Bolt

Highlights:

• The Bolt Project now covers 5,708 hectares across seven claims, following Skyharbour's consolidation with the four-claim Bolt Extension property

• Located approximately 7 km west of Highway 914 and approximately 16 km south of the Key Lake Mine and the southern boundary of the Athabasca Basin, providing efficient access and the potential to reduce exploration and drilling costs relative to more remote projects in the Basin

• The project is underlain by eastern Mudjatik Domain rocks and hosts a south-trending package of amphibole gneisses with an ovoid banded iron formation intersected by several EM conductors near the centre of the property

• Historical exploration since 1969 includes ground and airborne geophysics, sediment, water and soil sampling, and drilling that returned kaolinization; modern work identified multiple EM conductors, radioactive boulders, and geochemical anomalies, generating drill-ready targets with high potential for basement-hosted uranium and U-Th-REE mineralization

• The Bolt Project has not seen exploration since 2018, but promising targets and high mineralization potential remain

• UraEx Resources signed an Agreement in October 2024, with terms to earn up to 100% of the Bolt and South Dufferin Projects through share issuance, cash payments, and exploration expenditures over a five-year period

Project Summary:

The Bolt Project consists of seven claims 100% owned by Skyharbour Resources totalling 5,708 hectares, formed through Skyharbour's consolidation with the four-claim Bolt Extension property. The project is located approximately 7 km west of Highway 914 and approximately 16 km south of the Key Lake Mine and the southern boundary of the Athabasca Basin. The Key Lake Mine produced 209.8 million pounds of U3O8 at an average grade of 2.32% U3O8 between 1983 and 2002, and the Key Lake mill currently processes ore from the McArthur River mine. The project's proximity to Highway 914 and the former Key Lake Mine provides a significant logistical advantage, allowing for efficient access and the potential to reduce exploration and drilling costs relative to more remote projects in the Athabasca Basin. A Definitive Agreement was signed in October 2024 with UraEx Resources to earn an initial 51% and up to 100% of both the South Dufferin and Bolt Projects, collectively.

The project claims are underlain by the eastern Mudjatik Domain rocks, within the upper amphibolite to granulite facies of the Hearne Province, roughly 5 km west of the contact between the Mudjatik and Wollaston domains. Geological mapping conducted by the Saskatchewan Geological Survey in the 1970's and 1980's determined the property is dominated by a south-trending, anastomosing package of amphibole gneisses enveloped by regional-scale felsic gneiss, with an ovoid body of banded iron formation intersected by several EM conductors near the centre of the property. The southern claims sit within a magnetic low flanking a regional magnetic high straddling the Mudjatik-Wollaston domain boundary. Given the vintage and scale of the historical geological mapping, it is likely that the geology of the area is more complex than the historical mapping suggests.

Exploration has been conducted intermittently on the property since 1969. Ground and airborne EM, radiometric and gravity surveys, lake and stream sediment and soil sampling, prospecting, and boulder train mapping were completed during the late 1960s and 1970s by various operators, including Pan Ocean Oil Ltd., Canadian Southern Petroleum, Athabasca Columbia Mining, Yukon Geothermal, SAMCAM, and Darling Hydrocarbons. A single drill program completed by Pan Ocean Oil in 1978 tested six historical EM conductors, with three drill holes (DDH-CL-1, -2 and -6) encountering moderate to intense kaolinization, along with variable chloritization, carbonate veinlets, and intervals of structural disruption logged in granitic to arkosic gneiss. After 1979, the project remained unexplored for several decades.

