Skyharbour Resources Ltd.

Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well-positioned to benefit from improving uranium market fundamentals with eighteen projects, ten of which are drill-ready, covering over 460,000 hectares of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced stage uranium exploration property with high grade uranium mineralization at the Maverick Zone with drill results returning up to 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour’s recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high-grade drill intercepts over a large property area with robust exploration upside potential. Skyharbour has the Option to acquire an initial 51% and up to 100% of Rio Tinto’s 73,294 ha Russell Lake Uranium Property strategically located in the central core of the Eastern Athabasca Basin of northern Saskatchewan. Skyharbour is actively advancing and drilling these projects with planned and ongoing exploration programs.

Skyharbour has a joint-venture with industry-leader Orano Canada Inc. at the Preston Project whereby Orano has earned a 51% interest in the project through exploration expenditures and cash payments. Skyharbour now owns a 24.5% interest in the Project.
Skyharbour also has a joint-venture with Azincourt Energy at the East Preston Project whereby Azincourt has earned a 70% interest in the project through exploration expenditures, cash payments and share issuance. Skyharbour now owns a 15% interest in the Project. Preston and East Preston are large, geologically prospective properties proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit.

Skyharbour has several active option partners including: ASX-listed Valor Resources on the Hook Lake Uranium Project whereby Valor can earn-in 80% of the project through CAD $3,500,000 in exploration expenditures, $475,000 in cash payments over three years and an initial share issuance; CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Project whereby Basin Uranium can earn-in 75% of the project through $4,000,000 in exploration expenditures, $850,000 in cash payments as well as share issuances over three years; and CSE-listed Medaro Mining Corp. on the Yurchison Project whereby Medaro can earn-in an initial 70% of the project through $5,000,000 in exploration expenditures, $800,000 in cash payments as well as share issuances over three years followed by the option to acquire the remaining 30% of the project through a payment of $7,500,000 in cash and $7,500,000 worth of shares. More recently, Skyharbour announced two new earn-in option agreements with Yellow Rocks Energy, a private Australian entity, to option the Wallee and Usam Island projects, and Tisdale Clean Energy at the South Falcon East Project, bringing the total to seven partner companies.

With these various earn-in option agreements and joint venture partnerships, Skyharbour can expect more than $34 million in exploration expenditures, over $20 million in stock and around $15 million in cash payments made to the Company, assuming the partner companies earn-in at their respective projects.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favorable jurisdictions.

Expert Comments:

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David Talbot, Red Cloud Securities

"Skyharbour Resources Ltd. is currently undertaking the following drill programs to advance its projects forward: 10,000m of drilling at Russell Lake; continued drilling at Moore with a focus on new/refined basement-hosted targets; other exploration and drilling programs by partners at secondary partners; and formation of new joint ventures/partnerships."

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Siddharth Rajeev, Fundamental Research Corp.

"Skyharbour Resources Inc. signed an agreement with Tisdale Clean Energy to option the South Falcon East property, Saskatchewan. Tisdale can acquire a 75% interest by spending $10.5M on exploration, issuing 1.11M shares and making additional cash/share payments of $11M, reflecting an implied valuation of $30M."

Siddharth Rajeev, Fundamental Research Corp.

"Skyharbour Resources Ltd. has expanded its uranium portfolio through an option to acquire the Russell Lake uranium project from Rio Tinto. . .the property, comprised of 26 claims covering 73,294 ha, is situated in the eastern portion of the Athabasca basin. . .Skyharbour can earn a 100% interest by paying approximately $37.5M (in cash or shares) and by spending $12M in exploration over several years."

headshot of David Talbot

David Talbot, Red Cloud Securities

"Skyharbour Resources Ltd. announced it acquired an initial 51%, and up to 100%, interest in the Russell Lake uranium project in the Athabasca Basin from Rio Tinto. . .this was an excellent acquisition and improves the company's odds of discovering further high-grade basement or unconformity uranium deposits in the Athabasca Basin."

More Expert Comments

Experts Following This Company

headshot of Peter Epstein
Peter Epstein, CFA – Epstein Research
headshot of Thibaut Lepouttre
Thibaut Lepouttre, Editor Caesars Report
Clive Maund –
headshot of Siddharth Rajeev
Siddharth Rajeev, Analyst – Fundamental Research Corp.
headshot of David Talbot
David Talbot, Analyst – Red Cloud Securities

Company News 

3/7/2023 – Skyharbour's Partner Company Basin Uranium Corp. Continues to Intersect Anomalous Uranium Mineralization at Mann Lake

3/1/2023 – Skyharbour prepares for busy 2023 as drill program at Russell Lake uranium project gets underway

2/9/2023 – Skyharbour Announces Exploration Agreement with English River First Nation

1/25/2023 – Skyharbour Partner Company Tisdale Clean Energy Receives Approval from TSX Venture Exchange for South Falcon East Property Option Agreement, Saskatchewan

1/24/2023 – Skyharbour Commences Inaugural 10,000m Drill Campaign at the Russell Lake Uranium Project, Saskatchewan

The information provided above is from analysts, newsletters, the company and other contributors.

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Streetwise Company Fact Sheet

Skyharbour Resources Ltd.


2023/3/30 1:44:50

Analyst coverage

Fundamental Research Corp.Siddharth Rajeev
Red Cloud SecuritiesDavid Talbot

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Streetwise - Skyharbour Resources Ltd. Ownership Overview*

Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE)

*Share Structure as of 3/23/2023
Investing Highlights
Top tier Athabasca Basin uranium project portfolio including high-grade flagship Moore project and recently optioned Russell Lake project from Rio Tinto, both with robust discovery potential
Focused exploration and drilling to unlock value through new discoveries and resource expansion at primary projects; utilizing the prospect generator and JV model to advance secondary projects
Strong management and geological team with expertise in the Basin and a track record of success; strategic partnerships with Denison, Orano and Rio Tinto
catalyst Calendar
JV’s and option partner companies funding exploration and drilling at secondary projects
Uranium market recovery continues gaining momentum
Formation of new JV’s and option partners - “Prospect Generator Model”