Investor Insight
In the current strong market dynamic for uranium, Skyharbour Resources is a compelling investment opportunity driven by its large portfolio of exploration assets in Canada’s most prolific uranium district in the Athabasca Basin.
Overview
Nuclear energy is a key driver in the transition to net zero, offering clean, reliable, and secure power to meet global electricity demand, which is expected to grow by 50 percent in 2040.
Skyharbour Resources (TSXV:SYH,OTCQX :SYHBF,FWB:SC1P) is strategically positioned to support this growing demand through its high-grade uranium projects. As a leading uranium exploration company, Skyharbour partners with industry stakeholders to advance projects that contribute to the secure and sustainable energy future nuclear power promises.
Skyharbour has completed its 2025 drill programs at the co-flagship Russell Lake and Moore Lake uranium projects, with assay results pending. The campaign comprised approximately 16,000 – 18,000 metres of drilling, including ~10,000 metres at Russell Lake and 6,000-7,000 metres at Moore Lake. Drilling targeted multiple high-priority zones, building on the projects’ widespread uranium mineralization and favorable Athabasca Basin geology with potential for large, high-grade deposits.
Looking ahead, extensive follow-up drilling is planned for 2026 at both projects, with programs expected to be funded and advanced by both Skyharbour and Denison Mines as part of the recently established joint ventures at Russell Lake, positioning Russell and Moore Lake for continued exploration momentum and discovery upside.
Company Highlights
- Company Overview: Skyharbour Resources is a junior mining company with one of the largest uranium exploration portfolios in Canada’s Athabasca Basin, spanning 43 projects over 662,000 hectares.
- Athabasca Basin Advantage: The Athabasca Basin is the world’s top uranium district, with deposits averaging grades 10 to 20 times higher than the global average.
- Strategy: The company pursues a dual strategy: advancing its co-flagship Russell Lake and Moore projects while leveraging a prospect generator model to fund exploration at secondary assets through partnerships.
- Moore Uranium Project: Moore hosts high-grade uranium at the Maverick Zone, where drilling has returned 6 percent U3O8 over 5.9 metres and 20.8 percent U3O8 over 1.5 metres at 265 metres depth.
- Russell Lake Uranium Project: Russell Lake is a 73,314-hectare advanced-stage uranium project now held under a newly formed joint-venture partnership between Skyharbour Resources and Denison Mines. The 2024 winter program confirmed new sandstone-hosted uranium mineralization, with assays up to 2.99 percent U₃O₈ over 0.5 metres.
- Current and Planned Drilling: Multiple phases of drilling were completed in 2025, totaling approximately 16,000 metres across the Russell Lake and Moore Lake projects. Extensive follow-up exploration and drilling programs are planned for 2026.
- Partner-Funded Exploration: Joint-venture and option partners completed an additional 12,000 to 14,000 metres of drilling in 2025, including approximately 6,000–7,000 metres by Orano at the Preston Project. Further partner-funded exploration and drilling programs are expected to commence in 2026.
- Prospect Generator Model: Skyharbour advances non-core assets through partners who fund exploration and provide cash or stock, while it retains minority interests and equity stakes.
- Market Tailwinds: Global momentum toward nuclear energy as a decarbonization solution is driving uranium demand, positioning Skyharbour’s Athabasca Basin projects for growth.
Flagship Projects
The Moore Project
The project spans 35,705 hectares in the eastern Athabasca Basin and is located near established infrastructure within a highly prospective corridor for high-grade uranium mineralization. Acquired from Denison Mines, a major strategic shareholder of Skyharbour, the property benefits from excellent year-round access via winter and ice roads, with substantial summer accessibility. Extensive historical exploration includes over $50 million in expenditures and more than 140,000 metres of diamond drilling, underscoring its significant discovery potential.
Moore hosts high-grade uranium mineralization at the Maverick zones. Over the past few years, Skyharbour Resources has conducted diamond drilling programs, resulting in the intersection of high-grade uranium mineralization in numerous drill holes along the 4.7-kilometer-long Maverick structural corridor. Some of the high-grade intercepts include:
- Hole ML-199 which intersected 20.8 percent U3O8 over 1.5 meters at 264 meters,
- Hole ML-202 from the Maverick East Zone which intersected 9.12 percent U3O8 over 1.4 meters at 278 meters.
- Hole ML20-09 which intersected 0.72 percent U3O8 over 17.5 meters from 271.5 meters to 289.0 meters, including 1 percent U3O8 over 10.0 meters represents the longest continuous drill intercept of uranium mineralization discovered to date at the project.
