Skyharbour and JV Partner Orano Announce Extensive Exploration and Drilling Plans for 2026 at Preston Uranium Project

Rhea-AI Summary

Skyharbour (OTCQX: SYHBF) and joint-venture partner Orano announced a substantial 2026 exploration program at the 49,635-hectare Preston uranium project in the western Athabasca Basin.

Planned work includes an Airborne Gravity Gradiometry (AGG) survey over the northern priority corridor, follow-up detailed ground gravity surveys, and a summer 2026 diamond drilling campaign of approximately 3,000–3,500 metres across ~10 helicopter-supported holes. Orano is the project operator and majority owner with 74.7% interest; Skyharbour holds a 25.3% minority interest. The program targets FSAN and Canoe Lake grids after encouraging 2024–2025 results that confirmed multiple graphitic shear zones and alteration zones.

Positive

• 3,000–3,500 metres planned diamond drilling in summer 2026
• AGG survey to cover full northern priority corridor, refining gravity lows
• Orano 74.7% owner/operator, enabling a large-scale partner-led campaign

Negative

• Skyharbour holds a 25.3% minority interest, limiting its direct control of operations
• No firm budget amount disclosed for the 2026 program, reducing near-term cost clarity

News Market Reaction

-1.41%

1 alert

-1.41% News Effect

On the day this news was published, SYHBF declined 1.41%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Preston project size: 49,635 hectares 2026 drilling plan: 3,000–3,500 metres Orano JV interest: 74.7% +5 more

8 metrics

Preston project size 49,635 hectares Preston Uranium Project area in western Athabasca Basin

2026 drilling plan 3,000–3,500 metres Proposed summer 2026 diamond drilling at Preston

Orano JV interest 74.7% Orano’s majority ownership and operatorship at Preston

Skyharbour JV interest 25.3% Skyharbour’s minority ownership at Preston

2025 drilling total 5,565 metres 2025 helicopter-supported diamond drilling across 17 holes

Johnson Lake drilling 1,304 metres in 4 holes First-ever drilling at Johnson Lake grid in 2025

Canoe Lake 2025 drilling Just under 1,000 metres in 4 holes 2025 drilling across several conductors at Canoe Lake

FSAN 2025 drilling 3,263 metres in 10 holes Largest component of 2025 program on FSAN grid

Market Reality Check

Price: $0.3790 Vol: Volume 270,099 is 2.66x t...

high vol

$0.3790 Last Close

Volume Volume 270,099 is 2.66x the 20-day average of 101,619, indicating elevated interest pre-announcement. high

Technical Trading below the 200-day MA of 0.25 at a price of 0.229, and about 36.39% under the 52-week high.

Peers on Argus

SYHBF gained 0.99% with elevated volume, while peers were mixed: GENMF up 9.38%,...

SYHBF gained 0.99% with elevated volume, while peers were mixed: GENMF up 9.38%, AMLI up 0.86%, APXCF and EEMMF down between 2.62% and 2.69%. Only one peer (GENMF) had related news, suggesting today’s move is stock-specific rather than a sector-wide uranium or metals rotation.

Historical Context

5 past events · Latest: Dec 09 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 09	Preston exploration plans	Positive	-1.4%	Announced substantial 2026 AGG surveys and 3,000–3,500m drilling at Preston.
Nov 17	Denison JV agreement	Positive	+3.6%	Formed four Russell Lake JVs with consideration up to CAD $61.5M.
Oct 15	Rare earth deposit update	Positive	-3.7%	Fraser Lakes B recognized as active rare earth deposit with REE oxides.
Oct 14	Falcon prospecting results	Positive	+1.1%	Falcon Project prospecting confirmed significant surface radioactivity readings.
Jul 30	Portfolio expansion	Positive	-1.9%	Expanded Athabasca uranium portfolio to 616,939 ha across 37 projects.

Pattern Detected

Recent history shows mixed reactions to positive project and partnership news, with 3 of the last 5 upbeat operational updates followed by negative next-day price moves, indicating a tendency for the stock to underperform immediate news sentiment.

