Skyharbour Announces Major 2026 Exploration Campaign with Denison Mines at Russell Lake Uranium Joint Ventures Vancouver, BC - Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQX:SYHBF) (Frankfurt:SC1P) (“Skyharbour”, “SYH” or the “Company”) is pleased to announce plans for a major 2026 exploration
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Telephone: (604) 558-5847
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January 22nd, 2026
NEWS RELEASE
Skyharbour Announces Major 2026 Exploration Campaign with Denison Mines at Russell
Lake Uranium Joint Ventures
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQX:SYHBF) (Frankfurt:SC1P)
(“Skyharbour”, “SYH” or the “Company”) is pleased to announce plans for a major 2026 exploration
campaign spanning several of the newly-formed Russel Lake joint ventures with Denison Mines
Corp. (“Denison”) (TSX:DML) (NYSE American: DNN). Over 15,000 metres of diamond drilling is
planned across the Wheeler North, RL, and Getty East joint ventures , each of which were formed
following completion of the strategic transaction with Denison in December 2025 that resulted in a
reorganization of the former Russell Lake uranium project into four separate property joint ventures
(the “Russell Lake Joint Ventures”).
Reorganization of the Russell Lake Project:
https://www.skyharbourltd.com/_resources/images/Russell-Map-New.jpg
The Russell Lake Joint Ventures are strategically located in the central portion of the eastern
Athabasca Basin of northern Saskatchewan, to the east of Denison’s flagship Wheeler River project,
and with access to significant regional infrastructure, including an exploration camp, provincial
highways, and the provincial power grid.
Russell Lake Project Area Location Map:
https://www.skyharbourltd.com/_resources/images/SKY_RussellLake.jpg
Highlights of 2026 Exploration Plans:
• Immediate start to exploration at Denison- operated Wheeler North property with 2,500
metres planned for winter drilling at the Fox Lake Trail target, where previous drilling identified
extensive faulting and intense illite- and dravite-dominated alteration, together with elevated
uranium and boron geochemistry which confirms the presence of strong uranium -
mineralizing hydrothermal systems.
• Additional 5,000 metres of drilling at the Wheeler North property’s Fork and Sphinx target
areas is planned for later in the year, intending to follow up on drilling from the last two years
which confirmed prospective structures and/or uranium mineralization.
• Target generation and diamond drilling follow up planned for Skyharbour-operated RL
property expected to consist of g round EM surveys and 4,000-5,000 metres of diamond
drilling across several prospective targets.
• G round geophysical surveys and approximately 3, 600 metres of diamond drilling targeting
the Little Mann Lake prospect area and priority targets along the extension of the mineralized
Middle Lake Trend on the Getty East property.
• In total, over 15,000 metres of diamond drilling planned in 2026 across newly reorganized
properties at the Russell Lake Joint Ventures.
Jordan Trimble, President and CEO of Skyharbour, stated: “2026 is set to be a transformative year
for Skyharbour and the upcoming commencement of drilling at the recently formed Russell Lake joint
ventures represents a key near -term catalyst. The planned +15 ,000-metre, multi -phased drill
campaign at Russell is a substantial increase to previous annual drilling programs as we accelerate
exploration efforts together with our new funding-partner, Denison, using systematic and proven
exploration methodologies. We are confident that this collaboration with Denison will expedite the
discovery process and leverage Denison’s success in exploring, permitting, and developing the
neighboring Wheeler River Project, where the high-grade Phoenix deposit is positioned to become
the next new large-scale uranium mine built in the region since the Cigar Lake mine.”
Mr. Trimble continued: “The Russell Lake Joint Ventures encompass one of the largest and most
prospective land packages in the Athabasca Basin region, with a combination of proximity to existing
and developing mines, as well as low- cost drilling and relatively shallow target depths. Combined
with our recently announced plans for drilling in 2026 at our adjacent Moore Project, as well as at
our Preston Project JV and various other partner-funded projects, the Company will have consistent
news flow throughout 2026. With over 30,000 metres of diamond drilling anticipated across
Skyharbour’s project portfolio in 2026, we believe the Company offers unique and significant
discovery optionality.”
Wheeler North Property Plans:
Wheeler North consists of 16,409 hectares over eight claims that host numerous prospective
exploration targets located adjacent to the Wheeler River Project. Ownership is initially 51%
Skyharbour and 49% Denison, with Denison serving as the operator and holding additional earn- in
options to achieve up to a 70% ownership interest.
