Skyharbour Announces Fully-Subscribed Private Placement of Flow-Through Units for $500,000

Not for distribution to United States Newswire Services or for dissemination in the United States.

Suite 1610 – 777 Dunsmuir Street, Vancouver, BC, Canada, V7Y 1K4

www.skyharbourltd.com

TSX-V Trading Symbol: SYH

Email: [email protected]

Telephone: (604) 687-3376

Facsimile: (604) 687-3119

December 23rd, 2021

NEWS RELEASE

Skyharbour Announces Fully-Subscribed Private Placement of

Flow-Through Units for $500,000

Vancouver, BC - Skyharbour Resources Ltd . (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:

SC1P) (the “Company” or “Skyharbour”) is pleased to announce it is proceeding on a fully-

subscribed, non-brokered private placement financing for total gross proceeds of CAD $500,000

(the “Private Placement”). The majority of this smaller financing is being led by insider participation

with an independent director providing the lead order.

Skyharbour has allotted and plans to issue 1,000,000 units (the “Units”) at a price of CAD $0.50

per Unit. Each Unit is comprised of one flow-through common share and one-half of one warrant

(each whole, a “Warrant”). Each Warrant will entitle the holder to purchase one non-flow through

common share for a period of three (3) years at a price of CAD $0.75 per share.

The Company intends to use the proceeds from this Private P lacement for exploration and

upcoming drilling programs. The flow -through shares issued in connection with the Private

Placement are subject to a statutory hold period of four months in accordance with applicable

Canadian securities legislation. No finder ’s fees are expected to be paid and t he Private

Placement is subject to TSX Venture Exchange approval.

A portion of the Private Placement constitutes a “related party transaction” within the meaning of

Exchange Policy 5.9 and Multilateral Instrument 61-101 -Protection of Minority Security Holders

in Special Transactions (“MI 61-101”) adopted in the Policy. The Company has relied on

exemptions from the formal valuation and minority shareholder approval requirements of

MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respec t of rela ted party

participation in the Private Placement.

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 fourteen

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projects, nine of which are drill -ready, covering over 385,000 hectares 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 at the Maverick Zone that

returned drill results of up to 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at

a vert ical depth of 265 metres. The Company is actively advancing the project through drill

programs.

Skyharbour has a joint -venture with industry -leader Orano Canada Inc. at the Preston Project

whereby Orano has earned a 51% interest in the project through exploration expenditures and

cash payments. Skyharbour now owns a 24.5% interest in the Project. Skyharbour also has a

joint-venture with Azincourt Energy at the East Preston Project whereby Azincourt has e arned a

70% interest in the project through exploration expenditures, cash payments and share issuance.

Skyharbour now owns a 15% interest in the Project. Preston and East Preston are large,

geologically prospective properties proximal to Fission Uranium's Triple R deposit as well as

NexGen Energy's Arrow deposit. Furthermore, the Company owns a 100% interest in the South

Falcon Point Uranium Project on the eastern perimeter of the Basin, which contains a NI 43-101

inferred resource totaling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO 2 at

0.023%.

Skyharbour has several active option partners including: ASX-listed Valor Resources on the Hook

Lake Uranium Project whereby Valor can earn-in 80% of the project through CAD $3,500,000 in

exploration expenditures, $475,000 in cash payments over three years and an initial share

issuance; CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Project whereby Basin

Uranium can earn-in 75% of the project through $4,000,000 in exploration expenditures, $850,000

in cash payments as well as share issuances over three years; and CSE -listed Medaro Mining

Corp. on the Yurchison Project whereby Medaro can earn-in an initial 70% of the project through

$5,000,000 in exploration expenditures, $800,000 in cash payments as well as share issuances

over three years followed by the option to acquire the remaining 30% of the project through a

payment of $7,500,000 in cash and $7,500,000 worth of shares.

Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed

long-term partnerships, and the advancement of exploration projects in geopolitically favourable

jurisdictions.

Skyharbour’s Uranium Project Map in the Athabasca Basin:

https://www.skyharbourltd.com/_resources/maps/SKY_SaskProject_Locator_20211126.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:

Riley Trimble

Corporate Development and Communications

Skyharbour Resources Ltd.

Telephone: 604-687-3376

Toll Free: 800-567-8181

Facsimile: 604-687-3119

Email: [email protected]

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NEITHER THE TSX VENTURE EXCHAN GE NOR ITS REGULATION SERVICES PROVIDER

ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF

THIS NEWS RELEASE.

The securities offered 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 U.S. state securities laws,

and may not be offered or sold in the United States or to, or for the account or benefit of, United

States persons absent registration or an applicable exemption from the registration requirements

of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not

constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor

in any other jurisdiction.

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 forward -looking st atements,

including the Private Placement. 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, include market prices, exploration and development successes, regulatory

approvals, continued availability of capital and financing, and general economic, market or

business conditions. Please see the public filings of the Company at www.sedar.com for further

information.