Skyharbour Closes Acquisition to Consolidate 100% Interest in the Russell Lake Uranium Project

Executive Summary

• Skyharbour Resources completed the purchase of Rio Tinto Exploration Canada’s 42.3% minority stake in the Russell Lake Uranium Project for a total cash consideration of C$10 million.
• The transaction gives Skyharbour 100% ownership of the Russell Lake Project (subject to existing NSR royalties).
• As part of the deal, Skyharbour granted RTEC a 0.25% net smelter‑return royalty on future production from Russell Lake.

Key Details

• Purchase Price: C$10 million total (C$2 M deposit paid at signing; C$8 M cash paid at closing).
• Interest Acquired: 100% of RTEC’s former 42.3% stake, bringing Skyharbour’s ownership to 100% (net of other NSR royalties).
• Royalty Granted: 0.25% net smelter return royalty payable to RTEC on any future uranium production from Russell Lake.
• Project Overview:
• Size: 73,314 ha in the central Eastern Athabasca Basin, Saskatchewan.
• Location: Between Cameco’s Key Lake and McArthur River projects; adjacent to Denison’s Wheeler River and Skyharbour’s Moore Uranium Project.
• Infrastructure: All‑weather road (Highway 914) and high‑voltage power line traverse the property.
• Strategic Significance: Full control enables Skyharbour to advance exploration and development without partner constraints, complementing its recently acquired 100% interest in the Moore Uranium Project.
• Qualified Person: Technical information reviewed and approved by Serdar Donmez, P.Geo., VP of Exploration (qualified under NI 43‑101).

Notable Quotes

• “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.” – Jordan Trimble, President and CEO.