Uranium Explorer's JV Partner Launches 7,500m Drill 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 the 2026 winter exploration program at the newly established Wheeler North Joint Venture by its joint venture partner, Denison Mines Corp., according to a March 9 release.

The JV was previously part of the Russell Lake property located in the eastern Athabasca Basin of northern Saskatchewan. This initial winter phase will see approximately 2,500 meters of diamond drilling at the Fox Lake Trail target, marking the beginning of an ambitious 7,500-meter drill campaign planned for 2026 across the high-priority FLT, Fork, and Sphinx target areas.

This extensive drilling activity at Wheeler North is being managed and fully financed by Denison as part of the strategic joint venture agreement, which was announced last November. Skyharbour said the agreement has led to a significant reorganization of the Russell Lake property into four joint ventures: Wheeler North, Getty East, Russell Lake or RL, and the Wheeler River Inliers, each strategically positioned in the central sector of the eastern Athabasca Basin, near Denison's flagship Wheeler River project and close to major regional infrastructure.

The Wheeler North property itself spans 16,409 hectares over eight claims and is situated immediately next to the Wheeler River Project, the release said. It features several high-priority drill targets along prospective conductive corridors. Currently, Skyharbour holds a 51% ownership stake, with Denison holding 49% and acting as the operator. Denison also has the option to increase its stake to up to 70% in two phases, which involves completing CA$10 million in exploration within the first 48 months (including CA$2.5 million within the first 24 months) and making a CA$1.5 million cash payment to Skyharbour. To increase its stake from 60% to 70%, Denison must undertake an additional CA$15 million in exploration and make a further CA$2 million payment within seven years of the agreement's closing.

The 2026 exploration program plans to drill approximately 13 diamond drill holes totaling about 7,500 meters, focusing on the FLT, Fork, and Sphinx targets. The Fox Lake Trail, located at the northern end of Wheeler North, features multiple parallel EM conductors that were refined through modern ground geophysical surveys completed in 2025. Recent drilling has enhanced the structural interpretation of the area, revealing strong hydrothermal alteration and localized basement-hosted uranium mineralization.

The Fork Zone, characterized by a northeast-southwest trending structural corridor, hosts the highest-grade uranium mineralization discovered so far on the broader Russell Lake project, Skyharbour noted. Ground EM surveys have identified several conductive trends here, most of which are largely untested, promising further exploration potential.

Lastly, the Sphinx target, situated about 1 kilometer southeast of Denison's Phoenix uranium deposit, is marked by a newly defined ground EM conductor within a reactivated structural corridor, the company said. Initial drilling confirmed the presence of a faulted and altered graphitic basement structure, validating the EM anomaly and highlighting its prospective nature. With only one drill hole completed so far, Sphinx remains largely untested and represents a significant exploration opportunity adjacent to one of the highest-grade uranium deposits in the Athabasca Basin.

More About the Joint Ventures

The joint ventures between Skyharbour and Denison, namely RL, Wheeler North, Getty East, and Wheeler River Inliers, collectively span 73,314 hectares of advanced-stage uranium exploration territory in the eastern Athabasca Basin of northern Saskatchewan, the release said. These properties hold a strategic position, nestled between Cameco's Key Lake and McArthur River operations and immediately east of Denison's Wheeler River Project. This arrangement followed the restructuring of the former Russell Lake project into these four distinct joint ventures after a significant strategic transaction with Denison in 2025.

Each of these joint ventures operates under its own agreement, with Skyharbour managing RL and Getty East, while Denison oversees Wheeler North and the Wheeler River Inliers. The deal structured with Denison involves a total project consideration of up to CA$61.5 million, allowing Skyharbour to maintain an 80% interest in RL, whereas Denison has the potential to earn up to a 70% stake in the remaining ventures.

The joint ventures are advantageously located with respect to infrastructure, benefiting from the northern extension of Highway 914, which cuts through the western part of the land package, and a high-voltage provincial powerline that runs parallel to this road, Skyharbour said.

The properties are dotted with numerous high-priority exploration targets such as the Grayling, Fork, Little Mann Lake, Christie Lake, Fox Lake Trail, Sphinx, Blue Steel, Taylor Bay, South Russell, and Kowalchuk Zones. Additionally, the company said the joint ventures boast over 35 kilometers of largely untested prospective electromagnetic conductors, underscoring the significant potential for new discoveries across these territories.

Analyst: Boost From Bullish Uranium Market

While the spotlight has been on gold and silver, the significant rise in uranium prices, which have surged 28% year-over-year to US$88 per pound, seems to have escaped widespread market attention, wrote Fundamental Research Corp. Analyst Sid Rajeev in a February 5 research note. This level of pricing for uranium has only been seen twice before: briefly in 2007 and again in late 2023. According to Rajeev, the market dynamics for uranium are notably bullish.