Recent Company History

Over the last five months, Skyharbour reported several growth-focused milestones, including a major strategic agreement with Denison Mines on Nov 17, 2025 for up to CAD $61.5M in consideration and large-scale portfolio expansion to 616,939 hectares across 37 projects on Jul 30, 2025. Partner-led progress at Falcon and Fraser Lakes B highlighted additional discovery and rare earth potential. Today’s Preston exploration update continues this pattern of advancing joint-venture and prospect-generator assets across the Athabasca Basin.

Market Pulse Summary

This announcement detailed an extensive 2026 exploration program at Preston, including AGG surveys a...

Analysis

This announcement detailed an extensive 2026 exploration program at Preston, including AGG surveys and 3,000–3,500 metres of drilling, following a 5,565-metre campaign completed in 2025. Orano holds 74.7% and operatorship, with Skyharbour at 25.3%, reinforcing the joint-venture model. Investors may focus on how new drilling in FSAN and Canoe Lake refines targets and whether future results build on the multi-year geophysical and geological groundwork.

Key Terms

airborne gravity gradiometry, diamond drilling, graphitic shear zones, brittle–ductile structures, +4 more

8 terms

airborne gravity gradiometry technical

"The upcoming program will include an Airborne Gravity Gradiometry (AGG) survey, followed by..."

Airborne gravity gradiometry is a survey method that measures tiny changes in Earth's gravity from an aircraft to map variations in underground rock density, much like feeling bumps on a road to infer what’s beneath the pavement. Investors care because it helps find and outline mineral, oil, gas or groundwater deposits and reduces the chance of costly, unsuccessful drilling by providing clearer information about where valuable resources are likely to be located.

diamond drilling technical

"A summer diamond drilling program is also proposed, consisting of approximately 3,000 to 3,500 metres..."

Diamond drilling is a method that uses a rotating drill with industrial diamonds on the bit to cut and retrieve cylindrical rock samples (cores) that preserve the sequence of underground layers. For investors, these cores act like a geological “biopsy,” providing direct, verifiable information about mineral presence, grade and continuity—data that underpins resource estimates, project valuation, drilling risk and financing decisions.

graphitic shear zones technical

"multiple graphitic shear zones, brittle–ductile structures, and strong clay alteration were intersected..."

Graphitic shear zones are narrow layers in rock where intense deformation has concentrated flaky carbon (graphite) and weakened the surrounding material, like a slipped seam in a stack of papers where graphite acts as a greasy layer. For investors, they matter because they can both signal pathways for valuable mineral fluids—boosting the chance of ore deposits—and create processing challenges, conductivity for geophysical exploration, and stability or dilution issues that affect mineability and project economics.

brittle–ductile structures technical

"multiple graphitic shear zones, brittle–ductile structures, and strong clay alteration were intersected..."

Brittle–ductile structures are patterns in rock or engineered materials where some parts break suddenly like a cracked cookie while others bend or flow slowly like taffy. For investors, these mixed-behavior zones matter because they influence how easily resources can be extracted, how stable mines or tunnels will be, and how much equipment wear, remediation or construction cost and risk a project may face — shaping potential returns and liabilities.

mylonitic fabrics technical

"intersected parallel graphitic shear zones with well-developed mylonitic fabrics, while holes PRE-35..."

Mylonitic fabrics are the fine, banded textures that form in rocks when they have been intensely squeezed and stretched deep underground, breaking and realigning mineral grains much like dough rolled and folded repeatedly. For investors, these fabrics signal past intense deformation that can concentrate or disperse valuable minerals, influence how easily rock can be mined or tunnelled, and affect groundwater and stability — all factors that change project costs and resource potential.

electromagnetics technical

"ground gravity, airborne and ground electromagnetics, radon, soil, silt, biogeochem..."

Electromagnetics is the branch of physics that studies electric and magnetic fields and how they interact with materials and waves, including radio, microwave, and light signals. Investors care because technologies based on these principles — from wireless communications and radar to medical imaging and sensors — drive product capabilities, regulatory requirements, and market opportunities; think of it as the invisible infrastructure that lets devices send, receive and sense information.

basement-hosted uranium mineralization technical

"potential to host basement-hosted uranium mineralization."

