North Shore Announces Extension to Falcon Property Option Agreement and Resource Stock Digest Engagement

The revised Falcon terms spread remaining cash, share-or-cash payments and exploration commitments through October 2028.

Rhea-AI Summary

North Shore Uranium (NSURF) has extended its Falcon property option agreement with Skyharbour Resources from four to five years. The amended agreement allows North Shore to earn a 100% interest in ten claims covering 36,789 hectares in Saskatchewan. Remaining cash payments are $150,000 by October 31, 2027 and $225,000 by October 31, 2028. Payments in shares or cash are $100,000 by December 15, 2026, then $250,000 and $525,000 by October 31, 2027 and 2028, respectively.

Exploration expenditures of $1,100,000 are completed; another $975,000 is required by each of October 31, 2027 and 2028. North Shore has selected 30 uranium targets across three priority zones and is preparing future exploration programs. It also engaged Resource Stock Digest for a one-month awareness campaign starting October 15, 2026, costing US$30,000. Both agreements require TSX Venture Exchange approval.

Positive

• Falcon option term extended from four to five years, preserving the right to earn a 100% interest.
• Falcon exploration expenditure requirement of $1,100,000 completed.
• Falcon exploration planning has identified 30 uranium targets across three priority zones.
• Future Falcon exploration programs are in preparation.

Negative

• Falcon cash obligations are $150,000 by October 31, 2027 and $225,000 by October 31, 2028.
• Share-or-cash obligations: $100,000 by December 15, 2026; $250,000 and $525,000 by October 31, 2027 and 2028, respectively.
• Optional share payments would dilute holders, priced at the five-day volume-weighted average, with a $0.05 minimum.
• Further Falcon exploration spending requires $975,000 by October 31, 2027 and $975,000 by October 31, 2028.
• Falcon option amendment remains subject to TSX Venture Exchange approval.
• Resource Stock Digest's one-month campaign costs US$30,000 from general working capital, payable in two tranches.
• Resource Stock Digest engagement remains subject to TSX Venture Exchange approval.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

VANCOUVER, BC / ACCESS Newswire / October 15, 2026 / North Shore Uranium Ltd. (TSX-V:NSU) ("North Shore" or the "Company") is pleased to announce that the term of the South Falcon Option Agreement (the "Agreement") with Skyharbour Resources Ltd. ("Skyharbour") has been extended from four to five years. The Agreement governs exploration activities on 10 of the 12 mineral claims that constitute the Company's Falcon property ("Falcon" or the "Property") located in the Athabasca Basin region of Saskatchewan (Figure 1). North Shore is currently preparing for future exploration programs at Falcon.

SOUTH FALCON OPTION AGREEMENT AMENDMENT

On May 29, 2023, North Shore Energy Metals Ltd., a wholly owned subsidiary of the Company, entered into the Agreement with Skyharbour. As amended, the Agreement provides the Company the right to earn a 100% interest in ten claims totaling 36,789 hectares over five years, with the revised terms as follows:

• Cash payments: $150,000 and $225,000 due on or before October 31, 2027 and October 31, 2028 respectively;
• Shares or cash at North Shore's option: $100,000, $250,000 and $525,000 on or before December 15, 2026, October 31, 2027 and October 31, 2028 respectively, with the price of any shares issued based on the five (5) day volume-weighted average price at the time of issuance, subject to a minimum price of $.05; and
• Exploration expenditures on the Property: $1,100,000 (completed), $975,000 and 975,000 on or before October 31, 2026, October 31, 2027 and October 31 2028 respectively.

The amendment to the Agreement is subject to the approval of the TSX Venture Exchange.

Brooke Clements, President and CEO of North Shore, stated: "We are pleased with the extension of the term of the Agreement with Skyharbour from four to five years. The extra time will allow us to optimize our exploration programs at Falcon while continuing to efficiently advance our Rio Puerco project in the Grants Uranium District of New Mexico. The regional geologic setting and exploration history, and the results from our work at Falcon, including desktop geophysical and geological studies, a 2024 drill program and a 2025 prospecting program, affirm our team's belief that Falcon offers good potential for a new significant uranium discovery."

