Uranium Explorer Discovers High-Grade Zone in Saskatchewan

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Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE) reported new assay results from its 2024 drill campaign at the Moore Uranium Project in Saskatchewan's Athabasca Basin, highlighting a significant step-out hole that expands known mineralization. Drill hole ML24-15 intersected 6.4 meters of 1.50% U₃O₈ starting at 275.0 meters downhole, including a higher-grade core of 4.74% U₃O₈ over 1.5 meters. According to the company, this hole was drilled 42 meters northeast of the Maverick East Zone, beyond the previously defined boundary of high-grade uranium mineralization.

The Maverick East Zone is part of the larger Maverick Corridor, where historical drilling has identified uranium at relatively shallow depths. Skyharbour's recent drilling at Moore, totaling 2,759 meters across nine holes, focused on expanding both the Main Maverick and Maverick East Zones. All but one hole intersected uranium mineralization, confirming continuity and potential for further expansion. Hole ML24-11, for instance, intersected 0.76% U₃O₈ over 1.0 meter, while ML24-13 returned 0.14% U₃O₈ over 6.4 meters.

Moore, a 100% owned asset of Skyharbour, spans 35,705 hectares and is situated approximately 15 kilometers from Denison Mines' Wheeler River project and 39 kilometers from Cameco's McArthur River mine. Exploration at Moore has been ongoing since the company acquired the property from Denison Mines in 2016. Over 140,000 meters of drilling has been completed to date, revealing several mineralized zones along the 4.7 kilometer Maverick structural corridor. Previous highlight intercepts at Moore include 5.0 meters of 4.61% U₃O₈ in hole ML24-08 and 11.5 meters of 1.11% U₃O₈ in ML24-03.

In the news release, Jordan Trimble, President and CEO of Skyharbour Resources, described ML24-15 as "a significant development at the Moore Project," noting that it "demonstrates the high-grade, shallow nature of uranium mineralization and opens up the area to additional drilling and potential resource expansion." Drilling at Moore complements ongoing work at the nearby Russell Lake Project, also operated by Skyharbour.

Skyharbour is planning a fully funded 4,500 to 5,000 meter summer drill program at Moore, targeting further delineation at Maverick and exploration of regional zones. In total, the company expects to drill 16,000 to 18,000 meters across Moore and Russell Lake in 2025.

Nuclear Energy Policy Fuels Renewed Interest in Uranium

The uranium market has entered a phase of renewed attention following policy initiatives in the United States that aim to reinvigorate the domestic nuclear energy sector and its associated supply chain. According to a June 9 report from Forbes, the White House recently issued four Executive Orders to modernize the nuclear industry. These included measures to reform the Nuclear Regulatory Commission and accelerate the deployment of advanced reactor technologies. The policies were designed to "usher in a nuclear energy renaissance," with a particular emphasis on restoring the domestic uranium supply chain for national security reasons.

The response from the market was immediate. Forbes noted that uranium futures climbed approximately 7% following the announcement, and U.S. uranium producers reported renewed discussions around long-term utility contracts — an important indicator of improving demand fundamentals. The article stated, "Several U.S. producers have reported a pickup in long-term contracting discussions — a key development in a commodity market often dominated by short-term pricing."

In a separate June 9 article, USA Today highlighted that shares of uranium and nuclear power companies surged after the executive orders were signed. The new directives encouraged the fast-tracking of reactor licensing and called for strengthened uranium enrichment capabilities to meet rising U.S. power demand. Analysts at H.C. Wainwright were quoted as saying, "We are clearly witnessing the billowing of tailwinds behind the broader nuclear industry." Additionally, Wedbush analysts underscored that data centers tied to artificial intelligence are expected to be a major driver of power consumption, with nuclear energy positioned to play a "key role in powering data centers."

Despite the optimism, some analysts have urged caution. A June 9 update from Finimize summarized insights from RBC Capital Markets, which warned that uranium equities may have outpaced near-term fundamentals. While RBC acknowledged long-term potential, the firm highlighted limited immediate benefits from nuclear developments and indicated potential volatility ahead. Even so, the firm pointed to strategic moves and new reactor designs as factors that could bolster the sector in the medium to long term.

What's Next: Defining Scale in the Athabasca Basin

According to Skyharbour's June 2025 investor presentation, the company is undertaking its most extensive annual drill campaign to date, with 16,000 to 18,000 meters of fully funded drilling planned across Moore and Russell Lake. At Moore, the focus remains on expanding the Maverick East and Main Maverick Zones, which are open along strike and at depth, particularly into untested basement rocks.

Skyharbour views Moore as a high-priority project due to its strategic location between the Key Lake mill and McArthur River mine, both operated by Cameco. Historical exploration has outlined high-grade uranium hosted at or near the unconformity, with recent drill results reinforcing the potential for basement-hosted feeder zones beneath the corridor.

The 2025 program at Moore will use new geophysical data and geological modelling to refine targets. Meanwhile, Skyharbour continues regional exploration at Moore and parallel work at Russell Lake, where last year it reported its best-ever intercept at the newly identfied Fork Zone. 

With over CA$6.5 million in cash and shares and additional partner funding expected, the company stated it is in a strong position to pursue growth without equity dilution. As a project generator, Skyharbour also benefits from numerous partner-funded exploration programs across its broader portfolio, which spans more than 614,000 hectares in Canada's premier uranium district.

Analysts Weigh In On Skyharbour

In a May 7 research update on the uranium sector, David Talbot, Head of Equity Research at Red Cloud, stated that the firm believed "the fundamentals are ripe for long-term strength in the uranium market." He added, "In our view, investors can't go wrong anywhere in the sector right now as long as they are still targeting good names," identifying Skyharbour as one of his preferred stocks, with a Buy recommendation and a target price of CA$0.55 per share.

Talbot observed that while most producers and developers had begun to perform well, many explorers had yet to see similar gains. He noted that uranium prices were nearing US$70 per pound, up over 7% in the past month, and wrote, "We suggest investors should look to get in, looking downstream towards explorers for added pop, especially as we see positive catalysts in the summer from these companies."

He also commented on the broader regulatory environment, stating that although "supply seems strained" and "permitting delays continue to cause supply uncertainties," recent efforts by U.S. President Donald Trump to support critical minerals, mining, and nuclear energy "may be working." Talbot added, "Permitting and licensing may speed up."

Jeff Clark of The Gold Advisor is bullish on Skyharbour in a May 15 research note. He had an overweight position in it, writing "Simply put, Skyharbour Resources is a well-positioned uranium discovery and delineation story . . . It's [a] Buy right now, what you'd want to do before assay results start pouring in."

Ownership and Share Structure

Management, insiders, and close business associates own approximately 5% of Skyharbour.

According to Refinitiv, President and CEO Jordan Trimble owns 1.5%, and Director David Cates owns 0.65%. Institutional, corporate, and strategic investors own approximately 55% of the company.

Denison Mines owns 6.3%, Rio Tinto owns 2%, Extract Advisors LLC owns 9.6%, Alps Advisors Inc. owns 9.1%, Mirae Asset Global Investments (U.S.A) L.L.C. owns 5.68%, and Incrementum AG owns 1.05%, Refinitiv reported.

Skyharbour has 204.46M outstanding shares and 199.65M free float traded shares. Its market cap is CA$67.5M. Its 52-week range is CA$0.28–0.51 per share.