Uranium Explorer Launches High-Impact Drill Program in Saskatchewan

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Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE) announced that its joint venture partner, Orano Canada Inc., has commenced a 6,000 to 7,000 meter helicopter-supported summer drilling program at the Preston Uranium Project in Saskatchewan's western Athabasca Basin. The 49,635-hectare project is majority-owned and operated by Orano, with Skyharbour holding a 25.6% interest.

The 2025 exploration program will focus on multiple target zones across the project, including the Johnson Lake, Canoe Lake, FSAN, and contingency targets in the West and Far West grids. Drilling depths will range from 200 to 350 meters, with up to 28 holes planned. At Johnson Lake, 4 to 5 holes totaling 1,750 meters will test uncharted conductive trends refined by past surveys. The Canoe Lake zone, characterized by gravity lows near magnetic and structural disruptions, is expected to see 6 to 12 holes. The FSAN zone will undergo both reconnaissance and direct targeting, with up to 14 holes across more than 3,800 meters.

As outlined in the announcement, this new campaign follows a 2024 geophysical program by Orano, which included a 35.6-kilometer Moving-Loop Transient Electromagnetic (ML-TEM) survey, a 2,295-station ground gravity survey, and a 1,100-sample Spatiotemporal Geochemical Hydrocarbon (SGH) survey. These surveys helped define the high-priority targets now being drill-tested.

Uranium Market Responds to Strategic and Structural Shifts

Recent developments across global markets have pointed to a heightened level of urgency, activity, and pricing momentum within the uranium sector. A June 17 report from the Australian Financial Review noted that investor demand intensified following Sprott's announcement of a US$200 million raise for its physical uranium trust. Prices responded quickly, with the nuclear fuel jumping 9% on June 17 to US$75.45 per pound according to S&P Global Platts, with reports citing intraday prices as high as US$79.

Bell Potter resources analyst Regan Burrows commented, "As Sprott begins deploying the raised capital, the impact to uranium spot prices is likely to be material." Guy Keller of Tribeca also emphasized the sensitivity of the market, stating, "All the activity we've seen this week is happening and Sprott hasn't even started buying uranium yet . . .  it's a very skittish, thin and illiquid market."

This sentiment was reinforced by TradeTech's Weekly Uranium Spot Price Indicator on June 20, which reported a 12% weekly increase to US$77.50 per pound U3O8—the largest weekly rise since January 2024. According to TradeTech President Treva Klingbiel, "The Trust, which has nearly US$183 million in hand after purchases last week, is expected to be a presence in the market as it seeks to acquire additional uranium to add to the fund." TradeTech reported that the spot price had risen US$12.25 over the previous four months, driven by transaction volumes and long-term purchase evaluations by utilities.

Policy initiatives have also supported this momentum. As MarketWatch reported on June 24, U.S. President Donald Trump recently invoked the Defense Production Act to classify uranium as a critical mineral, mandating federal agencies to identify and expedite promising domestic sources. According to the report, "The U.S. is boosting its nuclear-power grid, which will help support uranium prices," particularly as the country moves away from Russian-supplied nuclear fuel. The article noted that New York plans to build the first major nuclear plant in over 15 years, citing energy reliability concerns and geopolitical shifts.

With China planning to raise its nuclear generating capacity to 200 gigawatts by 2040 and the U.S. aiming to quadruple its nuclear power to 400 gigawatts by 2050, the sector has seen increased urgency in securing uranium supply. As outlined by MarketWatch, "Americans are powering their homes with Cold War scraps — radioactive hand-me-downs courtesy of Russia," underscoring the shift toward secure, domestic supply chains. The article concluded that uranium was "back — not just as fuel, but as strategic leverage."

Analyst Confidence Builds Around Skyharbour's Exploration Strategy

In a May 7 research update on the uranium sector, David Talbot, Head of Equity Research at Red Cloud Securities, stated that "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 Resources as one of his preferred stocks. Talbot reiterated a Buy recommendation on the company with a target price of CA$0.55 per share.

He noted that while producers and developers had begun to show performance improvements, "many explorers have yet to catch up." With uranium prices approaching US$70 per pound at the time — up more than 7% in a month — Talbot encouraged investors to "look downstream towards explorers for added pop, especially as we see positive catalysts in the summer from these companies." He also addressed regulatory conditions, writing that "permitting delays continue to cause supply uncertainties," but recent U.S. policy support for mining and nuclear energy under President Donald Trump "may be working" and "permitting and licensing may speed up."