FALCON EXPLORATION UPDATE

In its September 17, 2024, October 10, 2024, November 13, 2024, February 27, 2025, May 6, 2025 and October 14, 2025 news releases, the Company summarized its work at Falcon with emphasis on target generation. Three priority areas have been established at Falcon, Zones 1, 2 and 3 and 30 uranium targets within the three zones have been selected to date by North Shore and its consultants (Figure 2).

Figure 1. Location map showing the Falcon property

Geologic information from the Saskatchewan database, EM conductors, faults and targets from interpretation by Condor North Consulting ULC ("Condor") and North Shore. Single- and double-peak responses picked from survey profile lines. Figure 2. Falcon uranium targets and exploration setting. Uranium mineralization was discovered by North Shore in 2024 at drill holes P03 and P08, and FA0003 is a high-priority target.

Vertical gravity gradient (GDD) data processing by Condor, 2.5 g/cm³ density used in terrain correction, data presented in Eötvös (Eö). Structural and EM interpretation by Condor; single- and double-peaked responses picked from airborne survey profiles. Figure 3. High priority Falcon target FA003 with gravity background.

FALCON BACKGROUND INFORMATION

Falcon consists of 12 mineral claims totaling 42,378 hectares; two of the claims comprising 5,590 hectares are 100 percent-owned by the Company and the remaining 10 claims totaling 36,789 hectares are subject to the Agreement with Skyharbour described above. Falcon is located 30 km east of the active Key Lake uranium mill and former mine. Between 1983 and 2002, the mine produced a total of 209.9 million pounds of U₃O₈ at an average grade of over 2.0%0F^[1].

RESOURCE STOCK DIGEST

On October 14, 2026, the Company entered into an agreement with Resource Stock Digest ("RSD") for a market awareness campaign with a one (1) month term (the "RSD Agreement"), to commence on October 15, 2026. The RSD Agreement can be terminated in a manner that is mutually agreed upon by the Company and RSD. The Company will pay RSD a fee of US$30,000 for the market awareness campaign, payable in two tranches, the first tranche being payable upon execution of the RSD Agreement, and the second tranche payable 15 days later. The market awareness campaign will include in-depth report generation based on the Company's current announced disclosures, report dissemination to RSD's resource investor base, and support for new audience creation. All fees payable by the Company to RSD, pursuant to the RSD Agreement, will be paid out of general working capital of the Company.

RSD is owned and operated by Nicholas Hodge and Gerardo De Real and headquartered in Round Rock, Texas, USA. The Company and RSD act at arm's length. There have been no changes in RSD's interest, directly or indirectly, in the Company or its securities, or any right or present intent to acquire such an interest since the February 11, 2026 news release announcing an initial engagement with RSD. In particular, Nicholas Hodge owns 700,000 common shares of the Company and 350,000 common share purchase warrants, and Gerardo De Real owns or controls 500,000 common shares of the Company and 250,000 common share purchase warrants. Neither RSD nor its principals has any other interest, directly or indirectly, in the Company or its securities, or any right or present intent to acquire such an interest. There are no performance factors contained in the RSD Agreement, and RSD will not receive common shares or stock options as compensation. For more information on RSD, visit its website at www.resourcestockdigest.com

The RSD Agreement is subject to approval by the TSX Venture Exchange.

ABOUT NORTH SHORE

The nuclear power industry is undergoing increased development to meet CO₂ emission-reduction goals and the needs of new power-intensive technologies like AI. In this environment, discoveries of uranium deposits may be significant, especially in established uranium-producing jurisdictions like Saskatchewan and New Mexico. North Shore is focused on advancing exploration for uranium deposits at Rio Puerco in the Grants Uranium District of New Mexico and its Falcon and West Bear properties at the eastern margin of the Athabasca Basin in Saskatchewan. In addition, the Company continues to evaluate quality opportunities in the United States and Canada to complement its portfolio of uranium properties.

