Skyharbour JV partner begins Wheeler North exploration

Executive Summary

• Denison Mines, Skyharbour’s joint venture partner, has commenced the 2026 winter exploration program at the Wheeler North joint venture in Northern Saskatchewan, marking the first phase of a planned 7,500-metre drill campaign for the year.
• The initial winter phase involves approximately 2,500 metres of diamond drilling at the Fox Lake Trail (FLT) target, with an additional 5,000 metres planned for later in 2026 across the Fork and Sphinx target areas to follow up on previous discoveries.
• The Russell Lake property has been reorganized into four distinct joint ventures (Wheeler North, Getty East, Russell Lake, and Wheeler River Inliers), with Skyharbour retaining an 80% interest at RL and Denison holding operatorship and earn-in rights at Wheeler North and Wheeler River Inliers.

Key Details

• Drilling Program Scope:
  • Total planned drilling for 2026 across Wheeler North: 7,500 metres.
  • Winter phase (current): ~2,500 metres at Fox Lake Trail (FLT).
  • Later in 2026: ~5,000 metres at Fork and Sphinx targets.
  • Total planned drilling across all four new joint ventures in 2026: >15,000 metres.
• Wheeler North Property Terms:
  • Ownership: 51% Skyharbour, 49% Denison.
  • Denison Operatorship: Denison operates and fully finances the 2026 drilling.
  • Earn-in Structure: Denison can increase interest to 70% in two phases:
    • Phase 1 (to 60%): Complete $10-million in exploration within 48 months (including $2.5-million within first 24 months) + $1.5-million cash payment.
    • Phase 2 (to 70%): Complete additional $15-million in exploration + $2-million cash payment within seven years of closing.
• Target Area Details:
  • Fox Lake Trail (FLT): Located at northern end of Wheeler North; characterized by parallel EM conductors; recent drilling intersected strong hydrothermal alteration, localized basement-hosted uranium mineralization, and elevated boron geochemistry.
  • Fork Zone: Northeast-southwest trending corridor; hosts highest-grade uranium mineralization discovered to date on Russell Lake project. Discovery hole RSL24-02 intersected 3.0% U3O8 over 0.5m at unconformity. Ground EM surveys delineated four subparallel conductive trends.
  • Sphinx: Located ~1km southeast of Denison’s Phoenix deposit; newly defined ground EM conductor; initial 2025 drilling confirmed faulted and altered graphitic basement structure; largely untested with only one hole completed.
• Joint Venture Portfolio Overview:
  • The four joint ventures (RL, Wheeler North, Getty East, Wheeler River Inliers) encompass 73,314 hectares in the eastern Athabasca basin.
  • Strategic location between Cameco’s Key Lake and McArthur River operations.
  • Skyharbour is operator at RL and Getty East; Denison is operator at Wheeler North and Wheeler River Inliers.
  • Skyharbour retains 80% interest at RL; Denison can earn up to 70% at other properties.
• Broader Partnership Context:
  • Skyharbour has signed earn-in option agreements with multiple partners (Nexus Uranium, North Shore Uranium, UraEx, Hatchet Uranium, Mustang Energy, Terra Clean Energy).
  • Potential partner-financed exploration expenditures: >$76-million.
  • Potential cash and share payments to Skyharbour: >$42-million.

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