Denison and Skyharbour Restructure Uranium Assets: A Strategic Repositioning in Saskatchewan

Denison Mines (TSX:DML,NYSEAMERICAN:DNN) and Skyharbour Resources (TSXV:SYH,OTCQX:SYHBF) have successfully completed their transaction to reorganize a substantial block of uranium exploration claims in Northern Saskatchewan. The arrangement converts Skyharbour’s former Russell Lake project into four operational partnerships positioned strategically around Denison’s Wheeler River asset.

New Ownership Framework and Operating Model

The restructured ventures distribute operational responsibilities and equity stakes distinctly between the two parties. Denison will manage Wheeler North and Wheeler River Inliers, retaining 49 percent and 70 percent ownership respectively. Skyharbour assumes operational control of Russell Lake and Getty East, where Denison maintains minority positions of 20 percent and 30 percent. Additionally, Denison has secured earn-in mechanisms permitting it to escalate its stake in both Wheeler North and Getty East toward 70 percent through future milestone achievements.

This configuration aligns claims that previously operated under separate management, consolidating ground along shared geological trends and maximizing exploration synergies across the corridor.

Strategic Implications for Wheeler River Development

The consolidation meaningfully strengthens Denison’s land position around its flagship Wheeler River project—currently the largest undeveloped uranium resource in the infrastructure-rich Eastern Athabasca Basin. Denison’s effective 95 percent interest in Wheeler River encompasses two primary deposits: Phoenix and Gryphon.

A 2023 feasibility study characterized Phoenix as an in-situ recovery operation, while Gryphon’s economic evaluation favors conventional underground extraction. Both deposits rank among the world’s lowest-cost uranium production scenarios according to those assessments.

Regulatory Pathway Accelerating

Environmental review has reached a critical juncture. Saskatchewan granted provincial environmental approval in July 2025, advancing the project toward permitting completion. The Canadian Nuclear Safety Commission concluded its public hearing process in December, clearing a major regulatory hurdle on the federal side.

Broader Portfolio Context

Beyond this transaction, Denison maintains a diversified Athabasca Basin portfolio spanning the McClean Lake joint venture and stakes in Midwest, Heldeth Túé, and Huskie deposits. For Skyharbour, the deal preserves its operational presence on exploration claims adjacent to Wheeler River while sustaining development of its wider Athabasca holdings—a portfolio encompassing 37 uranium projects across 616,000 hectares, including the Moore project positioned east of Wheeler River.

The restructuring exemplifies how strategic collaboration can unlock value across neighboring properties while maintaining each company’s independent growth trajectory within the basin’s prolific uranium district.