Skyharbour Resources Ltd.
AI Power Demand Driving Uranium Prices and Strategic Partnerships Fuel Momentum
Published: Feb 6, 2026
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 Precious Metals & Mining
Trading Information
Ticker & Exchange – SYH.V : TSXV
Report Highlights
- While gold and silver are making headlines and grabbing all the attention, we believe the market has largely overlooked the rise in uranium prices, which are up 28% YoY to US$88/lb. Uranium has only reached these levels twice before, briefly in 2007, and in late 2023.
- In just one month, the Sprott Physical Uranium Trust (TSX: U-UN), the world’s largest physical uranium fund, increased its holdings by 4% to 78 Mlbs, signaling strong demand and bullish sentiment. The Trump administration is accelerating U.S. nuclear-sector approvals, and major tech companies are securing long-term nuclear power for AI and data-center growth. We believe these factors will drive uranium demand and boost investor optimism, particularly amid ongoing supply-chain risks, with Russia controlling 35% of global enrichment capacity.
- Since our previous report in December 2025, SYH is up 33%. The company closed a $2.1M equity financing, and staked 10 additional early-stage uranium properties, expanding its portfolio to 43 properties covering 662,887 hectares. SYH controls one of the largest portfolios among uranium juniors in the Athabasca Basin.
- SYH is gearing up for its largest annual drill campaign to date, totaling approximately 25,000m at its 100%-owned Moore project, and the new Russell Lake joint venture with Denison Mines Corp. (TSX: DML).
- At the Moore uranium project, management aims to deliver a maiden resource estimate this year, which we believe will provide a clearer view of its potential. This could be a key milestone and catalyst for the company.
- As for the Russell Lake joint venture, SYH will receive $61.5M from Denison ($21.5M in cash and shares, with $18M paid to date, plus $40M for exploration) to earn a 20%–70% interest across multiple claims over seven years. We view this partnership as a major positive for SYH: it brings in a top-tier operator, and validates the project’s potential.
- Option partners on SYH’s other projects are actively advancing their properties, with approximately 6-7,000 m of drilling planned this year. SYH could receive up to $42M in cash and shares if all option agreements are fully executed.
- Upcoming catalysts for SYH include improving uranium market sentiment, partner-funded exploration, and major drilling programs at Moore and Russell Lake.
Price and Volume (1-year)
*$11M in cash and marketable securities as of February 2026
*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
SYH’s Portfolio
43 properties, covering 662,887 hectares, in the Athabasca basin
The Athabasca Basin hosts some of the world’s richest uranium deposits and mines, increasing SYH’s likelihood of discovering new uranium deposits than peers operating in other regions
JV/Option Agreements
Source: Company
Fourteen projects under JV/ option agreements with 10 partners
Partners pay for exploration → SYH receives cash and shares from partners, plus exposure to upside potential from discoveries
Partners could commit up to $76M for exploration, and $42M in cash/share payments to SYH
Last month, SYH staked 40 new prospective uranium claims in Northern Saskatchewan, with management now seeking JV partners to advance them.
New Claims
The opinions expressed in this report are the true opinions of the analyst(s) about any companies and industries mentioned. Any “forward looking statements” are our best estimates and opinions based upon information that is publicly available and that we believe to be correct, but we have not independently verified with respect to truth or correctness. There is no guarantee that our forecasts will materialize. Actual results will likely vary. The companies listed above are covered by FRC under an issuer-paid model, where fees have been paid to FRC to commission this report and research coverage. This creates a potential conflict of interest which readers should consider. Distribution procedure: our reports are distributed first to our web-based subscribers on the date shown on this report then made available to delayed access users through various other channels for a limited time. To subscribe for real-time access to research, visit https://www.researchfrc.com/plans for subscription options. This report contains “forward looking” statements. Forward-looking statements regarding the Company, industry, and/or stock’s performance inherently involve risks and uncertainties that could cause actual results to differ from such forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company’s products/services in the marketplace; acceptance in the marketplace of the Company’s new product lines/services; competitive factors; new product/service introductions by others; technological changes; dependence on suppliers; systematic market risks and other risks discussed in the Company’s periodic report filings, including interim reports, annual reports, and annual information forms filed with the various securities regulators. By making these forward-looking statements, Fundamental Research Corp. and the analyst/author of this report undertakes no obligation to update these statements for revisions or changes after the date of this report. Fundamental Research Corp DOES NOT MAKE ANY WARRANTIES, EXPRESSED OR IMPLIED, AS TO RESULTS TO BE OBTAINED FROM USING THIS INFORMATION AND MAKES NO EXPRESS OR IMPLIED WARRANTIES OR FITNESS FOR A PARTICULAR USE. ANYONE USING THIS REPORT ASSUMES FULL RESPONSIBILITY FOR WHATEVER RESULTS THEY OBTAIN FROM WHATEVER USE THE INFORMATION WAS PUT TO. ALWAYS TALK TO YOUR FINANCIAL ADVISOR BEFORE YOU INVEST. WHETHER A STOCK SHOULD BE INCLUDED IN A PORTFOLIO DEPENDS ON ONE’S RISK TOLERANCE, OBJECTIVES, SITUATION, RETURN ON OTHER ASSETS, ETC. ONLY YOUR INVESTMENT ADVISOR WHO KNOWS YOUR UNIQUE CIRCUMSTANCES CAN MAKE A PROPER RECOMMENDATION AS TO THE MERIT OF ANY PARTICULAR SECURITY FOR INCLUSION IN YOUR PORTFOLIO. This REPORT is solely for informative purposes and is not a solicitation or an offer to buy or sell any security. It is not intended as being a complete description of the company, industry, securities or developments referred to in the material. Any forecasts contained in this report were independently prepared unless otherwise stated, and HAVE NOT BEEN endorsed by the Management of the company which is the subject of this report. Additional information is available upon request. THIS REPORT IS COPYRIGHT. YOU MAY NOT REDISTRIBUTE THIS REPORT WITHOUT OUR PERMISSION. Please give proper credit, including citing Fundamental Research Corp and/or the analyst, when quoting information from this report. The information contained in this report is intended to be viewed only in jurisdictions where it may be legally viewed and is not intended for use by any person or entity in any jurisdiction where such use would be contrary to local regulations or which would require any registration requirement within such jurisdiction.
