Skyharbour Consolidates 100% Interest in the Russell Lake Uranium Project
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
November 16th, 2025.
NEWS RELEASE
Skyharbour Consolidates 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 is has entered into a
definitive and binding purchase agreement (the “Purchase Agreement”) with Rio Tinto Exploration
Canada Inc. (“RTEC”) to increase and consolidate 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 of northern Saskatchewan, with access to regional infrastructure,
including an all-weather road and powerline.
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 cash consideration of C$10 million (the “Purchase
Price”). The Purchase Price shall consist of a C$2 million deposit payable within five business
days of the date of execution of the Purchase Agreement (the “Deposit”) and a C$8 million cash
payment at closing (the “Closing Payment”), which is expected to be on or before December 21st,
2025.
Skyharbour shall grant to RTEC a 0.25% net smelter returns royalty over Russell Lake. The
acquisition of RTEC’s interest in Russell Lake will increase 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. Skyharbour’s acquisition of a majority interest in Russell
Lake creates a large, nearly conti guous block of highly prospective uranium claims totalling
109,019 hectares between the Russell Lake and the Moore uranium projects. Several notable
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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. More than 35 kilometres of largely untested prospective conductors
in areas of low magnetic intensity also exist on the Property. Skyharbour is the operator and owns
a majority interest in Russell Lake, having formed a joint venture partnership with RTEC at the
project.
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 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 Orano Canada Inc., Azincourt 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; 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
over $36 million in partner -funded exploration expenditures, over $20 million worth of shares
being issued, and $14 million in cash payments coming into Skyharbou r, assuming that these
partner companies complete their entire earn-ins at the 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://skyharbourltd.com/_resources/news/SKY_SaskProject_Locator_2025_07_16_v1.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”
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Jordan Trimble
President and CEO
For further information contact myself or:
Nicholas Coltura
Investor Relations 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.
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,
including receipt of TSXV approval to the Transaction and the closing of the Transaction. 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.