Uranium concentrated in the 'basement' means the metal is hosted in older, hard bedrock beneath younger surface layers rather than in loose sediments near the surface. For investors this matters because basement-hosted deposits often require deeper, more drilling and different extraction methods, which raises exploration costs, technical risk and timeline but can also represent sizable, long-lived resources if successfully developed—think of finding a valuable filling hidden deep inside a layered cake.

national instrument 43-101 regulatory

"prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101..."

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

AI-generated analysis. Not financial advice.

Vancouver, BC, Dec. 09, 2025 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) (“Skyharbour” or the “Company”) is pleased to announce that its joint-venture partner, Orano Canada Inc. (“Orano”), is planning a substantial 2026 exploration and drilling program at the 49,635 hectare Preston Uranium Project (“Preston” or the “Property”) located in the western Athabasca Basin, Saskatchewan, Canada. The upcoming program will include an Airborne Gravity Gradiometry (AGG) survey, followed by detailed ground gravity surveys, and these geophysics will be followed by a summer 2026 drilling campaign totaling approximately 3,500 metres. The program is designed to build on the encouraging results from the previous few years and advance several high-priority target areas across the property, particularly within the FSAN and Canoe Lake grids where drilling and geophysical surveys have identified compelling structural corridors and extensive alteration zones. Orano is the majority owner with 74.7% and operator at the project with Skyharbour now owning the remaining minority interest of 25.3%.

Location Map of Preston Project:
https://skyharbourltd.com/_resources/maps/Sky_Preston-2025_12_08.jpg

2026 Exploration Campaign at Preston:

The proposed 2026 exploration campaign will include a large-scale Airborne Gravity Gradiometry (AGG) survey, which will cover the full priority corridor in the northern portion of the property. This work will include the FSAN and Canoe Lake grids, both of which were highlighted as the most prospective areas after the 2025 drilling season. The AGG survey is expected to refine discrete gravity lows, identify structural trends, and help delineate potential hydrothermal or alteration-related footprints across the broader claim area. Following the airborne work, Orano intends to complete detailed ground gravity surveys using tight station spacing of 25 by 25 metres or 50 by 50 metres. These surveys will focus on key zones within the proposed drilling footprint and will be used to validate targets from the airborne data, improve resolution over prospective features, and help distinguish basement anomalies from localized overburden variations.

A summer diamond drilling program is also proposed, consisting of approximately 3,000 to 3,500 metres across roughly ten helicopter-supported drill holes, each averaging around 300 metres in depth. Similar to the successful approach used in 2025, drilling will be divided between direct targeting of high-priority anomalies and broader structural corridor testing along graphitic trends known to be associated with uranium mineralization in the Athabasca Basin. Orano anticipates that six to eight drill holes will focus on follow-up and step-out testing within the northern FSAN area, where multiple graphitic shear zones, brittle–ductile structures, and strong clay alteration were intersected in 2025. An additional two to four holes are planned for the Area B conductive corridor, an underexplored structural trend that remains largely untested but shows strong potential based on existing geophysical data.

The proposed budget for the 2026 program will be allocated to the airborne and ground gravity surveys as well as toward drilling, helicopter support, logistics, and analytical work. The planned work is expected to significantly advance the geological understanding of the Preston Project and generate new high-quality drill targets for future exploration, building on the extensive groundwork completed during 2024 and 2025.

2025 Exploration Campaign Completed at Preston:

The 2025 exploration program at the Preston Uranium Project was successfully completed and consisted of 5,565 metres of helicopter-supported diamond drilling across 17 holes, in addition to ongoing geophysical interpretation and geological analysis. The program was designed to evaluate several high-priority target areas distributed throughout the property to systematically test multiple prospective geological corridors. Drilling was primarily focused on the Johnson Lake, Canoe Lake, and FSAN grids, each representing distinct structural and geophysical environments with the potential to host basement-hosted uranium mineralization.

Target Area Overview – Preston Lake Project:
https://www.skyharbourltd.com/_resources/images/Target-Area-Overview-Preston-Lake-Project.png

Work completed in 2025 marked the first-ever drilling at the Johnson Lake grid (Zone 1), where previous ML-TEM surveys and DC resistivity had outlined strong conductive responses along the JL-North and JL-South trends. Four holes totaling 1,304 metres were drilled to test the interpreted graphitic packages and resistivity lows associated with these conductors. Drilling confirmed the presence of multiple narrow but well-developed graphitic shear zones, displaying brittle–ductile fabrics and locally enhanced clay alteration consistent with structurally complex basement settings.

