Skyharbour Resources: Skyharbour Resources: Advancing High-grade Uranium Projects

The Athabasca Basin hosts the world’s largest, highest-grade uranium mining and milling operations, including McArthur River, Cigar Lake, Key Lake, and McClean Lake. Companies like NexGen Energy, Fission Uranium, IsoEnergy and Denison Mines have returned billions for investors upon high-grade discoveries in the Basin, with Skyharbour positioned to benefit as new multi-zone progress at its Preston JV adds fresh momentum to drill activity and strengthens visibility across newly consolidated assets. Upcoming 2026 work plans from Orano further elevate the Basin’s activity backdrop for Skyharbour.

Skyharbour uses a partner-funded prospect generator model, with joint venture partners funding exploration and development through cash and share payments. This approach reduces the need to issue new shares, while retaining upside exposure through minority interests, royalties, and shareholdings. Shareholders benefit from consistent news flow and exposure to discoveries across a diversified project base, while recent JV agreements and a treasury of over $11 million extend Skyharbour’s runway and meaningfully lower dilution risk through 2026.

Skyharbour partners with leading uranium groups including Orano Canada, Denison Mines, Azincourt Energy, Thunderbird Resources, Nexus Uranium, North Shore Uranium, and Terra Clean Energy across its portfolio. New agreements with UraEx Resources, Hatchet Uranium, and Mustang Energy bring the partner count to eleven, expanding both funding and activity. Skyharbour’s option agreements now exceed CAD $76 million ($55.9 million) in exploration expenditures, plus over $26 million in stock and $16 million in cash payments, assuming full earn-ins. Denison’s new multi-year commitment at Russell Lake, alongside Orano’s confirmed 2026 drill and survey program at Preston, further reinforces the strength, scale, and momentum of Skyharbour’s partnership-led model.

New Discoveries

Skyharbour will continue discovering and delineating new uranium zones at its high-grade Moore Project, with over 5,000m drilled in 2024 and 5–7,000m planned for 2025. Skyharbour acquired 100% interest in Moore from Denison Mines, a strategic shareholder. Moore is an advanced-stage uranium exploration property with high-grade mineralization at the Maverick Zone, with follow-up drilling set to build on expanding high-grade structures identified this year.

• Takeover Potential: Skyharbour owns one of the largest and most diversified portfolios of assets in the world’s highest-grade uranium jurisdiction, making it an attractive M&A target during a uranium bull market, especially after consolidating Russell Lake and securing multi-asset alignment with Denison Mines. Stronger partner commitments, including Orano’s expanded 2026 plans at Preston, add long-term depth that can enhance portfolio appeal.

• Denison-Funded Multi-Year Exploration at Russell Lake: Denison Mines’ entry as a strategic partner unlocks a multi-year exploration runway at Russell Lake, with up to CAD $61.5 million in total project consideration tied to drilling, technical work, and cash payments. With four new joint ventures now active and Denison funding exploration across multiple claims, investors gain clear visibility on sustained news flow and discovery potential without added dilution.

Continued Drilling at Russell Lake

Skyharbour Resources Ltd. has started its 2025 winter diamond drilling program at the Russell Lake Uranium Project, now partnered with Denison Mines. The initial phase includes 5,000 meters of drilling. Skyharbour plans to drill 16,000–18,000 meters across co-flagship projects, fully funded and anticipating steady news flow, with Russell now backed by multi-year JV spending commitments.

Skyharbour Resources faces significant exploration risks, with no guarantee of discovering economically viable mineral deposits. This uncertainty can lead to substantial financial losses if projects do not yield expected results, making it a high-risk investment for those seeking returns from successful exploration.

Changes in mining regulations or environmental laws can impact Skyharbour’s operations and project timelines. Compliance with new regulations may require additional expenditures or operational adjustments, potentially delaying projects and increasing costs, thereby affecting the company’s overall profitability and operational efficiency.

The company’s net asset value is closely tied to uranium prices. Fluctuations in these prices can significantly impact financial health and growth potential of Skyharbour. Investors should consider this volatility when investing in uranium equities, which have historically been led by the uranium spot price. Despite the voaltile nature of uranium, it has outperformed the broad commodities index pover the past 5 years.