- Drill hole ML-61 returned 4.03 percent eU3O8 over 10 meters;
- Drill hole ML -55 encountered high-grade mineralization, returning 5.14 percent U3O8 over 6.2 meters
- Drill hole ML -47 intersected 4.01 percent U3O8 over 4.7 meters
Only about 50% of the 4.7-kilometre prospective Maverick corridor has been systematically drilled, highlighting significant discovery potential along strike and at depth. Skyharbour completed approximately 2,800 metres of winter drilling in 2024, focused on infill and expansion at the Main Maverick Zone, returning standout results including 5.0 metres of 4.61% U₃O₈ (from 265.5 to 270.5 metres), with a higher-grade interval of 1.0 metre grading 10.19% U₃O₈ in hole ML24-08. The Company also completed an additional 2,759 metres of late-2024 drilling across nine holes, targeting both the Main Maverick and Maverick East Zones.
Skyharbour completed over 7,000 metres of diamond drilling in 2025 at the Main Maverick and Maverick East Zones, with assay results pending. The program focused on expanding, characterizing, and defining the extents of known mineralization, while also testing several additional high-priority targets across the project.
Beyond the Maverick Zones, drilling intersected multiple conductive corridors associated with significant structural disruption, strong alteration, and anomalous uranium and pathfinder element geochemistry, underscoring the broader exploration potential of the project.
Skyharbour is planning additional drilling in 2026, to be advanced in conjunction with expanded exploration programs at Russell Lake. Further details on the scope and timing of the 2026 drill program will be provided as plans are finalized.
Russell Lake Uranium Project
The Russell Lake Project is a large, advanced-stage uranium exploration asset covering 73,314 hectares in the eastern Athabasca Basin, strategically located between Cameco’s Key Lake and McArthur River operations and adjacent to Denison’s Wheeler River and Skyharbour’s Moore Lake projects. A recently completed strategic agreement with Denison Mines has restructured the broader project into four joint ventures with up to C$61.5 million in total project consideration, while Skyharbour retains operatorship and a majority interest in the core Russell Lake claims, cementing its flagship status.
The project benefits from excellent infrastructure and extensive historical work, including over 95,000 metres of drilling in 220+ holes, defining multiple high-priority targets and high-grade uranium showings. Key exploration areas include the Grayling Zone, M-Zone Extension, Little Man Lake, Christie Lake, and Fox Lake Trail. Recent drilling programs in 2023 and 2024 continued to advance these targets, highlighted by a best-ever intercept of 2.5 metres of 0.721% U₃O₈ at a shallow depth of 338.1 metres, including 0.5 metres of 2.99% U₃O₈ at 339.6 metres just above the unconformity. With Denison as a strategic partner and increased funding capacity, Russell Lake is positioned for accelerated exploration and enhanced discovery potential.
Skyharbour has completed its 2025 drilling program at the Russell Lake Project, with multiple phases comprising nearly 10,000 metres of drilling designed to follow up on recent exploration success and test new high-priority targets generated by the geological team. Planning is now underway for additional drilling in 2026, to be advanced in collaboration with Denison Mines, with further details to be provided as programs are finalized.
Prospect Generator Strategy
Skyharbour implements a prospect generator model. Through joint ventures and option agreements, partners fund exploration and provide cash or share payments to earn interests in secondary projects. This allows Skyharbour to focus its resources on core assets, including the Moore Lake and Russell Lake projects, while partners advance the rest of the portfolio. Skyharbour is advancing a portfolio of uranium exploration projects at Russell Lake, operated by Skyharbour and Denison Mines under a joint venture. The Russell Lake project portfolio comprises the Wheeler North, Getty East, RL Claims, and Wheeler Inlier subprojects. Collectively, these projects host multiple zones of uranium mineralization across a large and highly prospective land package with significant exploration upside. Skyharbour and Denison are actively advancing the Russell Lake portfolio through systematic exploration and drill programs
Skyharbour also has joint ventures with industry leader Orano Canada Inc., Azincourt Energy, and Thunderbird Resources at the Preston, East Preston, and Hook Lake Projects respectively. The Company also has several active earn-in option partners, including CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; TSX-V listed North Shore Uranium at the Falcon Project; UraEx Resources at the South Dufferin and Bolt Projects; Hatchet Uranium at the Highway Project; CSE-listed Mustang Energy at the 914W Project; and TSX-V listed Terra Clean Energy at the South Falcon East Project.
In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to potentially over $76 million in partner-funded exploration expenditures and over $42 million in cash and share payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.