At Wheeler North, Denison is planning an exploration program comprising approximately 13 diamond
drill holes totalling approximately 7,500 metres this year. The work is expected to be sole funded by
Denison pursuant to its earn-in options, and is set to commence shortly with a focus on three high-
priority target areas: Fork, Sphinx, and Fox Lake Trail (“FLT”).
At the Fork Zone, previous drilling by Skyharbour confirmed the presence of high- grade uranium
mineralization, including the high- grade intersection in drill hole RSL24- 02, which returned 3.0%
U3O8 over 0.5 metres. Drilling in 2025 identified a broad corridor of intense sandstone and basement
alteration associated with favourable geochemistry along strike to the north of hole RSL24- 02.
Drilling planned for 2026 will focus on systematically testing this intense alteration corridor with the
objective of expanding the known mineralized footprint at the Fork Target.
To the northwest of the Fork Zone, the Sphinx target area has emerged as a newly identified, high-
priority target area, which is located approximately one kilometre from Denison’s Phoenix d eposit.
Inaugural drilling completed in 2025 intersected a faulted graphitic unit in the basement, confirming
the presence of a prospective reactivated structural corridor at Sphinx. The projected unconformity
intersection of this structure is considered a priority follow-up target, with additional drilling planned
to test this setting along strike.
At the Fox Lake Trail (“FLT”) Zone, drilling in 2025 by Skyharbour intersected strong hydrothermal
alteration associated with uranium-mineralizing systems, including intense sandstone desilicification,
brecciation, fracturing, elevated boron values, and widespread illite- and dravite- dominant clay
alteration. Notably, drill hole RSL25- 03A intersected a strongly altered sandstone fault zone with
boron values up to 5,360 ppm, while RSL25- 02 intersected anomalous basement -hosted uranium
within a faulted graphitic unit, collectively indicating proximity to a fertile uranium-bearing structural
corridor. A focused follow-up program of three to four drill holes is planned to commence in winter
2026, with contingency drill targets available on additional untested conductors within the FLT area.
RL Property Plans:
The RL property covers 53,192 hectares over 16 claims located north and west of Skyharbour’s
adjacent Moore Project. Skyharbour owns an 80% interest and is the project operator while Denison
owns 20% and has committed to funding its share of the next $10 million in exploration expenditures
on the property.
The property host s numerous exploration target areas , including Christie Lake, Blue Steel, Taylor
Bay, South Russell, and Kowalchuk Lake. Skyharbour is carrying out electromagnetic (“EM”) surveys
to further refine and prioritize targets along prospective structural corridors and underexplored
conductors. This work will be followed by targeted diamond drilling of approximately 4,000 to 5,000
metres this year in 10 -14 drill holes, designed to test high- priority targets generated from the
integration of historical datasets, recent drilling results, and new geophysical interpretations.
Getty East Property Plans:
Getty East consists of one claim covering 3,105 hectares and hosts the Little Mann Lake uranium
zone, as well as the interpreted extension of the Middle Lake trend. Skyharbour owns 70% of the
property and will initially act as operator. Denison has an initial 30% ownership interest, and holds
additional earn-in options to acquire up to a 70% interest in the project, as well as the right to become
the project operator. The work planned for 2026 is expected to be sole funded by Denison pursuant
to its earn-in options.
Skyharbour is planning approximately 16.2 line- kilometres of ground MLTDEM surveying to better
define priority conductive corridors associated with the interpreted extension of the Middle Lake
trend. Historical drilling on this trend, located to the south of the Getty East property, returned high-
grade uranium mineralization, including 22.1% U 3O8 over 0.9 metres in drill hole ML- 30. The
geophysical survey is expected to be followed up by approximately 3,600 metres of diamond drilling
in about 10 drill holes to test targets generated from the new geophysics and supported by historical
drilling results.
Overview of Recent Skyharbour Exploration Programs at Russell:
Skyharbour recently drilled 19 holes totalling 9,844 metres, together with Moving Loop and Fixed
Loop Transient Electromagnetic (TEM) surveys completed across multiple priority target areas within
the original Russell Lake project area. This exploration focused on advancing several high- priority
targets, including the Fork Zone, M-Zone Extension, Fox Lake Trail, and the newly identified Sphinx
target area. Denison and Skyharbour plan to follow-up on the findings of the previously exploration
at Russell with the 2026 programs.
First Phase of Exploration:
In the first phase, 8 diamond drill holes totalling 4,124 metres, were completed with 6 of these holes
drilled at the newly identified Fork Zone to follow up on the high-grade mineralization intersected in
previously reported hole RSL24- 02. The remaining 2 holes were drilled at the M -Zone Extension,
targeting historical ground EM anomalies.
