Xcite resources inc. Issues stock options

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Vancouver, British Columbia, January 11, 2024 – XCITE RESOURCES INC. (“Xcite” or the
“Company”)(CSE: XRI) announces that is has granted 500,000 stock options to Jean-Francois Meilleur,
the Company’s President and Chief Executive Officer. Each option is exercisable for one common share of
the Company at a price of $0.13 for five years.

The Company also announces that it is issuing an aggregate of 1,200,000 share purchase warrants to an
arm’s length party as compensation for services provided by such party under an advisory services
agreement. Each warrant is exercisable for one common share of the Company at a price of $0.13 for four
years. The warrants will be subject to a four month hold period in accordance with the policies of the
Canadian Securities Exchange. In addition, the warrants will be subject to contractual vesting, as follows:
300,000 warrants will vest on issuance, and an additional 300,000 warrants will vest three, six and nine
months thereafter.

On Behalf of the Board of Directors
Chris Cooper

Forward-Looking Information
Certain statements in this news release are forward-looking statements, including with respect to future
plans, and other matters. Forward-looking statements consist of statements that are not purely historical,
including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such
information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”,
“estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may
prove to be incorrect. Events or circumstances may cause actual results to differ materially from those
predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company, including but not limited to, business, economic and capital
market conditions, the ability to manage operating expenses, and dependence on key personnel. Such
statements and information are based on numerous assumptions regarding present and future business
strategies and the environment in which the Company will operate in the future, anticipated costs, and the
ability to achieve goals. Factors that could cause the actual results to differ materially from those in
forward-looking statements include, the continued availability of capital and financing, litigation, failure
of counterparties to perform their contractual obligations, loss of key employees and consultants, and
general economic, market or business conditions. Forward-looking statements contained in this news
release are expressly qualified by this cautionar