Purecore Signs Definitive Agreement with Skyharbour for Yurchison Uranium Property Option in Athabasca Basin

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Postmedia has not reviewed the content. by GlobeNewswire Purecore Signs Definitive Agreement with Skyharbour for Yurchison Uranium Property Option in Athabasca BasinAuthor of the article: You can save this article by registering for free here. Or sign-in if you have an account.VANCOUVER, British Columbia, July 30, 2026 (GLOBE NEWSWIRE) — Purecore Metals Inc. (CSE: PURE) (FSE: J8Y) (“Purecore” or the “Company”) is pleased to announce, further to its previously disclosed news release dated July 16, 2026, the Company has entered into a definitive agreement dated July 29, 2026 (the “Option Agreement”) with Skyharbour Resources Ltd. (TSXV: SYH) (“Skyharbour”), whereby Purecore has acquired an option (the “Option”) to earn up to a 100% interest in the Yurchison uranium property located in the Athabasca Basin of Northern Saskatchewan, Canada (the “Property”). The Property consists of 22 claims covering approximately 35,028.93 hectares of mineral rights located in the Province of Saskatchewan.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountGet the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. 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Please try againLarge land position: 22 claims covering approximately 35,029 hectares in Saskatchewan’s Athabasca BasinStrong access: Located approximately 75 kilometres south of Cameco’s Rabbit Lake operation, with Highway 905 crossing the PropertyProspective geology: Underlain by Wollaston Supergroup metasedimentary gneisses, including graphitic units adjacent to Archean granitic gneissesExtensive historical work: Exploration includes geophysical surveys, prospecting, mapping, sampling and drillingHistorical mineralization: Sampling returned uranium values of 0.09% to 0.30% U₃O₈ and molybdenum values of 2,500 to 6,400 ppmMultiple target types: Prospective for uranium, uranium-thorium-rare-earth elements and copper-lead-zinc mineralizationUnderexplored potential: Most work was completed before 2000, with limited follow-up across much of the PropertyModern geophysical data: Airborne EM, magnetic and radiometric surveys were completed in 2022 and 2023Peter 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.”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 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.”Key Terms of the Option AgreementPursuant to 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”), by paying to Skyharbour a total of $350,000 in cash (the “Cash Payments”), issuing the total number of common shares in the capital of the Company (the “Shares”) equivalent to $700,000 (the “Consideration Shares”) and incurring a minimum of $3,500,000 in exploration expenditures on the Property (the “Exploration Expenditures”) according to the following terms:This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.DateCash PaymentsIssuance of Consideration Shares(1)Exploration Expenditures(2)Within 5 Business Days of the Exchange Acceptance Date(3)$50,000Consideration Shares having a value of $100,000(4)Not applicableOn or before the first anniversary of signing the Option Agreement$100,000Consideration Shares having a value of $200,000(4)Incur a minimum of $500,000 in Exploration ExpendituresOn or before the second anniversary of signing the Option Agreement$100,000Consideration Shares having a value of $200,000(4)Incur an additional $1,000,000 in Exploration ExpendituresOn or before the third anniversary of signing the Option Agreement$100,000Consideration Shares having a value of $200,000(4)Incur an additional $2,000,000 in Exploration ExpendituresTotal$350,000Consideration Shares equivalent to the value of CAD $700,000(4)$3,500,000 (1) 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 issue would result in Skyharbour holding 10% or more of the outstanding Shares, 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”). (2) 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. (3) 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. (4) 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 listed on the Canadian Securities Exchange (“CSE”), determined at the time of issuance, subject to 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 70% interest in and to the Property, subject to the NSR Royalty.Purecore has the option to earn an additional 30% in and to the Property for a total 100% interest, subject to the NSR Royalty, by making an additional cash payment of $3,000,000 and issuing Consideration Shares with a value of $3,000,000, based on the 20-Day VWAP Price at the time of issuance, subject to minimum pricing rules of the CSE and subject to 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 from Skyharbour in consideration of 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 receipt of all necessary regulatory approvals, including the approval of the CSE. All Consideration Shares issued under the Option Agreement will be subject to a four-month hold period from the date of issuance according to 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.The technical information in this news release has been reviewed and approved by Dr. Dennis Lapoint, P.Geo., an independent Qualified Person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.Purecore Metals Inc. (CSE: PURE) (FSE: J8Y) is an exploration company building a uranium and copper portfolio focused on a single demand curve: the long-term global expansion of electricity demand driven by AI, data centres, nuclear power and Western defence supply chains.For further information, interested parties are encouraged to visit the Company’s website at www.purecoremetals.com, and to contact the Company by email at investors@purecoremetals.com or by phone at 1.877.844.4661.On behalf of the Board of Directors ofPeter BerduscoChief Executive OfficerCautionary Statement Regarding Forward-Looking InformationThis press release contains certain forward-looking statements, including statements regarding: the completion of the transactions contemplated under the Option Agreement; the potential acquisition of up to a 100% interest in the Property; the anticipated cash payments, share issuances and exploration expenditures to be made or incurred by the Company; and the potential formation of a joint venture with Skyharbour. The words “expects,” “anticipates,” “believes,” “intends,” “plans,” “will,” “may” and similar expressions are intended to identify forward-looking statements. Although the Company believes that its expectations as reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties. Actual results may differ materially from those expressed or implied in these statements due to various factors, including, but not limited to: the ability of the Company to satisfy the option conditions within the required timeframes; fluctuations in uranium prices; the ability of the Company to raise sufficient capital to fund the required exploration expenditures and cash payments; the receipt of all necessary regulatory approvals including CSE approval; and general market and economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements, which are made as of the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.Neither the CSE nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.