Additional work by Forum Uranium in 2005 included high-resolution ground VLF-EM, prospecting, radon soil sampling, and airborne magnetic surveys. More recent exploration since 2008 has been carried out by Durama Resources (on behalf of Majesta Resources and Kirrin Resources) as part of the Key Lake South property, and included soil, outcrop, lake sediment, and soil-gas sampling, airborne geophysics (TEMPEST and VTEM surveys), and ground geophysics (total field and vertical gradient magnetic and VLF-EM surveys). This work identified multiple east-west and northeast-southwest trending EM conductors exhibiting structural breaks and splays, magnetic lows, and several possible north-south and east-west trending faults, along with radioactive boulders and geochemical anomalies that warrant further follow-up exploration. Two ground geophysical grids were established on the project — the Lav Creek and CL-5 grids — to further delineate the various airborne EM conductors and magnetic anomalies.

Combining the results of the modern geophysical and geochemical surveys allowed for the identification of several promising drill targets on the property, including near the historic drill holes containing extensive kaolinite and chlorite alteration. These drill targets have yet to be tested, as despite the high prospectivity for basement-hosted unconformity-related uranium mineralization, the project has not seen any exploration since 2018. Exploration on the property also indicated the potential to host pegmatite- and granite-hosted U-Th-REE mineralization, further enhancing the project's prospectivity.

Terms of the Agreement:

Skyharbour recently announced that it has entered into an option agreement with a private arm’s-length company, UraEx Resources Inc. whereby the UraEx may acquire up to a 100% interest in the South Dufferin and Bolt Uranium Projects (collectively, the “Property”). The Property consists of a total of twelve (12) mineral claims totalling approximately 18,000 hectares located in the Athabasca Basin, Northern Saskatchewan. UraEx can earn an initial 51% in the Property through CAD $4,600,000 in combined project consideration and up to 100% through $9,800,000 in combined project consideration consisting of cash and share payments as well as exploration expenditures over a five-year period.

Pursuant to the Agreement, UraEx may acquire an initial 51% interest in the Property by (i) issuing common shares in the capital of the Optionee (“Shares”) having an aggregate value of CAD $1,150,000; (ii) making aggregate cash payments of CAD $450,000; and (iii) incurring an aggregate of CAD $3,000,000 in exploration expenditures on the Property over a three-year period.

Schedule to earn an initial 51% interest:

(1)  Deemed pricing of Shares is CAD $0.20
(2) The first anniversary expenditure date is one year after the first permit is granted  
(3) Deemed pricing of Shares is based on the five (5) day volume weighted average price on a Canadian stock exchange (“Deemed Price”) or the last sale price, if not listed on a stock exchange at the time of issuance

Once UraEx has earned an initial 51% interest in the Property, they may acquire an additional 24% interest in the Property by (i) issuing Shares having a value of CAD $500,000 at the Deemed Price on or before the fourth anniversary date, (ii) making a cash payment of CAD $200,000 to Skyharbour and (iii) completing an additional CAD $1,500,000 of exploration expenditures on the Property. If the Optionee does not elect to acquire the additional 24% interest, a joint venture will be formed with Skyharbour holding a 49% participating interest and the Optionee 51%, respectfully.

Once the Optionee has earned a 75% interest in the Property, they may acquire the remaining 25% interest in the Property by (i) issuing Shares having a value of CAD $2,000,000 at the Deemed Price on the fifth anniversary date, and (ii) making a cash payment of CAD $1,000,000 to Skyharbour. If the Optionee does not elect to acquire the remaining 25% interest, a joint venture will be formed with Skyharbour holding a 25% participating interest and the Optionee 75%, respectfully.

There are no royalties on the claims except for a 2% NSR on one of the claims at the South Dufferin Project. UraEx will retain operatorship during the earn-in and thereafter once an interest has been earned.

UraEx shall list its Shares on a stock exchange recognized by a Canadian Securities Commission  on or before the date that is twelve (12) months from the date of the Agreement,  failing which a penalty of CAD $5,000 shall be payable in cash to Skyharbour for every month that the Optionee fails to have listed its Shares for the first six months following the due date,  which increases to $10,000 each month for the following six months, and which increases to $20,000 each month thereafter until listed on the stock exchange.