Uranium Explorer Launches Massive Exploration Program in Saskatchewan

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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 the start of this year's first phase of drilling at its wholly-owned Moore Uranium Project, spanning 35,705 hectares and located roughly 15 kilometers east of Denison Mines’ Wheeler River project in eastern Athabasca Basin, Saskatchewan, according to an April 1 release.

Skyharbour said it has also secured a renewed three-year drill permit for the project, valid through March 2029.

"Skyharbour has commenced its multi-phased 2026 drill campaign at Moore, which is planned to total 8,000 to 10,000 meters of diamond drilling at the Maverick Trend and other regional targets," the release noted. "The Phase I program that is underway is expected to consist of approximately 4,000 to 5,000 meters in 10 to 12 drill holes."

Earlier this year, Skyharbour completed a 58.3 line-kilometer ground Step Loop Transient Electromagnetic (SLTEM) survey, which extended the geophysical coverage by 2 kilometers southwest along the 12-kilometer-long Maverick Trend. This survey not only refined existing targets but also identified additional electromagnetic (EM) conductors for drilling along the Nomad structural trend, which is known for intense hydrothermal alteration and structural disruption as seen in the 2025 drilling at the new Nomad target, the company said.

In addition to these field activities, Skyharbour said it has engaged SMCG Services to perform advanced data integration and AI-assisted prospectivity modeling to enhance drill targeting across the Moore Project. The Phase I drilling is primarily targeting the Nomad Zone, focusing on priority gravity anomalies and newly identified EM conductors.

Plans are also in place for follow-up drilling at the Esker target area to the northeast to assess potential strike extensions of mineralization previously discovered in historical drill hole ML-165, which showed 1.21% U3O8 over 0.5 meters at the unconformity, Skyharbour noted. The phase will also include expansion drilling at the Maverick Zones to explore the basement-hosted potential that was suggested by previously intersected high-grade mineralization, and at the Nutana target, where past drilling revealed significant dravite alteration and graphitic basement conductors that have yet to be fully tested due to the broad spacing of the initial drills.

Exploration to Target Nomad, Esker, Nutana Zones

This phase of exploration at Moore targets several zones, including the Nomad, Esker, and Nutana Zones, each presenting unique geological features and potential for significant uranium discoveries, the company said.

The Nomad Zone, identified in 2025 after reinterpreting a 2005 ground gravity survey, revealed a structural corridor along the Maverick Trend, approximately 1.7 kilometers west-southwest of the Main Maverick Zone. Drilling in 2025 uncovered strongly altered sandstone and basement rocks, indicating a broad, structurally controlled hydrothermal system. This zone remains largely untested along its southwest strike, suggesting substantial untapped potential.

The Esker Zone, about 3 kilometers northeast of the Maverick along the same structural corridor, has historical drilling that returned high-grade uranium results, including 1.21% U3O8 over 0.5 meters, Skyharbour said. Despite these promising findings, the northeast extension under lake cover is largely unexplored, which the 2026 drilling aims to address by testing prioritized electromagnetic (EM) and resistivity anomalies.

Meanwhile, the Nutana Zone is characterized by multiple graphitic conductors and significant alteration, indicative of a potent hydrothermal system. Historical wide-spaced drilling here suggests a strong potential for mineralization along strike, which remains to be thoroughly tested.

To enhance exploration efficiency, Skyharbour said it has engaged SMCG Services, led by Drew Heasman, to perform advanced data integration and AI-assisted prospectivity mapping. This effort will integrate various geological and geophysical data to identify and prioritize exploration targets across the broader Maverick Trend.

Since acquiring the Moore Uranium Project from Denison Mines back in 2016, Skyharbour said it has confirmed high-grade unconformity-related uranium mineralization, with significant drill results reported over the years, including a recent 4.84% U3O8 over 4.4 meters in 2025.

Analyst: Co.'s Most Extensive Drill Campaign to Date

While much attention has been focused on gold and silver, the notable increase in uranium prices, which have risen 28% year-over-year to US$88 per pound, has not captured as much market attention, according to a research note by Sid Rajeev of Fundamental Research Corp. dated February 5.

