Distributed on behalf of Skyharbour Resources
Uranium stocks, like Skyharbour Resources (TSXV: SYH) (OTCQX: SYHBF), Uranium Energy Corp. (NYSE: UEC), Denison Mines (NYSE: DNN) (TSX: DML), Cameco Corp. (NYSE: CCJ) (TSX: CCO), and NexGen Energy (TSX: NXE) (NYSE: NXE) could benefit from two key catalysts.
One, the Trump Administration just expanded its critical minerals list to include uranium in an effort to strengthen domestic supply and reduce reliance on foreign sources. As noted by Investing News, “The designation of uranium recognizes its strategic importance in powering commercial nuclear reactors, fueling US Navy submarines and supporting defense applications. Currently, the United States imports over 95 percent of its uranium, a dependence that policymakers view as a critical national security concern.”
Two, as the demand for artificial intelligence grows, tech giants are turning to nuclear power to fuel their energy-intensive data centers. Microsoft, for example, recently signed a power purchase agreement with Constellation Energy. That’s because Microsoft needs extra power to run the servers at its Azure business unit, and thinks nuclear might be the best way to produce that power. Alphabet and Amazon are looking to nuclear power for their data centers. Even Alphabet partnered with Kairos Power to open small modular nuclear reactors.
Look at Skyharbour Resources Ltd. (TSXV: SYH) (OTCQX: SYHBF), For Example
Skyharbour Resources announced that it has entered into a definitive repurchase agreement with Denison Mines Corp. whereby Denison will acquire an initial project interest in Skyharbour’s Russell Lake Uranium Project and the parties have agreed to enter into four separate joint venture agreements at closing on various claims making up Russell. The Project is strategically located in the central portion of the Eastern Athabasca Basin of northern Saskatchewan, with access to regional infrastructure, including an all-weather road and powerline.
Russell Lake Project Location Map:
http://www.skyharbourltd.com/_resources/images/2025-11-14%20SKY-RussellLake-Updated.jpg
Highlights:
· Strategic Agreement represents combined total project consideration of up to CAD $61.5 million consisting of cash or share payments to Skyharbour totalling up to $21.5 million (including $18.0 million before year end) plus expenditures totalling up to $40.0 million for Denison to acquire between a 20% and 70% ownership interest over seven years in the claims making up Russell, with Skyharbour owning the remaining interests.
· Denison (TSX: DML; NYSE American: DNN), a leading uranium mining company with a market capitalization of over $3 billion, is developing the Wheeler River Project (“Wheeler River”), which shares a 55 kilometre border with Russell. Denison is an existing, large corporate shareholder of Skyharbour and now joins the Company as a strategic, active, funding partner at Russell.
· The Project will be divided into four different joint ventures, including Russell Lake (“RL”), Getty East, Wheeler North, and the Wheeler River Inlier Claims, of which Skyharbour will retain initial ownership interests of 80%, 70%, 51%, and 30%, respectively. Denison can then earn up to a 70% interest in the Wheeler North and Getty East properties through option agreements.
· The technical teams of Denison and Skyharbour will work cooperatively to advance and unlock value across the joint ventures, employing top-tier exploration and development expertise in the region.
· Denison has committed to a minimum of $4 million in exploration expenditures over the first two years at Wheeler North and Getty East combined, as well as agreeing to fund to maintain its pro-rata 20% participation interest in the RL claims through 2029 up until such time that total exploration expenditures on the property reach $10 million.
· Skyharbour to remain operator with an 80% ownership interest at the RL claims comprising over 53,192 hectares of the original 73,314 hectare Russell Lake Project. The Company will also act as operator during the first earn-in at Getty East with Denison sole funding the exploration in order to fulfill the earn-in option criteria.
· Skyharbour to benefit with a substantial financial commitment from Denison before year end to help fund its uranium exploration and corporate activities through 2026. The Company will also generate revenue from its operator fee at the McGowan Lake exploration camp at the Project.
· Skyharbour will continue to directly advance its high-grade Moore Uranium project as well as the RL claims at Russell, while partner companies fund exploration at some of the Company’s other projects.
