Skyharbour Resources Ltd: Recent Developments in the Preston Uranium Project

Skyharbour Resources Ltd (TSX‑V: SYH) continues to advance its exploration agenda in the Athabasca Basin, Saskatchewan, Canada. The company’s recent announcements underscore a multi‑phase strategy that combines private capital raising with a substantial exploration program led in partnership with Orano Canada Inc.

1. Capital Raising Through a 5 M Share Private Placement

On 11 December 2025, Skyharbour announced a private placement of 5,069,636 shares, as reported by StockWatch.com. The transaction is part of the company’s broader effort to secure additional working capital for its exploration pipeline. While the exact proceeds were not disclosed in the brief announcement, the move reflects a continued commitment to fund the upcoming 2026 drilling campaign at the Preston property without diluting existing shareholder value excessively.

2. Joint‑Venturing with Orano for a 2026 Exploration Campaign

The same day, Mining.com.au highlighted that Skyharbour’s joint‑venture partner, Orano Canada Inc., is preparing a significant exploration and drilling program for 2026. Orano, which holds a 74.7 % ownership stake and serves as the operator on the Preston Uranium Project, has outlined a comprehensive geophysical and drilling strategy.

Key Elements of the 2026 Program

  • Airborne Gravity Gradiometry (AGG) Survey: The initial phase will involve airborne surveys designed to map subsurface density variations, helping to identify potential ore bodies.
  • Ground Gravity Surveys: Following the AGG, detailed ground surveys will refine the geophysical model and pinpoint drill targets.
  • Summer 2026 Drilling Campaign: The company plans approximately 3,500 m of drilling across the 49,635‑hectare Preston site. This will focus on high‑priority areas identified in previous work, notably the FSAN and Canoe Lake grids. Those zones have shown compelling structural corridors and extensive alteration signatures, suggesting favorable conditions for uranium mineralization.

3. Strategic Implications for Investors

Skyharbour’s market capitalization stands at approximately 67.5 million CAD, with a current closing price of CAD 0.32 as of 9 December 2025. The company’s price‑to‑earnings ratio is notably high at 82.05, indicative of a forward‑looking valuation that places significant emphasis on future exploration outcomes rather than immediate earnings.

The 2026 exploration program, combined with the capital infusion from the private placement, positions Skyharbour to:

  1. Accelerate Resource Definition: The drilling campaign is expected to yield data that could convert inferred resources into proven or probable categories, enhancing the property’s economic profile.
  2. Enhance Shareholder Value: Successful drilling could increase the company’s intrinsic value, potentially leading to share price appreciation and improved liquidity.
  3. Mitigate Exploration Risk: By collaborating closely with Orano, a seasoned uranium operator, Skyharbour can leverage Orano’s technical expertise and operational efficiencies, thereby reducing the risk profile associated with large‑scale drilling.

4. Context Within the Athabasca Basin

The Athabasca Basin remains one of the world’s most prolific uranium regions. Skyharbour’s focus on the Preston property, combined with the rigorous geophysical and drilling plans, aligns the company with the broader sector trend of developing high‑grade uranium resources to meet growing global demand for clean energy. The company’s recent activities demonstrate a clear commitment to advancing its exploration agenda while maintaining fiscal discipline through targeted capital raising.

In summary, Skyharbour Resources Ltd’s latest actions—comprising a strategic share placement and the launch of an extensive 2026 exploration program—signal a concerted effort to unlock the value of its Preston Uranium Project. The partnership with Orano, coupled with the company’s robust financial foundation, positions Skyharbour to navigate the challenges of resource development while delivering potential upside to its stakeholders.