Skyharbour Closes Acquisition to Consolidate 100% Interest in the Russell Lake Uranium Project

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Vancouver, BC, Dec. 16, 2025 (GLOBE NEWSWIRE) — Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF)
(Frankfurt:
SC1P) (“Skyharbour” or the “Company”) is pleased to announce that it has completed the acquisition of Rio Tinto Exploration Canada Inc.’s (“RTEC”) minority interest in the Russell Lake Uranium Project (“Russell Lake” or the “Project”) pursuant to the previously announced definitive and binding purchase agreement (the “Purchase Agreement”). The Project is strategically located in the central core of the Eastern Athabasca Basin of northern Saskatchewan, with access to regional infrastructure, including an all-weather road and powerline.

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Transaction Details:

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Immediately prior to closing, RTEC’s interest in the Project was approximately 42.3%. Pursuant to the terms of the Purchase Agreement, Skyharbour has acquired 100% of RTEC’s minority interest in the Project in exchange for cash consideration of C$10 million (the “Purchase Price”). The Purchase Price consisted of a C$2 million deposit, paid on signing the Purchase Agreement, and a C$8 million cash payment paid at closing.

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Skyharbour has granted to RTEC a 0.25% net smelter returns royalty over Russell Lake. The acquisition of RTEC’s interest in Russell Lake has increased Skyharbour’s interest in the Project to 100%, subject to several other net smelter return royalties held by third parties.

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Russell Lake Uranium Project Overview:

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The Russell Lake Project is a large, advanced-stage uranium exploration property totalling 73,314 hectares strategically located between Cameco’s Key Lake and McArthur River Projects, and adjoining Denison’s Wheeler River Project to the west and Skyharbour’s Moore Uranium Project to the east. The northern extension of Highway 914 between Key Lake and McArthur River runs through the western extent of the property and greatly enhances accessibility, while a high-voltage powerline is situated alongside this road.

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Qualified Person:

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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, P.Geo., VP of Exploration for Skyharbour as well as a Qualified Person.

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About Skyharbour Resources Ltd.:

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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 thirty-seven projects covering over 616,000 hectares (over 1.5 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% 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, which 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.