Purecore Metals Signs LOI with Skyharbour to Option 100% Interest in Yurchison Uranium Property, Athabasca Basin

Strategic Location and Geological Overview

The Yurchison property is strategically located within the Wollaston Domain of the Athabasca Basin in northern Saskatchewan, Canada. Positioned approximately 75 kilometres south of Cameco's Rabbit Lake mine, the site benefits from existing infrastructure including Highway 905, which runs directly through the claims. This proximity to established uranium mining operations and accessible roadways offers logistical advantages for exploration and development.

Geologically, the property is underlain by Wollaston Supergroup metasedimentary gneisses, including psammopelitic to pelitic gneisses and graphitic pelitic gneisses adjacent to Archean granitic gneisses within the Eastern Wollaston Domain. This complex geological setting hosts multiple mineralization styles and commodities.

Historical Exploration and Mineralization Highlights

The Yurchison property has a rich exploration history spanning from the 1960s through the 1980s, with additional work in the mid-1990s and 2000s. Historical investigations included airborne electromagnetic, magnetic, and radiometric surveys, complemented by ground-based magnetic, electromagnetic, induced polarization, and gravity surveys. These were supported by prospecting, geological mapping, geochemical sampling, and drilling programs.

Prospecting near historic trenches identified uranium mineralization ranging from 0.09% to 0.30% U3O8 and molybdenum concentrations between 2,500 and 6,400 ppm in outcrop and float samples. The property shows strong potential for basement-hosted uranium mineralization as well as copper, zinc, and molybdenum deposits. Most exploration was completed before 2000, with limited modern follow-up, indicating significant underexplored potential.

Exploration Targets and Recent Surveys

Distinct mineralization styles are evident across the property. Western sectors have focused on uranium showings, while eastern areas targeted sedex-style lead-zinc mineralization following the discovery of the historic George Lake Pb-Zn Deposit nearby. Multiple uranium, molybdenum, and thorium occurrences remain highly prospective for various deposit types.

Recent work in 2022 and 2023 included airborne electromagnetic surveys (VTEM and VLF-EM), magnetic, and radiometric surveys, providing updated geophysical data to guide future exploration. Key exploration vectors include basement-hosted uranium, pegmatite-hosted uranium-thorium-rare earth elements, and sediment-hosted copper-lead-zinc mineralization.

Transaction Details and LOI Framework

The non-binding letter of intent, dated July 15, 2026, formalizes the agreement between Purecore and Skyharbour. The parties will negotiate in good faith toward a definitive mineral property option agreement, allowing Purecore to earn up to 100% interest in the Yurchison property. Specific terms regarding payments, work commitments, and option conditions were not disclosed.

As a non-binding agreement, neither party is obligated to complete the transaction at this stage. Financial terms, including cash payments, share considerations, or minimum exploration expenditures, were not specified.

Conditions Required for Transaction Completion

Completion is contingent upon Purecore's satisfactory due diligence, execution of a binding definitive agreement, board approvals from both Skyharbour and Purecore, and receipt of regulatory approvals, notably from the Canadian Securities Exchange. These conditions provide standard safeguards and exit points should material issues arise or commercial terms remain unresolved.

No specific timelines for satisfying conditions or finalizing the definitive agreement were provided.

Purecore Metals' Strategic Vision and Portfolio Expansion

Purecore Metals Inc., listed on the Canadian Securities Exchange (CSE: PURE) and Frankfurt Stock Exchange (FSE: J8Y), focuses on advancing materials essential to modern energy systems and emerging technologies. The company is building a critical minerals portfolio aligned with long-term trends in energy, technology, and defense sectors, emphasizing high-impact opportunities and disciplined execution.

The Yurchison acquisition extends Purecore's portfolio into uranium, aligning with global demand for clean energy and defense applications. The Athabasca Basin location situates the company within a premier uranium exploration and production region with established infrastructure and regulatory frameworks.

Technical Review and Qualified Person Confirmation

Technical information in this announcement has been reviewed and approved by Dr. Dennis Lapoint, P.Geo., an independent Qualified Person under National Instrument 43-101 6 Standards of Disclosure for Mineral Projects. This ensures compliance with Canadian regulatory standards and provides investor confidence in the geological and mineralization data.

Dr. Lapoint's involvement adds credibility to the property's geological setting, historical exploration data, and mineral potential. However, some assessments rely on historical data, with the most recent exploration conducted in 2022 and 2023.

Skyharbour Resources Ltd. as Current Owner

Skyharbour Resources Ltd. (TSXV:SYH) currently owns the Yurchison property and is the counterparty to the letter of intent. As a publicly listed company on the TSX Venture Exchange, Skyharbour brings experience in uranium exploration and regulatory compliance.

Skyharbour's decision to grant Purecore an option may reflect portfolio optimization or a strategy to accelerate property advancement through partnership.

Athabasca Basin: A Premier Uranium Exploration Hub

The Athabasca Basin in northern Saskatchewan is one of the worlds leading uranium provinces, hosting established mines and a strong exploration history. The Yurchison property's proximity to Cameco's Rabbit Lake operation highlights its location within a productive district. Highway 905 running through the property offers logistical advantages over more remote sites.

Investors will likely monitor Purecore's entry into this basin as part of the broader uranium market cycle, driven by rising global demand for nuclear power and defense-related uranium applications.

Next Steps in the Acquisition Process

Purecore will complete due diligence and negotiate definitive agreement terms with Skyharbour in good faith. The announcement does not provide timelines for finalizing terms or regulatory approvals.

Following successful negotiations, board approvals from both companies and Canadian Securities Exchange clearance are required before closing. No indication was given regarding preliminary CSE approval or expected regulatory review duration.