Jordan Trimble, President and CEO of Skyharbour, stated: “This is a transformative transaction for Skyharbour and our shareholders as it represents a major stamp of approval for Russell with up to $61.5 million in combined project consideration coming in. We are very pleased to expand upon our long-standing relationship with Denison and to partner with their team to advance one of the more prospective exploration projects in the Athabasca Basin proximal to existing and developing mines. Denison’s success in exploring, permitting, and developing the neighboring world-class Wheeler River Project will provide considerable insight and experience as we jointly pursue success at Russell. Further, this transaction delivers on our belief that Russell should be treated as multiple different projects due to the abundance of targets and sheer scale of the land package in one of the most prolific uranium exploration corridors in the world. The structure and terms of the Strategic Agreement allow Skyharbour to continue exploring as operator at the majority of the claims at Russell, while participating in the future success that Denison seeks as operator at the Wheeler North and Wheeler River Inlier claims. Furthermore, we will receive a significant amount of cash and Denison shares to help fund our exploration efforts and corporate activities through 2026.”
David Cates, President and CEO of Denison, further commented: “As Denison nears receipt of final regulatory approvals for the Phoenix In-Situ Recovery mine proposed for our flagship Wheeler River property, we are also making measured investments in our project pipeline – including our next development assets and high-potential exploration properties. Given its proximity to Wheeler River, Denison has had an interest in adding Russell to our property portfolio for much of my nearly two decades with the Company. This transaction achieves that objective by providing Denison with the opportunity to lead and participate in exploration efforts across four newly created joint ventures, which are designed to drive collaboration between Denison and Skyharbour’s technical teams. We are excited to build on our long-standing relationship with Skyharbour and accelerate the evaluation of this exceptional package of highly prospective ground.”
Reorganization of the Russell Lake Project:
https://www.skyharbourltd.com/_resources/images/Russell-Map-New.jpg
Upon closing of the Strategic Agreement, Denison will earn an initial project interest in each of the four new Russell exploration projects including a 49% interest in the Wheeler North claims, a 20% interest in the RL claims, a 30% interest in the Getty East claims, and a 70% interest in the Wheeler River Inlier claims.
1. Wheeler North (51% SYH, 49% DML; subject to additional earn-in options): The yellow claims in the map above represent 16,409 hectares over eight claims. The claims host some of the exploration targets located proximal to Wheeler River, including the Grayling and Fork Zones. Upon closing of the Transaction, Denison will have the option to increase its interest in Wheeler North to a 70% interest in these claims and Denison will become the operator of Wheeler North as described in more detail below.
2. Russell Lake or RL (80% SYH, 20% DML): The pink claims in the map above represent 53,192 hectares over 16 claims. These claims are located north and west of Skyharbour’s Moore Project and host numerous exploration target areas including Christie Lake, NE Russell, Blue Steel, Taylor Bay, South Russell, and Kowalchuk Lake. In order to maintain its initial interest in RL, Denison has agreed to fund its pro rata share of up to a maximum of C$10.0 million in total project expenditures. Upon the closing of the Transaction, Skyharbour will remain operator of RL.
3. Wheeler River Inliers (30% SYH, 70% DML). The blue claims in the map above represent 608 hectares over two claims. These are inlier claims within Denison’s Wheeler River project hosting the West Russell and C-Block exploration target areas. DML will become operator of the Wheeler River Inliers.
4. Getty East (70% SYH, 30% DML; subject to additional earn-in options). The green claim in the map above representing 3,105 hectares is host to the Little Man Lake exploration prospect. The claim borders Cameco’s Cree Zimmer property which holds its Key Lake operations to the south. Upon the closing of the Transaction, Skyharbour will remain operator of Getty East; however, Denison will have the option to become the operator and acquire up to a 70% interest in this joint venture as described in more detail below.
Transaction Details:
The consideration payment will consist of a $2 million cash payment immediately upon execution of the Strategic Agreement, and deferred consideration of $16 million payable on or before December 31st, 2025.
The Deferred Consideration shall be payable in two tranches, each of which may be paid in cash or shares of Denison at Denison’s election, including $8 million on or before the fifth business day prior to December 21st, 2025, and another $8 million within 10 days of December 21st, 2025. Closing of the transaction is expected to occur on or before December 21st, 2025.
The current exploration camp at McGowan Lake on the Project will continue to be operated by Skyharbour and an administrative fee will be payable by Denison to Skyharbour. The claims comprising Russell are subject to various existing underlying royalties to other parties.
