Skyharbour Consolidates 100% Interest in the Russell Lake Uranium Project

Executive Summary

• Skyharbour Resources entered a definitive purchase agreement to acquire Rio Tinto Exploration Canada’s 42.3% minority stake in the Russell Lake uranium project for C$10 million, giving Skyharbour 100% ownership (subject to existing NSR royalties).
• The transaction consists of a C$2 million deposit payable within five business days and an additional C$8 million cash payment at closing, expected on or before 21 Dec 2025.
• In consideration, Skyharbour will grant RTEC a 0.25% net smelter return royalty on the project.

Key Details

• Purchase Price: C$10 million total (C$2 M deposit + C$8 M closing payment).
• Closing Timeline: Expected on or before 21 December 2025.
• Ownership Change: RTEC’s interest (~42.3%) will be transferred to Skyharbour, raising Skyharbour’s stake to 100% (subject to other NSR royalties).
• Royalty Grant: Skyharbour will issue a 0.25% net smelter return royalty to RTEC on all future production from Russell Lake.
• Project Scope: Russell Lake covers 73,314 ha; combined with Skyharbour’s Moore project it creates a contiguous 109,019 ha uranium block in the Eastern Athabasca Basin.
• Strategic Value: The property sits between major Cameco and Denison assets, has existing infrastructure (all‑weather road, power line), and hosts multiple high‑potential targets (Grayling Zone, M‑Zone Extension, Little Man Lake, Christie Lake, Fox Lake Trail, Fork Zone).
• Qualified Person Review: Technical information reviewed and approved by Serdar Donmez, P.Geo., VP of Exploration, qualified under NI 43‑101.

Notable Quotes

“Jordan Trimble – President and CEO” (no direct quote provided in the release).