Mr. Jordan Trimble reports

SKYHARBOUR ANNOUNCES SHARE ISSUANCE AND CASH PAYMENT TO AZINCOURT ENERGY FOR THE EAST PRESTON JOINT VENTURE PROJECT

Pursuant to the joint venture agreement made between Skyharbour Resources Ltd. and Azincourt Energy Corp. with relation to the East Preston project, the parties have agreed that, in lieu of approximately $543,000 exploration expenditures required to be made by the company that were incurred in the 2022 exploration program, the company shall pay $150,000 and issue one million common shares to Azincourt (see news release dated Feb. 17, 2021, for more information on the terms of the joint venture). Further, the company elected not to participate in the 2023 exploration program with flow-through funds being allocated primarily to its co-flagship Russell Lake project, and thus the company's interest in the property is reduced from 15 per cent 9.5 per cent pursuant to the agreement.

The shares shall be subject to a statutory hold period, as required under applicable securities laws, and, in addition, 500,000 shares shall be subject to voluntary hold period of eight months from issuance and shall bear a restricted legend with these restrictions.

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 24 projects, 10 of which are drill ready, covering over 518,000 hectares (over 1.2 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the company, a 100-per-cent 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 per cent triuranium octoxide over 5.9 metres, including 20.8 per cent U3O8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore uranium project is Skyharbour's recently optioned Russell Lake uranium project from Rio Tinto, which hosts historical high-grade uranium drill intercepts over a large property area with robust exploration upside potential. The company is actively advancing these projects through exploration and drill programs.

Skyharbour has joint ventures with industry leader Orano Canada Inc. and Azincourt Energy at the Preston and East Preston projects, respectively, whereby Orano and Azincourt earned majority interests in the projects through exploration expenditures, cash payments and share issuances. Skyharbour also has several active earn-in option partners, including Australian Securities Exchange-listed Valor Resources at the Hook Lake uranium project; Canadian Securities Exchange-listed Basin Uranium Corp. at the Mann Lake uranium project; CSE-listed Medaro Mining Corp. at the Yurchison project; Yellow Rocks Energy, a private Australian entity, at the Wallee and Usam Island projects; North Shore Energy Metals at the South Falcon project; and TSX Venture Exchange-listed Tisdale Clean Energy at the South Falcon East project, which is host to the Fraser Lakes Zone B uranium and thorium deposit.

Collectively, Skyharbour has now signed earn-in option agreements with partners that total to over $37-million in partner-financed exploration expenditures, over $28-million worth of shares being issued and over $19-million in cash payments coming into Skyharbour, 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.

We seek Safe Harbor.