Monday, April 28, 2025

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Skyharbour Options 51% Stake In Rio Tinto Uranium Property

Rio Tinto appears to be rather uninterested in the Athabasca Basin. It was announced this morning that Skyharbour Resources (TSXV: SYH) would be acquiring an initial 51% stake in the firms Russell Lake Uranium Project, via an arrangement consisting of cash and shares.

The Russell Lake Uranium Project is located in a key region of the Athabasca Basin, with the property sandwiched between two of Orano’s properties, while being near to Cameco’s Key Lake and McArthur River assets. Situated between Denison Mines’ Wheeler River project and Skyharbour’s Moore Property, the acquisition substantially improves the firms ownership of the region.

This is a significant transaction for Skyharbour and involves the acquisition of a premier exploration property adjacent to our Moore project. Uranium properties with the pedigree and prospectivity of Russell Lake are few and far between given the very strategic location, notable historical exploration and findings, as well as the numerous property-wide targets with the potential to generate new discoveries,” said CEO Jordan Trimble on the acquisition.

The property is comprised of a total of 26 claims, which cover 73,294 hectares of prospective ground. Historically, the property has seen over 95,000 metres of drilling in aggregate across 220 holes, while 35 kilometres of conductors remain untested as of yet.

Under the terms of the agreement, Skyharbour can earn a 51% stake in the property via a cash payment of $0.5 million and the issuance of 3.6 million shares, along with $5.7 million in exploration spend over three years. An additional 19% may then be earned via a $1.6 million cash payment or the issuance of 2.2 million shares, and $6.4 million in exploration spend over two years.

Finally, the company can then earn the remaining 30% interst in the property by paying to Rio Tinto $33.0 million in cash or via 42.6 million shares of the company, provided Rio’s ownership doesn’t exceed 19.9% of Skyharbour. A 1% NSR would be in play on the property in the even of the firm wholly acquiring the asset.

Skyharbour Resources last traded at $0.415 on the TSX Venture.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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