Xcite Resources Announces Increased Non-Brokered Financing

Vancouver, British Columbia--(Newsfile Corp. - October 16, 2025) - Xcite Resources Inc. (CSE: XRI) ("XRI", "Xcite" or the "Company"), a Canadian uranium exploration company focused on advancing its portfolio of assets in the Athabasca Basin, is pleased to announce that it has increased its previously disclosed non-brokered private placement (the "Unit Offering") of units (each, a "Unit") at a price of $0.12 per Unit (see the Company's news release dated October 1, 2025), from gross proceeds of up to $2,700,000 to gross proceeds of up to $5,000,000 through the issuance of up to 41,666,667 Units. Each Unit will consist of one common share of the Company (a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"), with each Warrant entitling the holder to acquire one Common Share at a price of $0.20 per Common Share at any time after 60 days from the date of issuance until the date which is 48 months following the date of issuance. The Company's concurrent offering (the "FT Offering", and with the Unit Offering, the "Offerings") of up to 4,375,000 "flow-through" common shares of the Company at a price of $0.16 per share for gross proceeds of up to $700,000 remains unchanged.

As previously announced (see the Company's news releases dated October 8, 2025 and October 10, 2025), the Company has already closed on gross proceeds of $1,657,200 under the Unit Offering and gross proceeds of $163,000 under the FT Offering. The Company expects to close an additional tranche under the Offerings on or about October 22, 2025.

The net proceeds from the Offerings will be used for exploration and development activities on the Company's uranium projects located in the Athabasca Basin and for general corporate purposes. The proceeds from the issuance of the FT Shares will be used to incur eligible "Canadian exploration expenses" that qualify as "flow-through critical mineral mining expenditures" as defined in the Income Tax Act (Canada).

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.