Uranium Partnership Reshapes the Map in Canada's Prominent Athabasca Basin

Source: Streetwise Reports 01/12/2026

Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE) announced the staking of 40 new uranium exploration claims in Northern Saskatchewan. See how the additions lifted its total land position to 662,887 hectares across 43 projects in and around the Athabasca Basin.

Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE) has expanded its uranium exploration footprint with the acquisition of 40 new claims through low-cost staking in Northern Saskatchewan. With this latest addition, the company’s land position now spans 662,887 hectares across 43 projects in and around the Athabasca Basin, one of the most prolific uranium-producing regions in the world.

The new claims, which total 64,913 hectares, include ten distinct projects such as Carter North, Yurchison, and South Dufferin. These properties are strategically located near some of the basin’s most notable uranium operations and deposits, including Cameco’s Key Lake and McArthur River mines, and the NexGen Energy Ltd. (NXE:TSX; NXE:NYSE.MKT) Arrow deposit.

Among the highlights, the Carter North project now covers 36,393 hectares and lies northeast of the Arrow and Triple R deposits. Historical work has uncovered gold and uranium anomalies in the area, and geophysical surveys conducted by Stallion Uranium in 2023 confirmed multiple basement conductors considered prospective for discovery.

Other newly added properties include the Rover project, situated 40 kilometers east of McArthur River, as well as East Dufferin and Brustad, both positioned along the southern edge of the Athabasca Basin. The Yurchison project has been significantly enlarged and now covers more than 35,000 hectares, consolidating several historic properties with known uranium, molybdenum, and thorium occurrences.

While Skyharbour remains focused on its co-flagship Russell Lake and fully owned Moore projects, the new claims will be integrated into its prospect generator business model. Through this approach, the company plans to form strategic partnerships to advance exploration while retaining upside exposure.

In its announcement, the company reiterated the Athabasca Basin’s strategic importance due to its favorable geology and jurisdiction. “These newly acquired properties bolster our already robust project base, providing new opportunities for partnerships and discovery,” said Skyharbour President and CEO Jordan Trimble.

Uranium Demand Rises as Supply Constraints Persist

In a January 4 update, Excelsior Prosperity described uranium as “the fuel for the next wave of the nuclear renaissance,” citing growing demand and a lack of new supply as key market drivers. The report outlined the current cycle’s focus on meeting the fuel needs of 438 operating reactors and 72 under construction worldwide, with another 119 planned and 318 proposed, according to the World Nuclear Organization.

The update also recalled that uranium spot prices fell into the “mid‑US$17′s” in late 2016, while the cost required to incentivize new production hovered around US$60 per pound. That threshold has since climbed into the “high US$70s” due to inflation, reinforcing concerns about future supply as new production continues to lag global reactor growth.

Reuters reported on January 5 that the U.S. Department of Energy awarded US$2.7 billion in new contracts aimed at strengthening domestic uranium enrichment capacity. The initiative targets both low-enriched uranium and high-assay low-enriched uranium (HALEU), the latter defined as uranium enriched between 5% and 20% and necessary for next-generation reactors.

“Today’s awards show that this Administration is committed to restoring a secure domestic nuclear fuel supply chain capable of producing the nuclear fuels needed to power the reactors of today and the advanced reactors of tomorrow,” said Energy Secretary Chris Wright. The report noted that Russia remains the only country currently producing HALEU at commercial scale and that U.S. legislation has set a timeline to eliminate Russian uranium imports by 2028.

MarketIndex added on January 5 that uranium stocks in Australia gained traction amid broader energy market volatility, particularly in response to rising geopolitical tensions. The publication said investor optimism extended across the energy sector, noting a sharp uptick in uranium and lithium equities as markets re-evaluated their ties to energy security.

Analysts Highlight Strategic Value of Denison Agreement

In a December 18 research note, Red Cloud’s David Talbot called Skyharbour’s recently finalized agreement with Denison Mines “transformative.” The revised structure split the Russell Lake uranium property into four joint venture areas, allowing Skyharbour to retain operatorship and an 80% working interest in the largest portion, while Denison funds its 20% share up to CA$10 million. Talbot noted the deal added both technical credibility and financial strength to Skyharbour’s position in the basin.

He reaffirmed a Buy rating and maintained a CA$0.65 per share target, based on a 0.80x multiple to Red Cloud’s CA$0.81 NAVPS estimate. Near-term catalysts included pending assays and follow-up drilling at both Russell Lake and Moore.

On December 1, Fundamental Research Corp.’s Sid Rajeev increased the firm’s fair value target for Skyharbour to CA$1.12 from CA$1.01. Rajeev cited the Denison partnership as key validation of the Russell Lake project and highlighted the operational support and funding as important advantages going forward.

Jeff Clark, writing on November 20 for TheGoldAdvisor.com, noted that while Denison gained proximity to its core assets, Skyharbour emerged with a larger operated block and retained significant upside. He described the deal as a milestone, emphasizing the presence of multiple high-priority targets across untested conductive trends and Denison’s commitment to fund its share of costs up to CA$10 million.

Clark wrote that Skyharbour had effectively transformed one underexplored asset into a diversified, well-capitalized portfolio of joint ventures, remarking, “Skyharbour has, in short, turned a single, underexplored but promising asset into a portfolio of funded or partly funded JV interests, anchored by a large operated block and backed by a major partner next door.”

In a follow-up on December 18, Clark and Daniel Flynn reiterated their positive stance on the Russell Lake transaction. They confirmed that Skyharbour had maintained its 80% stake in the primary JV while Denison committed to US$4 million in exploration over two years and assumed leadership of additional blocks. The authors emphasized the strengthened treasury, now over US$11 million, and recommended investors “build to a full position.”

Marcus Giannini of Haywood Capital Markets weighed in on November 17, viewing the agreement as a significant endorsement of the Russell Lake project. He pointed to existing high-grade mineralization and further basement-hosted potential as reasons the deal marked a notable advancement, though no formal rating or target was provided.

Project Pipeline Grows Alongside Sector Activity

According to the company’s investor presentation, Skyharbour’s expanding project base now spans key conductive corridors known for hosting uranium mineralization. The Carter North and Yurchison projects are located along well-defined trends, while South Dufferin and Tarku are adjacent to known mineralized zones within the Virgin River shear zone system. [OWNERSHIP_CHART-6026]

The company’s prospect generator model continues to drive its broader strategy. Recent option agreements, such as the one signed with UraEx Resources in 2024 for the South Dufferin project, allow Skyharbour to advance projects while sharing risk and retaining upside.

Now controlling over 662,000 hectares and managing both early- and advanced-stage projects, Skyharbour holds one of the largest exploration portfolios in the Athabasca Basin. Exploration drilling and target refinement across several properties in 2025 have helped position the company as a major player within this high-grade uranium district.

Ownership and Share Structure¹

Management, insiders, and closely aligned individuals hold approximately 5% of Skyharbour, with President and CEO Jordan Trimble owning 1.54% and Director David Cates holding 0.82%. Strategic, institutional, and corporate holders account for roughly 55% of the company’s shares.

Skyharbour has 210.83 million shares outstanding and a market capitalization of CA$90.6 million. Its 52-week trading range spans CA$0.28 to CA$0.50 per share.

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Important Disclosures:

1. 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.
2. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
3. 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.

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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.

( Companies Mentioned: SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE, )

Source: https://www.streetwisereports.com/article/2026/01/12/uranium-partnership-reshapes-the-map-in-canadas-prominent-athabasca-basin.html