HIGHLIGHTS:

• Restart of mining operations at San Agustin

• Mining the reserve will produce 45,000 ounces at an AISC of $1,990/GEO providing a margin of over $2,300/oz at current spot gold prices

• Oxide targets drilling program underway with 37 holes completed and submitted for analysis

Heliostar Metals Ltd. (TSXV: HSTR,OTC:HSTXF) (OTCQX: HSTXF) (FSE: RGG1) (‘Heliostar’ or the ‘Company’) is pleased to announce that mining, crushing and conveying and stacking of ore onto the leach pad at San Agustin has recommenced.

Heliostar CEO, Charles Funk, commented, ‘Restarting mining at San Agustin is a significant milestone for Heliostar. It delivers on our guidance of a Q4, 2025 restart issued at the beginning of the year and sets the Company up for a large increase in consolidated gold production in 2026. Mining the current reserve will produce 45,000 ounces of gold expected to generate US$40M in cash flow at a US$3,000 gold price. Further, the Company is in the middle of a 10,000-15,000 metre drill program focused on finding potential extensions of the orebody that may support an increase in mine life at San Agustin.’

‘Investing in Heliostar at the beginning of the year required trust that the many undefined opportunities recognized by our team within our portfolio could be progressed. We move toward the end of the year having crystalized many of these opportunities. We have certainty in our production profile at San Agustin and La Colorada going into 2026 and look forward to providing formal guidance in January. We have shown the value of our growth opportunities with studies on our flagship Ana Paula and Cerro del Gallo projects. With more drilling completed in 2025 than the entire previous history of Heliostar, we aim to continue to build on our 8.2M gold and gold-equivalent ounce M&I resource base^1,2. We plan to deliver continued production growth, and grow the value of Heliostar on a per share basis. We are only just getting started!’

Restart Update

The Company announced it had received the final approvals from the government to restart mining at San Agustin on July 22, 2025. Since that time, Heliostar has rapidly advanced work to restart mining activities at the operation. This included purchase and transfer of the surface access rights to Heliostar, adjusting the location of a power line tower and establishing surface access roads to the Corner area.

Over the past several months, the Company has relocated the vegetation and topsoil at the Corner area and recommissioned the 30,000 tonne per day crushing circuit while residual heap leach operations have continued uninterrupted. This has allowed Heliostar to restart open pit mining with two ore blasts and two waste blasts completed to date. The mining contractor has successfully mobilized 90% of the mobile equipment fleet to site which will allow the operation to achieve production targets. Crushing activities continue to ramp up to full capacity with stacking of new oxide ore on the leach pad underway.

Restart Photos

Figure 1: Production drill rig drilling blast hole patten in Corner Area at San Agustin.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/278432_964ab61f64952905_003full.jpg

Figure 2:  First blast of the Corner Area at San Agustin.

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https://images.newsfilecorp.com/files/7729/278432_964ab61f64952905_004full.jpg

Figure 3: First ore being loaded to be delivered to the crusher at San Agustin.

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https://images.newsfilecorp.com/files/7729/278432_964ab61f64952905_005full.jpg

Figure 4: First new ore being conveyed and stacked on the San Agustin leach pad.

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https://images.newsfilecorp.com/files/7729/278432_964ab61f64952905_006full.jpg

Technical Report Summary

On January 14, 2025, the Company filed an amended and restated technical report titled ‘San Agustin Operations, Durango State, Mexico, NI 43-101 Technical Report’ prepared by Mr. Todd Wakefield, RM SME, Mine Technical Services, Mr. David Thomas, P.Geo., Mine Technical Services, Mr. Jeffrey Choquette, P.E., Hard Rock Consulting, Mr. Carl Defilippi, RM SME, Kappes Cassiday and Associates and Ms. Dawn Garcia, CPG, Stantec with an effective date of November 30, 2024 (the ‘Technical Report’).

The life-of-mine (LOM) plan set out in the Technical Report indicates that a probable mineral reserve of 68,000 ounces of gold can be exploited based on 1.2 years of mine life at a site level all-in sustaining cost (AISC) of US$1,990/oz Au. The initial capital cost in the Technical Report is estimated at US$4.2M.

The Technical Report demonstrates a post-tax NPV5% of US$35.3M, a post-tax IRR of 548% and a payback period of 0.2 years for the upside case at a $3,000/oz gold price.

