Uranium Explorer Discovers High-Grade Intercept of 11.77% U3O8 at Co-Flagship Project Located In Prolific Athabasca Basin

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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 results from its 2025 drilling campaign at its wholly owned 35,705-hectare Moore Uranium Project, situated about 15 kilometers east of Denison Mines’ Wheeler River project in the Athabasca Basin, Saskatchewan, according to a January 14 release.

The company said the campaign included 21 drill holes totaling 7,884 meters completed in the latter part of last year. Notably, high-grade uranium mineralization was intersected at the Main Maverick Zone, with hole ML25-15 yielding 4.84% U3O8 over 4.4 meters, including 11.77% U3O8 over 1.6 meters. Additionally, Skyharbour identified a new regional target area called the Nomad Zone, located approximately 1.7 kilometers southwest of the Main Maverick Zone. Drilling at this new target revealed extensive sandstone and basement faulting with intense hydrothermal alteration, indicating a fertile environment with strong potential for further uranium discoveries.

"We are very pleased with these drill results from Moore which include additional high-grade mineralization at Maverick as well as a new regional target called Nomad that warrants follow-up drilling," President and Chief Executive Officer Jordan Trimble said. "As we enter 2026, we will commence drilling at Moore shortly and have plans to carry out multi-phased drill programs throughout the year providing steady news flow in the near term. The upcoming year will be pivotal for Skyharbour as we are poised to unlock substantial value at various projects in our portfolio."

Trimble continued, "In addition to the drilling we have planned at Moore, the recently closed major transaction with Denison Mines at the Russell Lake project will facilitate aggressive exploration plans across the project area this year. We will also have plenty of catalysts from our prospect generator business consisting of partner companies advancing several of our other uranium properties throughout the Athabasca Basin."

Skyharbour is preparing for a winter drill program at Moore, set to begin next month, building on the 2025 results. The company plans to drill 8,000 to 10,000 meters across 15 to 25 drill holes, with more details to follow.

Highlights from the 2025 drilling include:

• Hole ML25-15 at the Main Maverick Zone returned 4.84% U3O8 over 4.4 meters starting from a depth of 264.4 meters, including 11.77% U3O8 over 1.6 meters, while also achieving the primary goal of collecting key bulk density measurements from high-grade mineralization to support future modeling work.
• Hole ML25-13 at the Nomad Zone, 1.7 kilometers southwest of the Main Maverick Zone, intersected intense alteration in both sandstone and basement rocks, including bleaching, silicification, clay alteration, hematization, and faulting, defining a previously untested structural corridor with strong fertility indicators.
• Holes ML25-17 and ML25-18 at the Nomad Zone intersected extensive basement faulting, intense silicification, hematization, chloritization, and calc-silicate development, confirming robust hydrothermal evolution and strengthening the geological model for the Nomad structural corridor.

The new Nomad Zone's alteration styles, structure, and conductors support the presence of a large-scale structural corridor southwest of the high-grade Maverick corridor, with multiple untested targets remaining for future drilling. Skyharbour said it plans to conduct multiple drill programs at Moore in 2026, totaling 8,000 to 10,000 meters in 15 to 25 holes, with the first phase of winter drilling consisting of 5,000 to 6,000 meters starting in February.

The summer 2025 drilling phase at Moore included 15 diamond drill holes totaling 5,433 meters, the company said. The primary objectives were to expand the footprints of the high-grade Maverick zones, particularly along the Maverick East and Main zones; test regional geophysical targets near anomalous radioactivity and favorable alteration identified in historical drilling along the broader Maverick corridor; and collect density and additional physical data from high-grade mineralization at the Main Maverick zone to better define the current datasets.

Denison Agreement

Last month, Skyharbour completed a definitive repurchase agreement with Denison, allowing Denison to acquire an initial interest in Skyharbour's Russell Lake Uranium Project.

The companies have entered into four separate joint venture agreements on various claims within the Russell project, which is strategically located in the central part of the Eastern Athabasca Basin in northern Saskatchewan. The site benefits from regional infrastructure, including an exploration camp, an all-weather road, and a powerline.

"With up to CA$61.5 million in combined project consideration contemplated, we are confident that this strategic agreement will expedite the discovery process at the project while minimizing equity dilution for our shareholders," Trimble said at the time. Based on initial technical meetings and strategy sessions with Denison, we are excited about the combined exploration options for the near term."

Trimble noted that Russell is one of the more promising exploration projects in the Athabasca Basin, located near existing and developing mines, including Denison's Phoenix deposit at Wheeler River. "Denison will also be able to provide considerable insight and experience as we jointly advance Russell," Trimble added. "Lastly, we now enter the new year with a healthy treasury of over CA$11 million to fund our exploration efforts and corporate activities through 2026 while various partner companies fund exploration at numerous other projects in our portfolio."

A 'Transformative' Deal

In a December 18, 2025, research note, Red Cloud's David Talbot described Skyharbour's newly finalized agreement with Denison Mines as "transformative." The revised structure divides the Russell Lake uranium property into four joint venture areas, allowing Skyharbour to maintain operatorship and an 80% working interest in the largest section, while Denison funds its 20% share up to CA$10 million.

