Mr. Jordan Trimble reports

SKYHARBOUR PARTNER COMPANY TISDALE CLEAN ENERGY PLANS EXPLORATION PROGRAM AT THE SOUTH FALCON EAST URANIUM PROJECT, ATHABASCA BASIN, SASKATCHEWAN

Skyharbour Resources Ltd. partner company Tisdale Clean Energy Corp. plans to begin exploration at the South Falcon East uranium project which hosts the Fraser Lakes Zone B uranium deposit. The South Falcon East project lies 18 kilometres outside the edge of the Athabasca basin, approximately 50 km east of the Key Lake uranium mill and former mine. Tisdale entered into an option agreement that was finalized earlier this year (see news release dated Jan. 25, 2023) whereby Tisdale can earn up to a 75-per-cent interest in the South Falcon East project. Under the option agreement and assuming the 75-per-cent interest is earned, Tisdale will have issued Skyharbour 1,111,111 Tisdale shares upfront, and will finance exploration expenditures totalling $10.5-million, as well as pay Skyharbour $11.1-million in cash of which $6.5-million can be settled for shares in the capital of Tisdale over the five-year earn-in period.

Tisdale is planning an extensive preliminary drill program to commence in early 2024. The program will consist of approximately 2,000 metres of drilling. The priority will be to confirm and expand the existing mineralization associated with the Fraser Lakes Zone B uranium deposit. Infill drilling will confirm the presence and continuity of existing mineralization in preparation for an updated resource estimate and model in the future. Stepout drilling will endeavour to expand the footprint of the deposit, as the current mineralization is open in all directions. Initial focus will be on extending mineralization along strike and down dip into the basement rocks.

A secondary priority will be to begin regional exploration by following up on promising anomalies located in the T-Bone Lake area. Regional drilling will focus on the effort to discover additional mineralized zones and deposits along the folded structural package that hosts the Fraser Lakes B deposit. The initial drill program is planned to be operating out of the McGowan Lake camp with helicopter support for the daily drilling operations.

Tisdale chief executive officer Alex Klenman stated: "We have a great opportunity to build value here. As we deploy capital into the project, we'll earn credit for the pounds in the ground. We believe we can increase both the size and the overall grade of the asset. With current optimism in the sector, we feel we're entering the earn-in with Skyharbour at the best possible time," continued Mr. Klenman.

Terms of the option agreement

Pursuant to the option agreement, Tisdale may acquire up to a 75-per-cent interest in the property, in two phases. Initially, Tisdale can acquire a 51-per-cent interest in the property by completing the following payments and incurring the following exploration expenditures on the property:

1. On the closing date, paying $350,000 (paid) and issuing 1,111,111 shares to Skyharbour upfront (issued).

1. By the 18-month anniversary of closing, completing at least $1.25-million in exploration expenditures, and paying Skyharbour $1.45-million, of which up to $1-million may be paid in shares based on the 20-day volume-weighted average closing price calculated on the day of issuance (VWAP), at the election of Tisdale.
2. By the second anniversary of closing, completing an additional $1.75-million in exploration expenditures, and paying Skyharbour $1.8-million, of which up to $1-million may be paid in shares based on the VWAP, at the election of Tisdale.
3. By the third anniversary of closing, completing an additional $2.5-million in exploration expenditures, and paying Skyharbour $2.5-million, of which up to $1.5-million may be paid in shares based on the VWAP, at the election of Tisdale.

After acquiring a 51-per-cent interest, Tisdale may increase its interest in the property to 75 per cent by:

• 2. Completing a payment of $5-million to Skyharbour by the fourth anniversary of closing, of which up to $3-million may be satisfied in shares based on the VWAP, at the election of Tisdale, and incurring exploration expenditures on the property of an additional $2.5-million in each of the fourth and fifth anniversaries of closing.

No common shares will be issuable to Skyharbour at a deemed price of less than five cents or such minimum price as is permitted by the exchange at the date of issuance, nor will they be issued to Skyharbour to the extent such issuance would result in the company becoming a new insider of Tisdale. Assuming Tisdale exercises any portion of the option and acquires an interest in property, the parties intend to form a joint venture for the ongoing development of the property. The property is subject to an existing 2-per-cent net smelter returns royalty owing to a former owner.

South Falcon East project Summary:

The South Falcon East project is a uranium exploration project in the southeast Athabasca basin and covers approximately 12,464 hectares. It lies 18 kilometres outside the Athabasca basin, approximately 50 kilometres east of the Key Lake mine. Historical exploration at the South Falcon East project identified an area of U-Th-REE mineralization at the Fraser Lakes Zone B over an area comprising 1.5 km by 0.5 km along an antiformal fold nose cut by an east-west dextral ductile-brittle cross-structure adjacent to a 65 km long EM conductor.

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 David Billard, PGeo, a consulting geologist for Skyharbour as well as a qualified person.

About Tisdale Clean Energy Corp.

Tisdale Clean Energy is a Canadian-based exploration company focused on the acquisition and advancement of critical energy/fuel projects.

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 leaders 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; Canadian Securities Exchange-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 signed earn-in option agreements with partners that total 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.