Skyharbour Closes Acquisition to Consolidate 100% Interest in the Russell Lake Uranium Project Vancouver, BC – Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) (“Skyharbour” or the “Company”) is pleased to announce that it has completed the
Suite 1030 – 505 Burrard Street, Vancouver, BC, Canada, V7X 1M5
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 558-5847
Facsimile: (604) 687-3119
December 16th, 2025.
NEWS RELEASE
Skyharbour Closes Acquisition to Consolidate 100% Interest in the Russell Lake Uranium
Project
Vancouver, BC – Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt:
SC1P) (“Skyharbour” or the “Company”) is pleased to announce that it has completed the
acquisition of Rio Tinto Exploration Canada Inc.’s (“RTEC”) minority interest in the Russell Lake
Uranium Project (“Russell Lake” or the “Project”) pursuant to the previously announced definitive
and binding purchase agreement (the “Purchase Agreement”). The Project is strategically located
in the central core of the Eastern Athabasca Basin of northern Saskatchewan, with access to
regional infrastructure, including an all-weather road and powerline.
Russell Lake Project Location Map:
http://www.skyharbourltd.com/_resources/images/2025-11-14%20SKY-RussellLake-
Updated.jpg
Transaction Details:
Immediately prior to closing, RTEC’s interest in the Project was approximately 42.3%. Pursuant
to the terms of the Purchase Agreement, Skyharbour has acquired 100% of RTEC’s minority
interest in the Project in exchange for cash consideration of C$10 million (the “Purchase Price”).
The Purchase Price consisted of a C$2 million deposit, paid on signing the Purchase Agreement,
and a C$8 million cash payment paid at closing.
Skyharbour has granted to RTEC a 0.25% net smelter returns royalty over Russell Lake. The
acquisition of RTEC’s interest in Russell Lake has increased Skyharbour’s interest in the Project
to 100%, subject to several other net smelter return royalties held by third parties.
Russell Lake Uranium Project Overview:
The Russell Lake Project is a large, advanced-stage uranium exploration property totalling 73,314
hectares strategically located between Cameco’s Key Lake and McArthur River Projects, and
adjoining 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 runs
through the western extent of the property and greatly enhances accessibility, while a high-voltage
powerline is situated alongside this road.
Qualified Person:
2
The technical information in this news release has been prepared in accordance with the
Canadian regulatory requirements set out in National Instrument 43 -101 and reviewed and
approved by Serdar Donmez, P.Geo., VP of Exploration for Skyharbour as well as a Qualified
Person.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca
Basin and is well positioned to benefit from improving uranium market fundamentals with interest
in thirty -seven projects covering over 616,000 hectares (over 1.5 million acres) of land.
Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a
100% interest in the Moore Uranium Project, which is located 15 kilometres east of Denison's
Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore
is an advanced -stage uranium exploration property with high -grade uranium mineralization in
several zones at the Maverick Corridor. Adjacent to the Moore Project is the Russell Lake Uranium
Project, which hosts widespread uranium mineralization in drill intercepts over a large property
area with exploration upside potential. The Company is actively advancing these projects through
exploration and drilling programs.
Skyharbour also has joint ventures with industry leader s Denison Mines, Orano Canada Inc.,
Azincourt Energy, and Thunderbird Resources at the Russell, 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;
Hatchet Uranium at the Highway Project; CSE -listed Mustang Energy at the 914W Project; and
TSX-V listed Terra Clean Energy at the South Falcon East Project.
In aggregate, Skyharbour has now signed earn -in option agreements with partners that total to
potentially over $76 million in partner -funded exploration expenditures and over $42 million in
cash and share payments coming into Skyharbour, assuming that these partner companies
complete their entire earn-ins at the respective projects.
Skyharbour’s Uranium Project Map in the Athabasca Basin:
https://skyharbourltd.com/_resources/maps/SKY-SaskProject-Locator-2025-12-08.jpg
To find out more about Skyharbour Resources Ltd. (TSX -V: SYH) visit the Company’s website
at www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
“Jordan Trimble”
Jordan Trimble
President and CEO
For further information contact myself or:
Nicholas Coltura
Corporate Communications Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
3
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE
CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements".
All statements in this release, other than statements of historical facts, that address events or
developments that management of the Company expects, are forwa rd-looking statements.
Although management believes 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 undertakes 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 forward -looking
statements, exploration and development successes, regulatory approvals including TSXV
approval, and general economic, market or business conditions. Please see the public filings of
the Company at www.sedarplus.ca for further information.