The mineral reserve estimate included in the Technical Report is based on operation of the existing crusher and conveyor system having a nameplate throughput capacity of about 30,000 tonnes/day and the continued operation of the heap leach and carbon-in-column (CIC) process circuit processing ore from the expanded open pit. The mineral reserve estimate included in the Technical Report is presented below. The expected operating performance and operating cost forecasts were compiled with the benefit of benchmarking historical performance at San Agustin and the input of seasoned professionals knowledgeable of the conventional technologies being used at San Agustin, the expected consumption quantities of key supplies, and commercial pricing for goods and services in Mexico.

Figure 5: View of Corner Area looking to southeast showing the current reserve model and planned pitshell.

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https://images.newsfilecorp.com/files/7729/278432_964ab61f64952905_007full.jpg

Oxide Growth Targets

With mining now started at San Agustin mine, the Company is working to extend the mine life. To date, 37 drill holes totalling 3,300m from the ongoing 10,000-15,000m drill program have been completed with assays pending. This drill program is focused on defining additional gold-bearing oxide gold material at the margins of the current pit and at the edge of the Corner Area that can extend the life of the operation. Drilling at the Corner SW, MKT and Phase 3 SW areas (shown below in Figure 6) has been completed with the drill currently active at the Corner SW area.

Higher-grade oxide results from the priority Corner SW target area drilled by a previous operator include:

• Hole 14-SAGRC-196 grading 3.52 grams per tonne (g/t) Gold over 18.3 metres from 32.0 metres downhole

• Hole 14-SAGRC-177 grading 0.34 g/t Gold over 15.24 metres from 27.4 metres downhole

The targets are the extensions of mineralized corridors defined by grade control drilling and through a comprehensive re-logging and multi-element re-assaying program undertaken by Heliostar geologists in H1, 2025. The increase in gold price has also increased the potential of certain lower grade areas that were not previously a priority at San Agustin. The base case economics in the January 2025 Technical Report were shown at a $2,100/oz gold price within resource pit shells calculated at $2,150/oz.

Figure 6: Plan map of San Agustin showing oxide gold growth targets with drilling and blasthole data shown. Areas highlighted in yellow show drilling progress.

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Statement of Qualified Person

Stewart Harris, P.Geo., a Qualified Person, as such term is defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Harris is employed as Exploration Manager of the Company.

Footnotes

1. La Colorada, San Agustin, Ana Paula and San Antonio are gold-only measured and indicated resource contained ounces.
2. Cerro del Gallo are measured and indicated resource contained gold-equivalent ounces. The gold equivalent grades were calculated as AuEq = Au Grade + (((Cu Price in US$/lb * 22.0462 * Cu Recovery and Payable) / (Au Price in US$/g * Au Recovery and Payable)) * Cu Grade) + (((Ag Price in US$/g * Ag Recovery and Payable) / (Au Price in US$/g * Au Recovery and Payable)) * Ag Grade). Metal prices used are US$2,500/oz Au, US$30.50/oz Ag, and US$4.60/lb Cu. In addition, a gold recovery of 74%, a silver recovery of 60% and a copper recovery of 17% were used for Oxide material, a gold recovery of 68%, a silver recovery of 73% and a copper recovery of 62% were used for Mixed Oxide material, a gold recovery of 61%, a silver recovery of 58% and a copper recovery of 73% were used for Mixed Sulfide material and a gold recovery of 53%, a silver recovery of 35% and a copper recovery of 59% were used for Sulfide material. The average overall payables from the smelter and refineries were estimated at 98.8% for gold, 90.1% for silver and 88.2% for copper.

About Heliostar Metals Ltd.

Heliostar is a gold mining company with production from operating mines in Mexico. This includes the La Colorada Mine in Sonora and the San Agustin Mine in Durango. The Company also has a strong portfolio of development projects in Mexico and the USA. These include the Ana Paula project in Guerrero, the Cerro del Gallo project in Guanajuato, the San Antonio project in Baja Sur and the Unga project in Alaska, USA.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain ‘Forward-Looking Statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995 and ‘forward-looking information’ under applicable Canadian securities laws. When used in this news release, the words ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘target’, ‘plan’, ‘forecast’, ‘may’, ‘would’, ‘could’, ‘schedule’ and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things, show the full extent of the deposit, upgrade and expand the resource base, growing our annual production profile in the near term and bringing additional production online.

Forward-looking statements and forward-looking information relating to the terms and completion of the Facility, any future mineral production, liquidity, and future exploration plans are based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the receipt of necessary approvals, price of metals; no escalation in the severity of public health crises or ongoing military conflicts; costs of exploration and development; the estimated costs of development of exploration projects; and the Company’s ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.

