Skyharbour Resources Ltd.
Secures Denison as JV Partner in Transformative Deal
Published: Dec 2, 2025
Author: FRC Analysts
Disclosure: Skyharbour Resources Ltd. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Company Details
Sector – Basic Materials / Industry – Other Industrial Metals & Mining
Trading Information
Ticker & Exchange – SYH.V : TSX VSYHBF : OTCQX
Report Highlights
- Skyharbour Resources (‘SYH”) has brought in Denison Mines (TSX: DML) as a joint venture partner to advance the Russell Lake uranium project in the Athabasca Basin, Saskatchewan. Russell Lake sits between SYH’s Moore project and Denison’s Wheeler River, making it a strategic asset for Denison.
- The deal provides up to $61.5M from Denison ($21.5M cash/shares + $40M exploration) to earn 20%-70% interest across multiple claims over seven years. Assuming an average interest of 48% across the claims, the transaction implies a value for the entire project of $128M, considerably higher than our June 2025 valuation of $88M.
- SYH optioned the project from Rio Tinto (LSE: RIO) in 2022, and recently increased its ownership to 100% by acquiring Rio’s remaining minority stake for $10M. The claims will be managed under four joint ventures: Russell Lake (RL), Getty East, Wheeler North, and Wheeler River Inlier.
- We view this partnership as a major positive for SYH: it brings in a top-tier operator, validates the project’s potential, and allows SYH to remain operator at RL and Getty East, while Denison leads Wheeler North and Wheeler Inliers. Both geological teams will collaborate. Exploration and drilling programs are planned next year at Wheeler North, Getty East, and RL.
- SYH recently completed ~16,000 m of drilling across the Russell Lake and Moore projects, and is awaiting assay results in the coming months. We believe SYH could complete an NI 43-101 resource estimate for Moore next year.
- Option partners are actively advancing their projects, with ~12,000 m of drilling recently completed. SYH could receive up to $42M in cash and shares if all option agreements are fully executed.
- Uranium prices have remained flat YoY at US$76/lb. The Sprott Physical Uranium Trust (TSX: U-UN), the world’s largest physical uranium fund, has increased its holdings to 74 Mlbs (+12% YoY), signaling strong demand and bullish sentiment. The Trump administration is accelerating U.S. nuclear-sector approvals, while major tech companies are securing long-term nuclear power for AI and data-center growth, contributing to rising uranium demand and renewed investor optimism amid ongoing supply-chain risks, particularly with Russia controlling 35% of global enrichment capacity.
- Upcoming catalysts include improving uranium sentiment, drill results from Russell Lake and Moore, partner-funded exploration, major 2026 drilling by SYH and Denison, and potential new option agreements to advance SYH’s prospect-generator model.
Price and Volume (1-year)
*QP: Serdar Donmez, P.Geo., VP Exploration of Skyharbour Resources Ltd.
* Skyharbour Resources has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Portfolio Summary
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