Skyharbour's Partner North Shore Uranium Completes Prospecting Program at the Falcon Project; Significant Radioactivity Discovered in Outcrops and Boulders

On October 14, 2025, Skyharbour announced that its partner, North Shore Uranium, has completed a prospecting program at the Falcon Project in Saskatchewan's Athabasca Basin. The program focused on 18 priority targets and discovered significant radioactivity in outcrops and boulders. Key findings include scintillometer readings of up to 27,000 counts per second (cps) at the historic D Zone showing and up to 20,000 cps at the EWA showing. A total of 74 samples were collected and have been sent for assay, with results pending. This work is intended to refine and prioritize targets for future drill programs.

This news is a routine, positive update from a partner-funded project and is non-material to Skyharbour's overall valuation. Skyharbour operates a dual model: advancing its co-flagship, high-grade Moore and Russell Lake projects, and generating prospects on its vast secondary land holdings for partners to fund. This news falls squarely into the latter category.

Chronological context is crucial here: * March 2024: North Shore completed its maiden drill program at Falcon, reporting elevated radioactivity. * May 2024: North Shore released assays from that program, confirming a new uranium discovery with low-grade intercepts such as 4.7 metres of 316 ppm U3O8. * Today's News (October 2025): The prospecting results follow up on that discovery. High scintillometer readings (up to 27,000 cps) are encouraging as they confirm radioactive sources at surface and help define new drill targets. However, it's critical to note that scintillometers measure total radioactivity and are not a direct proxy for uranium grade; assays are required for confirmation.

For Skyharbour, the news is positive because: 1. A partner is actively spending money to advance a project in Skyharbour's portfolio, preserving Skyharbour's treasury. 2. It confirms the prospectivity of the Falcon project, increasing the value of Skyharbour's back-in rights and royalty interests. 3. It provides consistent news flow, which is a key part of the prospect generator model.

However, the news is non-material because: 1. Skyharbour's primary value drivers are its flagship Moore and Russell Lake projects, which have delivered high-grade intercepts like 7.30% U3O8 over 3.0m (Moore, July 2024) and 3.0% U3O8 over 0.5m (Russell, July 2024). Early-stage surface prospecting results from a partner project do not compare in significance. 2. The results are preliminary. Without assays, the economic significance is unknown.

In conclusion, this is a positive, incremental step forward for a secondary asset. It demonstrates the prospect generator model is working as intended but does not materially change the investment thesis for Skyharbour, which is predicated on making a major discovery at its core assets.

Skyharbour Resources is a uranium exploration company focused on the Athabasca Basin in Saskatchewan, Canada. The company employs a hybrid strategy: 1. Flagship Projects: It directly funds and advances its two core, high-grade projects: the 100%-owned Moore Uranium Project and the majority-owned Russell Lake Uranium Project. Both have returned high-grade drill intercepts. 2. Prospect Generator: It leverages its extensive portfolio of over 35 other projects by farming them out to partner companies who fund exploration in exchange for earning an interest. Skyharbour retains equity, cash payments, and/or royalties.