Skyharbour Commences Drilling at the Getty East Uranium Joint Venture with Partner Denison Mines at the Russell Lake Project Area

Completed geophysical surveys across Getty East and neighbouring RL targets will help prioritize the current drill program.

Rhea-AI Summary

Skyharbour Resources (SYHBF) has commenced drilling at its Getty East uranium joint venture with Denison Mines in northern Saskatchewan. The Skyharbour-operated program is funded by Denison under its earn-in option and is expected to comprise approximately 3,600 metres in ten to twelve holes. Four holes are initially planned at the Little Man Zone, with six to eight targeting the interpreted extension of the Middle Lake mineralized trend.

Skyharbour holds 70% of Getty East and Denison holds 30%. Denison can acquire up to a 70% interest through staged exploration spending totalling C$15 million over seven years. Skyharbour plans more than 15,000 metres of drilling across the Russell Lake project area in 2026; some drilling is complete with assays pending, and a final phase at Wheeler North is due to commence soon. Getty East covers 3,105 hectares within the broader Russell Lake project area.

6 points · 0 major

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0 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.C$15 million over seven years in staged exploration spending is tied to Denison’s additional earn-in rights.
• Minor pointDenison-funded drilling has commenced at Getty East, with Skyharbour operating the program.
• Minor point. Forward-looking: it has not happened yet and may not happen.Approximately 3,600 metres expected in ten to twelve holes targeting Little Man and the Middle Lake extension.
• Minor point. Forward-looking: it has not happened yet and may not happen.More than 15,000 metres of drilling planned across Russell in 2026, including an upcoming Wheeler North phase.
• Minor pointApproximately 36 line-kilometres of electromagnetic surveying completed across Getty East and neighbouring RL targets.
• Minor pointHistorical Little Man grades ranged from 0.03% up to 0.10% U3O8 at around 300 metres depth.

Negative

• Moderate pointDenison’s earn-in rights allow its Getty East interest to increase from 30% to up to 70%.

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Vancouver, BC, Oct. 07, 2026 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) (“Skyharbour”, “SYH” or the “Company”) is pleased to announce the commencement of drilling at the Getty East Uranium Joint Venture (“Getty East” or the “Property”) representing the first phase of drilling in 2026 at this newly established property. The 3,105-hectare Getty East Property, comprising one claim, is a part of the broader Russell Lake project area and joint venture with Denison Mines Corp. (“Denison”) (TSX: DML) (NYSE American: DNN). The Russell Lake Joint Ventures are strategically located in the central portion of the eastern Athabasca Basin of northern Saskatchewan adjacent and proximal to Denison’s flagship Wheeler River project. There is also access to significant regional infrastructure, including an exploration camp, provincial highways, and the provincial power grid.

Russell Lake Project Area Location Map:
https://www.skyharbourltd.com/_resources/images/Russell-Project-Map-V2.jpg

The Skyharbour-operated drill program will be funded by Denison pursuant to its earn-in option at Getty East and is expected to consist of approximately 3,600 metres of diamond drilling in ten to twelve drill holes. This drilling will test the Little Man Lake Uranium Zone (“Little Man Zone”) and priority targets along the interpreted extension of the mineralized Middle Lake trend. Getty East is one of four property joint ventures formed following completion of the strategic transaction with Denison in December 2025, which reorganized the former Russell Lake uranium project into four separate properties and joint ventures. Skyharbour currently holds a 70% interest in Getty East and acts as operator, with Denison holding the remaining 30% and additional earn-in rights to acquire up to a 70% interest in the Property through staged exploration spending totalling C$15 million over seven years.

Jordan Trimble, President and CEO of Skyharbour, stated: “The commencement of drilling at Getty East is yet another milestone in the advancement of the broader Russell Lake project area with our strategic JV partner, Denison Mines. There is notable discovery potential across numerous target areas on the Property, underpinned by uranium mineralization in previous drilling at the Little Man Zone as well as high-grade uranium in historical drilling along strike to the south of Getty East. This current drilling at Getty East is part of a larger planned +15,000-metre, multi-phased drill campaign at Russell in 2026, some which has been completed with assays pending in addition to a final phase of drilling commencing soon at the Wheeler North JV.”

Getty East Project Map:
https://www.skyharbourltd.com/_resources/images/Getty-East-Project-Map-V2.jpg

The Getty East Property hosts the Little Man Zone, as well as the interpreted extension of the Middle Lake trend on claims owned by Cameco Corp. to the south, where historical drilling intersected high-grade uranium mineralization in a number of holes including 22.1% U₃O₈ over 0.9 metres in historical drill hole ML-30. Drill targets have been refined by approximately 36 line-kilometres of modified moving loop time-domain electromagnetic (“MLTDEM”) surveying combined with fixed loop time-domain electromagnetic (“FLTDEM”) surveying on the 108 line-kilometre Middle Lake Extension grid completed earlier this summer, which covered targets on both Getty East and Skyharbour’s neighbouring RL property.

2026 Exploration Overview at Getty East:

The 2026 drill program at Getty East is expected to consist of approximately 3,600 metres in ten to twelve drill holes, with four holes initially planned at the Little Man Zone and six to eight holes on the Middle Lake Extension grid testing EM conductors interpreted to be the extension of the same conductive trend that hosts the high-grade uranium mineralization on the Middle Lake trend. Historical drilling by Uranerz in the 1980’s on this trend, located to the south of Getty East, returned high-grade uranium mineralization in a number of drill holes including 22.1% U₃O₈ over 0.9 metres in ML-30, 11.9% U₃O₈ over 1.0 metre in ML-40, and 1.17% U₃O₈ over 2.5 metres in ML-43.