QUALIFIED PERSON

Mr. Brooke Clements, MSc, P.Geol., a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects and the President and CEO of North Shore, has reviewed and approved the scientific and technical disclosure in this press release. Mr. Clements has reviewed and verified the geophysical datasets and interpretations used for uranium target definition.

ON BEHALF OFTHE BOARD

Brooke Clements,

President, Chief Executive Officer and Director

For further information:

Please contact: Brooke Clements, President, Chief Executive Officer and Director

Telephone: 604.536.2711

Email: b.clements@northshoreuranium.com

www.northshoreuranium.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events, or developments that the Company believes, expects, or anticipates will or may occur in the future are forward-looking statements. These statements reflect management's current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause actual results to differ materially from those discussed in the forward-looking statements. Forward-looking statements in this release include, but are not limited to: the Company's stated objectives to continue advancing its Rio Puerco project in New Mexico and prepare for exploration programs at its Falcon property; the Company's ability to acquire up to a 100% interest in certain mining claims in Saskatchewan subject to the South Falcon Option Agreement with Skyharbour Resources; the receipt of TSX Venture Exchange approval for the amendment to the South Falcon Option Agreement and the RSD Agreement; the commencement and completion of the market awareness campaign contemplated by the RSD Agreement; the Company's exploration strategy to evaluate additional opportunities in the United States and Canada; the actual results of current and planned exploration activities, including whether exploration activities result in the identification of mineralization of potential economic interest at Rio Puerco and the Company's Falcon and West Bear properties in Saskatchewan; the interpretation and meaning of completed and future geophysical surveys, prospecting and mapping programs, drilling results, and economic evaluations; the availability of sufficient funding on terms acceptable to the Company and the timing and receipt of the required regulatory and government approvals, and other statements that are not historical facts. Forward-looking statements are frequently characterized by words such as "plan", "expect", "anticipate", "intend", "estimate", "believe" and similar expressions, as well as statements that certain events or conditions "may", "could", "would" or "will" occur. These statements are subject to various risks and uncertainties that may cause actual results to differ materially from those anticipated or implied, including, but not limited to: risks relating to contractor availability and site conditions; risks that historical exploration data may not be indicative of future results; the speculative nature of mineral exploration; the availability of financing on acceptable terms; delays in obtaining governmental or regulatory approvals; fluctuations in uranium prices; and other factors described in the Company's public disclosure documents. Additional risks not presently known to the Company may also cause actual results to differ materially from those anticipated. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

[1] Source: Government of Saskatchewan - Mineral Deposit Query (https://mineraldeposits.saskatchewan.ca/Home/Viewdetails/1130). There is no guarantee that a uranium deposit similar to Key Lake will be discovered on the Falcon Property.

SOURCE: North Shore Uranium Ltd.

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What changed in North Shore Uranium's Falcon option agreement?

The Falcon option term increased from four to five years, allowing North Shore to earn a 100% interest in ten claims totaling 36,789 hectares. The amendment remains subject to TSX Venture Exchange approval, with remaining payment and exploration obligations extending through October 31, 2028.

How will North Shore price shares issued for Falcon option payments?

Any shares issued for the optional share-or-cash payments will use the five-day volume-weighted average price at issuance, subject to a minimum price of $0.05. North Shore can choose whether to satisfy these payments in shares or cash.

Do Resource Stock Digest's owners hold North Shore Uranium securities?

Resource Stock Digest's owners hold North Shore shares and warrants: Nicholas Hodge owns 700,000 common shares and 350,000 warrants, while Gerardo De Real owns or controls 500,000 common shares and 250,000 warrants. Resource Stock Digest will not receive common shares or stock options as campaign compensation, and its agreement contains no performance factors.