Skyharbour's Partner Mustang Energy Corp. Announces Results of TDEM Survey Over the 914W Property

The most recent news release from November 6, 2025, states that Skyharbour's partner, Mustang Energy Corp., has received results from a high-resolution HTDEM (Helicopter-borne Time-Domain Electromagnetic) survey over the 914W Uranium Project. The survey covered 136 line-kilometers and successfully defined a "well-developed conductive zone." This zone is interpreted to be consistent with graphitic basement rocks or fault-bound alteration zones, which are geological features considered favorable for unconformity-type uranium mineralization. The news also briefly reiterates the terms of the existing option agreement, under which Mustang Energy can acquire a 75% interest in the 914W Project by issuing common shares valued at CAD $480,000, making aggregate cash payments of $275,000 to Skyharbour, and incurring aggregate exploration expenditures of $800,000 on the property over a three-year period.

This news is a routine, positive development in the ongoing exploration of the 914W Uranium Project by Skyharbour's partner, Mustang Energy Corp. The identification of a well-developed conductive zone is an encouraging preliminary step in a multi-stage exploration process. It confirms the geological prospectivity of the project and de-risks future exploration decisions for Mustang, aligning with the type of targets sought for unconformity-style uranium deposits in the Athabasca Basin.

However, the impact on Skyharbour Resources is considered routine rather than material. Skyharbour operates primarily as a prospect generator, leveraging partner funding to advance a large portfolio of projects while focusing its own capital on co-flagship projects like Moore and Russell Lake. This update pertains to one of its many partner-funded assets and represents a geophysical interpretation, not a drill intercept or resource definition. While it validates the prospect generator model for this specific project and adds incremental value to Skyharbour's retained interest and royalty, it is not expected to significantly alter the company's overall valuation or stock price immediately. The option agreement terms for 914W were established in November 2024, and Mustang Energy has already completed its first milestone payment as of December 2024, so the general framework of this partnership is already in place and being executed.

Skyharbour Resources Ltd. is a uranium exploration company primarily focused on the Athabasca Basin in Saskatchewan, Canada, a world-renowned high-grade uranium district. The company employs a hybrid business model: 1. Direct Exploration: Focused on its 100%-owned co-flagship Moore Uranium Project and its majority-owned (57.7%) Russell Lake Uranium Project (JV with Rio Tinto). 2. Prospect Generator Model: It options out a significant portion of its extensive land package to partner companies who fund exploration and make cash/share payments, allowing Skyharbour to retain an interest and often royalties while minimizing its own capital expenditure on these non-core assets. As of July 30, 2025, the company controls over 616,939 hectares across 37 projects.

Flagship Projects and Developments:

• Moore Uranium Project (100% owned): Covers 35,705 hectares. The 2024 drill program yielded significant high-grade intercepts, most notably hole ML24-15 which returned 4.74% U3O8 over 1.5m within a 6.4m interval of 1.50% U3O8, extending the Maverick East Zone 42m to the northeast. Mineralization is shallow (260-285m depth) and open. A summer 2025 drill program of 4,500-5,000m is planned to further expand and define these zones.
• Russell Lake Uranium Project (57.7% SYH, 42.3% Rio Tinto, SYH is operator): Spans 73,314 hectares, strategically located between major Cameco and Denison Mines projects. A new discovery was made at the Fork target in 2024 (0.721% U3O8 over 2.5m, including 3.0% U3O8 over 0.5m). The company commenced a 5,000m winter 2025 drill campaign, part of a larger 10,000-11,000m planned for 2025, targeting Fork, Sphinx, M-zone Extension, and Fox Lake Trail.

Key Prospect Generator Projects (Partner-Funded):

• South Falcon East Project (Terra Clean Energy option): Terra Clean Energy can earn up to 75% by funding CAD $10.5M in exploration and making CAD $11.1M in cash/share payments. Winter 2025 drilling confirmed mineralization, and a summer 2025 program (2500m) is planned. The Fraser Lakes B deposit at this project has also been recognized for its Rare Earth Element (REE) potential by the Government of Canada.
• Preston Uranium Project (Orano Canada Inc. JV): Skyharbour holds 25.6% in a JV with Orano (operator, 53.3%) and Dixie Gold. Orano commenced a 6,000-7,000m drill program in mid-summer 2025 targeting multiple high-priority zones.
• 914W Uranium Project (Mustang Energy Corp. option): Mustang can earn 75% by issuing CAD $480K in shares, making CAD $275K in cash payments, and incurring CAD $800K in exploration expenditures. Skyharbour retains a 2% NSR. Exploration permits have been received, and geophysical surveys have identified favorable conductive zones, as per the latest news.
• Falcon Project (North Shore Uranium option): North Shore can earn 80% by issuing CAD $1.225M in shares, making CAD $525K in cash payments, and incurring CAD $3.55M in exploration expenditures. Skyharbour retains a 1% NSR on Foster River claims. North Shore recently completed prospecting with significant radioactivity findings (up to 27,000 cps) and is planning further work towards drilling.
• South Dufferin Uranium Project (UraEx Resources Inc. option): UraEx can earn up to 100% by committing up to CAD $9.8M in cash/share payments and exploration. UraEx commenced a 2600m drill program in summer 2025. Skyharbour retains a 2% NSR on one claim.
• Highway / Genie, Usam, CBX/Shoe Projects (Hatchet Uranium Corp. option/purchase): Hatchet acquired 100% interest in Genie, Usam, CBX/Shoe (SYH received $25K cash + 9.9% Hatchet shares/warrants, retaining 2% NSR). Hatchet also has an option to earn 80% of the Highway project ($3.345M in shares/cash/expenditures), with SYH retaining a 2% NSR.