Refined Metals Corp. and Eagle Plains Resources Enter into an Option Agreement for the Dufferin Project in the Athabasca Basin

6,424 hectare Dufferin Project located approximately 130km northwest of the Key Lake Mines, Saskatchewan

VANCOUVER, British Columbia, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Refined Metals Corp. (CSE: RMC; OTC: RFMCF; FRA: CWA0) (the “Company”) is pleased to announce that it has entered into an option agreement (the “Option Agreement”) with Eagle Plains Resources Ltd. (the “Vendor”) dated February 26, 2024 (the “Effective Date”), pursuant to which the Company has been granted the right, at its option, to acquire up to a 75% interest in the Dufferin Project (the “Option”), a prospective uranium property located in the Athabasca Basin, Northern Saskatchewan, Canada (the “Project”). To exercise the Option, the Company must make a series of cash payments and share issuances to the Vendor and fund exploration expenditures on the Project. These payments, share issuance and expenditures are separated into two phases, with the first phase entitling the Company to acquire a 60% interest in the Project by paying an aggregate of CA$275,000 to the Vendor, issuing an aggregate of 1,000,000 common shares (the “Shares”) to the Vendor and funding an aggregate of CA$2,600,000 in exploration expenditures on the Project, in each case 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 to the Vendor, issuing an additional 500,000 Shares and funding an additional CA$3,000,000 in exploration expenditures on the Project, in each case by December 31, 2028.

Mark Fields, Chief Executive Officer of the Company stated, “We are excited to add the Dufferin Project to our project portfolio and for the exposure to uranium it provides. Positioned in the Athabasca Basin region, which is renowned for its high-grade uranium deposits and storied history of exploration, discovery, and development, we believe that the Project is a terrific exploration opportunity for the Company.”

C.C. (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 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, uranium-prospective project with Refined.”