Skyharbour Opens Drilling at Getty East With JV Partner Denison Mines

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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.

Key Investor Takeaways

• Skyharbour Resources Ltd. has started the first drill program at the Getty East uranium joint venture in Saskatchewan's Athabasca Basin, with partner Denison Mines Corp. funding the work under its earn-in option.
• The program calls for about 3,600 meters of diamond drilling in 10 to 12 holes at the Little Man Zone and along the interpreted extension of the Middle Lake trend.
• Skyharbour holds 70% of Getty East and operates it. Denison holds 30% and can earn up to 70% by spending CA$15 million on exploration over seven years.
• The Little Man Zone was last drilled in 1989, remains open along strike.
• Getty East is one of four joint ventures created at Russell Lake after a December 2025 transaction. Together they span 73,239 hectares and border Denison's Wheeler River project.
• The work is part of a 2026 campaign of more than 15,000 meters at Russell Lake, with multiple phases complete and assays pending.
• Ventum Capital Markets rates Skyharbour a Buy with a CA$0.75 target, and Haywood Securities rates it a Buy with a CA$1 target.
• The long-term uranium price stood at US$96.50 per pound at the end of September, after passing a record that had stood for about 19 years.

The Drills Are Turning at Getty East, on Denison's Dime

Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE) has started drilling at the Getty East uranium joint venture with partner Denison Mines Corp. (DML:TSX; DNN:NYSEAMERICAN) in Saskatchewan's Athabasca Basin, the company said in an October 7 release. It is the first drill program on the newly formed property.

The program calls for about 3,600 meters (m) of diamond drilling in 10 to 12 holes. Skyharbour is the operator, and Denison is funding the work under its earn-in option. Four holes are planned first at the Little Man Zone, with six to eight more along the interpreted extension of the Middle Lake trend.

"The commencement of drilling at Getty East is yet another milestone in the advancement of the broader Russell Lake project area with our strategic JV partner, Denison Mines," said President and Chief Executive Officer Jordan Trimble. "There is notable discovery potential across numerous target areas on the property, underpinned by uranium mineralization in previous drilling at the Little Man Zone as well as high-grade uranium in historical drilling along strike to the south of Getty East. This current drilling at Getty East is part of a larger planned +15,000-meter, multi-phased drill campaign at Russell in 2026, some of which has been completed with assays pending in addition to a final phase of drilling commencing soon at the Wheeler North JV."

Skyharbour holds 70% of Getty East, and Denison holds 30%. Denison can raise its stake to as much as 70% by spending CA$15 million on exploration over seven years.

Undrilled Since 1989, Little Man Gets a Second Look

The Little Man Zone is an unconformity-hosted uranium zone about 10 m to 15 m thick and 25 m to 35 m wide, traced along 500 m of strike. Historical grades there ran from 0.03% to 0.10% U₃O₈ (triuranium octoxide) at a depth of about 300 m. The zone was last drilled in 1989, remains open along strike, and has never been tested in the basement rock below, the company said.

Skyharbour also plans to follow up on a 2015 ground resistivity survey. That work found resistivity lows at the unconformity, which the company interprets as alteration zones or breaches tied to graphitic fault zones.

The second target area lies on the interpreted southward extension of the Middle Lake trend. This summer, EarthEX Geophysical Solutions Inc. ran about 36 line-kilometers of electromagnetic surveying across Getty East and the neighboring RL Claims to define conductors for drilling.

Historical drilling in the 1980s on the adjacent property to the south returned 22.1% U₃O₈ over 0.9 m, 11.9% over 1.0 m, and 1.17% over 2.5 m. Those holes are outside Getty East, and Skyharbour's qualified person has not verified the results.

Russell Lake Borders Denisons Wheeler River Project; Strategically Located Asset

Getty East covers 3,105 hectares and is one of four joint ventures the companies created at Russell Lake after a December 2025 transaction. Skyharbour operates Getty East and RL Claims, and Denison operates Wheeler North and Wheeler River Inliers. Denison's total consideration is up to CA$61.5 million, made up of CA$40 million in exploration spending and CA$21.5 million in cash and shares.

Ventum Capital Markets analyst Surya Sankarasubramanian rated Skyharbour a Buy with a CA$0.75 target.

Together, the joint ventures span 73,293 hectares between the Key Lake and McArthur River operations of Cameco Corp. (CCO:TSX; CCJ:NYSE). They border Denison's Wheeler River project to the north, east, and south. The area has an exploration camp, highway access, and a connection to the provincial power grid, along with more than 35 kilometers of largely untested conductors.

The Getty East work is part of a 2026 campaign of more than 15,000 m across Russell Lake. Some phases are complete with assays pending, and a final phase is due to start soon at Wheeler North. Skyharbour also planned 8,000 m to 10,000 m this year at its wholly owned Moore project, 15 kilometers east of Wheeler River, the company has said.

Beyond those two projects, Skyharbour holds interests in 49 properties covering more than 736,000 hectares. If its partners complete their earn-ins, they would fund more than CA$79 million in exploration and pay the company more than CA$52 million in cash and shares.

