Eagle Plains and Refined Metals Execute Option Agreement for the Dufferin Uranium Project

CRANBROOK, BC / ACCESSWIRE / February 27, 2024 / Eagle Plains Resources Ltd. (TSXV:EPL) ("EPL" or "Eagle Plains") and Refined Metals Corp. (CSE: RMC; OTC: RFMCF; FRA: CWA0) ("RMC" or "Refined" or the "Company") have entered into an option agreement (the "Option") dated February 26, 2024, pursuant to which Refined has been granted the exclusive right to acquire up to a 75% interest in the 6,424 ha Dufferin Project. The Dufferin Project is made up of the North and West properties, both of which are located approximately 18km from Cameco's Centennial Deposit where historic drill hole VR-031W3 intersected 8.78% U308 over 33.9m (SMAF 74G12-0061).

To exercise the Option, Refined must make a series of cash payments and share issuances to Eagle Plains and fund exploration expenditures on the Project. These payments, share issuance and expenditures are separated into two phases, with the first Option entitling the Company to acquire a 60% interest in the Project by paying CA$275,000, issuing an aggregate of 1,000,000 post-consolidated common shares to EPL and funding CA$2,600,000 in exploration expenditures on the Project by December 31, 2026. Pursuant to the second phase of the Option, the Company may acquire an additional 15% interest in the Project (for a 75% total interest) by paying an additional CA$500,000, issuing an additional 500,000 post-consolidated Shares to EPL and funding an additional CA$3,000,000 in exploration expenditures on the Project by December 31, 2028. The Dufferin project is owned 100% by EPL, who will be appointed as Operator during the first Option period.

If the First Option or the Second Option is exercised, a 2% smelter return royalty will be granted to Eagle Plains, 1% of which may be repurchased for CA$2,000,000. Following the exercise of the First Option or the Second Option by the Company, the Company and EPL will form a joint-venture which will administer the continued exploration and operation of the Project.

Chuck Downie, P.Geo. President and CEO of Eagle Plains commented on the transaction: "We are pleased to be able to partner with Refined on the Dufferin project. Over the past 18 months, there has been a tremendous focus on the Athabasca Basin in terms of tenure acquisition, mergers and acquisitions, and exploration spending by both junior and senior companies. We look forward to advancing this underexplored and highly prospective project with Refined."