CA$61.5M Denison Partnership Positions Explorer for High-Grade Uranium Discovery Potential

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE) announced plans for a significant exploration initiative in 2026, focusing on several newly established Russell Lake joint ventures with Denison Mines Corp., according to a January 22 release.

The campaign will involve over 15,000 meters of diamond drilling across the Wheeler North, RL, and Getty East joint ventures. These ventures were formed following a strategic transaction with Denison in December 2025, which reorganized the former Russell Lake uranium project into four distinct property joint ventures.

The Russell Lake Joint Ventures are strategically positioned in the central part of the eastern Athabasca Basin in northern Saskatchewan, east of Denison’s main Wheeler River project. They benefit from access to key regional infrastructure, including an exploration camp, provincial highways, and the provincial power grid.

"2026 is set to be a transformative year for Skyharbour and the upcoming commencement of drilling at the recently formed Russell Lake joint ventures represents a key near-term catalyst," said Skyharbour President and Chief Executive Officer Jordan Trimble. "The planned +15,000-metre, multi-phased drill campaign at Russell is a substantial increase to previous annual drilling programs as we accelerate exploration efforts together with our new funding-partner, Denison, using systematic and proven exploration methodologies."

He continued, "We are confident that this collaboration with Denison will expedite the discovery process and leverage Denison's success in exploring, permitting, and developing the neighboring Wheeler River Project, where the high-grade Phoenix deposit is positioned to become the next new large-scale uranium mine built in the region since the Cigar Lake mine."

Highlights of 2026 Exploration Plans

Immediate exploration will commence at the Denison-operated Wheeler North property, with 2,500 meters planned for winter drilling at the Fox Lake Trail target, Skyharbour said. Previous drilling in this area revealed extensive faulting, intense illite- and dravite-dominated alteration, and elevated uranium and boron geochemistry, indicating strong uranium-mineralizing hydrothermal systems.

An additional 5,000 meters of drilling is planned for the Wheeler North property's Fork and Sphinx target areas later in the year, building on the last two years of drilling that confirmed promising structures and/or uranium mineralization.

"With uranium prices on the upward trend, there was real anticipation around what Skyharbour might uncover at Moore," wrote Jeff Clark and Daniel Flynn for The Gold Advisor.

At the Skyharbour-operated RL property, target generation and diamond drilling follow-up are expected, including ground EM surveys and 4,000-5,000 meters of diamond drilling across several promising targets, according to the release.

Ground geophysical surveys and approximately 3,600 meters of diamond drilling will target the Little Mann Lake prospect area and priority targets along the extension of the mineralized Middle Lake Trend on the Getty East property.

In total, over 15,000 meters of diamond drilling are planned for 2026 across the newly reorganized properties at the Russell Lake Joint Ventures, the company said.

"The Russell Lake Joint Ventures encompass one of the largest and most prospective land packages in the Athabasca Basin region, with a combination of proximity to existing and developing mines, as well as low-cost drilling and relatively shallow target depths," Trimble said. "Combined with our recently announced plans for drilling in 2026 at our adjacent Moore Project, as well as at our Preston Project JV and various other partner-funded projects, the company will have consistent news flow throughout 2026. With over 30,000 meters of diamond drilling anticipated across Skyharbour's project portfolio in 2026, we believe the company offers unique and significant discovery optionality."

Overview of Russell Lake Joint Ventures

The Russell Lake Joint Ventures cover a substantial, advanced-stage uranium exploration area totaling 73,314 hectares in the eastern Athabasca Basin of northern Saskatchewan, Skyharbour said. These properties are strategically located between Cameco’s Key Lake and McArthur River operations and just east of Denison’s Wheeler River Project.

Following a significant strategic transaction with Denison in 2025, the former Russell Lake project was divided into four distinct joint venture uranium properties: RL, Wheeler North, Getty East, and Wheeler River Inliers. Each property operates under its own joint venture agreement, with management responsibilities shared between the partners. Skyharbour manages the RL Claims and Getty East, while Denison oversees Wheeler North and the Wheeler River Inliers.

The company said the strategic transaction involved a total project consideration of up to CA$61.5 million, with Skyharbour maintaining an 80% stake in RL, while Denison has the opportunity to earn up to a 70% interest in each of the other properties. The Russell Lake Joint Ventures benefit from excellent regional infrastructure, including the northern extension of Highway 914, which crosses the western part of the land package, and a high-voltage provincial powerline that runs parallel to the road.

Across these joint ventures, there are numerous high-priority exploration targets, such as the Grayling, Fork, Little Mann Lake, Christie Lake, Fox Lake Trail, Sphinx, Blue Steel, Taylor Bay, South Russell, and Kowalchuk Zones, Skyharbour noted in the release. Additionally, more than 35 kilometers of largely unexplored prospective electromagnetic conductors are present across the joint venture properties, underscoring the significant potential for discovery.

List of Potential Drill Targets Expanding

Skyharbour recently announced the final outcomes of its 2025 drilling campaign at the flagship Moore uranium project in the Athabasca Basin with positive results, according to a research note by David Talbot, managing director and head of equity research, on January 15.

"Drilling in 2025 quite successfully expanded both the Main Maverick and the Maverick East zones, including the identification and expansion of higher-grade areas," Talbot wrote. The Canadian uranium explorer's "pipeline of potential drill targets continues to expand."

