Uranium Explorer Advances Saskatchewan Portfolio Through Optioning Deal

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE) signed a non-binding letter of intent (LOI) with Purecore Metals Inc. (PURE:CSE) that would give Purecore an option to acquire as much as a 100% interest in the Yurchison uranium project in Northern Saskatchewan’s Wollaston Domain, according to a July 16 release.

The project includes 22 claims spanning approximately 35,029 hectares about 75 kilometers south of Cameco’s Rabbit Lake operation. Highway 905 passes through the claim block, the release said.

Rocks underlying the project include metasedimentary gneisses from the Wollaston Supergroup, ranging from psammopelitic to pelitic varieties, as well as graphitic pelitic gneisses adjacent to Archean granitic gneisses within the Eastern Wollaston Domain, according to the company.

Previous exploration has included airborne electromagnetic, magnetic, and radiometric work, together with ground magnetic, EM, IP, and gravity surveys, prospecting, mapping, geochemical sampling, and drilling, the company said. Most drilling took place between the 1960s and 1980s, with further programs completed in the mid-1990s and 2000s. Prospecting around older trenches returned uranium values between 0.09% and 0.30% U3O8 and molybdenum values from 2,500 parts per million (ppm) to 6,400 ppm in both outcrop and float samples. Skyharbour said it views the property as prospective for basement-hosted uranium as well as copper, zinc, and molybdenum mineralization.

Most work at Yurchison occurred before 2000, and limited subsequent follow-up has left much of the property insufficiently explored, the release noted. Historical programs on the project’s western side targeted uranium occurrences, while work in the east primarily pursued SEDEX-style lead-zinc mineralization after the nearby historic George Lake Pb-Zn (lead-zinc) Deposit discovery. Several uranium, molybdenum, and thorium occurrences remain prospective for basement-hosted uranium, pegmatite-hosted U-Th-REE (uranium-thorium-rare earth elements), and sediment-hosted Cu-Pb-Zn (copper-lead-zinc) mineralization. The latest work consisted of airborne EM, including VTEM and VLF-EM, along with magnetic and radiometric surveys flown in 2022 and 2023.

After executing the LOI, which was dated July 15, the companies agreed to negotiate the transaction terms in good faith and finalize a mineral-property option agreement. The proposed transaction remains conditional on Purecore completing satisfactory due diligence, the parties signing a binding "Definitive Agreement," approval from both companies' boards of directors, and all necessary regulatory approvals.

JV Partner Commences Drilling

In June, Skyharbour announced that joint-venture partner Orano Canada Inc. had prepared a substantial 2026 exploration and drilling campaign for the Preston Lake Uranium Project in Saskatchewan’s Athabasca Basin. Work on the 49,635-hectare project was to include a helicopter-supported airborne gravity gradiometry survey in a priority northern corridor, followed by a summer diamond-drilling program of up to 3,500 meters.

"The program is designed to build on the encouraging results from the past several years and advance a number of high-priority target areas across the property, particularly within the FSAN and Canoe Lake target areas, where drilling and geophysical surveys have identified prospective structural corridors and extensive alteration zones associated with graphitic metasedimentary rocks," Skyharbour noted in June 23 release. "Orano Canada is the majority owner with 79.2% and operator at the Project, with Skyharbour holding the remaining 20.8% interest."

The airborne survey will cover the northern portion of the property, including the high-priority FSAN and Canoe Lake grids, and is expected to take about two weeks. Skyharbour said the work will identify localized gravity lows, faults, and structural features across most of the claim area, helping the partners sharpen targets for summer drilling.

The company redirected funding originally planned for ground-gravity work to expand the airborne program. It now expects to conduct detailed ground surveys in early 2027, using station spacing of either 25 by 25 meters or 50 by 50 meters. According to Skyharbour, this follow-up work will help assess AGG anomalies, eliminate misleading results caused by localized overburden changes, and improve target resolution ahead of the 2027 drilling season.

This month, Orano plans to launch helicopter-supported drilling of up to 3,500 meters across roughly 10 holes averaging 300 meters each, with deeper holes possible where results warrant. The company will use an approach similar to its 2025 program, combining direct testing of priority targets with broader examinations of graphitic conductive corridors and related structures that could host uranium mineralization.

Orano expected to direct six to eight holes toward four to six targets in the northern FSAN area. These targets combine segmented conductive signatures with localized magnetic and gravity lows along established trends, including the FSA conductive corridor, which has produced the project’s strongest uranium anomalies in drilling to date. The program also includes two to four holes along the Area B conductive corridor, the last major untested conductive trend at Preston Lake, supported by five lines of DC resistivity data collected in 2020. Skyharbour said the results should improve geological understanding of the project and create additional high-quality targets, building on work completed in 2024 and 2025.

Analyst: Prospect Generator Model Offers Upside in Proven District

Haywood Capital Markets analyst Marcus Giannini began covering Skyharbour on May 28 with a Buy recommendation and a CA$1-per-share target. He described the company as a uranium explorer focused on finding unconformity-related deposits in the Athabasca Basin, with Moore Lake and Russell Lake serving as its principal projects.

"Skyharbour is a uranium exploration company we have followed for some time and has frequently been profiled in Haywood’s Exploration Quarterly Report," the analyst wrote. "Skyharbour is focused on the discovery of unconformity-style uranium deposits in the prolific Athabasca Basin, anchored by its co-flagship Moore Lake and Russell Lake projects."

