A Vast New Uranium Footprint Takes Shape in Canada's Premier Athabasca Basin

1. Skyharbour Resources Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
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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) has announced that it has acquired 40 new uranium exploration claims through low-cost staking, increasing its total land package to 662,887 hectares across 43 projects in Northern Saskatchewan. The new claims, which are 100% owned by Skyharbour, cover 64,913 hectares and are situated in and around the Athabasca Basin, a region known for hosting some of the world's highest-grade uranium deposits.

According to the company, the newly acquired claims include ten projects such as Carter North, Yurchison, and South Dufferin. These properties are in proximity to several well-known uranium operations and deposits, including Cameco's Key Lake and McArthur River mines, and the NexGen Energy Ltd. (NXE:TSX;  NXE:NYSE.MKT) Arrow deposit. 

Skyharbour's Carter North project, now comprising 36,393 hectares, is located northeast of the Arrow and Triple R uranium deposits. Historical exploration has identified gold and uranium anomalies, and recent geophysical surveys by Stallion Uranium in 2023 confirmed multiple basement conductors on the property.

Additional newly staked projects include the Rover project, located 40 kilometers east of the McArthur River mine, and the East Dufferin and Brustad projects, both situated along the southern margin of the Athabasca Basin. The expanded Yurchison project now covers over 35,000 hectares and consolidates multiple historical properties, featuring uranium, molybdenum, and thorium showings.

Skyharbour indicated that while its primary operational focus remains on advancing its co-flagship Russell Lake project and 100% owned Moore project, the new claims will be incorporated into its prospect generator strategy. In this model, the company aims to partner with third parties to fund and advance exploration across its broader portfolio.

In the statement, Skyharbour said the Athabasca Basin remains a key region for uranium exploration due to its geological potential and favorable jurisdiction. "These newly acquired properties bolster our already robust project base, providing new opportunities for partnerships and discovery," said President and CEO Jordan Trimble.

Uranium Demand Rises as Supply Constraints Persist

Excelsior Prosperity wrote on January 4 that uranium was "the fuel for the next wave of the nuclear renaissance," and stated that "there just isn't enough new supply coming online fast enough to meet the growing demand." The report said the current cycle was centered on "the escalating supply and demand imbalances at present for fueling the existing global fleet of 438 traditional nuclear reactors, and the initial fuel loading of the coming 72 fission reactors currently under construction."

It added that, according to the World Nuclear Organization, there were 438 operating reactors, 72 under construction, 119 planned, and 318 proposed globally. The commentary noted that most of the sector's dynamics in the current cycle were tied to the ability of mined uranium supply to meet existing reactor requirements rather than future technologies.

In the same update, Excelsior Prosperity stated that the uranium spot price had fallen into the "mid‑US$17's" in November 2016 while the incentive price for new production was about US$60 per pound at the time, and that inflation had since pushed that incentive price into the "high US$70s." The author wrote that these levels had represented "one of those kinds of moments in the U3O8 space" where pricing was disconnected from production economics and that the cycle had since been driven by growing demand in the face of constrained new mine supply.

According to a January 5 report from Reuters, the U.S. Energy Department said it had awarded orders totaling US$2.7 billion to boost domestic uranium enrichment capacity over the next decade as part of a broader effort to reduce reliance on Russian supply. The department stated that the contracts required recipients to meet milestones to provide enrichment services for low‑enriched uranium and high‑assay low‑enriched uranium, or HALEU, defined as uranium enriched to between 5% and 20%.

Secretary of Energy Chris Wright said, "Today's awards show that this Administration is committed to restoring a secure domestic nuclear fuel supply chain capable of producing the nuclear fuels needed to power the reactors of today and the advanced reactors of tomorrow." Reuters also reported that Russia was the only country producing HALEU in commercial volumes and that U.S. funding to establish domestic production was included in legislation banning Russian uranium shipments by 2028.

MarketIndex reported on January 5  that energy stocks on the Australian market moved higher as geopolitical events in Venezuela drew renewed attention to energy security themes. The outlet stated that "the optimism spilled over into uranium and lithium names, which surged hard as investors piled back into anything remotely tied to energy security," while broader energy markets remained sensitive to supply developments and policy signals.

Analysts Highlight Strategic Value of Denison Agreement

In a December 18 research note, David Talbot, Head of Equity Research at Red Cloud, described the recent agreement involving Skyharbour Resources as a "transformative" milestone. Talbot emphasized the potential for new high-grade uranium discoveries in the Russell Lake claims, noting that the arrangement not only brought credibility through Denison's involvement but also allowed Skyharbour to redirect focus to its Moore Lake project. He added, "The deal gives Russell Lake a major stamp of approval by Denison, while providing access to Denison's very deep and experienced technical team."