The Fork Zone was discovered in 2024 and is host to the best uranium mineralization intercepted to
date at the Russell Lake project. The highlight results included high-grade unconformity-hosted
mineralization intercepted in previously reported RSL24-02, which returned 3.0% U3O8 over 0.5
metres within a broader 2.5- metre interval averaging 0.72% U3O8 at a relatively shallow depth of
338.1 metres. Prior to 2024, the Fork Target had seen minimal historical exploration due to the lack
of reliable ground geophysical data, primarily caused by interference from the nearby powerline.
Sphinx and Fork Target Areas - Drill Collar Map:
http://www.skyharbourltd.com/_resources/images/Sphinx-and-Fork-Target-Areas-Drill-Collar-Map-
0005.jpg
Hole RSL24-12 at the Fork Zone intersected 0.17% U3O8 over 0.5 metres from 337.8 to 338.3 metres
at the unconformity. Anomalous As, Ni, Pb, V, Zn, and B were intersected, in addition to weak
uranium mineralization from 330.0 metres until the unconformity at 338.3 metres. Basement
geochemistry returned anomalous uranium within altered and structurally disrupted graphitic
metasediments. RSL24-12 tested for continuity of mineralization encountered in RSL24- 02 to the
SSW but the optimum target at the unconformity was undershot thereby warranting further drilling
here. Holes RSL24-11, -13, -14, -15, and -16 all intersected anomalous pathfinder elements at the
Fork Zone associated with the hanging wall of the structure in graphitic basement lithologies, in
addition to anomalous uranium ranging from 11.8(partial) to 150(partial) ppm U.
Fork Target Area - Drill Collar Map:
http://www.skyharbourltd.com/_resources/images/Fork-Target-Area-Drill-Collar-Map-0002.jpg
The MZE (“M-Zone Extension”) target lies on trend from Denison’s Wheeler River Project M-Zone,
where historical drilling intersected basement and unconformity-hosted uranium mineralization. More
recent drilling by Denison in 2020 at the M -Zone encountered additional uranium mineralization,
along with significant faulting, core loss, geochemical anomalies, and radioactivity . The
mineralization at M-Zone is hosted by a graphitic thrust fault within a significant magnetic low, which
continues onto the Russell Lake property area at the M-Zone Extension target. It is also noted that
lineaments (cross structures) associated with Denison’s Phoenix and Gryphon uranium deposits
trend onto the Russell Lake property within the M-Zone Extension target area, further enhancing the
prospectivity of this target.
Hole RSL24-17 was drilled to follow up on a 2024 hole at the MZE Zone that was lost in structurally
disrupted and altered sandstone before reaching its target. RSL24-17 similarly encountered intense
structure and alteration in the sandstone and was lost before intersecting the basement. Hole RSL24-
18 intersected moderate hydrothermal hematite within the basal sandstone, and strong shearing
locally overprinted by well- developed fault breccia and gouge within the basement . Anomalous
uranium was intersected within fractured and altered granitic lithologies.
In addition to the drilling above, focused ground geophysical program s were completed over the
Fork, Sphinx and Fox Lake Trail targets within the central and northern portions of the Russell Lake
project area . The surveys across the Fork –Sphinx areas identified a series of previously
unrecognized conductive anomalies, including four sub-parallel conductors at the Fork area, at least
one conductive trend at Sphinx, and an additional parallel trend located between the Fork and Sphinx
trends, now referred to as the McGowan trend. All of these conductors were virtually untested prior
to the work in 2025. At the Fox Lake Trail area, the survey delineated four parallel conductive trends,
of which only two had been drill tested prior to 2025, as earlier surveys failed to adequately resolve
these features.
Second Phase of Exploration:
The second phase of drilling comprised of 11 drill holes totaling 5,720 metres, targeting the newly
identified, high-priority conductors while also expanding on the successful 2024 discovery at the Fork
Zone. Fork is now understood to be a northeast–southwest–trending structural corridor that runs
sub-parallel to the historical Grayling Z one and remains largely underexplored. The northern strike
extension of the Fork Trend, together with multiple parallel conductive trends to the west, remain
virtually untested and represent high-priority targets for follow-up drilling.
Of the 11 holes in the second phase, 6 holes totaling 2,397 metres were completed at the Fork Zone.
