Uranium Explorer's JV Partner Set to Commence Drilling at Athabasca Basin Uranium Project

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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 that joint venture partner Orano Canada Inc. has outlined an extensive exploration and drilling program for 2026 at the Preston Lake Uranium Project in Saskatchewan's Athabasca Basin, according to a June 23 release.

The upcoming program is set to commence with a helicopter-borne Airborne Gravity Gradiometry (AGG) survey focused on a high-priority corridor in the northern part of the 49,635-hectare property, the company said. This will be followed by a summer diamond drilling campaign aiming to drill up to 3,500 meters.

"The program is designed to build on the encouraging results from the past several years and advance a number of high-priority target areas across the property, particularly within the FSAN and Canoe Lake target areas, where drilling and geophysical surveys have identified prospective structural corridors and extensive alteration zones associated with graphitic metasedimentary rocks," Skyharbour noted in the release. "Orano Canada is the majority owner with 79.2% and operator at the Project, with Skyharbour holding the remaining 20.8% interest."

The 2026 exploration campaign at Preston Lake will be anchored by a comprehensive Airborne Gravity Gradiometry survey that will cover the northern portion of the property, including the FSAN and Canoe Lake grids, identified as two of the highest-priority areas. This AGG survey is expected to take approximately two weeks to complete and is designed to detect discrete gravity-low features, faults, and structures across most of the claim area, the release said. The objective is to define and refine high-quality drill targets for the subsequent summer program.

Details of Plans

To ensure thorough coverage, the budget initially set aside for ground gravity work has been redirected to enhance the airborne survey. Detailed ground gravity surveys with tight station spacing of 25 by 25 meters or 50 by 50 meters are now scheduled for early 2027.

This follow-up groundwork will be crucial in screening the AGG anomalies, distinguishing false positives such as localized overburden variations, and improving spatial resolution over prospective features in preparation for the 2027 summer drilling season, according to Skyharbour.

In July 2026, a helicopter-supported diamond drilling program is set to begin, targeting up to 3,500 meters across approximately 10 drill holes, each averaging around 300 meters in depth, the company said. Depending on the outcomes, certain holes may be extended deeper. This approach mirrors the successful strategy employed in 2025, where drilling was split between directly testing high-priority targets and systematically examining broader graphitic conductive corridors and associated structural features that are prospective for uranium mineralization.

Orano Canada, the joint venture partner, expects to allocate six to eight of these drill holes to the northern FSAN area, aiming to test four to six targets. These targets are identified by segmented conductive signals that coincide with localized magnetic and gravity lows along established trends of interest, including the FSA conductive corridor. This corridor has previously yielded the most anomalous uranium values found in drilling on the property to date.

The drilling plan also includes an additional two to four holes targeting the Area B conductive corridor, the last major untested conductive trend on the property. This effort will be supported by five lines of complementary DC resistivity coverage gathered in 2020. The outcomes from these drills will inform whether further exploration should continue along this trend.

This planned drilling is anticipated to significantly advance the geological understanding of the Preston Lake Project and generate new high-quality drill targets for future exploration, building on extensive groundwork laid during 2024 and 2025.

RL Project Drilling Campaign

In May, Skyharbour announced the start of drilling operations at the RL project in the eastern Athabasca Basin of northern Saskatchewan.

The project spans 53,192 hectares and includes 16 claims, forming a part of the expansive Russell Lake Joint Ventures. It is strategically located east of Denison Mines Corp.'s (DML:TSX; DNN:NYSE.MKT) flagship Wheeler River project. The area is well-supported by significant regional infrastructure, including an exploration camp, provincial highways, and access to the provincial power grid.

Skyharbour, which holds an 80% interest and acts as the operator, has initiated a comprehensive exploration program with a large-scale ground electromagnetic (EM) survey and plans for diamond drilling of 4,000 to 5,000 meters across 10 to 14 holes targeting several high-priority areas within the year. Denison Mines Corp., the joint venture partner, holds the remaining 20% stake and has committed to funding its share of exploration expenditures up to CA$10 million on the property.

The RL property boasts several promising target areas, including Christie Lake, Blue Steel, Taylor Bay, Maverick Extension, South Russell, and Kowalchuk Lake. Recent and ongoing ground EM surveys are being conducted to refine and prioritize these targets along key structural corridors and underexplored conductors. The upcoming targeted diamond drilling phase is designed to investigate these high-potential areas, utilizing a combination of historical data, recent drilling results, and new geophysical interpretations to steer the exploration activities.

"This drilling at RL is part of a larger planned +15,000-meter, multi-phased drill campaign at Russell this year, bringing the total planned drilling to +30,000 meters across six projects in our portfolio," President and Chief Executive Officer Jordan Trimble said at the time. "These fully funded, ongoing drilling programs between us and our partner companies provide Skyharbour with strong rerate potential and unique multi-project optionality."