These statements reflect the Company’s respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political, and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: precious metals price volatility; risks associated with the conduct of the Company’s mining activities in foreign jurisdictions; regulatory, consent or permitting delays; risks relating to reliance on the Company’s management team and outside contractors; risks regarding exploration and mining activities; the Company’s inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises, ongoing military conflicts and general economic factors to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company’s interactions with surrounding communities; the Company’s ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption ‘Risk Factors’ in the Company’s public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278432

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.

Russell Lake Project Location Map:
http://www.skyharbourltd.com/_resources/images/2025-11-14%20SKY-RussellLake-Updated.jpg

Transaction Details:

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.

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.

Russell Lake Uranium Project Overview:

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.

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, P.Geo., VP 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 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.

Skyharbour also has joint ventures with industry leaders Denison Mines, Orano Canada Inc., Azincourt Energy, and Thunderbird Resources at the Russell, Preston, East Preston, and Hook Lake Projects, respectively. The Company also has several active earn-in option partners, including CSE-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 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 potentially over $76 million in partner-funded exploration expenditures and over $42 million in cash and share payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.

Skyharbour’s Uranium Project Map in the Athabasca Basin:
https://skyharbourltd.com/_resources/maps/SKY-SaskProject-Locator-2025-12-08.jpg

To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company’s website at www.skyharbourltd.com .

Skyharbour Resources Ltd.

‘Jordan Trimble’

Jordan Trimble
President and CEO

For further information contact myself or:
Nicholas Coltura
Corporate Communications Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

This release includes certain statements that may be deemed to be ‘forward-looking statements’. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes 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 developments may differ materially from those 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, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, exploration and development successes, regulatory approvals including TSXV approval, and general economic, market or business conditions. Please see the public filings of the Company at www.sedarplus.ca for further information.

Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) (‘Skyharbour’, ‘SYH’ or the ‘Company’) is pleased to announce the closing of the definitive repurchase agreement (the ‘Strategic Agreement’) with Denison Mines Corp. (‘Denison’ or ‘DML’), whereby Denison has acquired an initial project interest in Skyharbour’s Russell Lake Uranium Project (‘Russell’ or the ‘Project’) and the parties have entered into four separate joint venture agreements on various claims making up Russell (the ‘Transaction’). The Project is strategically located in the central portion of the Eastern Athabasca Basin of northern Saskatchewan, with access to regional infrastructure, including an exploration camp, all-weather road and powerline.

Russell Lake Project Location Map:
http://www.skyharbourltd.com/_resources/images/2025-11-14%20SKY-RussellLake-Updated.jpg

Highlights:

• Strategic Agreement represents combined total project consideration of up to CAD $61.5 million consisting of cash payments to Skyharbour totalling $10.0 million, additional consideration of $8.0 million payable in cash and shares before year end, and expenditures and cash payments totalling up to $43.5 million for Denison to acquire between a 20% and 70% ownership interest over seven years in the claims making up Russell, with Skyharbour owning the remaining interests.

• Denison (TSX: DML; NYSE American: DNN), a leading uranium mining company with a market capitalization of over $3 billion, is developing the Wheeler River Project (‘Wheeler River’), which shares a 55 kilometre border with Russell. Denison is an existing, large corporate shareholder of Skyharbour and now joins the Company as a strategic, active, funding partner at Russell.

• The Project has been divided into four different joint ventures, including Russell Lake (‘RL’), Getty East, Wheeler North, and the Wheeler River Inlier Claims, of which Skyharbour will retain initial ownership interests of 80%, 70%, 51%, and 30%, respectively. Denison can then earn up to a 70% interest in the Wheeler North and Getty East properties through option agreements.

• The geological teams of Denison and Skyharbour have begun working cooperatively to advance and unlock value across the joint ventures, employing top-tier exploration and development expertise in the region.

• Denison has committed to a minimum of $4 million in exploration expenditures over the first two years at Wheeler North and Getty East combined, as well as agreeing to fund to maintain its pro-rata 20% participation interest in the RL claims through 2029 up until such time that total exploration expenditures on the property reach $10 million.

• Skyharbour will remain operator with an 80% ownership interest at the RL claims comprising over 53,192 hectares of the original 73,314 hectare Russell Lake Project. The Company will also act as operator during the first earn-in at Getty East with Denison sole funding the exploration in order to fulfill the earn-in option criteria.

• Skyharbour is well funded going into 2026 with over $11 million in the treasury. The Company will also generate revenue from its operator fee at the McGowan Lake exploration camp at the Project, as well as from cash and share payments from other option earn-in partner companies.

• Skyharbour will continue to directly advance its high-grade Moore Uranium project as well as the RL claims at Russell, while partner companies fund exploration at some of the Company’s other projects.

