Mr. Jordan Trimble reports

SKYHARBOUR'S PARTNER NORTH SHORE URANIUM SIGNS EXPLORATION AGREEMENT WITH ENGLISH RIVERS FIRST NATION

Skyharbour Resources Ltd.'s partner company, North Shore Uranium, has executed an exploration agreement with the English River First Nation (ERFN) in Saskatchewan. The agreement outlines a number of areas of collaboration between the ERFN and North Shore at its Falcon property at the eastern margin of the Athabasca basin in Northern Saskatchewan. North Shore may acquire an initial 80-per-cent interest in Falcon by issuing common shares having an aggregate value of $1,225,000, making aggregate cash payments of $525,000 to Skyharbour, and incurring an aggregate of $3.55-million in exploration expenditures on the property over the earn-in period.

The ERFN is a first nation with its main reserve Wapachewunak Saskatchewan, located approximately 200 kilometres southwest of Falcon. ERFN's ancestral territory covers approximately 75,000 square kilometres of north-central Saskatchewan. Traditionally, people of the ERFN are known as the "people of the Great River," referencing the Churchill River. The ERFN prides itself on being guided by ancestral traditions and the knowledge of their elders while being a partner with industry and governments. More information on the ERFN can be found on the ERFN's website.

To date, North Shore has identified 36 uranium targets at Falcon. These targets are associated with electromagnetic (EM) conductor anomalies which are often upgraded by other favourable geophysical and structural features. They were selected based on the analysis and interpretation of multiple data sets by North Shore and its consultants. As reported on May 16, 2024, the company discovered near-surface uranium mineralization at two drill targets, P03 and P08 in an area that had never seen drilling. In a Feb. 27, 2025, news release, North Shore stated that its near-term priority is to assess the potential for an economic uranium deposit in the southeastern portion of the property by evaluating priority near-surface EM targets in the South priority and South Walker areas.

Falcon is located approximately 30 km east of the active Key Lake uranium mill and former mine at the eastern margin of the Athabasca basin in Saskatchewan. The mill processes uranium ore from the McArthur River mine, one of two producing uranium mines in Canada. Between 1983 and 2002, Key Lake Mine produced a total of 209.9 million pounds (lb) of U3O8 (triuranium octoxide) at an average grade of over 2.0 per cent. The uranium discovery potential at Falcon is significant and includes shallow basement-hosted unconformity-style and pegmatite-hosted mineralization. The property has seen limited modern exploration programs and there are a number of unexplained uranium occurrences.

Brooke Clements, president and chief executive officer of North Shore, stated: "We believe that Saskatchewan's Athabasca basin is the best jurisdiction in the world for uranium exploration and development. North Shore places a priority on establishing positive relationships with communities near its activities. We are proud to establish an alliance with the English River First Nation and look forward to a long, mutually beneficial relationship."

Next steps

North Shore will continue prioritizing targets at Falcon in pursuit of maximizing the chances of encountering economic uranium mineralization in its next drill program. As currently planned, that drill program would initially focus on several targets in the South Priority area of Zone 1 and the South Walker area of Zone 2. Additional updates on North Shore's target prioritization efforts will be provided on a continuing basis.

Falcon uranium project

The Falcon project, 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 ppm (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 (SMDI's 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 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 (seven 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 m (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 six 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 (that is, Eagle Point, Rabbit Lake, Key Lake and others), as well as for pegmatite/granite-hosted (that is, alaskite-type) U-Th-REE (uranium-thorium-rare-earth-element) 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 NSR (net smelter returns) 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 one percent of the royalty from Denison at anytime by paying $1-million.

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, 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-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 914-watt 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.