Overview

Skyharbour Resources (TSXV: SYH, OTCQX: SYHBF, Frankfurt: SC1P) is a mineral exploration company that holds an extensive portfolio of uranium and thorium projects in Canada’s Athabasca Basin and is well-positioned to benefit from improving uranium market fundamentals with over 518,302 hectares of land comprising a total of 24 projects. The company recently optioned from Rio Tinto, now a large strategic shareholder of the company, an initial 51-percent interest and up to a 100-percent interest in the Russell Lake Uranium Project located in the central core of the Eastern Athabasca Basin of northern Saskatchewan. The large, advanced-stage uranium exploration property totalling 73,294 hectares, hosts historical high-grade drill intercepts over a large property area with robust exploration upside potential.

The 100-percent owned co-flagship Moore Lake Project, acquired from Denison Mines in 2016 – now a large strategic shareholder of the company – is located 15 kilometers east of Denison’s Wheeler River project, 39 kilometers south of Cameco’s McArthur River uranium mine, and adjacent to the Russell Lake Project. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone including highlight drill results of 6.0 percent U3O8 over 5.9 meters including 20.8 percent U3O8 over 1.5 meters. Skyharbour is actively advancing and drilling these projects with planned and ongoing exploration programs, which includes the 10,000-meter drill program at Russell Lake, which is nearing completion.

In addition to offering investors exposure to high-grade uranium discovery potential at its primary projects, Skyharbour leverages its properties through the prospect generator model, with partner companies funding exploration and development at its earlier stage or secondary assets. It is a cost-effective model that facilitates large exploration programs without substantial equity dilution.

In September 2021, Skyharbour announced the initial set of diamond drill results from its 2021 summer diamond drilling program at its 100-percent-owned, 35,705-hectare Moore Uranium Project. The summer/fall 2021 program included 6,598 meters in 19 holes and returned highlights of 2.54 percent U3O8 over 6 meters including 6.80 percent U3O8 over 2 meters in the basement rocks at Maverick East Zone as well as 0.54 percent U3O8 over 19.5 meters including 4 meters of 2.07 percent U3O8. Skyharbour drilled more than 2,400 meters in seven drill holes during the 2022 spring drilling campaign which tested new targets, including Grid Nineteen and Viper, along with a hole drilled at the Maverick East zone.

The company currently has joint-ventures with industry-leader Orano Canada and Azincourt Energy at the Preston and East Preston Projects, respectively, whereby Orano and Azincourt earned majority interests in the projects through exploration expenditures, cash payments and share issuances. Skyharbour also has six active earn-in option partners including: ASX-listed Valor Resources at the Hook Lake Uranium Project; CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at Yurchison Project; Yellow Rocks Energy, a private Australian entity, at the Wallee and Usam Island Projects; North Shore Energy Metals at the South Falcon Project; and CSE-listed Tisdale Clean Energy at the South Falcon East Project, which hosts the Fraser Lakes Zone B Uranium and Thorium Deposit (NI 43-101 inferred resource totalling 7.0 million pounds of U3O8 at 0.03 percent and 5.3 million pounds of ThO2 at 0.023 percent ).

In aggregate, Skyharbour has now signed earn-in option agreements with partners that total more than $37 million in partner-funded exploration expenditures, over $28 million worth of shares being issued and over $19 million in potential cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.

In 2023, Skyharbour made several acquisitions that brought its total land packages to 518,302 hectares across 24 properties, representing one of the largest project portfolios in the Athabasca Basin. These recent acquisitions included: the Highway Project (1,184 hectares), CBX Project (1,761 hectares), Shoe Project (609 hectares), Snow Project (212 hectares), Elevator Project (9,294 hectares), 914 Project (2,129 hectares), 914N Project (450 hectares), Karin Project (18,383 hectares), and the South Dufferin Project (12,282 hectares). Skyharbour further acquired by staking seven new prospective uranium exploration claims in Northern Saskatchewan, which include the CBX project comprising five new contiguous claims totalling 6,804 hectares, the Karin project (5,882 hectares) and the 914W project (1,260 hectares).

A world-class management and geological team leads Skyharbour Resources, bringing years of expertise in uranium exploration, energy industries, corporate finance and capital markets. The company is well-positioned to capitalize on the uranium market’s resurgence with strong potential for resource growth and new discoveries at its project base. Skyharbour’s goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favorable jurisdictions.