Giannini said Skyharbour broadens its exploration reach through a prospect-generator model that relies largely on partner-funded work at projects near established uranium-bearing corridors. He identified the company’s Denison partnership at Russell Lake as a major development, providing the project with a stronger exploration program backed by an experienced, well-funded partner.

"With the partnership at Russell established, a proven project in Moore, and exposure to significant exploration drilling through joint venture projects, we think the timing is right for Skyharbour to take the next step in its exploration journey," Giannini said. "We like Skyharbour for the exposure it provides in terms of blue-sky exploration upside in a proven uranium district, while maintaining a lower risk profile relative to pure play exploration peers through its prospect generator business with minimized dilution through a partnership model."

Other analysts have also expressed favourable views. Fundamental Research Corp.’s Sid Rajeev said on Feb. 5 that Skyharbour had undertaken its largest annual drilling campaign yet and that a maiden resource estimate at Moore could provide an important catalyst. Rajeev retained his Buy rating and raised his fair-value estimate to CA$1.16 per share from CA$1.12.

In January, Red Cloud managing director and head of equity research David Talbot kept his CA$0.65-per-share target for Skyharbour unchanged. His target implied potential upside of 48% and reflected a constructive outlook for the company’s shares.

The Catalyst: Nuclear Energy Back in the Spotlight

Nuclear energy is regaining momentum after years of public resistance, construction setbacks, and pressure from lower-cost natural gas, according to a June 16 report by Saptakee S for CarbonCredits.com. Governments around the world are looking for dependable, low-emission electricity sources that can operate continuously, unlike weather-dependent wind and solar generation.

Because nuclear plants can produce power in all weather conditions, policymakers increasingly view them as a way to cut emissions while supporting reliable electric grids. More than 30 countries have committed to materially expanding nuclear capacity by 2050, while major technology companies are also examining nuclear power to meet the heavy electricity needs of AI data centres. CarbonCredits.com said this renewed interest has increased attention on uranium-producing companies and their shares.

The report said uranium prices have moved sharply in recent years but have generally trended upward. Trading Economics reported recent prices near US$85 per pound, well above levels seen before 2021 and more than 18% higher than a year earlier, despite periodic swings. Spot prices exceeded US$100 per pound earlier in 2026 before easing, while long-term contract pricing has remained firm as utilities secure future fuel supplies amid demand that is growing faster than available supply.

World Nuclear Association data estimates that reactors worldwide will require about 68,920 tonnes of uranium in 2025. Under its reference case, global demand could exceed 150,000 tonnes by 2040, pointing to a potential doubling of uranium requirements over the next 15 years.

Artificial intelligence is adding significant pressure to electricity systems because data centers power the technology, according to a January report on the United Nations website. A mid-sized facility can use as much electricity as 100,000 homes. The International Energy Agency reported that data-center demand rose by more than 75% from 2023 to 2024 and could account for more than one-fifth of electricity-demand growth in advanced economies by 2030.

In the United States, home to many major AI companies, electricity use from AI-focused data processing could surpass the combined power consumption of the aluminum, steel, cement, and chemical industries by the end of the decade.

Policymakers, technology companies, and nuclear-sector leaders met at the International Atomic Energy Agency’s Vienna headquarters in December 2025 to consider how nuclear power could support AI expansion and how AI could advance nuclear-industry innovation.

Developing leading AI models requires tens of thousands of central processing units operating continuously for weeks or months. Meanwhile, organizations are deploying AI across a growing range of fields, including health care, public services, transportation, agriculture, logistics, and education.

Ownership and Share Structure¹

Institutional and strategic holders account for roughly 55% of the share structure, retail approximately 40%, and management and insiders approximately 5%. President and CEO Jordan Trimble holds a 1.52% stake, and Director David Cates holds approximately 0.83%.

Skyharbour has 221.1 million shares outstanding and a market capitalization of CA$89.48 million. Its 52-week trading range spans CA$0.28 to CA$0.66 per share.

Common Questions From Investors

What and where is the Yurchison project? It comprises 22 claims spanning about 35,029 hectares, roughly 75 kilometers south of Cameco's Rabbit Lake operation, with Highway 905 running through the claim block. Skyharbour views it as prospective for basement-hosted uranium as well as copper, zinc, and molybdenum. Historic prospecting returned uranium values of 0.09%–0.30% U3O8 and molybdenum of 2,500–6,400 ppm, though most work predates 2000 and much of the property is under-explored.

What is Skyharbour's prospect-generator business model? Skyharbour options or partners many of its projects to other companies that fund the exploration work, letting Skyharbour broaden its exploration reach across a proven uranium district while minimizing dilution and lowering risk relative to pure-play explorers. The Yurchison/Purecore option and the Orano and Denison partnerships are examples of this model.

What do analysts say? Haywood's Marcus Giannini initiated coverage May 28 with a Buy and a CA$1.00 target, citing blue-sky exploration upside with a lower-risk prospect-generator model. Fundamental Research's Sid Rajeev kept a Buy and raised his fair value to CA$1.16 (from CA$1.12) on Feb. 5, flagging a potential maiden Moore resource estimate as a catalyst. Red Cloud's David Talbot maintained a CA$0.65 target in January, implying roughly 48% upside at the time.

Why is there renewed interest in uranium? Nuclear energy is regaining momentum as governments seek reliable, low-emission, always-on power; more than 30 countries have committed to materially expanding nuclear capacity by 2050, and AI data centers are adding heavy new electricity demand. Uranium recently traded near US$85 per pound — above pre-2021 levels and up more than 18% year over year — after spot prices topped US$100 earlier in 2026.