NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Rua Gold Inc. (‘RUA’ or the ‘Company’) (TSXV: RUA,OTC:NZAUF) (OTCQB: NZAUF) is pleased to announce a brokered and non-brokered financing for up to $25 million to advance exploration and development activities at the Company’s Reefton Project and Glamorgan Project, both located in New Zealand.

Brokered Offering

The Company is pleased to announce that it has entered into an agreement with Raymond James Ltd., as joint bookrunner and co-lead agent, alongside Cormark Securities Inc., as joint bookrunner and co-lead agent, on behalf of a syndicate of agents (collectively, the ‘Agents’), in connection with a brokered private placement offering (the ‘Brokered Offering’) of 18,190,000 common shares of the Company (the ‘Common Shares’) at a price of $1.10 per Common Share for aggregate gross proceeds to the Company of up to $20,009,000.

The Company has agreed to grant the Agents an option (the ‘Agents’ Option’), exercisable, in part or in whole at the Agents’ sole discretion, up to 48 hours prior to the closing of the Offering, to offer for sale up to an additional 15% of the Common Shares comprising the Brokered Offering at the Offering Price.

The net proceeds of the Brokered Offering will be used for exploration and development activities on the Company’s Reefton Project and Glamorgan Project, both located in New Zealand, and for working capital and general corporate purposes.

The Common Shares issued under the Brokered Offering will be issued and sold to eligible purchasers pursuant to the ‘listed issuer financing exemption’ under Part 5A of National Instrument 45-106 – Prospectus Exemptions as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the ‘LIFE Exemption’), will be issued to purchasers in each of the provinces of Canada, except Québec, and other qualifying jurisdictions, including the United States on a private placement basis pursuant to available exemptions from the registration requirements under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act’). The Common Shares to be issued and sold under the Brokered Offering will not be subject to resale restrictions pursuant to applicable Canadian securities laws.

In connection with the Brokered Offering, the Company will: (i) pay the Agents a cash fee equal to 6.0% of the gross proceeds from the sale of such Common Shares, including any Common Shares sold pursuant to the Agents’ Option, except that such fee will be reduced to 1.0% in respect of proceeds received from subscribers included on a president’s list (the ‘President’s List’) to be formed by the Company; (ii) issue to the Agents that number of compensation warrants (each a ‘Compensation Warrant’) equal to 6.0% of the Common Shares sold in the Brokered Offering, including the Agents’ Option, each entitling the holder thereof to acquire a Common Share at an exercise price $1.10 per Common Share for a period of 24 months following completion of the Brokered Offering, except that the number of Compensation Warrants issued to the Agents shall be reduced to 1.0% in respect of Common Shares sold to subscribers included on the President’s List.

There is an offering document related to the Brokered Offering that can be accessed under the Company’s issuer profile at www.sedarplus.ca and on the Company’s website at www.ruagold.com. Prospective investors should read this offering document before making an investment decision concerning the Common Shares.

The Brokered Offering is expected to close on or about January 28, 2026 and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSX Venture Exchange (‘TSXV’) and the applicable securities regulatory authorities. The Brokered Offering is subject to final acceptance of the TSXV.

Non-Brokered Financing

Concurrently with the Brokered Offering, the Company will conduct a non-brokered private placement to raise up to $5 million (the ‘Non-Brokered Offering’).

The Non-Brokered Offering will consist of up to 4,550,000 Common Shares at a price of $1.10 per Common Share. Common Shares issued under the Non-Brokered Offering will be subject to resale restrictions pursuant to applicable Canadian securities laws of four months and one date from the closing date of the Non-Brokered Offering.

The net proceeds from the Non-Brokered Offering will be used for exploration and development activities on the Company’s Reefton Project and Glamorgan Project, both located in New Zealand, and for working capital and general corporate purposes.

The Non-Brokered Offering is expected to close on or about January 28, 2026 is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSXV and the applicable securities regulatory authorities.

The securities issuable in connection with the Brokered Offering and the Non-Brokered Offering have not been registered and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Rua Gold Inc.