Company Highlights

Holds one of the largest project portfolios within the Athabasca Basin with more than 518,302 hectares of land package across 24 projectsThe co-flagship Moore Uranium project is an advanced-stage uranium exploration property in the eastern Athabasca Basin near existing infrastructure with known high-grade uranium mineralization and significant discovery potential; high-grade drill results include 21 percent U3O8 over 1.5 meters within 6 percent U3O8 over 6 meters.Skyharbour recently acquired the 73,294-hectare Russell Lake Uranium Project from Rio Tinto, which is a prospective exploration property strategically situated between the company’s Moore Uranium project (to the east), Denison Mines’ Wheeler River project (to the west), and between Cameco’s Key Lake and McArthur River Projects in the eastern portion of the Athabasca Basin.Skyharbour also has a 100-percent interest in the South Falcon Point Uranium Project, which contains an NI 43-101 inferred resource totalling 7 million pounds of U3O8 at 0.03 percent and 5.3 million pounds of thorium dioxide at 0.023 percent.Joint venture with Orano Canada at the Preston Project. Orano successfully earned-in a 51 percent interest in the project by spending C$4.8 million in exploration costs and making cash payments totalling C$100,000.Another joint venture was completed with Azincourt Energy at the East Preston Uranium Project. Azincourt earned-in a 70 percent interest by spending C$2.5 million on exploration, a cash payment of C$500,000 and issuing 4.5 million shares,Skyharbour has six active earn-in option agreements with Valor Resources, Basin Uranium, Medaro Mining, Yellow Rocks Energy, Tisdale Clean Energy, and North Shore Energy at the Hook Lake, Mann Lake, Yurchison, Wallee & Usam, South Falcon East, and South Falcon Projects respectively.Signed option agreements and joint ventures total more than C$37 million in partner-funded exploration expenditures, just under C$19 million in cash payments, and more than $28 million in partner equity issued to Skyharbour, assuming all of the partners complete their earn-insLed by a strong management and geological team with track record of successSkyharbour will continue to execute its prospect generator model by acquiring projects at attractive valuations and forming joint-ventures to advance secondary projects.

Key Projects

Uranium Projects – Saskatchewan

Skyharbour Resources has a dominant uranium property portfolio of 518,302 hectares in the Athabasca Basin in Saskatchewan, Canada. The company has 24 top-tier exploration projects in the Athabasca Basin which include the co-flagship Moore Lake and Russell Lake projects. Other projects include the South Falcon, South Falcon East, Preston, East Preston, Mann Lake, Hook Lake, Yurchison, Wallee, Usam Island, South Dufferin, Pluto Bay, Riou River, Foster River, Highway, Karin, 914, 914N, Elevator, 914W, Shoe and CBX Projects.

Russell Lake

The Russell Lake Project is a large, advanced-stage uranium exploration property totalling 73,294 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. Highway 914, which services the McArthur River mine, runs through the western extent of the property and greatly enhances accessibility. Similarly, a high-voltage powerline is situated alongside Highway 914. Skyharbour’s acquisition of Russell Lake creates a large, nearly contiguous block of highly prospective uranium claims totalling 108,999 hectares between the Russell Lake and the Moore uranium projects.The company commenced its inaugural winter drill program at the 73,294-hectare Russell Lake Uranium Project with a minimum of 10,000 meters of diamond drilling in 18 to 20 drill holes over several phases and is fully funded and permitted for the drilling. The first phase of drilling consisted of 3,000 meters to follow up on notable historic exploration and findings, as well as to test additional targets with the potential to generate new discoveries. The drilling program is well underway, with assays pending from the first initial phases of drilling.

Moore Lake

Skyharbour owns 100 percent of the 35,705-hectare co-flagship Moore Uranium project located 42 kilometers northeast of the Key Lake mill, approximately 15 kilometers east of Denison’s Wheeler River project, and 39 kilometers south of Cameco’s McArthur River mine.

Unconformity-hosted uranium mineralization was discovered on the property at the Maverick Zone in the early 2000s at relatively shallow depths. Skyharbour has carried out several drill programs with multiple holes intersecting high-grade uranium mineralization over the 4.7-kilometer-long Maverick corridor.

The company completed a 2,467-meter spring 2022 diamond drill program consisting of seven drill holes. Skyharbour continues to discover and delineate new zones of uranium mineralization at the high-grade Moore Project, with plans to continue drilling in 2023 in conjunction with drilling at Russell Lake.

South Falcon

Skyharbour’s 100-percent-owned South Falcon Point (previously Way Lake) uranium project spans 32,235 hectares covering nine claims, approximately 50 kilometers east of the Key Lake mine. Uranium mineralization discovered to date at South Falcon Point is shallow and is hosted in two geological settings, with the southern half hosting classic Athabasca-style basement mineralization associated with well-developed EM conductors which include EWA and Walker targets. Skyharbour recently entered into an option agreement with North Shore Energy Metals which provides North Shore an earn-in option to acquire an initial 80-percent interest and up to a 100-percent interest in the South Falcon Property.

