Skyharbour Closes $5.25 Million Private Placement of Flow-Through Shares

• Financing Event: Skyharbour Resources Ltd. closed a non-brokered private placement of flow-through shares on May 11, 2026.
• Proceeds: Gross proceeds totaled CAD $5,250,389.10.
• Share Issuance: 9,052,395 flow-through shares issued at a price of CAD $0.58 per share.
• Investors: Subscribed by several strategic institutional investors; no broker involvement mentioned.
• Use of Proceeds: Funding the 2026 exploration campaign specifically targeting Russell and Moore Lake Uranium Projects in the Athabasca Basin.
• Tax Benefits: Shares qualify for the federal 30% Critical Mineral Exploration Tax Credit.
• Finder's Fees: CAD $300,022.81 paid to an arm’s-length party.

• Capitalization of Strategy: The financing validates the aggressive exploration strategy announced in January and April 2026 (Drilling at Moore/Russell). It provides necessary liquidity for the planned 8,000–10,000m campaign.
• Dilution Impact: Issuance of ~9 million shares increases fully diluted share count from 238.6M to approximately 247.6M (approx. 3.7% dilution). While dilutive, it is standard for exploration-stage companies funding operations.
• Pricing Signal: The placement price ($0.58) is significantly higher than the recent market close ($0.47 on May 8), indicating strong institutional confidence or a negotiated premium that suggests management believes the stock is undervalued at current levels.
• Routine Nature: This follows a previous financing in December 2025 ($2.1M). Given the announced drilling plans and JV commitments (Denison, Terra), this funding round was anticipated to execute the work plan rather than fundamentally altering the company's trajectory like the Denison transaction did in December 2025.
• Risk Mitigation: Proceeds are designated for exploration, reducing immediate cash burn risk but not eliminating long-term capital needs.

• Company: Skyharbour Resources Ltd. (TSX-V: SYH).
• Strategy: Prospect generator model leveraging joint ventures to fund exploration while minimizing equity dilution.
• Flagship Projects:
  • Moore Uranium Project: 100% owned (subject to royalties), high-grade "Maverick Zone" drilling ongoing. Recent intercepts include 4.84% U3O8 over 4.4m.
  • Russell Lake Uranium Project: Recently consolidated to 100% ownership (subject to NSR) via Rio Tinto acquisition and Denison JV partnership. Advanced-stage exploration "Discovery Ready".
• Portfolio: Over 662,000 hectares across 43 projects in the Athabasca Basin.