Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE) announced the final results of the 2025 drill campaign at its flagship Moore uranium project in the Athabasca Basin in northern Saskatchewan, and they were positive, reported David Talbot, managing director and head of equity research, in a Jan. 15 research note.
"Drilling in 2025 quite successfully expanded both the Main Maverick and the Maverick East zones, including the identification and expansion of higher-grade areas," Talbot wrote. The Canadian uranium explorer's "pipeline of potential drill targets continues to expand."
48% Return Implied
Red Cloud reiterated its CA$0.65 per share (CA$0.65/share) target price on Skyharbour Resources, trading at the time of Talbot's report at about CA$0.44/share, the managing director wrote. From that price, the return to target is 48%.
Skyharbour remains a Speculative Buy.
Grade Upside Revealed
Skyharbour announced the final results of its 2025 drill program at Moore, comprising 21 holes over 7,884 meters (7,884m). They showed strong grades and expanded mineralization.
The highlight intercept, from hole ML25-15, was within the high-grade Main Maverick zone and was also high grade: 4.84% U3O8 over 4.4m, including 11.77% U3O8 over 1.6m.
"Grades In this intercept are well above anticipated pending resource grades and should likely have a positive impact to the upcoming estimate," Talbot wrote.
Geophysical targets tested along trend also led to the identification of alteration zones that may become additional drill targets if they are mineralized.
The results of four drill holes placed to find extensions of Maverick East to the northeast were "just modest." They encountered up to 0.07% U3O8 over 1.5m about 40m away from a previously reported intercept of 1.5% U3O8 over 6.4m, including 4.74% U3O8 over 1.5m.
Red Cloud believes that Maverick/Maverick East is a sub-1% grade deposit, even though the grades of several intercepts this year were higher than that, noted Talbot.
"We do anticipate an initial resource estimate to be announced this year, and we currently estimate that Maverick/Maverick East may host between 8,000,000 and 12,000,000 pounds U3O8," he added.
New Zone Identified
Drilling identified a new zone about 1.7 kilometers (1.7 km) southwest of the Maverick Main zone, called Nomad, Talbot reported. The zone is part of a 5- to 6-km-long untested trend, and it appears to converge with the subparallel Maverick trend.
The drill holes that identified Nomad hit extensive sandstone. There is intense hydrothermal alteration associated with the basement faulting in the zone, suggesting potential mineralizing fluid flow. Also, several hydrothermal indicators, including bleaching, silicification, hematization, chloritization, and others, were present.
"These alteration types, structure, and conductors support presence of a large-scale structural corridor," Talbot wrote. Nomad is a "high-priority exploration area."
Near-Term Catalysts
Skyharbour is preparing to commence a winter drill program at Moore next month, in February, to consist of 5,000–6,000m, noted Talbot. Total 2026 drill plans call for 15–25 holes over 8,000–10,000m. A Time-Domain Electromagnetic, or TDEM, survey is ongoing to help identify drill targets.
Another catalyst is follow-up drilling at Russell Lake in H1/26. In the meantime, pending 2025 drill results from this project are expected to be released on an ongoing basis.
"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," Talbot wrote.
| Want to be the first to know about interesting Uranium investment ideas? Sign up to receive the FREE Streetwise Reports' newsletter. | Subscribe |
Important Disclosures:
- 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.
- Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
For additional disclosures, please click here.
Disclosures for Red Cloud Securities, Skyharbour Resources Ltd., January 15, 2026
Disclosure Requirement Red Cloud Securities Inc. is registered as an Investment Dealer and is a member of the Canadian Investment Regulatory Organization (CIRO). Red Cloud Securities registration as an Investment Dealer is specific to the provinces of Alberta, British Columbia, Manitoba, Ontario, Quebec, and Saskatchewan. We are registered and authorized to conduct business solely within these jurisdictions. We do not operate in or hold registration in any other regions, territories, or countries outside of these provinces. Red Cloud Securities bears no liability for any consequences arising from the use or misuse of our services, products, or information outside the registered jurisdictions. Part of Red Cloud Securities Inc.'s business is to connect mining companies with suitable investors. Red Cloud Securities Inc., its affiliates and their respective officers, directors, representatives, researchers and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Red Cloud Securities Inc. may have provided in the past, and may provide in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Red Cloud Securities Inc. has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate but cannot be guaranteed. This document does not take into account the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g. prohibitions to investments due to law, jurisdiction issues, etc.) which may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before investment. Red Cloud Securities Inc. will not treat recipients of this document as clients by virtue of having viewed this document. Red Cloud Securities Inc. takes no responsibility for any errors or omissions contained herein, and accepts no legal responsibility for any errors or omissions contained herein, and accepts no legal responsibility from any losses resulting from investment decisions based on the content of this report. Company Specific Disclosure Details Company Name Ticker Symbol Disclosures Skyharbour Resources Ltd. TSXV:SYH 1,2,3,8 1. The analyst has visited the head/principal office of the issuer or has viewed its material operations. 2. The issuer paid for or reimbursed the analyst for a portion, or all of the travel expense associated with a visit. 3. In the last 12 months preceding the date of issuance of the research report or recommendation, Red Cloud Securities Inc. has performed investment banking services for the issuer. 4. In the last 12 months, a partner, director or officer of Red Cloud Securities Inc., or an analyst involved in the preparation of the research report has provided services other than in the normal course investment advisory or trade execution services to the issuer for remuneration. 5. An analyst who prepared or participated in the preparation of this research report has an ownership position (long or short) in, or discretion or control over an account holding, the issuer’s securities, directly or indirectly. 6. Red Cloud Securities Inc. and its affiliates collectively beneficially own 1% or more of a class of the issuer’s equity securities. 7. A partner, director, officer, employee or agent of Red Cloud Securities Inc., serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer. 8. Red Cloud Securities Inc. is a market maker in the equity of the issuer. 9. There are material conflicts of interest with Red Cloud Securities Inc. or the analyst who prepared or participated in the preparation of the research report, and the issuer. 10. A major shareholder of Red Cloud Mining Capital (the parent company of Red Cloud Securities Inc.), serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer. Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is determined by revenues generated from various departments including Investment Banking, based on a system that includes the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and client feedback. Analysts are not directly compensated for specific Investment Banking transactions. Recommendation Terminology Red Cloud Securities Inc. recommendation terminology is as follows: • Top Pick – our best investment ideas, the greatest potential value appreciation • Buy – expected to outperform its peer group • Hold – expected to perform with its peer group • Sell – expected to underperform its peer group • Tender – clients are advised to tender their shares to a takeover bid • Not Rated – currently restricted from publishing, or our recommendation is under review • Under Review – our rating and target are under review pending, prior estimates and rating should be disregarded • Our ratings may be followed by "(S)" which denotes that the investment is speculative and has a higher degree of risk associated with it. Companies with Buy, Hold or Sell recommendations may not have target prices associated with a recommendation. Recommendations without a target price are more speculative in nature and are followed by “(S)” to reflect the higher degree of risk associated with it. Additionally, our target prices are set based on a 12-month investment horizon. Dissemination Red Cloud Securities Inc. distributes its research products simultaneously, via email, to its authorized client base. All research is then available on www.redcloudsecurities.com via login and password. Analyst Certification The Red Cloud Securities Inc. Analyst named on the report hereby certifies that the recommendations and/or opinions expressed herein accurately reflect such research analyst’s personal views about the company and securities that are the subject of this report; or any companies mentioned in the report that are also covered by the named analyst. In addition, no part of the research analyst’s compensation is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.
