Skyharbour consolidates 100% interest in the Russell Lake Uranium Project

Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) (“Skyharbour” or the “Company”) is pleased to announce that it has entered into a definitive and binding purchase agreement (the “Purchase Agreement”) with Rio Tinto Exploration Canada Inc. (“RTEC”) for its ownership interest in the Russell Lake Uranium Project (“Russell Lake” or the “Project”) through the acquisition of RTEC’s minority interest in the Project (the “Transaction”). The project is strategically located in the central core of the eastern Athabasca Basin in northern Saskatchewan, with access to regional infrastructure including an all-weather road and power line.

Russell Lake Project Location Map:
https://www.skyharbourltd.com/_resources/images/SKY_RussellLake.jpg

Transaction details:

Immediately prior to closing, RTEC’s interest in the Project will be approximately 42.3%. Pursuant to the terms of the purchase agreement, Skyharbour has agreed to acquire 100% of RTEC’s minority interest in the project in exchange for a cash consideration of C$10 million (the “Purchase Price”). The Purchase Price will consist of a down payment of C$2 million, payable within five business days of the date of signing of the Purchase Agreement (the “Down Payment”) and a cash payment of C$8 million at closing (the “Final Payment”), which is expected to be made on or before December 21. ^st 2025.

Skyharbour will grant RTEC a net revenue fee of 0.25% on Russell Lake. The acquisition of RTEC’s interest in Russell Lake will increase Skyharbour’s interest in the Project to 100%, subject to various other net smelter return royalties held by third parties.

Overview of the Russell Lake Uranium Project:

The Russell Lake Project is a large, advanced uranium exploration project totaling 73,314 hectares, strategically located between Cameco’s Key Lake and McArthur River Projects, and adjacent to Denison’s Wheeler River Project to the west and Skyharbour’s Moore Uranium Project to the east. The northern extension of Highway 914 between Key Lake and McArthur River passes through the western portion of the property and significantly improves accessibility, while a power line is located along this road. Skyharbour’s acquisition of a majority interest in Russell Lake creates a large, nearly contiguous block of highly prospective uranium claims totaling 109,019 hectares between the Russell Lake and Moore uranium projects. Several notable exploration targets exist on Russell, including the Grayling Zone, the M-Zone Extension target, the Little Man Lake target, the Christie Lake target, the Fox Lake Trail target, and the newly identified Fork Zone target. There are also more than 22 miles of largely untested potential conductors in low magnetic intensity areas on the property. Skyharbour is the operator and owns a majority stake in Russell Lake, having formed a joint venture partnership with RTEC on the project.

Qualified Person:

The technical information contained in this press release has been prepared in accordance with Canadian regulatory requirements set forth in National Instrument 43-101 and reviewed and approved by Serdar Donmez, P.Geo., VP Exploration for Skyharbour and a qualified person.

About Skyharbour Resources Ltd.:

Skyharbour has an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin and is well positioned to benefit from the improving fundamentals of the uranium market, with interest in thirty-seven projects covering more than 616,000 hectares (over 1.5 million acres) of land. Skyharbour has acquired from Denison Mines, a major strategic shareholder of the company, a 100% interest in the Moore Uranium Project, located 15 kilometers east of Denison’s Wheeler River project and 39 kilometers south of Cameco’s McArthur River uranium mine. Moore is an advanced uranium exploration project with high-grade uranium mineralization in several zones of the Maverick Corridor. Adjacent to the Moore Project is the Russell Lake Uranium Project, which hosts widespread uranium mineralization in drill intercepts across a large property area with upside potential for exploration. The company is actively advancing these projects through exploration and drilling programs.

Skyharbour also has joint ventures with industry leader Orano Canada Inc., Agincourt Energy and Thunderbird Resources at the Preston, East Preston and Hook Lake Projects, respectively. The company also has several active earn-in option partners, including CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; TSX-V listed North Shore Uranium at the Falcon Project; UraEx resources at the South Dufferin and Bolt projects; Ax uranium at the Highway Project; Mustang Energy CSE-listed on the 914W Project; and TSX-V listed Terra Clean Energy on the South Falcon East Project.

In total, Skyharbour has now signed earn-in option agreements with partners totaling more than $36 million in partner-funded exploration expenditures, with more than $20 million in equity issuance and $14 million in cash payments coming into Skyharbour, assuming these partner companies complete their full earnings on the respective projects.

Skyharbour’s goal is to maximize shareholder value through new mineral discoveries, long-term partnerships and the advancement of exploration projects in geopolitically favorable jurisdictions.

Skyharbour’s uranium project map in the Athabasca Basin:
https://skyharbourltd.com/_resources/news/SKY_SaskProject_Locator_2025_07_16_v1.jpg

For more information about Skyharbour Resources Ltd, visit the company’s website. (TSX-V:SYH): www.skyharbourltd.com .

Skyharbour Resources Ltd.

“Jordan Trimble”

Jordan Trimble
Chairman and CEO

For more information please contact myself or:
Nicholas culture
Investor Relations Manager
Skyharbour Resources Ltd.
Phone: 604-558-5847
Toll-free: 800-567-8181
Fax: 604-687-3119
E-mail: info@skyharbourltd.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE SUITABILITY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

This press release contains certain statements that may be deemed “forward-looking statements.” All statements in this press release, other than statements of historical fact, that relate to events or developments that the Company’s management expects are forward-looking statements, including the receipt of TSXV approval for the transaction and the closing of the transaction. Although management believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. The Company assumes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in any forward-looking statements, exploration and development successes, regulatory approvals, including TSXV approval, and general economic, market or business conditions. See the company’s public filings at www.sedarplus.ca for more information.

Holly Iervella