Furthermore, Skyharbour’s project portfolio is bolstered by several other 100 percent owned projects scattered throughout the Athabasca Basin that they can look to option/JV or sell to grow their robust model.
Management Team
Jordan Trimble – President, CEO and Director
Jordan is an entrepreneur with extensive experience in the resource sector, having worked with multiple public and private companies across management, corporate finance and strategy, shareholder communications, marketing, business development, and capital raising. He previously served as Corporate Development Manager at Bayfield Ventures, playing a key role in the company’s growth prior to its acquisition by New Gold Inc. in 2014. A CFA® Charterholder, Jordan also served a full term as a Director on the board of CFA Society Vancouver. He holds a Bachelor of Science degree with a Minor in Commerce from the University of British Columbia and was recently named to Business in Vancouver’s Forty Under 40 for 2025.
Jim Pettit – Chairman of the Board and Director
Jim Pettit currently serves as a director on the boards of various public resource companies, drawing from over 35 years of experience in the industry. His expertise lies in finance, corporate governance, management and compliance, particularly in the early-stage development of both private and public enterprises. Over the past three decades, he has primarily focused on the resource sector. Previously, he served as chairman and CEO of Bayfield Ventures, which was acquired by New Gold in 2014.
David Cates – Director
David Cates currently serves as the president and CEO of Denison Mines (TSX:DML). Before assuming the role of president and CEO, Cates was the vice-president of finance, tax, and chief financial officer at Denison. In his capacity as CFO, he played a pivotal role in the company’s mergers and acquisitions activities, including spearheading the acquisition of Rockgate Capital and International Enexco. Cates joined Denison in 2008, initially serving as director of taxation before he was appointed CFO. Prior to joining Denison, he held positions at Kinross Gold and PwC with a focus on the resource industry.
Joseph Gallucci – Director
Joseph Gallucci is currently Head of Mining Investment Banking at Ventum Financial, where he oversees the firm’s global mining practice. He is also an active corporate director on several publicly listed mining companies. A senior capital markets executive with over 20 years of global mining-sector experience, Mr. Gallucci has held leadership roles across investment banking and equity research at BMO Capital Markets, GMP Securities, Dundee Securities, Eight Capital (as a founding principal), and Laurentian Bank Securities. He holds a Bachelor of Commerce degree from Concordia University and an MBA in Investment Management from the Goodman Institute of Investment Management, and he also holds the ICD.D designation.
Brady Rak – VP of Business Development
Brady Rak is a seasoned investment professional who has focussed on the Canadian capital markets over his 13-year career at several independent broker dealers including Ventum Financial, Salman Partners and Union Securities. As a registered investment advisor in the private client division of Ventum Financial, Brady has been involved in advising high-net-worth and corporate clients, structuring transactions, raising capital and navigating global market sentiment. Brady graduated from Northwood University with a BBA in Management and holds his Options license.
Serdar Donmez – Vice-president of Exploration
Serdar Donmez is a professional geoscientist with decades of uranium exploration and development experience in Saskatchewan and Zambia. Over 17 years at Denison Mines, he played key roles in advancing the Phoenix and Gryphon deposits at Wheeler River from discovery to feasibility in 2023. As resource geology manager, he contributed to mineral resource estimates, NI 43-101 reports, and the evaluation of in-situ recovery techniques for high-grade Athabasca Basin deposits. Donmez holds an engineering degree in geology and is a registered professional geoscientist in Saskatchewan.
Dave Billard – Head Consulting Geologist
Dave Billard is a geologist with over 35 years of experience in exploration and development, focusing on uranium, gold and base metals in western Canada and the western US. He served as chief operating officer, vice-president of exploration, and director for JNR Resources before its acquisition by Denison Mines. He played a crucial role in the discovery of JNR’s Maverick and Fraser Lakes B zones. Earlier in his career, he contributed to the discovery and development of several significant gold deposits in northern Saskatchewan. Prior to joining JNR, Billard worked as a geological consultant specializing in uranium exploration in the Athabasca Basin. He also spent over 12 years with Cameco Corporation.
Christine McKechnie – Senior Project Geologist
Christine McKechnie is a geologist with a specialization in uranium deposits, particularly those hosted in the basement and associated with unconformities in the Athabasca Basin and its vicinity. Throughout her career, she has worked with various companies such as Claude Resources, JNR Resources, CanAlaska Uranium and Cameco, engaging in gold and uranium exploration activities. She completed her B.Sc. (High Honors) in 2008 from the University of Saskatchewan and completed a M.Sc. thesis on the Fraser Lakes Zone B deposit at the Falcon Point project. She also received the 2015 CIM Barlow Medal for Best Geological Paper.
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