Skyharbour and JV Partner Orano Announce Extensive Exploration and Drilling Plans for 2026 at Preston Uranium Project

The most recent news, dated December 9, 2025, announces that Skyharbour's joint-venture partner, Orano Canada Inc., is planning an extensive exploration and drilling program for 2026 at the Preston Uranium Project. The 2026 program is set to include an Airborne Gravity Gradiometry (AGG) survey, detailed ground gravity surveys, and a summer drilling campaign of approximately 3,500 metres. The news also notes the successful completion of the 2025 exploration program, which involved 5,565 metres of drilling across 17 holes, validating targets and refining the geological model.

This announcement of planned future exploration at the Preston Uranium Project is a routine positive development for an exploration company operating under a prospect generator model. It confirms ongoing partner commitment and activity at one of Skyharbour's key joint venture projects. The completion of the 2025 program, validating targets, is a good sign for future exploration success. However, no new discoveries or material assay results were reported in this specific release, nor does it provide a significant update beyond confirming the continuity of exploration work.

When viewed in the context of the company's overall financial position, particularly the impending $10 million CAD cash payment for Rio Tinto's 42.3% interest in the Russell Lake Uranium Project (expected by December 21, 2025), this news of routine exploration planning carries less material positive weight.

As of September 30, 2025, Skyharbour had approximately $1.96 million CAD in cash. While it recently closed a $2.1 million CAD private placement on December 5, 2025, bringing its cash position to an estimated $4.06 million CAD (pre-any other expenditures or receipts), this still leaves a significant shortfall of approximately $5.94 million CAD required to cover the $10 million CAD payment for the Russell Lake acquisition. The December 2024 $10.02 million CAD private placement appears to have been largely spent on exploration and general working capital by the September 30, 2025, financial statement date.

Therefore, while the exploration news from Preston is incrementally positive for project development, it is overshadowed by an immediate and material financial risk related to the Russell Lake acquisition payment. The company will need to secure substantial additional financing very soon, or it possesses undisclosed capital reserves. Without this clarity, the routine exploration news is neutral in its overall material impact on the company's immediate investment profile.

Skyharbour Resources Ltd. (TSX-V: SYH, OTCQX: SYHBF, Frankfurt: SC1P) is a uranium exploration company focused on properties in the Athabasca Basin, Saskatchewan, Canada, a world-renowned high-grade uranium district. The company operates primarily through a prospect generator model, maintaining significant interests in its co-flagship projects while also optioning out numerous other projects to partners for funding and advancement.

Co-Flagship Projects:

• Moore Uranium Project (100% owned, 35,705 hectares): Located east of Cameco’s Key Lake mine. Recent drilling (Winter 2024) intersected high-grade uranium, notably hole ML24-15 which returned 4.74% U3O8 over 1.5 metres within a broader 6.4-metre interval of 1.50% U3O8. The mineralization is found in sandstone-hosted and unconformity-hosted settings. The company plans a 4,500 – 5,000 metre drilling program in 2025 to expand and define these zones.
• Russell Lake Uranium Project (Currently 57.7% owned, acquiring 100% of Rio Tinto's 42.3% interest, 73,314 hectares): Strategically located between Cameco's Key Lake and McArthur River projects, and adjoining Denison's Wheeler River project. The company announced the acquisition of Rio Tinto Exploration Canada Inc.'s (RTEC) minority interest for $10 million CAD in November 2025, expected to close by December 21, 2025. The project has an all-weather road and power line access. Winter 2025 drilling (5,000m planned) is targeting the newly discovered Fork Zone (e.g., hole RSL24-02: 0.721% U3O8 over 2.5m) and the M-Zone Extension.

Joint Venture and Optioned Projects (Prospect Generator Model):

• Preston Uranium Project (25.6% interest, Orano Canada Inc. 53.3% owner and operator, 49,635 hectares): Located in the Western Athabasca Basin. Orano completed a 5,565-metre, 17-hole drilling program in 2025, validating targets, and is planning a 3,500-metre drilling campaign in 2026, alongside airborne and ground geophysical surveys.
• South Falcon East Uranium Project (Optioned to Terra Clean Energy Corp., 12,464 hectares): Hosts the Fraser Lakes B uranium deposit. Terra Clean completed a 1,927-metre winter 2025 drill program with encouraging results (uranium mineralization in 6 of 7 holes) and is planning a 2,500-metre summer 2025 program. Terra can earn up to a 75% interest by funding $10.5 million in exploration and making $11.1 million in cash/share payments.
• Falcon Project (Optioned to North Shore Uranium, 42,908 hectares): North Shore recently completed a prospecting program, discovering significant radioactivity (up to 27,000 cps) in outcrops and boulders, with assay results pending. North Shore can earn an 80% interest by issuing shares, making cash payments, and incurring exploration expenditures. Royalties apply (1% NSR to Skyharbour on two claims, 2% NSR to Denison on nine claims with buyback option).
• 914W Uranium Project (Optioned to Mustang Energy Corp., 1,260 hectares): Mustang has received exploration permits, started a field program, and staked an additional claim. TDEM survey results have defined conductive zones. Mustang can earn 75% interest by issuing shares, making cash payments, and incurring exploration expenditures.
• Other Projects: Skyharbour has expanded its land package significantly through staking, acquiring 21 new claims in July 2025 and 40 new claims in January 2025, bringing its total land position to over 616,000 hectares across 37 projects. These newly acquired projects (e.g., Haultain, Bonville, Foster, Horton, Lynx, Snowbird, Pendleton, Spence, Orr, Otter) will be advanced through the prospect generator model, seeking new strategic partners.

The company's strategy is to continually acquire new prospective ground, conduct initial exploration, and then attract partners to fund the majority of the exploration expenditures, thereby minimizing dilution for its own co-flagship projects and maintaining exposure to multiple potential discoveries.