Rua Gold Inc. is an exploration company, strategically focused on New Zealand. With decades of expertise, their team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is focused on maximizing the asset potential of Rua Gold’s two highly prospective high-grade gold projects. The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand’s South Island with over 120,000 hectares of tenements, in a district that historically produced over 2Moz of gold grading between 9 and 50g/t. The Company’s Glamorgan Project solidifies Rua Gold’s position as a leading high-grade gold explorer on New Zealand’s North Island. This highly prospective project is located within the North Islands’ Hauraki district, a region that has produced an impressive 15Moz of gold and 60Moz of silver. Glamorgan is adjacent to OceanaGold Corporation’s biggest gold mining project, Wharekirauponga.

Robert Eckford
Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
Robert Eckford
Phone: (604) 655-7354
Email: reckford@ruagold.com

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

Forward-Looking Information

This news release includes certain statements that may be deemed ‘forward-looking statements’. All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘projects’, ‘potential’ and similar expressions, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’ or ‘should’ occur and specifically include statements regarding: closing of the Brokered Offering and Non-Brokered Offering, including receipt of approvals therefor, the Company’s strategies, expectations, planned operations or future actions, including but not limited to exploration programs at its Reefton and Glamorgan projects and the results thereof. 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.

Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company’s control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include: general business, economic, competitive, political and social uncertainties; risks related to the effects of the Russia-Ukraine war; risks related to climate change; operational risks in exploration, delays or changes in plans with respect to exploration projects or capital expenditures; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in labour costs and other costs and expenses or equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, flooding or unfavorable operating conditions and losses, insurrection or war, delays in obtaining governmental approvals or financing, and commodity prices.

Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change. 

Apollo Silver Corp. (‘Apollo Silver’ or the ‘Company’) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) is pleased to announce that it has closed the first tranche of its previously announced upsized non-brokered private placement (the ‘Offering’) and has issued an aggregate of 3,000,000 units (the ‘Units’) at a price of $5.00 per Unit for aggregate gross proceeds of $15,000,000.

As previously announced, Eric Sprott, one of Apollo Silver’s largest shareholders, participated in the first tranche and subscribed for 2,500,000 Units, for gross proceeds of $12,500,000. The first tranche also included participation from Apollo Silver insiders, including certain directors and officers of the Company.

Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired 2,500,000 Units pursuant to the first tranche of the Offering for total consideration of $12,500,000. Prior to the Offering, Mr. Sprott beneficially owned and controlled 3,688,889 Shares and 1,388,889 Warrants, representing approximately 6.5% of the outstanding Shares on a non-diluted basis and 8.7% of the outstanding Shares on a partially-diluted basis assuming exercise of such Warrants.

As a result of closing the first tranche of the Offering, Mr. Sprott now beneficially owns and controls 6,188,889 Shares and 3,888,889 Warrants, representing approximately 10.3% of the outstanding Shares on a non-diluted basis and 15.8% of the outstanding Shares on a partially-diluted basis assuming exercise of such Warrants. The securities are held for investment purposes.

Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of the early warning report with respect to the foregoing will appear on Apollo Silver’s profile on SEDAR+ at www.sedarplus.ca and may also be obtained by calling Mr. Sprott’s office at (416) 945-3294 (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto Ontario M5C 3C5).

The first tranche of the Offering included participation by certain insiders of the Company for an aggregate of 471,000 Units totaling gross proceeds of $2,355,000. Such participation constitutes a ‘related party transaction’ under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (‘MI 61-101’). The issuance of securities to insiders is exempt from the valuation requirement pursuant to section 5.5(b) of MI 61-101, as the Company’s shares are not listed on a specified market, and from the minority shareholder approval requirement pursuant to section 5.7(a) of MI 61-101, as the fair market value of the securities issued to related parties does not exceed twenty five percent of the Company’s market capitalization.

A fund managed by Jupiter Asset Management has subscribed for Units under the Offering, which are expected to be issued in a subsequent and final tranche upon receipt of, and subject to, the completion of additional regulatory submissions and acceptance by the TSX Venture Exchange (‘TSXV’). The first tranche of the Offering remains subject to final approval of the TSXV.

