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Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) ("Skyharbour" or the "Company") is pleased to announce that further to its news release dated July 16th, 2026, the Company has entered into a definitive option agreement (the "Option Agreement") dated July 29th, 2026, with Purecore Metals Inc. (CSE: PURE) ("Purecore"), whereby Purecore may acquire an option (the "Option") to earn up to a 100% interest in the Yurchison uranium property located in the Wollaston Domain of Northern Saskatchewan, Canada (the "Property"). The Property consists of 22 claims covering approximately 35,029 hectares of mineral tenure.
Yurchison Property Map:
https://skyharbourltd.com/_resources/images/SkyHarbour_Yurchison.jpg?v2
Highlights:
- Large land position with 22 claims covering approximately 35,029 hectares in Saskatchewan's Athabasca Basin
- Project has excellent access and is located approximately 75 kilometres south of Cameco's Rabbit Lake operation, with Highway 905 crossing the Property
- Project is Underlain by Wollaston Supergroup metasedimentary gneisses, including graphitic units adjacent to Archean granitic gneisses
- Extensive historical work, with exploration including geophysical surveys, prospecting, mapping, sampling and drilling
- Historical mineralization at the Project with samples returning uranium values of 0.09% to 0.30% U3O8 and molybdenum values of 2,500 to 6,400 ppm
- Prospective for uranium, uranium-thorium-rare-earth elements and copper-lead-zinc mineralization
- Most work was completed before 2000, with limited follow-up across much of the Property
- Modern geophysical data, including Airborne EM, magnetic and radiometric surveys were completed in 2022 and 2023
- Option Agreement consists of combined project consideration of C$350,000 cash, $700,000 in stock and $3,500,000 in exploration expenditures over three years for Purecore to earn a 70% interest
- One-time cash and share and payment totalling $6,000,000 for Purecore to earn 100% with Skyharbour retaining a royalty
Jordan Trimble, President and CEO of Skyharbour, commented: "We are very pleased to sign this new Option Agreement as we continue to execute on our dual-pronged corporate strategy by unlocking value at our Athabasca Basin project portfolio through strategic partnerships and prospect generation, as well as focused mineral exploration at our core assets of Moore and Russell. We are looking forward to working with Purecore Metals and its capable management team as they advance the Yurchison Project over the coming years with a considerable amount of exploration planned as well as cash and share payments to Skyharbour. The Project is ripe for new potential discoveries and updates will be forthcoming on exploration plans at Yurchison which will complement our ongoing 2026 drill campaigns at various other projects in our portfolio."
Peter Berdusco, President and CEO of Purecore, commented, "We are very pleased to be working with Skyharbour and greatly value the opportunity to advance the Yurchison Property. Global electricity demand is accelerating as AI, data centres and broader electrification place increasing pressure on power grids. We believe nuclear energy will play an increasingly important role in meeting this demand, strengthening the long-term outlook for uranium. Yurchison gives Purecore meaningful exposure to this powerful energy transition through a large, accessible and underexplored uranium property in the world's premier uranium jurisdiction—the Athabasca Basin."
Transaction Summary:
Under the terms of the Option Agreement, Purecore may acquire an initial 70% right, title and interest in and to the Property, subject to a 2.0% net smelter return royalty ("NSR Royalty") retained by Skyharbour, by making cash payments to Skyharbour totalling C$350,000 (the "Cash Payments"), issuing common shares of Purecore (the "Consideration Shares") having an aggregate value of C$700,000, and incurring a minimum of C$3,500,000 in exploration expenditures on the Property (the "Exploration Expenditures"), all in accordance with the following schedule:
| Date | Cash Payments | Issuance of Consideration Shares(1) | Exploration Expenditures(2) |
| Within 5 Business Days of the Exchange Acceptance Date(3) | $50,000 | Consideration Shares having a value of $100,000(4) | Not applicable |
| On or before the first anniversary of signing the Option Agreement | $100,000 | Consideration Shares having a value of $200,000(4) | Incur a minimum of $500,000 in Exploration Expenditures |
| On or before the second anniversary of signing the Option Agreement | $100,000 | Consideration Shares having a value of $200,000(4) | Incur an additional $1,000,000 in Exploration Expenditures |
| On or before the third anniversary of signing the Option Agreement | $100,000 | Consideration Shares having a value of $200,000(4) | Incur an additional $2,000,000 in Exploration Expenditures |
| Total | $350,000 | Consideration Shares equivalent to the value of CAD $700,000(4) | $3,500,000 |
Notes:
- Purecore will not issue any Consideration Shares, or elect to satisfy any portion of any amount owing to Skyharbour pursuant to the Option Agreement in shares, to the extent such issuance would result in Skyharbour holding 10% or more of the outstanding shares of Purecore, or Skyharbour becoming a reporting insider of Purecore. In the event the issuance of shares would otherwise result in Skyharbour holding 10% or more of the outstanding shares, Purecore will not proceed with the issuance of the portion of the shares which would result in this and will instead have an additional 60 days by which to complete the equivalent cash payment to Skyharbour to make up the shortfall in the value of the shares to be issued (the "Ten-Percent Ownership Clause").