Hole RSL24-12W1 intersected 2.0 metres averaging 0.28% U3O8, including 0.5 metres of 0.68%
U3O8 southwest of hole RSL24-02, confirming continuity along and across strike. A four-hole fence
(RSL25-05, -08, -09, and - 10) drilled approximately 325 metres north of RSL24- 02 tested newly
defined, parallel EM conductors located approximately 500 metres west of the historical Grayling
showing. These conductors were untested prior to Skyharbour’s 2025 drilling. Holes RSL25-05, -08,
and -10 intersected intense sandstone-hosted faulting with bleaching, desilicification, core loss, and
clay alteration locally including visible dravite. Hole RSL25-09 intersected a graphitic basement fault
zone and clay analyses confirmed illite-dominant alteration with local dravite, consistent with fertile
uranium systems in the Athabasca Basin. An additional hole, RSL25-06, drilled approximately 330
metres SSW of RSL24- 02, intersected granitic basement and did not explain the EM response.
Further drilling in the area is required to adequately test this target with plans in 2026 to do so.
The faulting and associated alteration encountered in RSL25- 05, -08, -09, and -10 represent the
strongest structural and hydrothermal alteration intensity identified at the Fork Zone to date. This
alteration system remains unconstrained along strike in both directions and across strike to the west,
highlighting significant upside potential which has already produced grades of up to 3% U3O8 at the
target area.
Skyharbour also completed a single drill hole, RSL25- 07A, to test a newly identified ground EM
conductor at the Sphinx target, representing the first drill test of this target. Sphinx is located
approximately one kilometre southeast of the Phoenix deposit on the Wheeler River Project. The
hole confirmed the EM anomaly as a faulted and altered graphitic pelite unit, intersected
approximately 140 metres below the unconformity. The graphitic fault zone shows evidence of post-
Athabasca reactivation and is associated with pervasive bleaching, supporting the interpretation of
a structurally fertile system.
Geochemical sampling from RSL25 -07A returned elevated uranium and associated pathfinder
elements within faulted and graphitic intervals. PIMA analysis identified illite-dominant clay alteration
in the sandstone and illite– chlorite alteration in the basement, indicating a well -developed
hydrothermal system. Together, these results support the interpretation of a reactivated, structurally
focused uranium-fertile corridor at Sphinx. With only one drill hole completed to date and the target
located proximal to the Phoenix deposit, Sphinx remains a high- priority target for follow- up drilling
planned in 2026.
Furthermore, Skyharbour completed 4 drill holes at the Fox Lake Trail area, located at the northern
end of the Russell Lake project area. The drilling tested two of the recently defined conductors by
the 2025 ground EM survey within a broad conductive corridor that has seen limited historical drilling
with sporadic uranium mineralization and favourable hydrothermal alteration.
Fox Lake Trail Target Area – Drill Collar Map:
http://www.skyharbourltd.com/_resources/images/Fox-Lake-Trail-Target-Area-Drill-Collar-Map_rev-
0003.jpg
Holes RSL25-02, RSL25-03A, and RSL25- 04 tested the strike extension of the same conductive
trend, while hole RSL25-01 tested a parallel conductive target to the southeast. The two drill fences
are spaced approximately 800 metres apart. Holes RSL25- 03A and RSL25- 04 encountered the
strongest hydrothermal alteration observed at Fox Lake Trail to date, including brecciation and
significant quartz dissolution, while hole RSL25- 02 intersected anomalous basement -hosted
uranium of 250 ppm U over 0.5 metres within a faulted graphitic unit. Clay analysis confirmed illite-
and dravite-dominant alteration. These conductive trends remain largely underexplored along strike,
with an additional priority target identified through reinterpretation of historical EM data between the
two drill fences, supporting continued follow-up exploration at Fox Lake Trail. Drilling will commence
shortly at this target area.
Summary of Russell Lake Joint Ventures:
The Russell Lake Joint Ventures encompass a large, advanced -stage uranium exploration land
package totalling 73,314 hectares in the eastern Athabasca Basin of northern Saskatchewan. The
properties are strategically positioned between Cameco’s Key Lake and McArthur River operations
and immediately east of Denison’s Wheeler River Project.
Following the completion of a major strategic transaction with Denison in 2025, th e former Russell
Lake project was restructured into four separate joint venture uranium properties: RL, Wheeler North,
Getty East, and Wheeler River Inliers. Each property is subject to its own joint venture agreement
with operatorship divided between the partners . Skyharbour is the operator at the RL Claims and
Getty East, and Denison is the operator at Wheeler North and the Wheeler River Inliers. In
aggregate, the strategic transaction included total project consideration of up to C$61.5 million with
Skyharbour retaining an 80% interest at RL while Denison can earn up-to 70% at each of the other
properties.