This price level for uranium has only been reached a few times in the past: briefly in 2007 and more recently in late 2023. Rajeev points out that the dynamics in the uranium market are currently very favorable. The Sprott Physical Uranium Trust, the world's largest physical uranium fund, has increased its holdings by 4% to 78 million pounds within a month, indicating robust demand.

This demand surge is supported by the Trump administration's fast-tracked approvals in the nuclear sector and substantial investments by major tech companies in nuclear power for AI and data center growth. These factors are likely to continue propelling uranium demand, particularly amid ongoing supply chain vulnerabilities, with Russia controlling 35% of the global enrichment capacity.

Skyharbour is gearing up for its most extensive annual drill campaign to date, with plans for exploration at Moore and the new Russell Lake joint venture. At Moore, the focus is on delivering a maiden resource estimate this year, which Rajeev believes will significantly clarify the project's potential and serve as a major catalyst for the company.

Rajeev also highlighted that upcoming catalysts for Skyharbour include improved uranium market sentiment, partner-funded exploration, and significant drilling programs at both Moore and Russell Lake. Rajeev maintained his Buy rating, adjusting his fair value estimate from CA$1.12 to CA$1.16 per share, citing the company's expanded portfolio and key drilling programs as well-positioned to benefit from potential sector upswings.

David Talbot, managing director and head of equity research, in a January 15 research note, detailed the encouraging results from Skyharbour's 2025 drilling at Moore, which successfully expanded the Main Maverick and Maverick East zones, including the discovery and expansion of higher-grade areas. Talbot also noted that Skyharbour's pipeline of potential drill targets continues to expand. Regarding Russell Lake, he mentioned that this project remains one of Skyharbour's flagship properties, with expectations for increased activity throughout the year, including the announcement of its initial mineral resource estimate.

Red Cloud Securities has maintained its target price for Skyharbour at CA$0.65 per share, with the stock currently trading around CA$0.44, suggesting a potential 48% return to the target price, and continues to classify Skyharbour as a Speculative Buy.

The Catalyst: Digital Economy Fueling Resurgence of Nuclear Power

Uranium, after two decades of relative neglect, is once again capturing significant attention, but this time the stakes are much higher, according to a report by Investment Analyst Dorian Anglada for Saxo on March 30.

The demand for uranium is surging, largely fueled by the needs of the digital economy, while the supply side is lagging, hindered by years of insufficient investment, Anglada noted. Now receiving substantial political backing, uranium is quickly becoming one of the most fundamentally important commodities in the market today.

Uranium is a dense, naturally radioactive metal found in minimal concentrations within the Earth's crust. It is the exclusive fuel used in civilian nuclear reactors, prized for its ability to undergo nuclear fission.

Nuclear power, known for its high energy density, is a reliable and low-carbon energy source. Just 7 grams of enriched uranium can produce as much energy as one ton of coal, the article noted. Nuclear plants operate with a capacity factor exceeding 92%, ensuring a stable and continuous power output, which is crucial for modern electricity grids. In terms of carbon emissions, nuclear energy is one of the cleanest, comparable to offshore wind and significantly cleaner than natural gas, as noted by the IPCC.

The process of transforming uranium from a raw element in the ground into usable fuel is intricate and lengthy, involving mining, conversion, enrichment, and fuel fabrication. Each step in this value chain requires substantial infrastructure and specialized expertise, contributing to the industry's inability to swiftly respond to fluctuating price signals.

Major catalysts are ushering in a commodity supercycle — a prolonged period where structural demand consistently outstrips supply capacity, necessitating significant market adjustments, the analyst said.

According to a report by Ad Hoc News on January 4, 2026, the investment appeal for uranium transcends the immediate demands of technology sectors, with market projections indicating a significant long-term supply challenge.

Analysts predict a cumulative global shortfall of 200 million pounds of uranium by 2040, a scenario set against expectations that global nuclear power capacity may quadruple by 2050.

Ownership and Share Structure¹

Institutional and strategic holders account for roughly 55% of the share structure, retail approximately 40%, and management and insiders approximately 5%. President and CEO Jordan Trimble holds a 1.58% stake, and Director David Cates holds approximately 0.87%.

Skyharbour has 212.1 million shares outstanding and a market capitalization of CA$102.87 million. Its 52-week trading range spans CA$0.28 to CA$0.66 per share.