Vancouver, British Columbia, November 16, 2025 (GLOBE NEWSWIRE) — Skyharbour Resource Ltd. (TSX-V: SIH) (OTCQX: SYUKHBF) (Frankfurt: SC1P) (“Skyharbour” or the “Company”) is pleased to announce that it has entered into a definitive and binding purchase agreement (the “Purchase Agreement”) with Rio Tinto Exploration Canada Inc. (“RTEC”) to increase and consolidate its interest in the Russell Lake Uranium Project (“Russell Lake” or the “Project”) through the acquisition of RTEC’s minority interest in the Project (the “Transaction”). The project is strategically located in the central portion of the Eastern Athabasca Basin in northern Saskatchewan, with access to regional infrastructure including an all-weather road and transmission line.
Russell Lake Project Location Map:
https://www.skyharbourltd.com/_resources/images/SKY_RussellLake.jpg
Transaction details:
Immediately prior to closure, RTEC's share of the project will be approximately 42.3%. Pursuant to the terms of the Purchase Agreement, Skyharbour agreed to acquire 100% of RTEC's minority interest in the Project in exchange for cash consideration of C$10 million (the “Purchase Price”). The purchase price consists of a deposit of C$2 million payable within five business days from the date of execution of the Purchase Agreement (the “Deposit”) and a cash payment of C$8 million upon closing (the “Closing Payment”), which is expected to occur no later than December 21st.st.2025.
Skyharbour will provide RTEC with a royalty of 0.25% of the smelter's net profits from Russell Lake. The acquisition of RTEC's interest in Russell Lake will increase Skyharbour's interest in the project to 100%, subject to certain other net royalties from the smelter being held by third parties.
Russell Lake Uranium Project Overview:
The Russell Lake Project is a large, 73,314-hectare, advanced-stage uranium exploration property strategically located between Cameco's Key Lake and MacArthur River projects, and adjacent to 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 the MacArthur River passes through the western portion of the property and greatly improves accessibility, and a high-voltage power line runs along this road. Skyharbour's acquisition of a majority interest in Russell Lake creates a large, nearly contiguous block of highly prospective uranium deposits totaling 109,019 hectares between Russell Lake and the Moore uranium projects. There are several notable exploration targets on Russell, including the Grayling Zone target, the M Zone Expansion target, the Little Man Lake target, the Christie Lake target, the Fox Lake Trail target, and the newly identified Fork Zone target. The Site also contains over 35 kilometers of virtually untested prospective conductors in areas of low magnetic intensity. Skyharbour is the operator and majority owner of Russell Lake, having entered into a joint venture with RTEC on the project.
Qualified person:
The technical information in this press release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 and has been reviewed and approved by Serdar Donmez, Geographer, Skyharbour's Vice President of Exploration, and a qualified person.
About Skyharbour Resources Ltd.:
Skyharbour has an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals, with an interest in thirty-seven projects covering more than 616,000 hectares (over 1.5 million acres) of land. Skyharbour has acquired from Denison Mines, a major strategic shareholder of the company, a 100% interest in the Moore uranium project, which is located 15 km east of Denison's Wheeler River project and 39 km south of Cameco's McArthur River uranium mine. Moore is an advanced exploration stage uranium deposit with high grade uranium deposits across multiple zones in the Maverick Corridor. Adjacent to the Moore project is the Russell Lake uranium project, where drill intercepts show widespread uranium mineralization over a large area with exploration potential. The company is actively pursuing these projects through exploration and drilling programs.
Skyharbour also has joint ventures with industry leader Orano Canada Inc., Azincourt Energy and Thunderbird Resources in the Preston, East Preston and Hook Lake projects, respectively. The Company also has several active earnout option partners, including CSE-listed Basin Uranium Corp. in the Mann Lake uranium project; TSX-V Lists North Shore Uranium Project Falcon; UraEx Resources at the South Dufferin and Bolt projects; Hatchet Uranium on a highway project; CSE-listed Mustang Energy in Project 914W; and the TSX-V included Terra Clean Energy in the South Falcon East project.
In total, Skyharbour has entered into option agreements with partners totaling more than $36 million in exploration expenditures financed by the partners, more than $20 million in shares issued and $14 million in cash payments flowing to Skyharbour, subject to the full earnings of those partner companies on their respective projects.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, long-term partnerships and the advancement of exploration projects in geopolitically favorable jurisdictions.
Map of the Skyharbour uranium project in the Athabasca Basin:
https://skyharbourltd.com/_resources/news/SKY_SaskProject_Locator_2025_07_16_v1.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH), visit the company's website at: www.skyharbourltd.com.
SKYHARBOR RESOURCES LTD.
“Jordan Trimble”
Jordan Trimble
President and CEO
For more information contact me or:
Nicholas Culture
Investor Relations Manager
Skyharbour Resource Ltd.
Phone: 604-558-5847.
Toll free: 800-567-8181.
Facsimile: 604-687-3119.
E-mail: [email protected]
NEITHER THE TSX VENTURE EXchange NOR ITS REGULATION SERVICES PROVIDER IS RESPONSIBLE FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS COMMUNICATION.
This release includes certain statements that may be deemed “forward-looking statements.” All statements in this press release, other than statements of historical fact, regarding events or developments expected by the Company's management are forward-looking statements, including the receipt of TSXV approval of the Transaction and the closing of the Transaction. Although management believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or events may differ materially from those contained in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions or other factors change. Factors that could cause actual results to differ materially from forward-looking statements are exploration and development progress, regulatory approvals, including TSXV approval, and general economic, market or business conditions. Please review the Company's public documents at: www.sedarplus.ca for more information.