Research Firm Initiates Coverage

Haywood Capital Markets Analyst Marcus Giannini initiated coverage of the company on May 28 with a Buy rating and a CA$1 per share price target.

"Skyharbour is a uranium exploration company we have followed for some time and has frequently been profiled in Haywood’s Exploration Quarterly Report," the analyst wrote. "Skyharbour is focused on the discovery of unconformity-style uranium deposits in the prolific Athabasca Basin, anchored by its co-flagship Moore Lake and Russell Lake projects."

Skyharbour enhances its exploration capabilities through its prospect generator business, which leverages partner-funded exploration primarily on projects near corridors known to host significant uranium deposits, he said. A notable development for Skyharbour is its transformative partnership with Denison for the Russell Lake project. This partnership is seen as a pivotal moment for the project, providing a more robust exploration approach backed by an experienced and well-capitalized partner.

"With the partnership at Russell established, a proven project in Moore, and exposure to significant exploration drilling through joint venture projects, we think the timing is right for Skyharbour to take the next step in its exploration journey," Giannini said. "We like Skyharbour for the exposure it provides in terms of blue-sky exploration upside in a proven uranium district, while maintaining a lower risk profile relative to pure play exploration peers through its prospect generator business with minimized dilution through a partnership model."

Analysts are also optimistic about Skyharbour's prospects. Sid Rajeev of Fundamental Research Corp. on February 5 highlighted that the company is undertaking its most ambitious annual drill campaign to date, with a key objective for the Moore project being to produce a maiden resource estimate, which he believes will act as a significant catalyst for the company. Rajeev maintained a Buy rating on Skyharbour, raising his fair value estimate from CA$1.12 to CA$1.16 per share.

Meanwhile, David Talbot, managing director and head of equity research at Red Cloud, kept his target price for Skyharbour steady at CA$0.65 per share in January, suggesting a potential 48% return and underscoring a positive outlook for the company's stock.

The Catalyst: AI Pushing Energy Demand

A report by Maria Basso, James Mazurek, and Eric Enselme published on the World Economic Forum site on December 11, 2025, highlights the significant impact of AI workloads on electricity demand, positioning it as a critical factor for innovation and competitiveness.

The authors note, "Data center electricity demand is expected to double by 2030, and recent research from Cornell warns that, without smarter siting and efficiency gains, AI data centers could strain U.S. power systems by 2030 (adding emissions equivalent to 5-10 million cars and consuming water equal to 6-10 million households annually)."

This increasing demand for electricity due to the expansion of data centers is causing economic effects across the U.S., with several states experiencing sharp increases in electricity prices. These price hikes are partly attributed to the growth of data centers, which also contribute to wholesale market pressures that ultimately impact household electricity costs. The situation is similar on an international scale. For example, in Ireland, data centers currently consume over 22% of the national electricity usage, a figure that is projected to rise to 30% by 2030. This increase is causing additional strain on the grid and leading to higher electricity costs for households.

Nuclear power, once beleaguered by public opposition, project delays, and competition from cheaper natural gas, is now experiencing a resurgence, according to a report by Saptakee S for CarbonCredits.com on June 16.

Globally, nations are in pursuit of reliable, clean energy sources that can provide constant power, unlike intermittent sources like solar and wind. Nuclear energy, capable of generating electricity under any weather conditions, is increasingly seen as a crucial element in achieving emissions reductions while ensuring grid stability.

This shift has brought nuclear power back to the forefront of energy policy debates, with over 30 countries now committed to significantly boosting their nuclear capacity by 2050. Additionally, major technology firms are considering nuclear power to satisfy the substantial energy demands of AI-driven data centers, further fueling interest in this energy source. This renewed enthusiasm is proving beneficial for uranium producers, as investor interest in uranium stocks grows, the report said.

Regarding uranium prices, they have shown considerable volatility in recent years, yet the overarching trend is upward, according to the CarbonCredits piece. Trading Economics notes that uranium has recently been trading at around US$85 per pound, a figure well above its pre-2021 levels. Over the past year, prices have increased by more than 18%, despite some fluctuations. Earlier in 2026, spot uranium prices even surpassed $100 per pound before stabilizing. Long-term contract prices remain robust as utilities lock in future fuel supplies, driven by a demand that is escalating faster than supply.

The World Nuclear Association's data underscores this trend, estimating the global reactor requirements at approximately 68,920 tonnes of uranium in 2025. Under its reference scenario, demand is projected to soar beyond 150,000 tonnes by 2040, indicating a potential doubling in demand over the next 15 years.

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 1.52% stake, and Director David Cates holds approximately 0.83%.

Skyharbour has 221.15 million shares outstanding and a market capitalization of CA$89.57 million. Its 52-week trading range spans CA$0.28 to CA$0.66 per share.