In a February 7, 2025 research note, Red Cloud Securities analyst David Talbot provided coverage on Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE), highlighting the company's plans for its largest-ever annual drill campaign of 16,000-18,000 meters across 35-45 holes at its Russell Lake and Moore uranium projects.
The company's 2025 drill program includes 10,000-11,000 meters (18-20 holes) at Russell Lake, with 5,000 meters planned for phase-1 winter drilling focusing on the Fork and Sphinx targets, M-Zone Extension, and Fox Lake Trail targets. The Moore project will see 5,000-7,000 meters (18-24 holes), including 3,000-3,500 meters in winter drilling.
Recent improvements include the addition of new technical expertise and adoption of advanced drilling techniques and geophysical surveys like Moving Loop EM, which helped pinpoint targets at the Fork and Greyling areas. The company has also set aside CA$0.5-1.0 million as a buffer for additional work if successful at either project.
A Maverick Zone resource estimate is anticipated in Q2-Q3 2025, with expectations of 7-12 million pounds at grades under 1%. The company's project generation business expects to see 15,000-16,000 meters of drilling in 2025 through joint venture or option agreements, which could amount to CA$36 million in exploration expenditures, CA$14 million in cash payments, and CA$20 million in partners' shares.
Notable developments include Orano's planned 6,000-7,000 meter (26 holes) drill program at the Preston JV in summer 2025, where Skyharbour plans to maintain over 20% ownership by contributing to exploration programs.
Talbot gave the company a Buy rating and a target price of CA$0.55.
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Disclosures for Red Cloud Securities, Skyharbour Resources Ltd., February 7, 2025
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Company Name Ticker Symbol Disclosures Skyharbour Resources Ltd. TSXV:SYH 1,2,3,8 CanAlaska Resources Ltd. TSXV:cvv 1,2,3,8 1. The analyst has visited the head/principal office of the issuer or has viewed its material operations. 2. The issuer paid for or reimbursed the analyst for a portion, or all of the travel expense associated with a visit. 3. In the last 12 months preceding the date of issuance of the research report or recommendation, Red Cloud Securities Inc. has performed investment banking services for the issuer. 4. In the last 12 months, a partner, director or officer of Red Cloud Securities Inc., or an analyst involved in the preparation of the research report has provided services other than in the normal course investment advisory or trade execution services to the issuer for remuneration. 5. An analyst who prepared or participated in the preparation of this research report has an ownership position (long or short) in, or discretion or control over an account holding, the issuer’s securities, directly or indirectly. 6. Red Cloud Securities Inc. and its affiliates collectively beneficially own 1% or more of a class of the issuer’s equity securities. 7. A partner, director, officer, employee or agent of Red Cloud Securities Inc., serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer. 8. Red Cloud Securities Inc. is a market maker in the equity of the issuer. 9. There are material conflicts of interest with Red Cloud Securities Inc. or the analyst who prepared or participated in the preparation of the research report, and the issuer. Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is determined by revenues generated from various departments including Investment Banking, based on a system that includes the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and client feedback. Analysts are not directly compensated for specific Investment Banking transactions. Recommendation Terminology Red Cloud Securities Inc. recommendation terminology is as follows: • BUY – expected to outperform its peer group • HOLD – expected to perform with its peer group • SELL – expected to underperform its peer group • Tender – clients are advised to tender their shares to a takeover bid • Not Rated or NA – currently restricted from publishing, or we do not yet have a rating • Under Review – our rating and target are under review pending, prior estimates and rating should be disregarded. Companies with BUY, HOLD or SELL recommendations may not have target prices associated with a recommendation. Recommendations without a target price are more speculative in nature and may be followed by “(S)” or “(Speculative)” to reflect the higher degree of risk associated with the company. Additionally, our target prices are set based on a 12-month investment horizon. Dissemination Red Cloud Securities Inc. distributes its research products simultaneously, via email, to its authorized client base. All research is then available on www.redcloudsecurities.com via login and password. Analyst Certification Any Red Cloud Securities Inc. research analyst named on this report hereby certifies that the recommendations and/or opinions expressed herein accurately reflect such research analyst’s personal views about the companies and securities that are the subject of this report. In addition, no part of any research analyst’s compensation is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.