Although the area yielded fewer signs of extensive reactivation compared to other zones, the drilling provided valuable geological constraints and verified the EM interpretations. With access no longer limited by winter conditions thanks to helicopter support, the 2025 work provided the first substantive geological dataset ever collected at Johnson Lake.

 Johnson Lake Grid – VTEM Background:
http://www.skyharbourltd.com/_resources/images/JohnsonLakeGrid_2025Drilling_VTEM.jpg

The Canoe Lake grid (Zone 2) continued to demonstrate strong prospectivity and received significant attention in the 2025 program, with four holes totaling just under 1,000 metres drilled across several conductors. Previous work had identified nine conductive trends within the area, many of which had seen only limited historic drilling. The 2025 drilling successfully intersected multiple graphitic fault zones (several of them strongly fractured, argillized, and sulphide-bearing) along the CAN-1, CAN-3, and CAN-8 corridors. Holes PRE-27 and PRE-34 returned some of the most notable structural intersections, including strongly graphitic horizons marked by extensive fault gouge, core loss, and well-developed chlorite and illite alteration. Gravity lows mapped in this area were confirmed to correlate in several cases with thicker overburden or preferential weathering of structural zones, consistent with patterns observed at other Athabasca uranium deposits. With several conductors remaining untested and multiple structural corridors showing strong graphitic development, Canoe Lake continues to be regarded as one of the most prospective target zones on the property.

Canoe Lake Grid – 2025 Drilling:
http://www.skyharbourltd.com/_resources/images/CanoeLakeGrid_2025Drilling_VTEM.jpg

The largest component of the 2025 program was completed on the FSAN grid (Zone 3), where 10 holes totaling 3,263 metres were drilled across both direct targeting and structural corridor evaluations. This work followed up on new 2024 ground gravity and SGH geochemical surveys, which had outlined several compelling anomalies. Drilling across the FSAN grid successfully confirmed multiple graphitic shear zones, brittle–ductile structures, and thick sequences of kaolinite, illite, and chlorite alteration - an alteration profile that is consistent with large-scale fluid movement and enhanced structural preparation. Several fences of holes, including PRE-32–37 and PRE-36–41–42, intersected parallel graphitic shear zones with well-developed mylonitic fabrics, while holes PRE-35, PRE-39, and PRE-40 encountered atypical alteration and lithological variations not previously documented at Preston. These results collectively point to a more complex structural framework in the FSAN area than previously recognized, with multiple corridors now identified as priority targets for follow-up drilling.

FSAN Grid – 2025 Drilling:
http://www.skyharbourltd.com/_resources/images/FSANGrid_2025Drilling_VTEM.jpg

Overall, the 2025 exploration program was successful in validating EM-defined conductive packages, expanding the geological understanding of key structural corridors, and refining the property-scale model for basement-hosted uranium potential at Preston. The results highlight several zones, particularly within Canoe Lake and FSAN, where additional drilling is warranted and where new geophysical datasets have outlined strong, untested targets. This multi-zone approach ensured thorough coverage across the Preston claims and has positioned the project for a focused and technically robust 2026 exploration and drilling campaign.

Preston Uranium Project:

In March 2017, Skyharbour signed an option agreement with Orano (formerly AREVA Resources Inc.) that provided Orano an earn-in option to acquire a majority working interest in the 49,635 hectare Preston Uranium Project. The significant potential of the Project has been highlighted by past discoveries in the area by NexGen Energy Ltd. (Arrow deposit), Fission Uranium Corp. (Triple R deposit now owned by Paladin Energy), and F3 Uranium Corp. (PLN discovery). Exploration at the Project has consisted of ground gravity, airborne and ground electromagnetics, radon, soil, silt, biogeochem, lake sediment, and geological mapping surveys, as well as exploratory drill programs. Over a dozen high-priority drill target areas associated with multiple prospective exploration corridors have been successfully delineated through these methodical, multi-phased exploration initiatives, which have culminated in an extensive, proprietary geological database for the project area.