Recently, the Sprott Physical Uranium Trust, the largest physical uranium fund globally, increased its holdings by 4% to 78 million pounds within just a month, reflecting strong demand. This uptick is supported by accelerated nuclear-sector approvals by the Trump administration and significant investments by major tech companies in nuclear power to support AI and data center expansion. These developments are expected to further drive uranium demand, especially given the ongoing supply-chain vulnerabilities, with Russia controlling 35% of the global enrichment capacity.

According to Rajeev, since his firm's last report in December 2025, Skyharbour has seen a 33% increase in its stock value. The company recently closed a CA$2.1 million equity financing and has expanded its portfolio by staking 10 additional early-stage uranium properties, bringing its total to 43 properties covering 662,887 hectares in the Athabasca Basin, making it one of the largest portfolios among uranium juniors.

Skyharbour is preparing for its largest annual drill campaign, planning approximately 25,000 meters of drilling at its 100%-owned Moore project and the new Russell Lake joint venture. At the Moore uranium project, management is focused on delivering a maiden resource estimate this year, which is anticipated to significantly clarify the project's potential and act as a major catalyst for the company, Rajeev said.

Looking ahead, the analyst noted that upcoming catalysts for SYH include improved uranium market sentiment, partner-funded exploration, and significant drilling programs at both Moore and Russell Lake.

"We are reiterating our BUY rating, while adjusting our fair value estimate from CA$1.12 to CA$1.16/share," Rajeev wrote in the note. "With an expanded portfolio, partner-funded exploration, and key drilling programs at Moore and Russell Lake, we believe SYH is well positioned to benefit from a potential upswing in sector sentiment."

The company's 2025 drilling efforts at Moore yielded encouraging results, as detailed in a research note by David Talbot, managing director and head of equity research, dated January 15. Talbot highlighted the successful expansion of the Main Maverick and Maverick East zones, noting the discovery and enlargement of higher-grade areas. He remarked, "Drilling in 2025 quite successfully expanded both the Main Maverick and the Maverick East zones, including the identification and expansion of higher-grade areas." He also pointed out that Skyharbour's "pipeline of potential drill targets continues to expand."

On Russell Lake, the analyst noted, "This project will remain one of the flagship properties for Skyharbour, and we anticipate work here to ramp up as the year progresses, 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 trading around CA$0.44 at the time of the report, suggesting a potential 48% return to the target price. The firm continues to classify Skyharbour as a Speculative Buy.

The Catalyst: An 'Epic' Multi-Year Growth Cycle in Sector?

As of the end of February, the spot price for uranium stood at US$86.95 per pound, a decrease from the previous month's two-year peak of US$94.28, as reported by Cameco, according to the American Nuclear Society. Despite this decline, the current price remains notably higher than any point since May 2024, when it was US$90.38.

In the futures market, according to analytics firm Trading Economics, uranium was priced at US$86.45 per pound as of March 2. The firm noted that prices have been "trading in a narrow range since pulling back from the two-year high of US$101.5 in late January, tracking the drop for industrial commodities as the dollar rebounded and traders eased concerns of dollar debasements."

Despite the recent pullback, uranium ore contracts are still nearly 10 percent higher than at the beginning of the year, driven by "the bullish view of demand," and show a 32% increase from the same time last year, the report noted.

Trading Economics attributes the sustained interest in uranium investments to the growing demand for power by data centers in the U.S., which are exploring the use of small modular reactors. Additionally, recent reductions in federal regulations concerning the construction and permitting of uranium converters and enrichers have also played a role.

At the Prospectors & Developers Association of Canada 2026 convention in Toronto, Scott Melbye, executive vice president of Uranium Energy Corp. (UEC) and CEO of Uranium Royalty Corp., told Kitco's Jeremy Szafron about the significant shifts occurring in the global uranium market. Melbye characterized the current phase of the market as an "urgent reality" of production, prompted by a substantial supply deficit and heightened demand driven by AI technologies and a strategic U.S. shift away from Eastern energy sources. In Szafron's March 6 report, he described this phase as the start of an "epic" multi-year growth cycle for uranium.

Melbye referred to the recent uranium price adjustment as a "breather" before an anticipated upward movement. He emphasized the strength of the market's fundamentals, stating, "The underlying fundamentals have never been better," he told Szafron.

Melbye highlighted the evolving drivers of demand, from initial green energy trends to a broader need for energy transition, coupled with geopolitical factors and supply-demand dynamics. He pointed out the current and future challenges, noting a "50-million-pound deficit in the near term, going to 1.7 billion pounds by 2045."

Ownership and Share Structure¹

Management, insiders, and closely aligned individuals hold about 5% of Skyharbour, with President and CEO Jordan Trimble owning 1.58% and Director David Cates holding 0.87%. Strategic, institutional, and corporate holders account for approximately 55% of the company's shares.dd

Skyharbour has 212.1 million shares outstanding and a market capitalization of CA$97.56 million. Its 52-week trading range spans CA$0.28 to CA$0.66 per share.