Skyharbour Announces Major 2026 Exploration Campaign with Denison Mines at Russell Lake Uranium Joint Ventures

Executive Summary

• Skyharbour Resources Ltd. announced a major 2026 exploration campaign across its newly formed Russell Lake joint ventures with Denison Mines Corp., planning over 15,000 metres of diamond drilling across the Wheeler North, RL, and Getty East properties.
• The campaign follows a strategic reorganization of the former Russell Lake uranium project completed in December 2025, which split the asset into four separate joint ventures with Denison.
• The company anticipates a total of over 30,000 metres of diamond drilling across its entire project portfolio in 2026, including adjacent Moore and Preston projects, aiming to accelerate discovery and leverage Denison’s regional infrastructure and expertise.

Key Details

• 2026 Drilling Plan Overview:
  • Total planned drilling: >15,000 metres across Russell Lake Joint Ventures.
  • Total portfolio drilling: >30,000 metres including Moore and Preston projects.
• Wheeler North Property (Denison Operator):
  • Ownership: 51% Skyharbour / 49% Denison (Denison can earn up to 70%).
  • Planned Work: ~13 drill holes totaling ~7,500 metres, sole-funded by Denison.
  • Fox Lake Trail (FLT): Immediate winter drilling planned (2,500m) to follow up on strong hydrothermal alteration and elevated boron/uranium geochemistry.
  • Fork and Sphinx Targets: 5,000m planned later in the year to follow up on 2024/2025 results confirming prospective structures and mineralization.
• RL Property (Skyharbour Operator):
  • Ownership: 80% Skyharbour / 20% Denison.
  • Denison Commitment: Funding its share of the next $10 million in exploration expenditures.
  • Planned Work: Ground EM surveys followed by 4,000–5,000 metres of diamond drilling across 10–14 holes targeting Christie Lake, Blue Steel, Taylor Bay, South Russell, and Kowalchuk Lake.
• Getty East Property (Skyharbour Operator):
  • Ownership: 70% Skyharbour / 30% Denison (Denison can earn up to 70% and become operator).
  • Planned Work: ~16.2 line-km of ground MLTDEM surveying followed by ~3,600 metres of diamond drilling (~10 holes) targeting the Little Mann Lake prospect and Middle Lake Trend extension.
  • Historical Context: Historical drilling on the trend returned 22.1% U3O8 over 0.9 metres.
• Recent Historical Drilling Highlights (2024-2025):
  • Fork Zone: Hole RSL24-02 returned 3.0% U3O8 over 0.5m (within 2.5m at 0.72% U3O8) at 338.1m depth. Hole RSL24-12 returned 0.17% U3O8 over 0.5m.
  • Sphinx Target: Hole RSL25-07A intersected a faulted graphitic unit ~140m below unconformity, confirming a structurally fertile corridor with elevated uranium and pathfinder elements.
  • Fox Lake Trail: Holes RSL25-03A and RSL25-04 showed strongest hydrothermal alteration to date (brecciation, quartz dissolution). Hole RSL25-02 intersected 250 ppm U over 0.5m in basement.
  • M-Zone Extension: Holes tested historical EM anomalies and structural continuity from Denison’s Wheeler River Project.
• Strategic Context:
  • The Russell Lake Joint Ventures cover 73,314 hectares in the eastern Athabasca Basin.
  • Strategic transaction with Denison included total project consideration of up to C$61.5 million.
  • Skyharbour has signed earn-in option agreements with partners totaling potentially over $76 million in partner-funded exploration expenditures and over $42 million in cash/share payments.

Notable Quotes

• Jordan Trimble, President and CEO: “2026 is set to be a transformative year for Skyharbour and the upcoming commencement of drilling at the recently formed Russell Lake joint ventures represents a key near-term catalyst. The planned +15,000-metre, multi-phased drill campaign at Russell is a substantial increase to previous annual drilling programs as we accelerate exploration efforts together with our new funding-partner, Denison... We are confident that this collaboration with Denison will expedite the discovery process and leverage Denison’s success in exploring, permitting, and developing the neighboring Wheeler River Project...”
• Jordan Trimble, President and CEO: “With over 30,000 metres of diamond drilling anticipated across Skyharbour’s project portfolio in 2026, we believe the Company offers unique and significant discovery optionality.”