Skyharbour, Denison Mines forge $43M strategic partnership in Athabasca

[Ben Graham]

Skyharbour Resources has struck a game-changing deal with Denison Mines, reshaping the landscape of uranium exploration in Canada’s Athabasca Basin in northern Saskatchewan. The companies have agreed to create four joint ventures at the Russell Lake uranium project, with Denison set to invest up to C$61.5 million ($43.7 million) for various ownership stakes.

This partnership brings together Skyharbour’s promising Russell Lake project and Denison’s expertise as a leading uranium mining company. The deal allows Denison to acquire between 20% and 70% ownership in different parts of Russell Lake over seven years, while Skyharbour retains significant interests and continues as the operator in key areas.

“This is a transformative transaction for Skyharbour and our shareholders as it represents a major stamp of approval for Russell with up to C$61.5 million in combined project consideration coming in,” Skyharbour CEO Jordan Trimble said in a news release.

The joint ventures cover different sections of the Russell Lake project, including the main Russell Lake claims, Getty East, Wheeler North, and the Wheeler River Inlier Claims. This structure allows for targeted exploration and development across the vast property.

Denison’s involvement brings substantial financial backing and technical expertise to the project. The company has committed to spend at least C$4 million on exploration in the first two years at Wheeler North and Getty East. This influx of capital and know-how is expected to accelerate the development of Russell Lake’s potential.

The deal also strengthens Skyharbour’s financial position, with the company receiving significant cash and share payments from Denison. This funding will support Skyharbour’s ongoing exploration efforts and corporate activities through 2026.

“We are excited to build on our long-standing relationship with Skyharbour and accelerate the evaluation of this exceptional package of highly prospective ground,” David Cates, resident and CEO of Denison, said.

This collaboration is poised to invigorate uranium exploration in the Athabasca Basin, a region crucial to Canada’s mining sector. By combining resources and expertise, Skyharbour and Denison aim to unlock the full potential of the Russell Lake project, potentially leading to significant discoveries and advancements in uranium mining in Saskatchewan.

The partnership also highlights the growing interest in Canadian uranium assets, as global demand for clean energy sources continues to rise. This deal could serve as a model for future collaborations in the mining industry, demonstrating how strategic partnerships can drive exploration and development in key resource areas.