*The historical drilling results from the Middle Lake trend referenced in this news release, including drill holes ML-30, ML-40 and ML-43, are located on an adjacent property outside of the Getty East Project boundary. Historical uranium assays for these drill holes were reported as % U (Saskatchewan Mineral Assessment Database report 74H04-NE-0076) and have been converted to % U₃O₈ using a factor of 1.1792, with composite grades length-weighted from individual sample assays. Skyharbour’s Qualified Person has not verified this historical information, and mineralization hosted on adjacent properties is not necessarily indicative of mineralization on the Getty East Project.

In preparation for drilling, Skyharbour completed approximately 36 line-kilometres of modified MLTDEM combined with FLTDEM surveying along six lines on the Middle Lake Extension grid earlier this summer, after establishing a 108 line-kilometre grid. The survey, carried out by EarthEX Geophysical Solutions Inc., covered targets on both Getty East and the neighbouring RL Claims properties, and was designed to better define priority conductive corridors associated with the interpreted extension of the Middle Lake trend. The results of this survey, integrated with historical drilling data, will be used to generate and prioritize targets for the current drill program.

At the Little Man Zone, historical drilling on Skyharbour’s Getty East Property outlined an unconformity-hosted uranium zone associated with an unconformity depression that is 10 to 15 metres thick, 25 to 35 metres wide and defined along a strike length of 500 metres. The last drilling in this area was in 1989, prior to modern uranium exploration models, with historical uranium grades ranging from 0.03% up to 0.10% U₃O₈ at around 300 metres depth (SMDI 2429). Skyharbour has reviewed existing geological and geophysical data from previous programs to generate follow-up targets, and its interpretation suggests that the mineralization remains open along strike in both directions and that the basement rocks are entirely untested. The 2015 ground resistivity survey identified several resistivity lows at the unconformity interpreted to represent alteration zones, breaches or plumes in the sandstone and basement rocks associated with graphitic fault zones, several of which are prospective targets that will be prioritized in this program.

Summary of Russell Lake Joint Ventures:

The Russell Lake Joint Ventures encompass a large, advanced-stage uranium exploration land package totalling 73,314 hectares in the eastern Athabasca Basin of northern Saskatchewan. The properties are strategically positioned between Cameco’s Key Lake and McArthur River operations and immediately north, east and south of Denison’s Wheeler River Project.

Following the completion of a major strategic transaction with Denison in 2025, the former Russell Lake project was restructured into four separate joint venture uranium properties: RL, Wheeler North, Getty East, and Wheeler River Inliers. Each property is subject to its own joint venture agreement with operatorship divided between the partners. Skyharbour is the operator at the RL Claims and Getty East, and Denison is the operator at Wheeler North and the Wheeler River Inliers. In aggregate, the strategic transaction included total project consideration of up to C$61.5 million with Skyharbour retaining an 80% interest at RL while Denison can earn up-to 70% at each of the other properties.

The Russell Lake Joint Ventures benefit from excellent regional infrastructure, with the northern extension of Highway 914 traversing the western portion of the land package and a high-voltage provincial powerline running parallel to the road. Across the joint ventures, there are numerous high-priority exploration targets including the Grayling, Fork, Little Man, Christie Lake, Fox Lake Trail, Sphinx, Blue Steel, Taylor Bay, South Russell, and Kowalchuk Zones. In addition, more than 35 kilometres of largely untested prospective electromagnetic conductors occur across the joint venture properties, highlighting the substantial discovery potential.

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 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 forty-four projects covering over 682,100 hectares (1.69M acres) of land. Skyharbour owns 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 at the Maverick Zones. Adjacent to Moore, Skyharbour is advancing several uranium properties within the broader Russell Lake project area with its joint venture partner and large strategic shareholder Denison Mines. Collectively these co-flagship projects host multiple zones of high-grade uranium mineralization across a highly prospective land package with significant exploration upside, and the Company is actively working on these assets through exploration and drilling programs.

Skyharbour now has joint ventures with industry-leaders Denison Mines and Orano Canada Inc. at the Russell Lake properties and the Preston project, respectively. The Company also has several active earn-in option partners, including CSE-listed Nexus 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; Future Fuels at the Highway Project; CSE-listed Mustang Energy at the 914W Project; CSE-listed Purecore Metals at the Yurchison 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 $79 million in partner-funded exploration expenditures and over $52 million in cash and share payments coming into Skyharbour, assuming that these partner companies complete the earn-ins at their 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://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2025-12-16.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 & Development 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

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

What drilling is Skyharbour planning at Getty East in 2026?

The program is expected to comprise approximately 3,600 metres in ten to twelve holes. Four holes are initially planned at the Little Man Zone, and six to eight are planned on the Middle Lake Extension grid to test conductors interpreted as extensions of the mineralized trend.

Who funds Skyharbour’s Getty East drilling, and what can Denison earn?

Denison funds the Skyharbour-operated program under its earn-in option. Skyharbour currently owns 70% of Getty East and Denison owns 30%. Denison can acquire up to a 70% interest through staged exploration spending totalling C$15 million over seven years.

How were Skyharbour’s Getty East drilling targets selected?

Targets were refined using electromagnetic surveys and historical drilling data. Approximately 36 line-kilometres of surveying covered six lines on the 108 line-kilometre Middle Lake Extension grid across Getty East and neighbouring RL properties. The surveys were designed to better define conductive corridors associated with the interpreted Middle Lake trend extension.

What remains untested at Skyharbour’s Little Man uranium zone?

Skyharbour’s interpretation is that the basement rocks are entirely untested and mineralization remains open along strike in both directions. The last drilling occurred in 1989. A 2015 ground resistivity survey identified several low-resistivity areas interpreted as possible alteration zones, breaches or plumes, several of which will be prioritized in the current program.