South Falcon East

Preston

East Preston

The East Preston project is a large 20,647-hectare land position that the company advances through its prospect generator model.

Skyharbour signed an option agreement with Azincourt Energy (TSX-V:AAZ) in 2017 to option 70 percent of a portion of the East Preston project. In 2021, Azincourt earned its interest in the project by completing C$2.5 million in staged exploration expenditures and making a total of C$1 million in cash payments over the previous four years, as well as issuing a total of 9.5 million common shares of Azincourt divided evenly between Skyharbour and Dixie Gold.

In March 2023, Azincourt announced the completion of its 2023 winter diamond drilling program. The program consisted of 3,066 meters in 13 holes, with a priority of evaluating alteration zones and elevated uranium identified in the winter of 2022 with a focus on the G, K, H and Q Zones. Assay results are expected to start arriving in May of 2023.

Hook Lake (North Falcon Point)

Hook Lake (North Falcon Point) project consists of 16 contiguous mineral claims totaling 25,847 hectares. The property has seen extensive historical work, which advantageously allows for fast-tracked exploration. Uranium mineralization discovered to date at the Hook Lake Project is shallow and is characterized by structurally controlled mineralization at the Hook Lake, West Way and Nob Hill target zones. The primary Hook Lake target area at the property’s north end has returned high-grade uranium grab samples of up to 68 percent U3O8 in massive pitchblende veining at surface level.

Valor Resources completed the interpretation of airborne gravity gradiometry survey data at the Hook Lake uranium project in May-June 2022, which defined 11 new targets.

Mann Lake

The 3,473-hectare (8,582 acre) Mann Lake Uranium Project is located in the eastern Athabasca Basin in northern Saskatchewan. It is strategically located 25 kilometers southwest of the McArthur River Mine, the largest high-grade uranium deposit in the world, and 15 kilometers to the northeast along strike of Cameco’s Millennium uranium deposit. In October 2021, the company entered into an option agreement with Basin Uranium Corp, which provides them an earn-in option to acquire up to a 75 percent interest in the Mann Lake uranium project.

Basin Uranium Corp. announced the intersection of significant mineralization from the three-hole Phase 2 drill program at the Mann Lake project A total of 6,279 meters of diamond drilling was completed on the Mann Lake property during the 2022 season.

Yurchison Project

The Yurchison Project consists of 11 claims totalling 55,934 hectares in the Wollaston Domain of northern Saskatchewan. This contiguous set of claims covers an extensive package of Wollaston Supergroup metasediments in an area known for its base metal potential. The northeastern half of the project falls within the Courtenay Lake-Cairns Lake fold belt, which contains numerous lead-zinc-silver showings while the remainder is along trend to the north-northeast of the Janice Lake copper deposit and numerous other base metal showings in the “Wollaston Copperbelt”.

In 2022, Skyharbour’s partner company Medaro Mining commenced an airborne geophysical survey at its Yurchison uranium property. Helicopter-borne aeromagnetic, horizontal gradiometric, radiometric, and VLF-EM surveys covered a total of 7,117 line kilometers at 50-meter line spacing.

South Dufferin

Skyharbour Resources acquired 100 percent of the South Dufferin Uranium project in 2023 from Denison Mines Corp. The South Dufferin Project comprises 12,282 hectares (30,349 acres) over nine claims in the Athabasca Basin, which is host to the highest-grade uranium deposits in the world and is consistently ranked as a top mining jurisdiction by the Fraser Institute.

Other projects

Riou River – 18,227 hectares along the Riou River within the Athabasca BasinPluto Bay – 27,918 hectares northeast of Black Lake hosting numerous uranium showings and several EM conductors east of the regional Black Lake FaultWallee – 20,765 hectares, approximately 35 kilometers northeast of Cameco’s Eagle Point deposit, numerous untested EM conductors coinciding with significant magnetic and/or gravity lows in the Wollaston DomainUsam Island – 42,186 hectares, approximately 21 kilometers northeast of Cameco’s Eagle Point deposit, contains numerous EM conductors situated along significant magnetic lows of the Wollaston DomainFoster River – 37,529 hectares, southwest and adjoining Skyharbour’s Falcon Point South project, numerous uranium showings up to 1.25 percent U3O8Highway Project – 1,184 hectares property with highway 905 running through the claims, between Michael Lake and Wollaston LakeCBX – 8,777-hectare property approximately 6.5 kilometers to 25 kilometers north to northeast of the Eagle Point uranium mine, covering the northern shore of Wollaston Lake including parts of Cunning Bay Shoe – 609-hectare property located approximately 10 to 25 kilometers along strike to the northeast of the currently idled Eagle Point uranium mine (Cameco’s Rabbit Lake Operation)Karin – 24,265-hectare property approximately 21 kilometers to 33 kilometers east of Highway 914 and 20 kilometers southeast of Cameco’s Key Lake operationElevator – 9,294-hectare property situated 15 kilometers east of Highway 914 914 – 2,178-hectare property situated 1 kilometer east of Highway 914 914N – 450-hectare property situated 5 kilometers east of Highway 914 914W – 1,260-hectare property approximately 48 kilometers southwest of Cameco’s Key Lake Operation

