Skyharbour Closes Acquisition to Consolidate 100% Interest in the Russell Lake Uranium Project
MWN-AI** Summary
Skyharbour Resources Ltd. (TSX-V: SYH) announced on December 16, 2025, the successful acquisition of Rio Tinto Exploration Canada Inc.’s (RTEC) 42.3% minority interest in the Russell Lake Uranium Project, consolidating its ownership to 100%. This transaction, structured under a previously outlined Purchase Agreement valued at C$10 million, included a C$2 million deposit and an C$8 million payment at closing. Skyharbour will also provide RTEC with a 0.25% net smelter returns royalty on the Project.
The Russell Lake Project is strategically situated in the Eastern Athabasca Basin of northern Saskatchewan, an area known for its uranium deposits and access to infrastructure, including an all-weather road and powerline. Covering an extensive 73,314 hectares, the Project lies between Cameco's Key Lake and McArthur River operations, alongside Denison’s Wheeler River Project and Skyharbour's own Moore Uranium Project. The area has promising exploration potential due to widespread uranium mineralization within its vast expanse.
Skyharbour is focused on advancing its uranium exploration projects in the prolific Athabasca Basin, holding interests in 37 properties covering over 616,000 hectares. The company is well-positioned to take advantage of improving market conditions for uranium, aided by joint ventures with industry leaders such as Denison Mines and ongoing partnership agreements projected to contribute over $76 million in exploration expenditures.
With the completion of this acquisition, Skyharbour strengthens its portfolio, emphasizing its commitment to targeting large-scale, high-grade uranium deposits in one of the world’s most renowned mining regions. For further information, visit Skyharbour's official website.
MWN-AI** Analysis
Skyharbour Resources Ltd.’s recent acquisition of Rio Tinto Exploration Canada Inc.’s 42.3% minority interest in the Russell Lake Uranium Project marks a strategic advancement for the company in the thriving uranium sector. By consolidating a 100% ownership in an advanced-stage exploration property located in Saskatchewan's Eastern Athabasca Basin, Skyharbour is well-positioned to capitalize on increasing global demand for uranium, particularly as countries pivot towards cleaner energy sources.
The acquisition for C$10 million—consisting of C$2 million upfront and C$8 million at closing—presents a calculated investment in a project that boasts significant infrastructure advantages such as proximity to all-weather roads and power lines. Furthermore, the company has retained a 0.25% net smelter returns royalty for RTEC, which could provide ongoing revenue streams as production progresses.
Investors should note that the Russell Lake Project is adjacent to established uranium mining operations, including Cameco’s Key Lake and McArthur River projects, which enhances its appeal. With existing mineralization identified and ongoing exploration potential, coupled with other agreements securing over C$76 million in potential partner-funded exploration expenditures, Skyharbour is building a robust portfolio.
As the uranium market gradually recovers, driven by increased activity in nuclear energy adoption, this acquisition positions Skyharbour favorably. The demand for clean energy, alongside geopolitical issues affecting fossil fuels, could lead to higher uranium prices.
For investors considering exposure to the uranium sector, Skyharbour provides a compelling opportunity at this juncture. However, attention should be given to operational risks and market volatility inherent in resource exploration. Overall, Skyharbour appears to be a strong contender in the uranium space, and may be a worthwhile investment as its projects advance.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Vancouver, BC, Dec. 16, 2025 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) (“Skyharbour” or the “Company”) is pleased to announce that it has completed the acquisition of Rio Tinto Exploration Canada Inc.’s (“RTEC”) minority interest in the Russell Lake Uranium Project (“Russell Lake” or the “Project”) pursuant to the previously announced definitive and binding purchase agreement (the “Purchase Agreement”). The Project is strategically located in the central core 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
Transaction Details:
Immediately prior to closing, RTEC’s interest in the Project was approximately 42.3%. Pursuant to the terms of the Purchase Agreement, Skyharbour has acquired 100% of RTEC’s minority interest in the Project in exchange for cash consideration of C$10 million (the “Purchase Price”). The Purchase Price consisted of a C$2 million deposit, paid on signing the Purchase Agreement, and a C$8 million cash payment paid at closing.
Skyharbour has granted to RTEC a 0.25% net smelter returns royalty over Russell Lake. The acquisition of RTEC’s interest in Russell Lake has increased Skyharbour’s interest in the Project to 100%, subject to several other net smelter return royalties held by third parties.
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.
Qualified Person:
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Serdar Donmez, P.Geo., VP of Exploration for Skyharbour as well as a Qualified Person.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with interest in thirty-seven projects covering over 616,000 hectares (over 1.5 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project, which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization in several zones at the Maverick Corridor. Adjacent to the Moore Project is the Russell Lake Uranium Project, which hosts widespread uranium mineralization in drill intercepts over a large property area with exploration upside potential. The Company is actively advancing these projects through exploration and drilling programs.
Skyharbour also has joint ventures with industry leaders Denison Mines, Orano Canada Inc., Azincourt Energy, and Thunderbird Resources at the Russell, 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.
Skyharbour’s Uranium Project Map in the Athabasca Basin:
https://skyharbourltd.com/_resources/maps/SKY-SaskProject-Locator-2025-12-08.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company’s website at www.skyharbourltd.com .
SKYHARBOUR RESOURCES LTD.
“Jordan Trimble”
Jordan Trimble
President and CEO
For further information contact myself or:
Nicholas Coltura
Corporate Communications Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, exploration and development successes, regulatory approvals including TSXV approval, and general economic, market or business conditions. Please see the public filings of the Company at www.sedarplus.ca for further information.
FAQ**
How does the acquisition of Rio Tinto's minority interest impact the overall valuation of Skyharbour Resources Ltd. (SYH:CC) in comparison to other uranium exploration companies?
What are the expected future cash flows from the 0.25% net smelter returns royalty granted to Rio Tinto after the acquisition by Skyharbour Resources Ltd. (SYH:CC)?
Given the strategic location of the Russell Lake Project, how might this enhance Skyharbour Resources Ltd. (SYH:CC)'s competitive position in the uranium market going forward?
What are the key risks and opportunities associated with the Russell Lake Uranium Project that Skyharbour Resources Ltd. (SYH:CC) is currently facing as it advances its exploration and drilling programs?
**MWN-AI FAQ is based on asking OpenAI questions about Skyharbour Resources (OTC: SYHBF).
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