Talbot noted that the deal enhances both the technical credibility and financial strength of Skyharbour's position in the basin. He reaffirmed a Buy rating and maintained a CA$0.65 per share target, based on a 0.80x multiple to Red Cloud's CA$0.81 NAVPS estimate. Near-term catalysts include pending assays and follow-up drilling at both Russell Lake and Moore.

On December 1, Fundamental Research Corp.'s Sid Rajeev raised the firm's fair value target for Skyharbour to CA$1.12 from CA$1.01. Rajeev cited the Denison partnership as key validation of the Russell Lake project, highlighting the operational support and funding as significant advantages moving forward.

In an update on January 12, FRC called another recent Skyharbour announcement that it had acquired new claims through staking in Northern Saskatchewan "positive."

"With this latest addition, the company's land position now spans 662,887 hectares across 43 projects in and around the Athabasca Basin, one of the most prolific uranium-producing regions in the world," the update noted.

Jeff Clark, writing on November 20 for TheGoldAdvisor.com, noted that while Denison gained proximity to its core assets, Skyharbour emerged with a larger operated block and retained significant upside. He described the deal as a milestone, emphasizing the presence of multiple high-priority targets across untested conductive trends and Denison's commitment to fund its share of costs up to CA$10 million. Clark remarked that Skyharbour had effectively transformed one underexplored asset into a diversified, well-capitalized portfolio of joint ventures, stating, "Skyharbour has, in short, turned a single, underexplored but promising asset into a portfolio of funded or partly funded JV interests, anchored by a large operated block and backed by a major partner next door."

In a follow-up on December 18, Clark and Daniel Flynn reiterated their positive outlook on the Russell Lake transaction. They confirmed that Skyharbour had maintained its 80% stake in the primary JV while Denison committed to US$4 million in exploration over two years and assumed leadership of additional blocks. The authors emphasized the strengthened treasury, now over US$11 million, and recommended investors "build to a full position."

The Catalyst: Uranium Market 'About to Go Nuclear?'

On January 14, Gavin Maguire of Reuters asked the question, "Is the U.S. uranium market about to go nuclear in 2026?"

The increasing generation of nuclear power and the construction of new reactors are tightening the uranium market — the primary fuel for nuclear power plants — and setting the stage for a potential rally in uranium prices this year, the author wrote on January 14.

According to data from Canadian uranium miner Cameco, U.S. uranium spot prices ended 2025 at approximately US$82 per pound, reflecting a rise of about US$10 or 12% from the end of 2024. This increase contrasts with the over 100% surge in the share prices of leading uranium miners and fuel suppliers in 2025, driven by U.S. government policies aimed at revitalizing nuclear power production.

While equities related to the nuclear supply chain are likely to remain attractive to investors, industry attention is shifting to the uranium market, which is experiencing a growing structural deficit as consumption outpaces production, Maguire said. The rising demand for power, fueled by an AI-driven boom in data centers and the construction of small modular reactors, is worsening the uranium shortfall, particularly in the U.S., where mine supply reached historic lows over the past decade.

Although U.S. uranium mine production is increasing, it is expected to reach only about 1 million pounds this year, compared to an annual consumption of over 50 million pounds. This supply-demand imbalance is putting upward pressure on U.S. uranium prices, which may intensify as 2026 progresses.

While spot prices remain under US$90 per pound, executives monitoring negotiations between mine suppliers and power generators have observed that long-term pricing contracts are closer to US$100, the report said. If agreements are finalized at or above the psychologically important US$100 mark — last consistently exceeded in 2007 — it could ignite renewed momentum in spot market activity and position uranium as one of 2026's most promising markets, Maguire noted.

"In recent years, the U.S. uranium supply deficit was plugged by imports and inventories from the secondary market, which includes utility stockpiles, decommissioned warheads, and leftover material at enrichment facilities," he wrote. "But stepped-up purchases by utilities and government agencies have now drawn down those secondary supplies, while restrictions on future uranium imports from a belligerent Russia — which will be banned from 2028 — have narrowed the sources of imports."

Analyst firm Trading Economics reported a uranium futures value of approximately US$82.00 per pound on January 5, marking the highest futures value in over two months, according to a report by Nuclear NewsWire on January 7. In late October, the futures price was around US$82.30 per pound, but by late November, it had dropped to below US$76.00 per pound.

Trading Economics attributed the recent price increase to "fresh buying from physical funds and speculative demand in the longer term," the report said. The firm also highlighted that the U.S. government has eased regulations for the construction and permitting of uranium converters and enrichers. Additionally, the recent signing of contracts for new nuclear power plants has contributed to the price rise, including a collaboration among the government, Cameco, Westinghouse, and Brookfield Asset Management to expedite the deployment of 10 Westinghouse reactors in the U.S.

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 shows that the rapid expansion of AI systems and hyperscale data centers is already reshaping long-term expectations for nuclear generation and uranium procurement," the article noted. "Based on responses from more than 600 investors, the study finds that electricity demand linked to AI is increasingly viewed as structural rather than cyclical, at a time when uranium supply is already constrained."

Ownership and Share Structure¹

Management, insiders, and closely aligned individuals hold approximately 5% of Skyharbour, with President and CEO Jordan Trimble owning 1.54% and Director David Cates holding 0.82%. Strategic, institutional, and corporate holders account for roughly 55% of the company's shares.

Skyharbour has 210.83 million shares outstanding and a market capitalization of CA$92.71 million. Its 52-week trading range spans CA$0.28 to CA$0.50 per share.