Vancouver, BC, May 20, 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 RL project (the "RL Project" or the "Project"), located in the eastern Athabasca Basin of northern Saskatchewan. The 53,192-hectare RL Project, comprising 16 claims, is a part of the broader Russell Lake Joint Ventures and is situated adjacent to the Company's 100%-owned Moore Lake Project. 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 Joint Ventures Map:
https://www.skyharbourltd.com/_resources/images/Russell-Map-New.jpg

The Skyharbour-operated program includes a large-scale ground electromagnetic ("EM") survey followed by 4,000 to 5,000 metres this year of diamond drilling in 10 to 14 holes across several high-priority target areas. Skyharbour holds an 80% interest in the Project and acts as operator, with joint venture partner Denison Mines Corp. ("Denison") holding the remaining 20% and committed to funding its pro-rata share of the next CAD $10 million in exploration expenditures on the Property.

Russell Lake Project Area Location Map:
https://www.skyharbourltd.com/_resources/maps/SKY_RussellLakeUpdated-2026.jpg

The RL property hosts numerous prospective target areas, including Christie Lake, Blue Steel, Taylor Bay, Maverick Extension, South Russell, and Kowalchuk Lake. Ground EM surveys have recently been completed and others are underway to further refine and prioritize targets along prospective structural corridors and underexplored conductors. This work will be followed by targeted diamond drilling designed to test high-priority targets generated through the integration of historical datasets, recent drilling results, and new geophysical interpretations.

Jordan Trimble, President and CEO of Skyharbour, stated: “We are excited to commence drilling at the RL Project, which is a sizeable property with substantial discovery potential across numerous target areas, most of which have been the subject of limited modern exploration. As the majority owner and operator of these claims within the broader Russell Lake JV project area, we are pleased to be working with our strategic, funding-partner, Denison, to expedite the discovery process with less equity dilution. This drilling at RL is part of a larger planned +15,000-metre, multi-phased drill campaign at Russell this year bringing the total planned drilling to +30,000 metres across six projects in our portfolio. These fully-funded, ongoing drilling programs between us and our partner companies provide Skyharbour with strong rerate potential and unique multi-project optionality.”

2026 Exploration at the RL Property:

The planned 2026 exploration program at the RL property will comprise of 4,000 to 5,000 metres of diamond drilling at the South Russell and Kowalchuk target areas, together with ground electromagnetic (EM) surveys over the Maverick Extension and Kowalchuk targets. The 2026 drill programs are designed to follow up on existing and newly acquired EM targets.

During the winter of 2026, a ground EM survey was completed along the regional Maverick Trend where it is interpreted to extend onto the RL property from Skyharbour’s adjacent Moore Project. The Maverick Extension grid comprised 60 line-kilometres of step loop transient electromagnetic (SLTEM) survey coverage across four survey lines, targeting an airborne EM anomaly originally identified in the 2013 VTEM survey.

A large-scale moving loop and fixed loop EM survey is currently underway over the Kowalchuk anomaly. Historical drilling in the Kowalchuk area intersected anomalous radioactivity; however, that drilling was conducted based on airborne EM data without the benefit of ground-based geophysical refinement. The 2026 ground EM survey is designed to resolve and further define the Kowalchuk airborne conductor prior to drill targeting. A total of 36 line-kilometres of ground EM surveying is planned for the area, with completion anticipated next month.

The South Russell target area is situated in the west-central portion of the RL project, immediately adjacent to Orano's Getty-Russell project. The area was last drilled in 2008 by Hathor Exploration Ltd. Ongoing remodelling and reinterpretation of historical drilling and geophysical datasets has delineated several high-priority untested targets within the South Russell area. Notably, historical drilling completed off-property along strike intersected notable anomalous uranium mineralization at the unconformity, supporting the prospectivity of the trend. An initial phase of 2,500 to 3,000 metres of drilling in six to eight holes is planned for this area. The Skyharbour technical team and the drill crew have mobilized to site and commenced drilling operations at the South Russell target area.

In the Kowalchuk area, four to six drill holes, totalling 1,500 to 2,000 metres are planned to test discrete conductors identified through the ongoing ground EM survey. This phase of drilling will follow the initial drilling at the South Russell 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.

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

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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.