‘The participation of a key shareholder and Apollo Silver insiders reflects strong alignment around the strategic value of primary silver assets in tightening silver markets,’ said Ross McElroy, President and CEO of Apollo Silver. ‘This financing further reinforces our positioning as a silver-focused company advancing large-scale assets in stable jurisdictions.’  

Each Unit issued pursuant to the Offering consists of one common share (a ‘Share’) in the capital of the Company and one common Share purchase warrant (a ‘Warrant’). Each Warrant entitles the holder thereof to purchase one Share at an exercise price of $7.00 for a period of 24 months from the closing date of the Offering.

In connection with subscriptions received in the first tranche of the Offering, the Company paid aggregate finder’s fees totaling $312,500, consisting of 62,500 Units issued to Research Capital Corporation on the same terms as the Units issued under the Offering, except that the Warrants comprising such Units are non-transferable.

The securities issued under the first tranche of the Offering are subject to a four-month hold period from the date of closing. The Company intends to use the net proceeds from the Offering to continue advancing the Calico Silver Project in San Bernardino, California; support community relations initiatives at the Cinco de Mayo Silver Project in Chihuahua, Mexico; cover ongoing property maintenance costs at both projects; and for general corporate purposes. The Offering remains subject to the final acceptance of the TSXV.

The Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act’), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Apollo Silver Corp.

Apollo Silver is advancing one of the largest undeveloped primary silver projects in the US. The Calico project hosts a large, bulk minable silver deposit with significant barite and zinc credits – recognized as critical minerals essential to the US energy and medical sectors. The Company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high-grade and large tonnage. Led by an experienced and award-winning management team, Apollo Silver is well positioned to advance the assets and deliver value through exploration and development.

Please visit www.apollosilver.com for further information.

ON BEHALF OF THE BOARD OF DIRECTORS

Ross McElroy
President and CEO

For further information, please contact:

Email: info@apollosilver.com

Telephone: +1 (604) 428-6128

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.

Cautionary Statement Regarding ‘Forward-Looking’ Information

This news release includes ‘forward-looking statements’ and ‘forward-looking information’ within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the expected timing and receipt of final approval of the first tranche of the Offering, the expected timing and receipt of final approval of the subsequent and final tranche of the Offering, and the intended use of proceeds from the Offering. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as ‘anticipate’, ‘believe’, ‘plan’, ‘estimate’, ‘expect’, ‘potential’, ‘target’, ‘budget’ and ‘intend’ and statements that an event or result ‘may’, ‘will’, ‘should’, ‘could’ or ‘might’ occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; and changes in Project parameters as plans continue to be refined. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of silver, gold and barite; the demand for silver, gold and barite; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Skyharbour Resources Ltd. (TSX-V:SYH)  (OTCQX:SYHBF) (Frankfurt:SC1P) (‘Skyharbour’, ‘SYH’ or the ‘Company’) is pleased to announce plans for a major 2026 exploration campaign spanning several of the newly-formed Russel Lake joint ventures with Denison Mines Corp. (‘Denison’) (TSX:DML) (NYSE American: DNN). Over 15,000 metres of diamond drilling is planned across the Wheeler North, RL, and Getty East joint ventures, each of which were formed following completion of the strategic transaction with Denison in December 2025 that resulted in a reorganization of the former Russell Lake uranium project into four separate property joint ventures (the ‘Russell Lake Joint Ventures’).

Reorganization of the Russell Lake Project:
https://www.skyharbourltd.com/_resources/images/Russell-Map-New.jpg

The Russell Lake Joint Ventures are strategically located in the central portion of the eastern Athabasca Basin of northern Saskatchewan, to the east of Denison’s flagship Wheeler River project, and with 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/SKY_RussellLake.jpg

Highlights of 2026 Exploration Plans:

• Immediate start to exploration at Denison-operated Wheeler North property with 2,500 metres planned for winter drilling at the Fox Lake Trail target, where previous drilling identified extensive faulting and intense illite- and dravite-dominated alteration, together with elevated uranium and boron geochemistry which confirms the presence of strong uranium-mineralizing hydrothermal systems.

