VANCOUVER, BC, July 30, 2026 /PRNewswire/ — 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.
Project Highlights
- Large land position: 22 claims covering approximately 35,029 hectares in Saskatchewan’s Athabasca Basin
- Strong access: Located approximately 75 kilometres south of Cameco’s Rabbit Lake operation, with Highway 905 crossing the Property
- Prospective geology: Underlain by Wollaston Supergroup metasedimentary gneisses, including graphitic units adjacent to Archean granitic gneisses
- Extensive historical work: Exploration includes geophysical surveys, prospecting, mapping, sampling and drilling
- Historical mineralization: Sampling returned uranium values of 0.09% to 0.30% U₃O₈ and molybdenum values of 2,500 to 6,400 ppm
- Multiple target types: Prospective for uranium, uranium-thorium-rare-earth elements and copper-lead-zinc mineralization
- Underexplored potential: Most work was completed before 2000, with limited follow-up across much of the Property
- Modern geophysical data: Airborne EM, magnetic and radiometric surveys were completed in 2022 and 2023
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.”
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 Agreement
Pursuant 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:
|
Date |
Cash Payments |
Issuance of Consideration |
Exploration |
|
Within 5 Business |
$50,000 |
Consideration Shares having a |
Not applicable |
|
On or before the first |
$100,000 |
Consideration Shares having a |
Incur a minimum |
|
On or before the second |
$100,000 |
Consideration Shares having a |
Incur an additional $1,000,000 |
|
On or before the third anniversary |
$100,000 |
Consideration Shares having a |
Incur an additional $2,000,000 |
|
Total |
$350,000 |
Consideration Shares equivalent |
$3,500,000 |
Notes:
|
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.
Qualified Person:
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.
About Purecore
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.
On behalf of the Board of Directors of
PURECORE METALS INC.
Peter Berdusco
Chief Executive Officer
Cautionary Statement Regarding Forward-Looking Information
This 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.
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SOURCE Purecore Metals Inc.