Reorganization of the Russell Lake Project:
https://www.skyharbourltd.com/_resources/images/Russell-Map-New.jpg

Jordan Trimble, President and CEO of Skyharbour, stated: ‘We are thrilled to close this major transaction for Skyharbour, and to embark on the next chapter of exploration at Russell with a multi-billion dollar strategic partner and large shareholder in Denison Mines. With up to $61.5 million in combined project consideration contemplated, we are confident that this strategic agreement will expedite the discovery process at the Project while minimizing equity dilution for our shareholders. Based on initial technical meetings and strategy sessions with Denison, we are excited about the combined exploration options for the near term. Russell is one of the more prospective exploration projects in the Athabasca Basin proximal to existing and developing mines including Denison’s Pheonix deposit at Wheeler River. Denison will also be able to provide considerable insight and experience as we jointly advance Russell. Lastly, we now enter the new year with a healthy treasury of over $11 million to fund our exploration efforts and corporate activities through 2026 while various partner companies fund exploration at numerous other projects in our portfolio.’

David Cates, President and CEO of Denison, further commented: ‘As Denison nears receipt of final regulatory approvals for the Phoenix In-Situ Recovery mine proposed for our flagship Wheeler River property, we are also making measured investments in our project pipeline – including our next development assets and high-potential exploration properties. Given its proximity to Wheeler River, Denison has had an interest in adding Russell to our property portfolio for much of my nearly two decades with the Company. This transaction achieves that objective by providing Denison with the opportunity to lead and participate in exploration efforts across four newly created joint ventures, which are designed to drive collaboration between Denison and Skyharbour’s technical teams. We are excited to build on our long-standing relationship with Skyharbour and accelerate the evaluation of this exceptional package of highly prospective ground.’

Transaction Details:

The consideration payment consisted of a $10.0 million cash payment, with $2.0 million paid upon execution of the Strategic Agreement and $8.0 million paid upon closing of the Strategic Agreement. An additional $8.0 million is payable in cash and shares by Denison on or before December 31 ^st , 2025 with a minimum of $2.0 million payable in cash.

It is anticipated that Denison will also be making use of the current exploration camp at McGowan Lake on the Project, which will continue to be operated by Skyharbour, and an administrative fee will be payable by Denison to Skyharbour. The claims comprising Russell are subject to various existing underlying royalties to other parties.

Skyharbour has received conditional approval from the TSX Venture Exchange for closing. The issuance of shares by Denison to Skyharbour remains subject to appliable exchange approvals.

Summary of Initial Joint Ventures:

Upon closing of the Strategic Agreement, Denison has earned an initial project interest in each of the four new Russell exploration projects including a 49% interest in the Wheeler North claims, a 20% interest in the RL claims, a 30% interest in the Getty East claims, and a 70% interest in the Wheeler River Inlier claims.

1. Wheeler North (51% SYH, 49% DML ; subject to additional earn-in options ) : The claims marked in yellow in the accompanying map represent 16,409 hectares over eight claims. The claims host some of the exploration targets located proximal to Wheeler River, including the Grayling and Fork Zones. Upon closing of the Transaction, Denison will have the option to increase its interest in Wheeler North to a 70% interest in these claims and Denison will become the operator of Wheeler North as described in more detail below.
2. Russell Lake or RL (80% SYH, 20% DML) : The claims marked in pink in the accompanying map represent 53,192 hectares over 16 claims. These claims are located north and west of Skyharbour’s Moore Project and host numerous exploration target areas including Christie Lake, NE Russell, Blue Steel, Taylor Bay, South Russell, and Kowalchuk Lake. In order to maintain its initial interest in RL, Denison has agreed to fund its pro rata share of up to a maximum of C$10.0 million in total project expenditures. Skyharbour will remain operator of RL.
3. Wheeler River Inliers (30% SYH, 70% DML) . The claims marked in blue in the accompanying map represent 608 hectares over two claims. These are inlier claims within Denison’s Wheeler River project hosting the West Russell and C-Block exploration target areas. DML will become operator of the Wheeler River Inliers.
4. Getty East (70% SYH, 30% DML ; subject to additional earn-in options ) . The claim marked in green in the accompanying map representing 3,105 hectares is host to the Little Man Lake exploration prospect. The claim borders Cameco’s Cree Zimmer property which holds its Key Lake operations to the south. Upon the closing of the Transaction, Skyharbour remains operator of Getty East; however, Denison has the option to become the operator and acquire up to a 70% interest in this joint venture as described in more detail below.

Denison Earn-In Options:

The Earn-In Option Agreements grant Denison an option to earn additional interests in Wheeler North and Getty East.