The Transaction is subject to customary approvals, including Skyharbour obtaining TSX Venture Exchange approval. The Transaction will be considered a Reviewable Transaction under TSX Venture Exchange policies as David Cates is a director of both Denison and Skyharbour.
Denison Earn-In Options:
The Earn-In Option Agreements grant Denison an option to earn additional interests in Wheeler North and Getty East.
Wheeler North Earn-In Option:
Under the terms of the Wheeler North Earn-In Option Agreement, Denison may acquire up to a 70% interest in Wheeler North. The option agreement contains two (2) phases, as summarized below:
Phase 1: To earn an additional 11% interest in Wheeler North (increasing Denison’s ownership to 60%), Denison must:
· Incur $10.0 million in exploration expenditures at Wheeler North within 48 months of Closing, of which $2.5 million in exploration expenditures must be completed within 24 months of Closing, and
· Make a cash payment in the amount of $1.5 million to Skyharbour within 48 months of Closing.
Phase 2: To earn an additional 10% interest (increasing Denison’s ownership to 70%) in Wheeler North, Denison must complete the requirements of Phase 1, plus the following:
· Incur an additional $15.0 million in exploration expenditures at Wheeler North within 7 years of Closing, and
· Make a further cash payment in the amount of $2.0 million to Skyharbour within 7 years of Closing.
Getty East Earn-In Option Agreement:
Under the terms of the Getty East Option Agreement, Denison may acquire up to a 70% interest in Getty East. The option agreement contains two (2) phases, as summarized below:
Phase 1: To earn an additional 19% interest in Getty East (increasing Denison’s ownership to 49%), Denison must incur $5.0 million in exploration expenditures at Getty East within 48 months of Closing, of which $1.5 million must be completed within the first 24 months of Closing.
Phase 2: To earn an additional 21% interest in Getty East (increasing Denison’s ownership to 70%), Denison must complete the requirements of Phase 1, plus incur an additional $10 million in exploration expenditures within 7 years of Closing. Upon completion of the Phase 2 earn-in option criteria, Denison will have the option to become the operator in this joint venture.
Russell Lake Uranium Project Overview:
The Russell Lake Project is a large, advanced-stage uranium exploration property totalling 73,314 hectares strategically located between Cameco’s Key Lake and McArthur River Projects, and adjoining Denison’s Wheeler River Project to the west and Skyharbour’s Moore Uranium Project to the east. The northern extension of Highway 914 between Key Lake and McArthur River runs through the western extent of the property and greatly enhances accessibility, while a high-voltage powerline is situated alongside this road.
Skyharbour’s New 80% Owned RL Project:
The claims making up the RL Project constitute over seventy percent of the original Russell project area and will continue to be explored by Skyharbour as the operator and 80% owner. Denison will acquire a 20% interest and has agreed to fund to maintain its pro-rata participation interest in the RL claims through December 31st, 2029, or until such time that total expenditures on the properties have reached $10 million.
The RL claims have numerous highly prospective targets that Skyharbour will continue to advance. The Christie Lake target area contains basement-hosted uranium mineralization with historical drilling returning 0.17% U3O8 over 0.4 metres at 436.4 metres depth in hole CL-10-03, hosted within a strongly hematized breccia. A prospective clay altered basement fault system runs throughout this area.
The Blue Steel target area comprises graphitic metasediments that were last drilled in 2008. The full extent of the graphitic corridor remains unknown and completely untested. Historical geophysics indicate potential faulting along this corridor, highlighting it as a priority area for follow-up work using modern geophysical methods to refine drill targets.
The Kowalchuk area, situated within the southern Russell claims, is another prospective area on the RL claims, with multiple inferred structural trends passing through it. This area has seen only limited modern geophysical coverage to date.
In addition to the aforementioned target areas, there are many kilometres of untested EM conductors on the RL claims underlain by rocks of low magnetic intensity, suggestive of the presence of prospective graphitic meta-pelitic basement lithologies typical of Athabasca-style uranium systems. With limited modern exploration conducted over the past 12 years, the RL claims remain underexplored and highly prospective for both expanding known mineralized zones and making new discoveries.