• Additional 5,000 metres of drilling at the Wheeler North property’s Fork and Sphinx target areas is planned for later in the year, intending to follow up on drilling from the last two years which confirmed prospective structures and/or uranium mineralization.

• Target generation and diamond drilling follow up planned for Skyharbour-operated RL property expected to consist of ground EM surveys and 4,000-5,000 metres of diamond drilling across several prospective targets.

• Ground geophysical surveys and approximately 3,600 metres of diamond drilling targeting the Little Mann Lake prospect area and priority targets along the extension of the mineralized Middle Lake Trend on the Getty East property.

• In total, over 15,000 metres of diamond drilling planned in 2026 across newly reorganized properties at the Russell Lake Joint Ventures.

Jordan Trimble, President and CEO of Skyharbour, stated: ‘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, using systematic and proven exploration methodologies. 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, where the high-grade Phoenix deposit is positioned to become the next new large-scale uranium mine built in the region since the Cigar Lake mine.’

Mr. Trimble continued: ‘The Russell Lake Joint Ventures encompass one of the largest and most prospective land packages in the Athabasca Basin region, with a combination of proximity to existing and developing mines, as well as low-cost drilling and relatively shallow target depths. Combined with our recently announced plans for drilling in 2026 at our adjacent Moore Project, as well as at our Preston Project JV and various other partner-funded projects, the Company will have consistent news flow throughout 2026. 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.’

Wheeler North Property Plans:

Wheeler North consists of 16,409 hectares over eight claims that host numerous prospective exploration targets located adjacent to the Wheeler River Project. Ownership is initially 51% Skyharbour and 49% Denison, with Denison serving as the operator and holding additional earn-in options to achieve up to a 70% ownership interest. 

At Wheeler North, Denison is planning an exploration program comprising approximately 13 diamond drill holes totalling approximately 7,500 metres this year. The work is expected to be sole funded by Denison pursuant to its earn-in options, and is set to commence shortly with a focus on three high-priority target areas: Fork, Sphinx, and Fox Lake Trail (‘FLT’).

At the Fork Zone, previous drilling by Skyharbour confirmed the presence of high-grade uranium mineralization, including the high-grade intersection in drill hole RSL24-02, which returned 3.0% U₃O₈ over 0.5 metres. Drilling in 2025 identified a broad corridor of intense sandstone and basement alteration associated with favourable geochemistry along strike to the north of hole RSL24-02. Drilling planned for 2026 will focus on systematically testing this intense alteration corridor with the objective of expanding the known mineralized footprint at the Fork Target.

To the northwest of the Fork Zone, the Sphinx target area has emerged as a newly identified, high-priority target area, which is located approximately one kilometre from Denison’s Phoenix deposit. Inaugural drilling completed in 2025 intersected a faulted graphitic unit in the basement, confirming the presence of a prospective reactivated structural corridor at Sphinx. The projected unconformity intersection of this structure is considered a priority follow-up target, with additional drilling planned to test this setting along strike.

At the Fox Lake Trail (‘FLT’) Zone, drilling in 2025 by Skyharbour intersected strong hydrothermal alteration associated with uranium-mineralizing systems, including intense sandstone desilicification, brecciation, fracturing, elevated boron values, and widespread illite- and dravite-dominant clay alteration. Notably, drill hole RSL25-03A intersected a strongly altered sandstone fault zone with boron values up to 5,360 ppm, while RSL25-02 intersected anomalous basement-hosted uranium within a faulted graphitic unit, collectively indicating proximity to a fertile uranium-bearing structural corridor. A focused follow-up program of three to four drill holes is planned to commence in winter 2026, with contingency drill targets available on additional untested conductors within the FLT area.

RL Property Plans: 

The RL property covers 53,192 hectares over 16 claims located north and west of Skyharbour’s adjacent Moore Project. Skyharbour owns an 80% interest and is the project operator while Denison owns 20% and has committed to funding its share of the next $10 million in exploration expenditures on the property. 

The property hosts numerous exploration target areas, including Christie Lake, Blue Steel, Taylor Bay, South Russell, and Kowalchuk Lake. Skyharbour is carrying out electromagnetic (‘EM’) surveys to further refine and prioritize targets along prospective structural corridors and underexplored conductors. This work will be followed by targeted diamond drilling of approximately 4,000 to 5,000 metres this year in 10-14 drill holes, designed to test high-priority targets generated from the integration of historical datasets, recent drilling results, and new geophysical interpretations.

