Skyharbour & Denison Forge Uranium Alliance, Signaling Eastern Athabasca Consolidation

NEW YORK, NY – November 17, 2025

Strategic Deal Boosts Exploration in Prolific Basin

Skyharbour Resources Ltd. and Denison Mines Corp. have announced a strategic agreement that will see the companies jointly explore Skyharbour’s Russell Lake Uranium Project in Saskatchewan’s Eastern Athabasca Basin. The deal, valued at up to $61.5 million, provides significant funding for Skyharbour and strengthens Denison’s foothold in a region poised for growth. The arrangement involves the formation of four joint ventures, with Denison acquiring interests in the Russell Lake claims through a combination of cash, shares, and exploration expenditures.

Funding and Joint Venture Structure

Under the terms of the agreement, Skyharbour will receive $21.5 million in cash and shares upfront, along with a commitment of $40 million in exploration funding from Denison. This influx of capital will accelerate exploration efforts at Russell Lake and allow Skyharbour to capitalize on the project's significant potential. The joint ventures will focus on four key claim areas: Russell Lake (RL), Getty East, Wheeler North, and Wheeler River Inlier. Denison will become the operator of the Wheeler North and Wheeler River Inlier claims, leveraging its operational expertise and regional experience. Importantly, Skyharbour will retain operatorship and a majority interest in the Russell Lake and initially in the Getty East claims, maintaining a strong position in the project.

“This partnership represents a pivotal moment for Skyharbour,” commented one industry analyst. “The funding allows them to aggressively pursue exploration, while Denison brings valuable operational and financial strength to the table.”

Unlocking Potential in the Eastern Athabasca Basin

The Eastern Athabasca Basin is renowned for its high-grade uranium deposits, hosting world-class projects like Cameco’s McArthur River and Cigar Lake mines. The Russell Lake Project, strategically located near Denison’s advanced Wheeler River Project, boasts a large land package and significant exploration potential. Previous exploration has identified widespread uranium mineralization and numerous untested conductive zones, indicating the potential for substantial discoveries.

“The geological setting at Russell Lake is highly favorable,” explained a geologist familiar with the project. “The combination of a large, relatively unexplored land package, proximity to existing deposits, and the presence of key geological indicators makes it a compelling exploration target.”

The arrangement also highlights the growing consolidation trend within the uranium exploration sector. Companies are increasingly seeking strategic partnerships to share risk, leverage expertise, and accelerate project development. Denison’s investment in Skyharbour is a testament to the project’s potential and the growing confidence in the long-term outlook for uranium.

Synergies with Wheeler River and Regional Infrastructure

The strategic alignment of Russell Lake with Denison’s Wheeler River Project is a key aspect of the agreement. The proximity of the two projects allows for potential synergies in exploration, infrastructure development, and future processing. Denison is currently advancing Wheeler River towards production, targeting late 2027 or early 2028, and the Russell Lake Project could potentially contribute to the overall resource base and production profile. Furthermore, the region benefits from established infrastructure, including roads and power lines, which will facilitate exploration and future development.

“The geographic proximity of these projects is a significant advantage,” noted another industry insider. “It allows for shared infrastructure, logistical efficiencies, and potentially a streamlined path to production.”

The deal’s structure also allows Denison to deepen its control over a critical land package adjacent to its flagship Wheeler River Project. By becoming the operator of Wheeler North and Wheeler River Inlier, Denison can directly apply its technical expertise and accelerate exploration efforts in these promising areas. This strategic move underscores Denison’s commitment to becoming a leading uranium producer in the Eastern Athabasca Basin.

“This isn't just about exploration; it's about long-term strategic positioning,” explained a market analyst. “Denison is solidifying its foothold in a region with immense potential and securing access to valuable resources.”