Other related developments from around the markets include:
Uranium Energy applauds the U.S. Government decision to add uranium in the U.S. Geological Survey’s Final 2025 Critical Minerals List, as published in the Federal Register, recognizing its essential role in America’s energy and national security. Amir Adnani, President and CEO, stated: “We applaud the U.S. Government, particularly Interior Secretary Doug Burgum and the U.S. Geological Survey, for taking this important step toward fulfilling President Trump’s vision of restoring America’s leadership in critical minerals and achieving true U.S. Energy Dominance. UEC is heeding that call with ramp-up and development activities at our three licensed hub-and-spoke production platforms in Texas and Wyoming. In parallel, we’re advancing the United States Uranium Refining & Conversion Corp. to help restore and expand America’s domestic nuclear fuel conversion capabilities.”
Denison Mines’ President and CEO, David Cates commented, “"Denison has delivered several key accomplishments during the second half of 2025, demonstrating our ongoing re-emergence as a globally significant uranium producer. Firstly, we thank our colleagues at Orano Canada for their efforts to successfully commission and ramp-up production at the McClean North uranium mine, which is making use of the McClean Lake Joint Venture's patented SABRE mining method. During the third quarter alone, ~2,000 tonnes of high-grade ore was extracted from the mine and over 85,000 lbs U3O8 were produced from the mill – with an impressive initial average operating cash cost of finished goods of approximately US$19 per lb U3O8. At our flagship Wheeler River property, we have entered the final stages of the multi-year permitting process for our planned Phoenix In-Situ Recovery mine and are now starting to receive key final regulatory approvals – including the Ministerial approval received in July from the Province of Saskatchewan for the project's Environmental Assessment. In October we completed the first part of the two-part Canadian Nuclear Safety Commission ('Commission') public hearing for the federal EA and license to construct the project. The final part of the hearing is scheduled during the week of December 8th, and we are optimistic that we will receive a decision from the Commission in early 2026.”
Cameco Corporation reported its consolidated financial and operating results for the third quarter ended September 30, 2025, in accordance with International Financial Reporting Standards (IFRS). “Our year-to-date financial results demonstrate strong performance across our uranium, fuel services, and Westinghouse segments, underscoring the resilience of our strategy in a dynamic market that is being continually reinforced by tremendous positive momentum,” said Tim Gitzel, Cameco’s chief executive officer. “Driven by disciplined long-term contracting and management of our supply sources, alongside strategic partnerships that can add significant future value, we are positioned at the forefront of the global nuclear resurgence. As the global energy landscape evolves, nuclear continues on a path towards robust expansion and meaningful transformation. We’re seeing significant attention across all areas of the nuclear fuel cycle, beyond uranium mining - but a good narrative won’t turn a turbine. Cameco is in an exceptional position, with decades of experience operating unique and complex assets that are critical to the long-term health of the nuclear industry, and a deep understanding of how to build value across the nuclear fuel markets. That experience allows us to be selective in committing unencumbered productive capacity under long-term contracts, while ensuring alignment with customer needs, maintaining downside protection, and preserving exposure to future market price improvement.
NexGen Energy announced significant geochemical assay results from NexGen's 100%-owned Patterson Corridor East discovery. Drillhole RK-25-254 returned 10.5 meters at 11.3% U3O8 including 4.0m at 29.4% U3O8 and 0.5m at 56.2% U3O8. Notably, mineralization in RK-25-254 is 55m up dip from hole RK-25-232 which intersected 15.0m at 15.9% U3O8 including 3.0m at 47.8% U3O8, 1.5m at 29.4% U3O8and an intercept of 0.5m at 68.8% U3O8; Drillhole RK-25-244, 19m down dip of RK-25-232, returned equally strong results, 17.0m at 7.6% U3O8 including 6.0m at 21.1% U3O8 and 0.5m at 58.1% U3O8. Additional assay results contained in this release, confirm strong continuity of the high-grade subdomain over 330m in vertical extent from RK-25-246 to RK-25-231. Further, RK-25-231 (8.0m at 1.4% U3O8) and -241 (8.5m at 1.3% U3O8) demonstrate the continuity of the subdomain and add breadth while indicating extended high-grade potential. A secondary high-grade subdomain is currently interpreted from results in RK-25-234, with 0.5m at 8.3% U3O8 that lies along a potential new high-grade shoot.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Skyharbour Resources Ltd. by Skyharbour Resources Ltd. We own ZERO shares of Skyharbour Resources Ltd. Please click here for disclaimer.
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