Getty East Property Plans:

Getty East consists of one claim covering 3,105 hectares and hosts the Little Mann Lake uranium zone, as well as the interpreted extension of the Middle Lake trend. Skyharbour owns 70% of the property and will initially act as operator.  Denison has an initial 30% ownership interest, and holds additional earn-in options to acquire up to a 70% interest in the project, as well as the right to become the project operator. The work planned for 2026 is expected to be sole funded by Denison pursuant to its earn-in options.

Skyharbour is planning approximately 16.2 line-kilometres of ground MLTDEM surveying to better define priority conductive corridors associated with the interpreted extension of the Middle Lake trend. Historical drilling on this trend, located to the south of the Getty East property, returned high-grade uranium mineralization, including 22.1% U₃O₈ over 0.9 metres in drill hole ML-30. The geophysical survey is expected to be followed up by approximately 3,600 metres of diamond drilling in about 10 drill holes to test targets generated from the new geophysics and supported by historical drilling results.

Overview of Recent Skyharbour Exploration Programs at Russell:

Skyharbour recently drilled 19 holes totalling 9,844 metres, together with Moving Loop and Fixed Loop Transient Electromagnetic (TEM) surveys completed across multiple priority target areas within the original Russell Lake project area. This exploration focused on advancing several high-priority targets, including the Fork Zone, M-Zone Extension, Fox Lake Trail, and the newly identified Sphinx target area. Denison and Skyharbour plan to follow-up on the findings of the previously exploration at Russell with the 2026 programs.

First Phase of Exploration:

In the first phase, 8 diamond drill holes totalling 4,124 metres, were completed with 6 of these holes drilled at the newly identified Fork Zone to follow up on the high-grade mineralization intersected in previously reported hole RSL24-02. The remaining 2 holes were drilled at the M-Zone Extension, targeting historical ground EM anomalies.

The Fork Zone was discovered in 2024 and is host to the best uranium mineralization intercepted to date at the Russell Lake project. The highlight results included high-grade unconformity-hosted mineralization intercepted in previously reported RSL24-02, which returned 3.0% U₃O₈ over 0.5 metres within a broader 2.5-metre interval averaging 0.72% U₃O₈ at a relatively shallow depth of 338.1 metres. Prior to 2024, the Fork Target had seen minimal historical exploration due to the lack of reliable ground geophysical data, primarily caused by interference from the nearby powerline.

Sphinx and Fork Target Areas – Drill Collar Map:
http://www.skyharbourltd.com/_resources/images/Sphinx-and-Fork-Target-Areas-Drill-Collar-Map-0005.jpg

Hole RSL24-12 at the Fork Zone intersected 0.17% U₃O₈ over 0.5 metres from 337.8 to 338.3 metres at the unconformity. Anomalous As, Ni, Pb, V, Zn, and B were intersected, in addition to weak uranium mineralization from 330.0 metres until the unconformity at 338.3 metres. Basement geochemistry returned anomalous uranium within altered and structurally disrupted graphitic metasediments. RSL24-12 tested for continuity of mineralization encountered in RSL24-02 to the SSW but the optimum target at the unconformity was undershot thereby warranting further drilling here. Holes RSL24-11, -13, -14, -15, and -16 all intersected anomalous pathfinder elements at the Fork Zone associated with the hanging wall of the structure in graphitic basement lithologies, in addition to anomalous uranium ranging from 11.8_(partial) to 150_(partial) ppm U.

Fork Target Area – Drill Collar Map:
http://www.skyharbourltd.com/_resources/images/Fork-Target-Area-Drill-Collar-Map-0002.jpg

The MZE (‘M-Zone Extension’) target lies on trend from Denison’s Wheeler River Project M-Zone, where historical drilling intersected basement and unconformity-hosted uranium mineralization. More recent drilling by Denison in 2020 at the M-Zone encountered additional uranium mineralization, along with significant faulting, core loss, geochemical anomalies, and radioactivity. The mineralization at M-Zone is hosted by a graphitic thrust fault within a significant magnetic low, which continues onto the Russell Lake property area at the M-Zone Extension target. It is also noted that lineaments (cross structures) associated with Denison’s Phoenix and Gryphon uranium deposits trend onto the Russell Lake property within the M-Zone Extension target area, further enhancing the prospectivity of this target.