On May 15, Jeff Clark of The Gold Advisor also expressed a favorable view of Skyharbour. In a research note, he disclosed an overweight position in the company and wrote, "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."

On June 10, Talbot further emphasized the impact of Skyharbour's late 2024 drilling at its Moore uranium project. He described stepout hole ML-24-15 as "likely the most consequential hole, for the resource, that has been drilled in the last several years." The hole intersected 1.50% U3O8 over 6.4 meters, including 4.74% over 1.5 meters, and extended the Maverick East zone by 42 meters. Talbot maintained a Buy rating and CA$0.55 price target, noting a 62% implied return based on the stock's trading price at the time. He also highlighted a newly identified 5 to 6 kilometer high-priority corridor as a significant area for future drilling.

On the same date, Marcus Giannini of Haywood Securities reported that drill hole ML-24-15 had extended the high-grade core of Maverick East and confirmed continuity of uranium mineralization to the northeast. He observed that "there is room for growth by way of both infill drilling and further stepouts" and noted the potential for the Maverick Main and East zones to eventually connect. Giannini stated that Skyharbour planned 4,500 to 5,000 meters of drilling at Moore in 2025 and anticipated additional results from its Russell Lake program. Haywood did not assign a rating or target price.

FRC reiterated a Buy rating on the company with a fair value target of CA$1.01 per share, representing a 206% upside from its trading price of CA$0.33 at the time of the report.

According to a June 25 research report by Sid Rajeev, Head of Research at Fundamental Research Corp. (FRC), Skyharbour Resources Ltd. was well-positioned to benefit from improving uranium sector conditions.

Rajeev stated, "Uranium sector sentiment is improving, driven by rising prices, strong institutional investment and commitments from major tech players securing nuclear power for future growth." He added, "We believe Skyharbour is well-positioned to capitalize on this momentum." FRC reiterated a Buy rating on the company with a fair value target of CA$1.01 per share, representing a 206% upside from its trading price of CA$0.33 at the time of the report.

Rajeev highlighted that Skyharbour was conducting its most robust drill campaign to date across its flagship Russell Lake and Moore projects, with plans to drill between 16,000 and 18,000 meters in 35 to 45 holes. At Moore, a stepout hole drilled 42 meters northeast of the existing high-grade footprint at Maverick East returned 6.4 meters of 1.5% U₃O₈, including 1.5 meters of 4.74% U₃O₈. Rajeev noted this result had expanded the high-grade mineralized zone, and added, "Though unconfirmed by management, it is our view that Skyharbour may complete an NI 43-101 resource estimate at Moore next year."

FRC also cited favorable uranium pricing trends, with a 22% increase to US$78 per pound over the three months prior to publication, along with renewed investor optimism. Rajeev attributed this sentiment to the US$200 million raise by the Sprott Physical Uranium Trust, government support from the Trump administration for domestic uranium projects, and long-term energy procurement deals signed by major technology firms. Rajeev concluded that Skyharbour's extensive Athabasca Basin portfolio, combined with its joint venture and option agreements, provided ongoing catalysts through partner-funded exploration. He reported that the company's partners could commit up to US$36 million in exploration spending and up to US$34 million in potential cash or equity payments if all option terms were met.

Positioned for Discovery: What's Ahead at Preston

According to Skyharbour's June 2025 investor presentation, Preston is one of the largest land packages in the Patterson Lake area, near notable uranium discoveries like NexGen's Arrow and Fission's Triple R. With more than CA$4.7 million in historical exploration and a proprietary geological database, Skyharbour and Orano have identified 15 high-priority target zones.

The summer 2025 drill program is designed to advance multiple corridors within the property using modern exploration methods that have proven successful in similar Athabasca Basin projects. Orano has fulfilled its earn-in option and currently holds a 53.3% stake in the joint venture, with Skyharbour and Dixie Gold holding 25.6% and 21.1% respectively.

Skyharbour's strategy involves leveraging joint ventures like Preston to fund exploration while focusing internal efforts on co-flagship projects Russell and Moore. The company plans to oversee approximately 16,000 to 18,000 meters of combined drilling at these two core properties in 2025, while 15,000 to 16,000 meters of additional partner-funded drilling is anticipated across other joint ventures. 

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.