Wheeler North Earn-In Option :

Under the terms of the Wheeler North Earn-In Option Agreement, Denison may acquire up to a 70% interest in Wheeler North. The option agreement contains two (2) phases, as summarized below:

Phase 1: To earn an additional 11% interest in Wheeler North (increasing Denison’s ownership to 60%), Denison must:

• Incur $10.0 million in exploration expenditures at Wheeler North within 48 months of Closing, of which $2.5 million in exploration expenditures must be completed within 24 months of Closing, and

• Make a cash payment in the amount of $1.5 million to Skyharbour within 48 months of Closing.

Phase 2: To earn an additional 10% interest (increasing Denison’s ownership to 70%) in Wheeler North, Denison must complete the requirements of Phase 1, plus the following:

• Incur an additional $15.0 million in exploration expenditures at Wheeler North within 7 years of Closing, and

• Make a further cash payment in the amount of $2.0 million to Skyharbour within 7 years of Closing.

Getty East Earn-In Option Agreement:

Under the terms of the Getty East Option Agreement, Denison may acquire up to a 70% interest in Getty East. The option agreement contains two (2) phases, as summarized below:

Phase 1: To earn an additional 19% interest in Getty East (increasing Denison’s ownership to 49%), Denison must incur $5.0 million in exploration expenditures at Getty East within 48 months of Closing, of which $1.5 million must be completed within the first 24 months of Closing.

Phase 2: To earn an additional 21% interest in Getty East (increasing Denison’s ownership to 70%), Denison must complete the requirements of Phase 1, plus incur an additional $10 million in exploration expenditures within 7 years of Closing. Upon completion of the Phase 2 earn-in option criteria, Denison will have the option to become the operator in this joint venture.

Russell Lake Uranium Project Overview:

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.

Skyharbour’s New 80% Owned RL Project:

The claims making up the RL Project constitute over seventy percent of the original Russell project area and will continue to be explored by Skyharbour as the operator and 80% owner. Denison will acquire a 20% interest and has agreed to fund to maintain its pro-rata participation interest in the RL claims through December 31 ^st , 2029, or until such time that total expenditures on the properties have reached $10 million.

The RL claims have numerous highly prospective targets that Skyharbour will continue to advance. The Christie Lake target area contains basement-hosted uranium mineralization with historical drilling returning 0.17% U ₃ O ₈ over 0.4 metres at 436.4 metres depth in hole CL-10-03, hosted within a strongly hematized breccia. A prospective clay altered basement fault system runs throughout this area.

The Blue Steel target area comprises graphitic metasediments that were last drilled in 2008. The full extent of the graphitic corridor remains unknown and completely untested. Historical geophysics indicate potential faulting along this corridor, highlighting it as a priority area for follow-up work using modern geophysical methods to refine drill targets.

The Kowalchuk area, situated within the southern Russell claims, is another prospective area on the RL claims, with multiple inferred structural trends passing through it. This area has seen only limited modern geophysical coverage to date.

In addition to the aforementioned target areas, there are many kilometres of untested EM conductors on the RL claims underlain by rocks of low magnetic intensity, suggestive of the presence of prospective graphitic meta-pelitic basement lithologies typical of Athabasca-style uranium systems. With limited modern exploration conducted over the past 12 years, the RL claims remain underexplored and highly prospective for both expanding known mineralized zones and making new discoveries.

Advisors and Counsel:

Haywood Securities Inc. acted as financial advisor to Skyharbour in connection with the Transaction, and AFG Law LLP and DuMoulin Black LLP are acting as legal counsel to Skyharbour.

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, P.Geo., VP 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 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.

Skyharbour also has joint ventures with industry leaders Denison Mines, Orano Canada Inc., Azincourt Energy, and Thunderbird Resources at the Russell, Preston, East Preston, and Hook Lake Projects, respectively. The Company also has several active earn-in option partners, including CSE-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 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 potentially over $76 million in partner-funded exploration expenditures and over $42 million in cash and share 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.

Skyharbour’s Uranium Project Map in the Athabasca Basin:
https://skyharbourltd.com/_resources/maps/SKY-SaskProject-Locator-2025-12-08.jpg

To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company’s website at www.skyharbourltd.com .

Skyharbour Resources Ltd.

‘Jordan Trimble’

Jordan Trimble
President and CEO

For further information contact myself or:
Nicholas Coltura
Corporate Communications Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

This release includes certain statements that may be deemed to be ‘forward-looking statements’. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements.  Although management believes 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 developments may differ materially from those 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, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, exploration and development successes, regulatory approvals including TSXV approval, and general economic, market or business conditions. Please see the public filings of the Company at www.sedarplus.ca for further information.