For Analysts, the Drill Bit Matters More Than the Uranium Price

Ventum Capital Markets analyst Surya Sankarasubramanian rated Skyharbour a Buy with a CA$0.75 target in a September 8 uranium sector update. He cited Skyharbour and Denison as ways to play a "transformed uranium thematic." Monthly average spot U₃O₈ prices rose 171% over five years to US$88 per pound (lb), he noted, while most uranium equities and major exchange-traded funds lagged the metal.

With long-term contracts near US$96/lb and Ventum forecasting US$110/lb from 2031, he expects more modest commodity gains and sees stock selection and exploration success as increasingly important to returns. He called Skyharbour "the pre-eminent uranium exploration and prospect generator company in the Athabasca Basin."

Sankarasubramanian said the prospect-generator model, the partnership with Purecore Metals Inc. (PURE:CSE; PPURF:OTCQB; J8Y:FSE), and drilling at Russell Lake with Denison and at wholly owned Moore Lake make Skyharbour "a strong contender for future positive returns."

AI's Power Appetite Is Sending Big Tech to the Reactor

The world's largest technology companies are now buying nuclear power directly. On October 6, Alphabet Inc. Class A's (GOOGL:NASDAQ) agreed to buy 890 megawatts (MW) of new nuclear output from Constellation Energy Corp. (CEG:NASDAQ) under a 20-year contract, along with 2,700 MW from Constellation's existing plants under a separate 15-year deal, Mike Wheatley reported for SiliconANGLE. Constellation plans to spend more than US$4.3 billion upgrading 11 reactors at six plants in Illinois, New Jersey, and Pennsylvania to supply the new power.

Google's head of energy and power, Amanda Peterson Corio, said existing reactors can add capacity faster than new plants can be built, according to the report.

The demand behind such deals is showing up in forecasts. Global electricity use is expected to grow an average of 3.6% a year from 2026 through 2030, the International Energy Agency said in its Electricity 2026 report. In the United States, about half of the growth through 2030 comes from data centers. Nuclear generation set a record in 2025, the agency said, and is expected to keep rising through the end of the decade.

Uranium prices reflect the shift. The long-term contract price stood at US$96.50 per pound at the end of September, and the spot price at US$89.63, according to Cameco, which averages figures from UxC and TradeTech. The long-term price recently passed its mid-2007 high of US$95, a record that had stood for about 19 years, Rich Duprey wrote for 24/7 Wall St. on October 3.

Equities have not kept pace. Duprey noted that uranium and nuclear stocks have fallen this year, and that utilities' long-term contracting was down about 15% from a year earlier as of August 31.

Still, supply is tightening while buyers line up. Kazatomprom (NATKY:OTCMKTS; KAP:LSE) has delayed the startup of its sulfuric acid plant by six to 12 months, and Russia has banned exports of the acid, an input for uranium mining, through the end of the year, Duprey wrote. On the demand side, Google's agreement came a week after Amazon.com Inc. (AMZN:NASDAQ) announced a 20-year deal for 690 MW from Constellation's Calvert Cliffs plant in Maryland, with about US$3 billion in planned upgrades, according to SiliconANGLE.

Ownership and Share Structure¹

Skyharbour has a market cap of CA$78.56 million, with 221.3 million shares outstanding. The company's 52-week range is CA$0.30-CA$0.66.

Institutions own 29.8% of shares, while management and insiders own 3.13%. The remaining shares are retail.

Common Questions from Investors

What did Skyharbour announce? On October 7, the company said it had started drilling at the Getty East uranium joint venture with Denison Mines Corp. It is the first drill program on the newly formed property, and Denison is funding it.

What are the two target areas? Four holes are planned first at the Little Man Zone, which was last drilled in 1989. Six to eight more will test conductors along the interpreted southward extension of the Middle Lake trend.

How is the Getty East joint venture structured? Skyharbour holds 70% and is the operator. Denison holds 30% and can raise its stake to as much as 70% by spending CA$15 million on exploration over seven years.

What has historical drilling shown? Historical grades at the Little Man Zone ran from 0.03% to 0.10% U₃O₈ at a depth of about 300 m. Higher-grade results from the 1980s, including 22.1% U₃O₈ over 0.9 m, came from an adjacent property to the south and have not been verified by Skyharbour's qualified person.

Where is Getty East? It covers 3,105 hectares in the Russell Lake project area, between Cameco's Key Lake and McArthur River operations. The Russell Lake joint ventures border Denison's Wheeler River project to the north, east, and south.

How large is the 2026 drilling campaign? The Getty East work is part of more than 15,000 m planned across Russell Lake this year, with a final phase due to start soon at Wheeler North. Skyharbour also planned 8,000 m to 10,000 m at its wholly owned Moore project.

What is the Denison transaction worth? Denison's total consideration across the four joint ventures is up to CA$61.5 million, made up of CA$40 million in exploration spending and CA$21.5 million in cash and shares.

What do analysts say? Ventum's Surya Sankarasubramanian rates Skyharbour a Buy with a CA$0.75 target and sees exploration success as increasingly important to returns.

What is the backdrop for uranium? Google agreed on October 6 to buy 890 MW of new nuclear output from Constellation Energy, and the International Energy Agency expects global electricity use to grow 3.6% a year through 2030. Uranium equities have lagged the price this year.