Talbot reiterated a Buy rating for Skyharbour and maintained Red Cloud's target of CA$0.65 per share. He explained that the valuation was derived using a 0.80x multiple applied to the firm's sum-of-parts NAVPS of CA$0.81. Near-term catalysts identified in the report included pending assay results from Russell and Moore, along with planned follow-up drilling programs at both projects.

On December 1, Sid Rajeev of Fundamental Research Corp. raised his firm's fair value estimate on the company to CA$1.12 per share from CA$1.01. Rajeev cited the agreement with Denison as a key factor, stating it enhanced Skyharbour's presence in the Athabasca Basin and strengthened its financial and operational position. "We believe the partnership with Denison strengthens Skyharbour's position in the Athabasca Basin, validates Russell Lake, and provides funding and operational support," he wrote.

Jeff Clark, founder of TheGoldAdvisor.com, offered additional perspective in a November 20 commentary. Clark observed that while the deal was attractive to Denison due to the exploration ground near Wheeler River, the benefits for Skyharbour were even more pronounced. He noted that the company retained operatorship and a majority 80% stake in a highly prospective area, with Denison contributing funding for its 20% share up to CA$10 million. Clark added that Russell Lake includes numerous targets, including basement- and sandstone-hosted zones and untested electromagnetic conductors, making it a strong candidate for exploration success.

Clark also remarked on the broader impact of the agreement for Skyharbour, calling it a strategic shift that converted a single underexplored property into a well-funded portfolio of joint venture interests. "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," he wrote.

In a December 18 update, Jeff Clark and Daniel Flynn described Skyharbour Resources’ recently finalized agreement with Denison Mines over the Russell Lake uranium property as a "game-changing deal." The authors noted that the transaction restructured the large exploration project into four joint venture areas, allowing Skyharbour to retain an 80% operating interest in the largest portion, while Denison funds its 20% share of exploration costs up to CA$10 million. The report highlighted that Denison committed to spend at least US$4 million over the first two years and would lead exploration on other JV blocks, including Wheeler North and Getty East, while Skyharbour maintained significant exposure to potential discovery across those zones.

Clark and Flynn emphasized the strength of the transaction for Skyharbour, calling it a strategic move that transformed "a single underexplored asset into a combination of funded and partially funded joint ventures." They noted the company’s cash position had risen to more than US$11 million and reaffirmed their Buy rating with a recommendation to "build to a full position." While acknowledging that shares were down year-to-date, they pointed to upcoming results from both Russell Lake and the Moore project, adding that Skyharbour remained "increasingly well positioned" within the Athabasca Basin.

In a separate report dated November 17, Marcus Giannini of Haywood Capital Markets viewed the transaction as a significant endorsement of the Russell Lake asset. Giannini pointed to previous high-grade mineralization already identified and the continued exploration potential for basement-hosted uranium. Although no formal rating or price target was issued, the analyst characterized the deal as a meaningful step for the project.

Project Pipeline Grows Alongside Sector Activity

Skyharbour's most recent acquisitions expand its presence across key structural corridors and geological formations associated with high-grade uranium mineralization. As outlined in its investor presentation, projects like Carter North and Yurchison sit along conductive trends that host several major uranium deposits in the region, while areas such as the South Dufferin and Tarku projects are located near known high-grade zones along the Virgin River shear zone.

The company's prospect generator strategy continues to play a central role in its overall portfolio development. Skyharbour has entered into multiple option agreements, such as its 2024 deal with UraEx Resources at South Dufferin, to advance select properties while retaining exposure to potential discovery upside.

With over 662,000 hectares now under management and a combination of advanced-stage and early-stage exploration projects, Skyharbour remains positioned as one of the larger landholders in the basin. Recent drill activity, including work conducted at South Dufferin in 2025, and ongoing target development on several properties, support the company's exploration model within one of the world's premier uranium districts. 

Ownership and Share Structure¹

Management, insiders, and close business associates hold about 5% of Skyharbour, with President and CEO Jordan Trimble owning 1.54% and Director David Cates holding 0.82%. Institutional, corporate, and strategic investors collectively own around 55% of the company.

Skyharbour has 210.83 million outstanding shares, and its market cap is CA$90.6 million. Its 52-week range is CA$0.28–CA$0.50 per share.