Skyharbour Closes Acquisition to Consolidate 100% Interest in the Russell Lake Uranium Project

Core Viewpoint - Skyharbour Resources Ltd. has successfully acquired Rio Tinto Exploration Canada Inc.'s minority interest in the Russell Lake Uranium Project, increasing its ownership to 100% and enhancing its strategic position in the uranium market [1][3][4]. Transaction Details - The acquisition involved purchasing RTEC's approximately 42.3% interest in the Russell Lake Project for a total cash consideration of C$10 million, which included a C$2 million deposit and an C$8 million payment at closing [3]. - Skyharbour has granted RTEC a 0.25% net smelter returns royalty over the Russell Lake Project [4]. Project Overview - The Russell Lake Project spans 73,314 hectares and is located in a strategic area between Cameco's Key Lake and McArthur River Projects, enhancing accessibility due to nearby infrastructure [5]. - The project is characterized as a large, advanced-stage uranium exploration property with significant exploration upside potential [7]. Company Positioning - Skyharbour holds a diverse portfolio of uranium exploration projects in the Athabasca Basin, covering over 616,000 hectares, and is well-positioned to capitalize on improving uranium market fundamentals [7]. - The company has joint ventures with industry leaders and has signed earn-in option agreements that could lead to over $76 million in partner-funded exploration expenditures and over $42 million in cash and share payments [8][9].