Hole RSL24-17 was drilled to follow up on a 2024 hole at the MZE Zone that was lost in structurally disrupted and altered sandstone before reaching its target. RSL24-17 similarly encountered intense structure and alteration in the sandstone and was lost before intersecting the basement. Hole RSL24-18 intersected moderate hydrothermal hematite within the basal sandstone, and strong shearing locally overprinted by well-developed fault breccia and gouge within the basement. Anomalous uranium was intersected within fractured and altered granitic lithologies.

In addition to the drilling above, focused ground geophysical programs were completed over the Fork, Sphinx and Fox Lake Trail targets within the central and northern portions of the Russell Lake project area. The surveys across the Fork–Sphinx areas identified a series of previously unrecognized conductive anomalies, including four sub-parallel conductors at the Fork area, at least one conductive trend at Sphinx, and an additional parallel trend located between the Fork and Sphinx trends, now referred to as the McGowan trend. All of these conductors were virtually untested prior to the work in 2025. At the Fox Lake Trail area, the survey delineated four parallel conductive trends, of which only two had been drill tested prior to 2025, as earlier surveys failed to adequately resolve these features.

Second Phase of Exploration:

The second phase of drilling comprised of 11 drill holes totaling 5,720 metres, targeting the newly identified, high-priority conductors while also expanding on the successful 2024 discovery at the Fork Zone. Fork is now understood to be a northeast–southwest–trending structural corridor that runs sub-parallel to the historical Grayling Zone and remains largely underexplored. The northern strike extension of the Fork Trend, together with multiple parallel conductive trends to the west, remain virtually untested and represent high-priority targets for follow-up drilling.

Of the 11 holes in the second phase, 6 holes totaling 2,397 metres were completed at the Fork Zone. Hole RSL24-12W1 intersected 2.0 metres averaging 0.28% U₃O₈, including 0.5 metres of 0.68% U₃O₈ southwest of hole RSL24-02, confirming continuity along and across strike. A four-hole fence (RSL25-05, -08, -09, and -10) drilled approximately 325 metres north of RSL24-02 tested newly defined, parallel EM conductors located approximately 500 metres west of the historical Grayling showing. These conductors were untested prior to Skyharbour’s 2025 drilling. Holes RSL25-05, -08, and -10 intersected intense sandstone-hosted faulting with bleaching, desilicification, core loss, and clay alteration locally including visible dravite. Hole RSL25-09 intersected a graphitic basement fault zone and clay analyses confirmed illite-dominant alteration with local dravite, consistent with fertile uranium systems in the Athabasca Basin. An additional hole, RSL25-06, drilled approximately 330 metres SSW of RSL24-02, intersected granitic basement and did not explain the EM response. Further drilling in the area is required to adequately test this target with plans in 2026 to do so.

The faulting and associated alteration encountered in RSL25-05, -08, -09, and -10 represent the strongest structural and hydrothermal alteration intensity identified at the Fork Zone to date. This alteration system remains unconstrained along strike in both directions and across strike to the west, highlighting significant upside potential which has already produced grades of up to 3% U₃O₈ at the target area.

Skyharbour also completed a single drill hole, RSL25-07A, to test a newly identified ground EM conductor at the Sphinx target, representing the first drill test of this target. Sphinx is located approximately one kilometre southeast of the Phoenix deposit on the Wheeler River Project. The hole confirmed the EM anomaly as a faulted and altered graphitic pelite unit, intersected approximately 140 metres below the unconformity. The graphitic fault zone shows evidence of post-Athabasca reactivation and is associated with pervasive bleaching, supporting the interpretation of a structurally fertile system.