Joint Venture and Strategic Partnership:

In early 2021, Orano fulfilled their earn-in option interest in the project through funding exploration expenditures and making cash payments. Orano now holds a 74.7% interest in the joint venture and is the operator, with the remaining minority 25.3% interest owned by Skyharbour.

Qualified Person:

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Serdar Donmez, P.Geo., VP of Exploration for Skyharbour as well as a Qualified Person.

About Orano Canada Inc.:

Orano Canada Inc., headquartered in Saskatoon, Saskatchewan, is a leading producer of uranium, accounting for the processing of more than 15 million pounds of uranium concentrate in Canada in 2023. In 2024, Orano celebrated 60 years of exploring for, mining, and milling uranium in Canada. Orano Canada is the operator of the McClean Lake uranium mine and mill, and a significant partner in the Cigar Lake, McArthur River, and Key Lake operations. The company employs nearly 500 people in Saskatchewan, including about 320 at the McClean Lake operation, where over 46% of employees self-declare as Indigenous. As a sustainable uranium producer, Orano Canada is committed to safety, environmental protection, and contributing to the prosperity and well-being of neighbouring communities.

About Skyharbour Resources Ltd.:

Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with interest in thirty-seven projects covering over 616,000 hectares (over 1.5 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project, which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization in several zones at the Maverick Corridor. Adjacent to the Moore Project is the Russell Lake Uranium Project, which hosts widespread uranium mineralization in drill intercepts over a large property area with exploration upside potential. The Company is actively advancing these projects through exploration and drilling programs.

Skyharbour also has joint ventures with industry leaders Denison Mines, Orano Canada Inc., Azincourt Energy, and Thunderbird Resources at the Russell, Preston, East Preston, and Hook Lake Projects, respectively. The Company also has several active earn-in option partners, including CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; TSX-V listed North Shore Uranium at the Falcon Project; UraEx Resources at the South Dufferin and Bolt Projects; Hatchet Uranium at the Highway Project; CSE-listed Mustang Energy at the 914W Project; and TSX-V listed Terra Clean Energy at the South Falcon East Project.

In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to potentially over $76 million in partner-funded exploration expenditures and over $42 million in cash and share payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.

Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.

Skyharbour’s Uranium Project Map in the Athabasca Basin:
https://skyharbourltd.com/_resources/maps/SKY-SaskProject-Locator-2025-12-08.jpg

To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company’s website at www.skyharbourltd.com.

SKYHARBOUR RESOURCES LTD.

“Jordan Trimble”
                                                                               
Jordan Trimble
President and CEO

For further information contact myself or:
Nicholas Coltura
Corporate Communications Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Forward-Looking Information

This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, completing ongoing and planned work on its projects including drilling and the expected timing of such work programs, other statements relating to the technical, financial and business prospects of the Company, its projects and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of uranium, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses, and those filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather or climate conditions, failure to obtain or maintain all necessary government permits, approvals and authorizations, failure to obtain or maintain community acceptance (including First Nations), decrease in the price of uranium and other metals, increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.

FAQ

What is the scope of Orano and Skyharbour's 2026 program at Preston (SYHBF)?

The program includes a full-corridor AGG survey, detailed ground gravity work, and about 3,000–3,500 m of helicopter-supported diamond drilling in summer 2026.

How much drilling is planned at Preston in summer 2026 for SYHBF?

Orano plans roughly 3,000–3,500 metres of drilling across approximately ten helicopter-supported holes, averaging ~300 m each.

Which target areas will the 2026 Preston program focus on for SYHBF?

The work will prioritize the FSAN and Canoe Lake grids, plus follow-up testing of the Area B conductive corridor and other high-priority anomalies.

What ownership interest does Skyharbour (SYHBF) retain in the Preston project?

Skyharbour retains a 25.3% minority interest; Orano holds 74.7% and is the operator.

What did the 2025 drilling at Preston deliver ahead of the 2026 program?

The 2025 program completed 5,565 metres over 17 holes, confirming multiple graphitic shear zones and extensive clay alteration in FSAN and Canoe Lake.

How will the AGG and ground gravity surveys affect target definition for SYHBF?

The AGG will refine discrete gravity lows and structural trends, while tight-spacing ground gravity will validate airborne targets and improve resolution for drilling.