The Russell Lake Joint Ventures benefit from excellent regional infrastructure, with the northern
extension of Highway 914 traversing the western portion of the land package and a high- voltage
provincial powerline running parallel to the road. Across the joint ventures, there are numerous high-
priority exploration targets including the Grayling, Fork, Little Mann Lake, Christie Lake, Fox Lake
Trail, Sphinx, Blue Steel, Taylor Bay, South Russell, and Kowalchuk Zones. In addition, more than
35 kilometres of largely untested prospective electromagnetic conductors occur across the joint
venture properties, highlighting the substantial discovery potential.
QA/QC, Radiometric Equivalent Grades and Spectrometer Readings:
All drill intervals above are downhole length and sampling procedures and QA/QC protocols for
geochemical results as well as a description of downhole gamma probe grade calculations and
protocols are below. All drill core samples are shipped to the Saskatchewan Research Council
Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan under the care of Skyharbour
personnel for preparation, processing, and multi -element analysis by ICP -MS and ICP-OES using
total (HF:NHO3:HClO4) and partial digestion (HNO3:HCl), boron by fusion, and U3O8 wt% assay by
ICP-OES using higher grade standards. Assay samples are chosen based on downhole probing
radiometric equivalent uranium grades and scintillometer (Radiation Solutions RS-125) peaks. Assay
sample intervals comprise 0.5 metre continuous half-core split samples over the mineralized interval.
These samples may also be selected for density determination using Rock Density by Dry Bulk
Method (wax-coated displacement method). With all assay samples, one half of the split sample is
retained and the other sent to the SRC for analysis. The SRC is an ISO/IEC 17025/2005 and
Standards Council of Canada cert ified analytical laboratory. Blanks, standard reference materials,
and repeats are inserted into the sample stream at regular intervals by Skyharbour and the SRC in
accordance with Skyharbour’s quality assurance/quality control (QA/QC) procedures. Geochemical
assay data are subject to verification procedures by qualified persons employed by Skyharbour prior
to disclosure.
During active exploration programs, drillholes are radiometrically logged using calibrated downhole
Mount Sopris HLP-2375 or 2GHF probes of varying sensitivities, which collect continuous readings
along the length of the drillhole. Preliminary radiometric equivalent uranium grades (“eU 3O8”) are
then calculated from the downhole radiometric results. The probe is calibrated using an algorithm
calculated from the calibration of the probe at the Saskatchewan Research Council facility in
Saskatoon and from the c omparison of probe results against geochemical analyses. In the case
where core recovery within a mineralized intersection is poor or non-existent, radiometric grades are
considered to be more representative of the mineralized intersection and may be reported in the
place of assay grades. Radiometric equivalent probe results are subject to verification procedures
by qualified persons employed by Skyharbour prior to disclosure.
Qualified Person:
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
forty-three projects covering over 662,887 hectares (over 1.6 million acres) of land. Skyharbour owns
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, shallow uranium mineralization at
the Maverick Zones. Adjacent to Moore, Skyharbour is advancing several uranium properties within
the Russell Lake project area with its joint venture partner and large strategic shareholder Denison
Mines. Collectively these projects host multiple zones of high -grade uranium mineralization across
a highly prospective land package with significant exploration upside, and the Company is actively
working these assets through exploration and drilling programs.
Skyharbour now has joint ventures with industry-leaders Denison Mines and Orano Canada Inc. at
the Russell Lake properties and the Preston project, respectively . The Company also has several
active earn-in option partners, including CSE-listed Nexus 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 the
earn-ins at their respective projects.
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/images/SKY_SaskProject_Locator_2025-12-16.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]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF
THIS NEWS RELEASE.
Forward-Looking Information:
This news release contains “forward ‐looking information or statements” within the meaning of
applicable securities laws, which may include, without limitation, completing ongoing and planned
work on its projects including drilling and the expected timing of such work programs, other
statements relating to the technical, financial and business prospects of the Company, its projects
and other matters. All statements in this news release, other than statements of historical facts, that
address events or developments that the Company expects to occur, are forward- looking
statements. Although the Company 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 may differ materially from those in the forward- looking statements.
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, including
the price of uranium, the ability to achieve its goals, that general business and economic conditions
will not change in a material adverse manner, that financing will be available if and when needed
and on reasonable terms. Such forward -looking information reflects the Company’s views with
respect to future events and is subject to risks, uncertainties and assumptions, including the risks
and uncertainties relating to the interpretation of exploration results, risks related to the inherent
uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses,
and those filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. Factors that could
cause actual results to differ materially from those in forward looking statements include, but are not