- In the event that Purecore incurs less than the required Exploration Expenditures in any period, it may pay the shortfall amount to Skyharbour in cash in satisfaction of that period's expenditure requirement. Exploration Expenditures incurred in excess of the required amount in any period will be carried forward and applied to succeeding periods.
- The "Exchange Acceptance Date" means the later of: (i) 5 Business Days after Purecore has filed a Form 9 with the CSE in respect of the Option Agreement; and (ii) the date on which any comments from the CSE in respect of the Option Agreement have been resolved to the satisfaction of the CSE as determined by Purecore.
- The Consideration Shares will be issued at a price equal to the 20-day volume-weighted average price (the "20-Day VWAP Price") of the shares of Purecore listed on the Canadian Securities Exchange ("CSE"), determined at the time of issuance, subject to the minimum pricing rules of the CSE.
Immediately upon satisfying all of the above conditions, Purecore will be deemed to have exercised the Option and to have earned a 70% interest in and to the Property, subject to the NSR Royalty.
Purecore may earn an additional 30% interest in the Property, for a total 100% interest and subject to the NSR Royalty, by making an additional cash payment to Skyharbour of $3,000,000 and issuing additional Consideration Shares having a value of $3,000,000 (based on the 20-Day VWAP Price at the time of issuance, subject to the minimum pricing rules of the CSE and the Ten-Percent Ownership Clause), within 30 business days of earning the initial 70% interest. In the event that Purecore earns the initial 70% interest in the Property and elects not to acquire the additional 30% interest, the parties may form a joint venture in respect of the Property on terms to be agreed, with each party participating in proportion to its respective interest.
Purecore also has the right at any time to purchase one-half of the NSR Royalty (being a 1.0% NSR) from Skyharbour in consideration of a payment of $1,000,000 to Skyharbour.
The transactions contemplated under the Option Agreement are subject to conditions, including the approval of the board of directors of each of Skyharbour and Purecore, no material adverse change having occurred to the business of either party, and the receipt of all necessary regulatory approvals. All Consideration Shares issued under the Option Agreement will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws and the policies of the CSE.
Yurchison Property Summary:
Yurchison consists of 22 claims covering approximately 35,029 hectares of mineral tenure and is roughly 75 km south of Cameco's Rabbit Lake operation, with Highway 905 running through the claims. It is underlain by Wollaston Supergroup metasedimentary gneisses, including psammopelitic to pelitic gneisses, graphitic pelitic gneisses adjacent to Archean granitic gneisses in the Eastern Wollaston Domain.
The Property area has seen significant historical exploration including airborne electromagnetic, magnetic, and radiometric surveys, as well as ground magnetic, EM, IP, and gravity surveys, prospecting, geological mapping, geochemical sampling, and drilling. The drilling was primarily conducted between the 1960's and 1980's with additional work completed in the mid-1990's and 2000's. Prospecting near old trenches returned uranium (0.09% to 0.30% U3O8) and molybdenum (2,500 ppm to 6,400 ppm) mineralization in both outcrop and float samples. The Property boasts strong discovery potential for both basement-hosted uranium mineralization as well as copper, zinc and molybdenum mineralization.
The majority of the work at Yurchison was completed before 2000, with limited follow-up since, and most of the Property remains underexplored. The historical exploration on the western side of Yurchison focused on uranium showings while on the eastern side of the Property it was largely focused on exploring SEDEX-style Pb-Zn mineralization following the discovery of the historic George Lake Pb-Zn Deposit proximal to the Property. There are several uranium, molybdenum, and thorium showings, which remain highly prospective for both basement-hosted uranium, pegmatite-hosted U-Th-REE, and sediment-hosted Cu-Pb-Zn mineralization. The most recent work included airborne EM (VTEM and VLF-EM), magnetics, and radiometrics surveys flown in 2022 and 2023.
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 Purecore Metals Inc.:
Purecore Metals Inc. is a mineral exploration company listed on the Canadian Securities Exchange (CSE: PURE) and the Frankfurt Stock Exchange (FSE: J8Y). Purecore is focused on advancing the materials that power modern energy systems and emerging technologies. Purecore is building a critical minerals portfolio aligned with long-term trends across the energy, technology, and defense sectors, with a strategy centered on high-impact opportunities and disciplined execution.
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 Zone highlighted by drill results of up to 6.0% U3O8 over 5.9 metres, including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. 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 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; 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/news/SKY_SaskProject_Locator_2026-07-13_V2.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company's website at www.skyharbourltd.com.
"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, the intended use of proceeds from the Private Placement. 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.
