Mr. Jordan Trimble reports

SKYHARBOUR AND JV PARTNER ORANO ANNOUNCES EXTENSIVE EXPLORATION AND DRILLING PROGRAM IN 2025 AT PRESTON URANIUM PROJECT

Skyharbour Resources Ltd.'s joint venture partner, Orano Canada Inc., is planning a substantial 2025 exploration and drilling program at the 49,635-hectare Preston uranium project located in the western Athabasca basin, Saskatchewan, Canada. The drilling program will consist of approximately 6,000 to 7,000 metres of drilling during the summer of 2025. Orano is the majority owner and operator at the project with Skyharbour owning a minority interest of approximately 25.6 per cent.

2025 exploration program at Preston

The proposed exploration program for the Preston project will consist of a planned 6,000- to 7,000-metre, helicopter-supported diamond drill program in approximately 26 holes at an average depth of 250 metres during the summer of 2025. Primary drill target areas include the previously untested Johnson Lake grid as well as the Canoe Lake grid; with the possibility of testing the recently surveyed FSAN-North and the West Preston grids. Target areas are separated throughout the claim to ensure assessment credits are met across all claims, while also testing perspective trends.

The Johnson Lake area (Zone 1) has a ML-TEM grid (28.4 kilometres across seven lines) with no drill testing to date. A DC resistivity survey was also performed over four lines within the grid to better define and prioritize drill targets. A drill program was planned for the grid in the winter of 2019, however, limited ice thickness prevented access of the heavy equipment to reach the area. With the 2025 program being helicopter supported, access to the area will not be an issue. Multiple conductors within the grid show moderate to strong conductive responses, concurring with the elevated conductivity seen on the airborne GEOTEM. To thoroughly test these new conductive trends (predominantly the JL-North and JL-South conductors), seven to 12 drill holes with an average depth of 250 m are planned totalling 1,750 to 3,000 metres, contingent on results.

The Canoe Lake area (Zone 2) remains highly perspective and is a planned target area for the 2025 diamond drilling program. The Canoe Lake grid area has nine conductive trends with each conductor having one to three historic holes leaving large portions of strike length untested. Cross-cutting structures interpreted from the airborne EM and magnetics data in the South-West portion of the Canoe Lake grid are of high interest due to their analogous orientation to the PLS and Arrow structural environments. Priority testing will be placed on conductors with confirmed graphitic structured intervals and elevated pathfinder elements from historic drilling. PRE-21 on the CAN-8 conductor intersected a locally fractured 46.6 m interval of intermittently graphitic and generally sulphide-bearing granodioritic gneiss with slightly higher average contents in Pb partial (10.3 ppm (parts per million)), B total (29.8 ppm), Co partial (19.1 ppm), Cu partial (73.4 ppm), Ni partial (42.8 ppm) and Mo partial (6.1 ppm). Aside from PRE-21 the remainder of the CAN-8 conductive trend is untested. After initial review, CAN-8 will see the majority of the testing with the possibility of testing of CAN-1, CAN-3 and CAN-7 depending on ground conditions for a total of four to eight holes totalling 1,000 to 2,000 metres.

The final areas for proposed work are the FSAN grid (Zone 3) and West Grid (Zone 4), both of which recently had work completed in 2024. The FSAN grid had a ground gravity survey completed, alongside a spatiotemporal geochemical hydrocarbon (SGH) sampling program. Targeting on the FSAN grid will be contingent on the recently acquired data, focusing on areas with low gravity, anomalous SGH results, coinciding with favourable airborne EM and magnetic responses. The West grid had recently completed ML-TEM coverage over nine lines for a total of 18.8 line km. After the completion of the conductor modelling, targets will be derived, possibly extending the PL-1 conductive trend that was drill tested in 2017, which confirmed the presence of graphitic structural packages. About 10 to 12 holes totalling 2,500 to 3,000 metres have been set aside for both the FSAN and West grid areas. Drill holes will be allocated contingent on the final 2024 geophysical and geochemical results.

2024 exploration program completed at Preston

The 2024 field program marked the first exploration programs carried out by Orano at Preston since 2020. The completed geophysics covered 35.6 km of ground moving-loop transient electromagnetic (ML-TEM), covering the Preston West target where there is a known conductor, along with the Preston Far West target where a reconnaissance survey was conducted. The ground gravity survey consisted of 2,295 stations and covered an area along the FSAN and FSANE trends.

An SGH soil sampling program with over 1,100 samples commenced in the summer of 2024. The SGH program covered a large area and was a cost-effective, innovative exploration technique used in the Athabasca basin to vector in on uranium showings associated with certain hydrocarbons.

Preston uranium project

In March, 2017, Skyharbour signed an option agreement with Orano (formerly AREVA Resources Inc.) that provided Orano an earn-in option to acquire a majority working interest in the 49,635-hectare Preston uranium project. The significant potential of the project has been highlighted by past discoveries in the area by NexGen Energy Ltd. (Arrow deposit), Fission Uranium Corp. (Triple R deposit) and F3 Uranium Corp. (PLN discovery). Exploration at the project has consisted of ground gravity, airborne and ground electromagnetics, radon, soil, silt, biogeochem, lake sediment, and geological mapping surveys, as well as exploratory drill programs. Over a dozen high-priority drill target areas associated with multiple prospective exploration corridors have been successfully delineated through these methodical, multiphased exploration initiatives, which have culminated in an extensive, proprietary geological database for the project area.

Joint venture and strategic partnership

In early 2021, Orano fulfilled their earn-in option interest in the project through funding exploration expenditures and making cash payments. After a total of $4.8-million in exploration expenditures having been spent on the project, Orano formed a joint venture with Skyharbour and Dixie Gold for the future advancement and development of the project. Orano now holds a 53.3-per-cent interest in the joint venture, with the remaining interest split between Skyharbour (25.6-per-cent) and Dixie Gold (21.1-per-cent) interest in the joint venture.

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 Sedar Donmez, PGeo, vice-president 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 36 projects covering over 614,000 hectares (over 1.5 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 in several zones at the Maverick corridor. Adjacent to the Moore project is the Russell Lake uranium project, in which Skyharbour is operator with joint venture partner RTEC. The project 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 Canadian Securities Exchange listed Basin Uranium Corp. at the Mann Lake uranium project; TSX Venture Exchange 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-financed exploration expenditures, over $20-million worth of shares being issued and $14-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.