Mr. Jordan Trimble reports

SKYHARBOUR'S PARTNER COMPANY NORTH SHORE URANIUM PROVIDES FALCON URANIUM PROPERTY DRILL PROGRAM UPDATE

Skyharbour Resources Ltd.'s partner company, North Shore Uranium, has provided an update on the coming drill program at the 55,699-hectare Falcon uranium property located at the eastern margin of the Athabasca basin in Northern Saskatchewan. North Shore has further refined its targeting criteria and the drill program is set to commence in mid-March.

Falcon is a highly prospective uranium exploration property with a limited exploration history in a part of the Athabasca basin region that is seeing increased exploration activity and recent discoveries. Reinterpretation of electromagnetic (EM) data complemented by geophysical data acquired in 2022 has allowed North Shore to identify high-priority uranium targets in areas where there has been no previous drilling.

Electromagnetics with priority targets

North Shore plans to drill test up to three targets along a strong, dominantly northeast-trending EM conductor system at the southern end of the property. TerraLogic Exploration Inc. has been selected to manage the drill program and field preparations are under way. Condor North Consulting ULC is assisting with geophysical interpretation. Working with TerraLogic and Condor, North Shore is in the final stages of ranking and prioritizing drill targets for the March program. Over 20 potential drill targets have been identified along the northeast-trending EM conductor trend. Drill collar locations are being refined for the three lead candidates for drilling. Factors used to prioritize targets for drilling and establish drill collar locations include the following: strength and character of the EM conductor; EM conductor plate models generated using EMIT Maxwell software; evaluation of airborne gravity gradient and radiometric data acquired in 2022; the presence of potential basement-hosted structures; interpreted bedrock geology; and ground conditions.

Magnetics (TMI-RTP) with priority targets

Brooke Clements, president and chief executive officer of North Shore, stated: "We are excited to be preparing to commence our first drill program where we aim to test priority targets on the Falcon property. This is only the beginning of our exploration plans at Falcon as we have identified multiple high-quality target zones spread across the property that require evaluation and drilling. Since January, the uranium spot price has consistently been around $100 (U.S.)/pound for the first time since 2007, focusing more attention on the uranium exploration sector and new discoveries. Saskatchewan's Athabasca basin is a Tier 1 jurisdiction for discovering new minable high-grade uranium deposits."

Falcon uranium project

The Falcon property, which constitutes part of North Shore's Falcon property, contains 11 mineral claims comprising approximately 42,908 hectares approximately 50 kilometres east of the Key Lake mine. Nine of the claims are from Skyharbour's original South Falcon uranium project and the remaining two claims are from Skyharbour's Foster River project. Historical uranium mineralization discovered at Falcon is shallow and is hosted in several geological settings including classic Athabasca-style basement mineralization associated with well-developed EM conductors. At the EWA target, up to 0.492 per cent U3O8 (triuranium octoxide) and 1,300 parts per million lead was encountered in outcrop grab samples (Saskatchewan Mineral Deposits Index (SMDI) 5038). Historical grab sampling at Knob Lake (SMDI 1014) also encountered up to 0.01 per cent U3O8 in an outcrop of pegmatite, while anomalous nickel, copper and molybdenum were found in historical grab samples from the Fraser North target area (SMDIs 1125 and 1126).

A well-defined northeast-trending, locally folded, electromagnetic conductor system runs throughout the property, which was defined by airborne and ground geophysical surveys by JNR Resources (JNR) in the 2000s. In 2008 JNR conducted a drill campaign at the property area. Of the 47 holes drilled that year, 28 holes (totalling 7,348 metres) were drilled on the South Falcon uranium property at the Walker (14 holes), Walker South (7 holes) and EWA target areas (six holes). At the Walker and South Walker targets, which lie along the aforementioned EM conductor system, structurally disrupted and variably altered metasediments (including graphitic pelitic gneisses) with anomalous boron, copper, molybdenum, nickel, cobalt, arsenic and vanadium were encountered in several drill holes. During this same drill campaign, the Fraser Lakes zone B uranium deposit was discovered approximately four kilometres east of the Walker South target on a refolded extension of the EM conductor system. At the EWA target, which lies along a separate northeast-trending EM conductor, anomalous uranium, boron, lead and molybdenum were encountered in structurally disrupted pegmatites; the best result was 0.235 per cent U3O8 over 0.5 metre (within a 3.5 m interval of 0.113 per cent U3O8) in hole WYL-08-501 (Saskatchewan mineral assessment file 74H02-0045).

Furthermore, in 2022, Skyharbour completed a Falcon airborne gravity gradiometer and magnetic survey over nine of the 11 claims at the Falcon property. This new geophysical data will assist North Shore in prioritizing areas along the EM conductor system for drilling. Over 30 kilometres of the EM conductor system remains untested on the Falcon property. North Shore's initial focus will be on the two claims formerly part of the Foster project (geophysics), and on generating drill targets on three claims at the southeastern end of the EM conductor systems, including Knob Lake, which shows similarities to the Fraser Lakes Zone B deposit approximately 6 km to the northeast and several other high-priority targets elsewhere along the main EM conductor system.

Significant potential exists on the project for basement-hosted, unconformity-related uranium deposits like those further to the north in the Wollaston Domain (i.e. Eagle Point, Rabbit Lake, Key Lake and others), as well as for pegmatite/granite-hosted (i.e. alaskite-type) U-Th-REE mineralization like at the Fraser Lakes zone B deposit on Skyharbour's adjacent South Falcon East property, currently under option to Tisdale Clean Energy.

The option agreement

North Shore may acquire an initial 80-per-cent interest in the property by issuing common shares of the resulting issuer having an aggregate value of $1,225,000; making aggregate cash payments of $525,000; and incurring an aggregate of $3.55-million in exploration expenditures on the property over a three-year period. Once North Shore has earned an initial 80-per-cent interest in the property, North Shore may acquire the remaining 20-per-cent interest in the property within 90 business days by issuing shares having a value of $5-million, and making a cash payment of $5-million to Skyharbour. If North Shore does not elect to acquire the remaining 20-per-cent interest, a joint venture will be formed with Skyharbour holding a 20-per-cent participating interest.

North Shore will be the operator of the exploration programs during the earn-in stage and for the joint venture if formed. Two claims totalling 10,673 hectares that form part of Skyharbour's Foster River property are subject to a 1-per-cent net smelter return royalty payable to Skyharbour. The remaining nine claims totalling 32,235 hectares that comprise Skyharbour's South Falcon Point property are subject to a 2-per-cent NSR royalty payable to Denison Mines Corp. with North Shore having the right to purchase 1 per cent of the royalty from Denison at any time by paying $1-million. All shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.

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 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 29 projects, 10 of which are drill ready, covering over 587,000 hectares (over 1.45 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 per cent U3O8 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.

We seek Safe Harbor.