidated Beta Gamma Mines Uranium Occurrences 6E and 6W; and Uranium
Zone No. 5, discovered in the early 1950’s, are occurrences of pitchblende in vertical, narrow breccia
zones. In 1959, a 10-ton bulk sample of selected mineralized material from the Occurrence 6E was shipped
to the Lorado mill. (SMDI 1399).
The West Uranium Showing SMDI 1398, was discovered by Basalt Uranium and Exploration in 1953.
The fracture hosted pitchblende mineralization is exposed on surface for approximately 61m. Between
1953-54, 5 diamond drillholes were completed on the zone, with the best intercept 3.2% U3O8 over 37cm.
(AF 74N10-0054). In 1970, Saco Mining located and trenched a second showing in the area. Chip samples
from the East Zone trenches included 4.3% U3O8 over 25.4cm and 1.3% U3O8 over 40.7cm. (AF 74N10-
0410).
The SMDI 2113 Radiometric Anomaly No. 86 area was first explored in 1969 but mineralization was
not discovered until 1975 by Fosago Exploration, who undertook scintillometer prospecting, geological
mapping, radiometric surveying, trenching, sampling, rotary drilling and percussion drilling (AF 74N10-
0472). Diamond drilling results were inconclusive, but a 50m length, 1.5m width, 3m depth trench exposed
pitchblende mineralization in shears and breccia zones. Resampling of the trenches by Pelican Minerals
Inc. in 2013 returned grab samples from trace amounts up to 1.89% U3O8 (Sample 085254) and 1.46%
U3O8 (Sample 85255) (MAW00451).
SMDI 1411 Aurora Yellowknife Uranium Showing 50-CC2-146
The showing was located in 1950 during a geological investigation. Ten grab samples taken at equal
intervals along a 17m length fracture containing erratically disseminated pitchblende returned from 0.01%
to 18.20% U3O8 (AF 74N10-0056).
Permitting update
Eagle Plains has made applications with the Saskatchewan Ministry of Environment for Class 2
Exploration Permits for each of the Uranium City projects. The permits include provisions for ground-
based geophysics, temporary work camps and diamond drilling.
Geophysics Update
The final deliverables from the 2025 Geotech Airborne Geophysical Surveys VTEM Plus survey have
been received. A total of 697line km of survey was completed. The data has been sent to Condor
Consulting Inc. for modelling and interpretation and the results wi ll be used to refine drill targets and to
identify areas for ground truthing.
Option Agreement
Under the terms of the option agreements, Xcite may earn an 80% interest in each individual property 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 P lains 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, wh ich will retain an underlying 2% NSR royalty on the each of the
properties.
Eagle Plains has been active in the uranium exploration space since 2006, with a number of projects
ranging from early-stage grassroots to drill-ready and are distributed throughout the prospective Athabasca
Basin including the Patterson Lake South ( PLS), Beaverlodge, and Dufferin- Centennial camps. EPL is
seeking to advance its uranium portfolio through collaborative partnerships.
Athabasca Basin History and Mineralization
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.
Rock grab samples and bulk samples are selective samples by nature and as such are not necessarily
representative of the mineralization hosted across the property. Some of the above results were taken
directly from the SMDI descriptions and assessment reports (SMAD) 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. 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.
Investor Relations Update
Eagle Plains is pleased to announce that Andrew Wilson has been appointed Investor Relations
Representative. Mr. Wilson has recently completed a 90-day probation period and has assumed a full-time
position with Eagle Plains, based in Cranbrook, BC, as of February 17, 2026.
Pursuant to his employment contract, Mr. Wilson will receive a monthly salary of $5,400. The Company
intends to grant Mr. Wilson stock options in accordance with the Company’s stock option plan and
Exchange policies. Mr. Wilson currently holds 2,240 common shares of the Company.
As the primary point of contact for Eagle Plains, Mr. Wilson’s duties will include being familiar and
compliant with the regulations governing disclosure of information for publicly traded companies,
communicating corporate strategies and information updates, explaining the results of ongoing exploration
activities, creating information materials, developing and maintaining corporate websites, managing
service providers including news filing services, website designers and graphic designers, and developing
marketing budgets.
Mr. Wilson holds a Bachelor of Arts in Political Science from the University of British Columbia and
brings a background in energy- sector business development and executive leadership within a member -
based business organization. Most recently he served as General Manager of the Kimberley & District
Chamber of Commerce.
Qualified Person
Technical information in this News Release has been reviewed and approved by C.C. Downie, P.Geo., a
director and officer of Eagle Plains, hereby identified as the “Qualified Person” under N.I. 43-101.
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
$110,000,000 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- 2024 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 Mike Labach 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.