Skyharbour Resources: Skyharbour Resources: Advancing high-grade uranium projects in Saskatchewan’s prolific Athabasca Basin

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 through high-grade discoveries, with Skyharbour now holding a larger, more strategic land position following recent low-cost staking that meaningfully expands its footprint. Ongoing progress at the Preston JV continues to drive drilling momentum across the portfolio, while a clearly defined 2026 drill program with Denison at Russell Lake significantly increases funded activity levels and near-term news flow.

Skyharbour uses a partner-funded prospect generator model, with joint-venture partners funding exploration through cash and share payments. This structure limits the need to issue new shares, while retaining upside through minority interests, royalties, and equity stakes. Shareholders benefit from steady news flow and broad discovery exposure across a diversified project base, while recent JV agreements and a treasury of over $11 million extend runway and materially reduce dilution risk through 2026.

Skyharbour partners with leading uranium developers and producers including Orano Canada, Denison Mines, Azincourt Energy, Thunderbird Resources, Nexus Uranium, North Shore Uranium, and Terra Clean Energy. New agreements expand the partner group to eleven, increasing both funded exploration and on-the-ground activity. Option agreements now exceed CAD $76 million ($55.9 million) in committed exploration, plus over $26 million in stock and $16 million in cash payments, assuming full earn-ins. Denison’s multi-year commitment at Russell Lake and Orano’s confirmed 2026 drill and survey program at Preston further reinforce the scale, durability, and momentum of Skyharbour’s partnership-led model.

• New Discoveries: Skyharbour will continue advancing new uranium discoveries at its 100% owned high-grade Moore Lake Project, building on more than 5,000 metres drilled in 2024 and an additional 7,800 metres completed in 2025. High-grade mineralization at the Maverick Zone remains the primary focus, with follow-up drilling aimed at extending and expanding known structures to drive near-term, discovery-focused news flow. Beyond Moore, Skyharbour completed over 9,500 metres of drilling in 2025, along with multiple geophysical surveys across priority targets within the original Russell Lake project area. In 2026, Skyharbour and new joint venture partner Denison plan an aggressive, multi-phase exploration program across the reorganized Russell Lake Joint Venture properties, totaling more than 15,000 metres of diamond drilling.

  
  

• Ongoing drill results from Russell & Moore: Regular assay results expected through the 2026 programs, providing near-term updates and potential discovery momentum. Several of Skyharbour’s partner companies are expected to be active in 2026, adding to the news flow and catalysts.

• Takeover Potential: Skyharbour owns one of the largest and most diversified project portfolios in the world’s highest-grade uranium jurisdiction, increasing its strategic appeal in a strengthening uranium market. Consolidation at Russell Lake and multi-asset alignment with Denison Mines improve portfolio coherence, while stronger partner commitments, including Orano’s expanded 2026 plans at Preston, add depth that can enhance long-term M&A optionality.

• Denison-Funded Multi-Year Exploration at Russell Lake: Denison Mines’ entry as a strategic partner unlocks a multi-year, partner-funded exploration runway at Russell Lake, with up to CAD $16.5 million committed to drilling, technical work, and cash payments. An expanded, multi-property drill campaign planned for 2026 is expected to accelerate discovery and advance priority targets, while limiting equity dilution.

• Expansion of JV-funded programs across the portfolio: Additional partner-led exploration campaigns could extend funded drilling into new project areas without incremental capital from Skyharbour.

• Continued Drilling at Russell Lake: Continued drilling at Russell Lake is expected to remain a core driver of long-term news flow, supported by multi-year, partner-funded exploration programs and sustained joint-venture spending beyond the current cycle.

• Resource definition and scale-up potential: Sustained drilling success at Russell Lake and Moore could support future resource growth and longer-term development optionality.

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.