Management Team

Jordan Trimble – Director, President and CEO

Jordan Trimble is an entrepreneur and has worked in the resource industry in various roles with numerous companies specializing in management, corporate finance and strategy, shareholder communications, deal structuring and capital raising. Previous to Skyharbour, he was the corporate development manager for Bayfield Ventures, a gold company with projects in Ontario, which New Gold successfully acquired in 2014. Throughout his career, Trimble has founded and helped manage several public and private companies and has been instrumental in raising substantial capital for mining companies with his extensive network of institutional and retail investors. He is a frequent speaker at resource and mining conferences globally and has appeared on various media outlets, including BNN and the Financial Post. Trimble holds a Bachelor of Science from the University of British Columbia. He is a CFA charter holder and served a full term as a director of the CFA Society Vancouver.

James Pettit – Director and Chairman of the Board

Jim Pettit is currently serving as a director on the boards of several public resource companies. He offers over 30 years of experience within the industry specializing in finance, corporate governance, management and compliance. Pettit specializes in the early-stage development of private and public companies. His background over the past 30 years has been focused primarily on the resource sector and he was previously chairman and CEO of Bayfield Ventures, which was sold to New Gold in 2014.

Dr. Andrew Ramcharan – Senior Vice-president of Corporate Development

Dr. Andrew Ramcharan has an extensive background in corporate development, mining and exploration, project evaluation, and investment banking spanning over twenty years. Previously, as manager of corporate development for IAMGOLD, Ramcharan was involved in raising more than $600 million in equity financings and worked on project acquisitions totalling over $800 million. Prior to that, he was at SRK Consulting for several years and worked with uranium companies including SXR Uranium One, Ur-Energy and UraMin, which eventually sold for $2.5 billion in 2007 to Areva.

David Cates – Director

David Cates is a director of Skyharbour. He is the president and CEO of Denison Mines (TSX: DML) and Uranium Participation Corp (TSX: U). Prior to being appointed the president and CEO position, Cates served as Denison’s vice-president finance, tax and chief financial officer. As chief financial officer, Cates played a key role in the company’s mergers and acquisitions activities – leading the acquisition of Rockgate Capital Corp. and International Enexco Ltd. Cates joined Denison in 2008 and held the position of director, taxation prior to his appointment as chief financial officer. Prior to joining the company, Cates held positions at Kinross Gold Corp. and PwC LLP with a focus on the resource industry.

Paul Matysek – Advisory Board

Paul Matysek is a strategic advisor for Skyharbour and is a mining entrepreneur, professional geochemist and geologist with over 35 years of experience in the mining industry. He was the founder, president and CEO of Energy Metals Corporation, a premier uranium company that traded on the New York and Toronto Stock Exchanges. Matysek led EMC as one of the fastest-growing Canadian companies in recent years, increasing its market capitalization from $10 million in 2004 to approximately $1.8 billion when it was acquired by a larger uranium producer, Uranium One Inc., in 2007. In December 2017, Matysek was involved in the sale of Lithium X Energy Corp. for $265 million to NextView New Energy. Matysek was the president and CEO of Goldrock Mines Corp. which on June 7th, 2016 announced it had entered into a definitive agreement to be acquired by Fortuna Silver Mines (NYSE:FSM) (TSX:FVI) for $129 million on a fully-diluted in-the-money basis. Previously, Matysek was the president and CEO of Lithium One Inc., which developed a high-quality lithium project in northern Argentina. In July 2012, Lithium One and Galaxy Resources merged with a $112 million plan to create a fully integrated lithium company. Prior to Lithium One, Matysek was the president and CEO of Potash One Inc. where he was the architect of the $434 million friendly takeover of Potash One by K+S Ag, which closed in early 2011.

Joseph Gallucci – Director

Joseph Gallucci is a senior capital markets executive and corporate director with over 20 years of experience in investment banking and equity research. His career focused on mining, base metals, precious metals and bulk commodities on a global scale. He is currently the managing director and head of investment banking at Laurentian Bank Securities Inc. where he oversees the investment banking practice in entirety.

His career has spanned across various firms including BMO Capital Markets, GMP Securities, Dundee Securities, and he was a founding principal of Eight Capital where he led their mining investment banking team.