Skyharbour Closes Major Strategic Transaction with Denison Mines to Form Four New Joint Ventures at Russell Lake with Combined Project Consideration up to $61.5 Million

Core Insights - Skyharbour Resources Ltd. has finalized a strategic agreement with Denison Mines Corp. for the Russell Lake Uranium Project, which includes joint venture agreements and a significant financial commitment from Denison [1][4][5] Financial Overview - The strategic agreement entails a total project consideration of up to CAD $61.5 million, including an initial cash payment of $10 million and additional cash and share payments of $8 million before year-end [5][7] - Denison will invest up to $43.5 million over seven years to acquire between 20% and 70% ownership in the Russell claims, with Skyharbour retaining the remaining interests [5][10] Project Structure - The Russell Lake Project has been divided into four joint ventures: Wheeler North, Getty East, Wheeler River Inlier Claims, and Russell Lake, with varying ownership stakes [5][10] - Skyharbour will maintain operational control over the RL claims, which cover over 53,192 hectares, while Denison will become the operator of the Wheeler River Inliers [5][10][17] Exploration Commitments - Denison has committed to a minimum of $4 million in exploration expenditures over the first two years for Wheeler North and Getty East, and will fund its pro-rata share of expenditures for the RL claims through 2029 [5][6][17] - The geological teams from both companies will collaborate to enhance exploration efforts across the joint ventures [5][6] Strategic Importance - The Russell Lake Project is strategically located in the Eastern Athabasca Basin, adjacent to significant uranium mining operations, enhancing its exploration potential [1][16] - Denison's involvement is expected to accelerate exploration and discovery processes at the project, leveraging its experience and resources [4][6] Company Positioning - Skyharbour is well-funded with over $11 million in treasury going into 2026, allowing it to advance its exploration projects while benefiting from partner-funded initiatives [5][6][25] - The company holds a diverse portfolio of uranium exploration projects in the Athabasca Basin, positioning it to capitalize on improving market conditions [25][28]