Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE) announced that its partner company, North Shore Uranium Ltd. (NSU:TSX.V), completed a prospecting program at the Falcon Project, located at the eastern margin of the Athabasca Basin in Saskatchewan. Under the option agreement, North Shore may earn an initial 80% interest in the project by issuing common shares valued at CA$1,225,000, paying CA$525,000 in cash, and completing CA$3,550,000 in exploration expenditures over a three-year period.
The prospecting work was conducted by Axiom Exploration Group and focused on 18 high-priority targets defined by electromagnetic (EM) surveys. Several targets returned significant surface radioactivity as measured by a scintillometer, with outcrop readings reaching 27,000 counts per second (cps) at the FA025 target, the site of the historic D Zone showing, and 20,000 cps at FA020, associated with the historic EWA Showing. North Shore collected 74 rock samples during the program and submitted them to Saskatchewan Research Council's Geo-analytical Laboratory for uranium, rare earth element, and associated metal analysis. Results are pending.
Brooke Clements, President and CEO of North Shore, stated in the release, "We think that Falcon has all the right ingredients to yield a significant new uranium discovery. It is in the Athabasca Basin region, host to Canada's only two uranium mines and three development-stage projects."
Falcon comprises 11 mineral claims across approximately 42,908 hectares, about 50 kilometers east of the Key Lake uranium mine and mill. Historical exploration has confirmed uranium mineralization at various zones, including EWA, Knob Lake, and Fraser North, and previous drilling by JNR Resources encountered anomalous uranium and associated elements in several holes.
Uranium Momentum Reinforced by AI Demand and Clean Energy Policies
MarketMinute wrote on October 10 that uranium markets continued to benefit from strong tailwinds driven by global energy shifts. The article noted that the nuclear fuel sector was "reaching an unprecedented all-time high" amid surging global demand for reliable baseload power and the rapid growth of energy-intensive artificial intelligence data centers. MarketMinute highlighted that this momentum came amid "a robust future for the nuclear fuel market" and underscored a broader transformation in global energy strategies, with nuclear energy increasingly favored for its carbon-free reliability.
According to a report from Simply Wall St on October 12, investor enthusiasm remained high as capital continued to flow into the uranium sector. The report noted that a major U.S.-based uranium company had "raised over US$200 million in fresh capital for a new refining and conversion facility," citing increased investor confidence and broader enthusiasm for the domestic nuclear fuel cycle. The company's price-to-book ratio of 6.9x was described as "well above both industry peers and broader sector averages," with the publication stating that the valuation "suggests that the market is pricing in considerable future growth" for uranium companies despite a lack of current profitability.
On October 13, Yahoo Finance reported that shares in one uranium firm had surged over 100% in the past year and more than 1,400% over five years. The article described this performance as a reflection of "shifting sentiment around uranium markets as demand projections get punched higher by global interest in nuclear energy."
The publication added that "investors are clearly rethinking the industry's prospects and recalibrating risk," and concluded that current valuation models, including discounted cash flow and price-to-book ratios, showed companies in the sector were trading close to fair value despite their rapid rise.
Analyst Commentary Highlights Skyharbour's Expanding Project Base and Drilling Plans
Marcus Giannini of Haywood Securities reiterated the scope of the company's land package and its growth strategy in a September 25 report. He stated that "Skyharbour Resources Ltd. is well-positioned to benefit from strong and improving uranium market fundamentals, with 37 projects covering over 616,000 hectares of mineral claims." Giannini also mentioned that "the company will conduct its most extensive drill program to date in 2025, with 16,000–18,000m planned across its cornerstone Russell and Moore projects."
That same day, Jeff Clark of The Gold Advisor described Skyharbour as offering relative value compared to some of its peers, writing, "This is not a time to chase a stock that's run up a lot . . . the exception is high-quality companies that haven't left the station yet, such as Skyharbour Resources Ltd . . . it does offer better value than those that have already gone 3–4–5x."
In an October 9 note, Clark reiterated his favorable view, writing, "You might check out uranium explorer, Skyharbour Resources Ltd. The company is up but not in runaway mode. I'm overweight on it."
Prioritizing Targets Along Untested EM Conductor Trends
North Shore's prospecting program emphasized surface validation of EM conductors and identification of radioactivity in outcrops and boulders, helping refine several drill-ready zones across the Falcon Project. North Shore is integrating recent field results with historical drilling and geophysical data to prioritize follow-up targets. More than 30 kilometers of EM conductors remain untested on the property.
Zone 1 includes targets P03 and P08, where drilling in 2024 intersected brittle fault zones with uranium values ranging from 316 to 572 parts per million (ppm) U₃O₈. At Zone 2, the EWA showing revealed previous grab samples up to 0.492% U₃O₈ and 1,300 ppm lead. In Zone 3, the D Zone area revealed a coarse-grained pegmatite dyke with readings up to 27,000 cps, coinciding with historic samples containing 1.26% uranium and 0.8% molybdenum.
Streetwise Ownership Overview*
Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE)
North Shore intends to evaluate these high-priority zones and integrate the EM models with previous and new data to assess the need for additional drilling. If North Shore completes the earn-in and chooses to proceed, it has the right to acquire the remaining 20% interest by issuing CA$5,000,000 in shares and making a CA$5,000,000 cash payment to Skyharbour. If not, a joint venture will be formed with Skyharbour retaining a 20% interest.
Two of the Falcon claims remain subject to a 1% net smelter return (NSR) royalty payable to Skyharbour, while the remaining nine claims are subject to a 2% NSR payable to Denison Mines, of which North Shore may purchase half for CA$1 million.
Ownership and Share Structure
Management, insiders, and close business associates own approximately 5% of Skyharbour, the company said.
President and CEO Jordan Trimble owns 1.5%, and Director David Cates owns 0.65%. Institutional, corporate, and strategic investors own approximately 55% of the company.
Denison Mines owns 6.3%, Rio Tinto owns 2%, Extract Advisors LLC owns 9.6%, Alps Advisors Inc. owns 9.1%, Mirae Asset Global Investments (U.S.A) L.L.C. owns 5.68%, and Incrementum AG owns 1.05%, Skyharbour said.
Skyharbour has 204.46M outstanding shares and 199.65M free float traded shares. Its market cap is CA$90.02 million. Its 52-week range is CA$0.28–CA$0.51 per share.
Want to be the first to know about interesting Uranium investment ideas? Sign up to receive the FREE Streetwise Reports' newsletter. | Subscribe |
Important Disclosures:
- Skyharbour Resources Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
For additional disclosures, please click here.