Red Cloud maintained its CA$0.65 per share target price on Skyharbour Resources, which was trading at about CA$0.44 per share at the time of Talbot's report. This implies a 48% return to the target price. Skyharbour remains a Speculative Buy.

Skyharbour reported the final results of its 2025 drill program at Moore, which included 21 holes over 7,884 meters. The results showed strong grades and expanded mineralization. The standout intercept, from hole ML25-15, was within the high-grade Main Maverick zone: 4.84% U3O8 over 4.4 meters, including 11.77% U3O8 over 1.6 meters. "Grades in this intercept are well above anticipated pending resource grades and should likely have a positive impact on the upcoming estimate," Talbot wrote.

Drilling identified a new zone about 1.7 kilometers southwest of the Maverick Main zone, called Nomad, Talbot reported. This zone is part of a 5- to 6-kilometer-long untested trend and appears to converge with the subparallel Maverick trend. The drill holes that identified Nomad encountered extensive sandstone.

There is intense hydrothermal alteration associated with basement faulting in the zone, suggesting potential mineralizing fluid flow. Several hydrothermal indicators, including bleaching, silicification, hematization, chloritization, and others, were present. "These alteration types, structure, and conductors support the presence of a large-scale structural corridor," Talbot wrote. Nomad is a "high-priority exploration area."

Skyharbour is preparing to start a winter drill program at Moore next month, in February, consisting of 5,000–6,000 meters, noted Talbot. The total 2026 drill plans call for 15–25 holes over 8,000–10,000 meters. A Time-Domain Electromagnetic (TDEM) survey is ongoing to help identify drill targets. Another catalyst is follow-up drilling at Russell Lake in the first half of 2026. "This project will remain one of the flagship properties for Skyharbour, and we anticipate work here to ramp up as the year progresses, including the announcement of its initial mineral resource estimate," Talbot wrote.

According to a research note by Haywood Securities Analyst Marcus Giannini on January 14, Skyharbour's drill results from Moore "underscore the relatively shallow, high-grade nature of mineralization at Moore, with multiple high-grade lenses at Maverick Main and Maverick East open along strike and at depth, highlighting further expansion potential," wrote Giannini.

Haywood has not assigned a rating or target price for Skyharbour, noted Giannini. At the time of his report, the company's stock was trading at about CA$0.44 per share. The British Columbia-based junior mining company has 210.8 million shares outstanding, with a market cap of CA$93 million. Its 52-week range is CA$0.28–0.50 per share.

"With uranium prices on the upward trend, there was real anticipation around what Skyharbour might uncover at Moore," wrote Jeff Clark and Daniel Flynn for The Gold Advisor on January 15. "And by-and-large, the company delivered."

"Skyharbour hasn't had its 'Eureka!' moment yet — but 2026 could be its year," they wrote in the newsletter. "There's the continued drilling at Moore, but the company also has multiple shots on goal elsewhere. Denison is advancing exploration at the nearby Russell Lake project following last year’s carve-out deal, while partner companies continue to fund work across several joint ventures within Skyharbour’s broader portfolio of 37 Athabasca projects. Put it all together and Skyharbour is increasingly well-positioned to make a meaningful discovery at a time when the uranium market is heating up."

Clark maintains a full position on the stock.

The Catalyst: AI Boom Driving Electricity Demand

Artificial intelligence is emerging as a significant new driver of global electricity demand, strengthening the investment case for nuclear power and tightening the outlook for uranium markets as we approach 2026, according to a report by Mining.com on December 26, 2025. "A global investor survey commissioned by Uranium.io indicates that the rapid growth of AI systems and hyperscale data centers is already altering long-term expectations for nuclear power generation and uranium procurement," the article noted. "Based on feedback from over 600 investors, the study reveals that electricity demand associated with AI is increasingly seen as structural rather than cyclical, at a time when uranium supply is already limited."

On January 14, Gavin Maguire of Reuters explored the question, "Is the U.S. uranium market about to go nuclear in 2026?" The growing production of nuclear energy and the development of new reactors are tightening the uranium market — the main fuel for nuclear power plants — and setting the stage for a potential rise in uranium prices this year, Maguire wrote.

According to data from Canadian uranium producer Cameco, U.S. uranium spot prices ended 2025 at about US$82 per pound, marking an increase of roughly US$10 or 12% from the end of 2024. This rise contrasts with the more than 100% surge in the share prices of leading uranium miners and fuel suppliers in 2025, driven by U.S. government initiatives to boost nuclear power production.

While equities related to the nuclear supply chain are likely to remain appealing to investors, industry focus is shifting to the uranium market, which is experiencing a growing structural deficit as consumption surpasses production, Maguire noted. The increasing demand for power, fueled by an AI-driven boom in data centers and the construction of small modular reactors, is exacerbating the uranium shortfall, especially in the U.S., where mine supply has reached historic lows over the past decade, he wrote.

Ownership and Share Structure¹

Management, insiders, and closely aligned individuals hold about 5% of Skyharbour, with President and CEO Jordan Trimble owning 1.59% and Director David Cates holding 0.87%. Strategic, institutional, and corporate holders account for approximately 55% of the company's shares.

Skyharbour has 210.83 million shares outstanding and a market capitalization of CA$113.85 million. Its 52-week trading range spans CA$0.28 to CA$0.54 per share.