Geochemical sampling from RSL25-07A returned elevated uranium and associated pathfinder elements within faulted and graphitic intervals. PIMA analysis identified illite-dominant clay alteration in the sandstone and illite–chlorite alteration in the basement, indicating a well-developed hydrothermal system. Together, these results support the interpretation of a reactivated, structurally focused uranium-fertile corridor at Sphinx. With only one drill hole completed to date and the target located proximal to the Phoenix deposit, Sphinx remains a high-priority target for follow-up drilling planned in 2026.

Furthermore, Skyharbour completed 4 drill holes at the Fox Lake Trail area, located at the northern end of the Russell Lake project area. The drilling tested two of the recently defined conductors by the 2025 ground EM survey within a broad conductive corridor that has seen limited historical drilling with sporadic uranium mineralization and favourable hydrothermal alteration.

Fox Lake Trail Target Area – Drill Collar Map:
http://www.skyharbourltd.com/_resources/images/Fox-Lake-Trail-Target-Area-Drill-Collar-Map_rev-0003.jpg

Holes RSL25-02, RSL25-03A, and RSL25-04 tested the strike extension of the same conductive trend, while hole RSL25-01 tested a parallel conductive target to the southeast. The two drill fences are spaced approximately 800 metres apart. Holes RSL25-03A and RSL25-04 encountered the strongest hydrothermal alteration observed at Fox Lake Trail to date, including brecciation and significant quartz dissolution, while hole RSL25-02 intersected anomalous basement-hosted uranium of 250 ppm U over 0.5 metres within a faulted graphitic unit. Clay analysis confirmed illite- and dravite-dominant alteration. These conductive trends remain largely underexplored along strike, with an additional priority target identified through reinterpretation of historical EM data between the two drill fences, supporting continued follow-up exploration at Fox Lake Trail. Drilling will commence shortly at this target area.

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 east 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 Mann Lake, 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.

QA/QC, Radiometric Equivalent Grades and Spectrometer Readings:

All drill intervals above are downhole length and sampling procedures and QA/QC protocols for geochemical results as well as a description of downhole gamma probe grade calculations and protocols are below. All drill core samples are shipped to the Saskatchewan Research Council Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan under the care of Skyharbour personnel for preparation, processing, and multi-element analysis by ICP-MS and ICP-OES using total (HF:NHO3:HClO4) and partial digestion (HNO3:HCl), boron by fusion, and U₃O₈ wt% assay by ICP-OES using higher grade standards. Assay samples are chosen based on downhole probing radiometric equivalent uranium grades and scintillometer (Radiation Solutions RS-125) peaks. Assay sample intervals comprise 0.5 metre continuous half-core split samples over the mineralized interval. These samples may also be selected for density determination using Rock Density by Dry Bulk Method (wax-coated displacement method). With all assay samples, one half of the split sample is retained and the other sent to the SRC for analysis. The SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials, and repeats are inserted into the sample stream at regular intervals by Skyharbour and the SRC in accordance with Skyharbour’s quality assurance/quality control (QA/QC) procedures. Geochemical assay data are subject to verification procedures by qualified persons employed by Skyharbour prior to disclosure.

During active exploration programs, drillholes are radiometrically logged using calibrated downhole Mount Sopris HLP-2375 or 2GHF probes of varying sensitivities, which collect continuous readings along the length of the drillhole. Preliminary radiometric equivalent uranium grades (‘eU₃O₈‘) are then calculated from the downhole radiometric results. The probe is calibrated using an algorithm calculated from the calibration of the probe at the Saskatchewan Research Council facility in Saskatoon and from the comparison of probe results against geochemical analyses. In the case where core recovery within a mineralized intersection is poor or non-existent, radiometric grades are considered to be more representative of the mineralized intersection and may be reported in the place of assay grades. Radiometric equivalent probe results are subject to verification procedures by qualified persons employed by Skyharbour prior to disclosure. 

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-three projects covering over 662,887 hectares (over 1.6 million 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, shallow uranium mineralization at the Maverick Zones. Adjacent to Moore, Skyharbour is advancing several uranium properties within the Russell Lake project area with its joint venture partner and large strategic shareholder Denison Mines. Collectively these 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 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; 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 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 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.