Categories: Energy
Topics: General Energy

Skyharbour Resources (TSX-V: SYH)(OTC: SYHBF) CEO Jordan Trimble on Major 2026 Exploration Campaign with Denison Mines at Russell Lake Uranium Joint Ventures

 

Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the President and CEO of Skyharbour Resources (TSX-V: SYH)(OTC: SYHBF), Mr. Jordan Trimble.

Jordan, it is great to have you on. I really enjoy having CEOs on when their shares are up 16% and the underlying commodity is finally starting to move in a meaningful way. So let's get to all of that. But before that, how are you, sir?

Jordan Trimble: I'm doing great. Yeah, it was a good day. We had some news out this morning and the market responded positively. And as we were talking offline, it's been a very busy and good start to 2026. Certainly, expecting it to be a pivotal year for Skyharbour, and I think to be frank, for investors in the metals and mining sector.

Gerardo Del Real: I couldn't agree more. Look, I want to focus specifically on Skyharbour in the news today. You announced a major, major, to borrow the word used in the headline, 2026 Exploration campaign with none other than Denison Mines at the Russell Lake Uranium Joint Ventures. So I would love for you to provide the context because I think, look, you closed 2025 and started 2026 with some results that clearly show you're on to some high-grade discoveries.

And I think proving out the scale and the continuity of those and obviously the grade, but I think we take that for granted, drilling where you're drilling is going to be the next major catalyst. Can you speak to how you plan on approaching that?

Jordan Trimble: Yeah. So just to take a step back and refresh your audience's memory. At Russell, one of our two co-flagships, advanced-stage exploration assets. So Russell is now a joint venture with our larger strategic partner in Denison Mines. And as you'll recall, before the holidays, we closed on a strategic agreement that brought Denison in as a joint venture partner, reorganizing the Project Russell into four properties, different properties.

Denison will start with a minority interest at three of those four property areas, and they can earn up to 70% at three of those four property areas. The RL property, we retain an 80% stake, Denison with a funding, and they'll be funding their 20% minority interest in the project going forward. We have plans to carry out four to 5,000 meters of drilling at that part of the broader Russell Lake Project area, or as we're calling it the Russell Lake Joint Ventures.

And then at the Wheeler North property, again, one of these four reconstituted properties at Russell, Denison has an initial 49% stake, and they can earn up to 70% by spending 25 million in exploration and making additional cash payments. That property is going to receive just under 8,000 meters of drilling. And the first phase of that, the first 2,500 meters will commence very shortly.

Denison's funding that, and those are the claims directly surrounding the Wheeler River Project. So we're on those claims now with Denison as a JV partner. It's very exciting because a lot of the work that we did at Russell over the last few years was concentrated on those claims. Some of the high-grade numbers, including the Fork Zone where we intersected grades as high as 3% U3O8, really think we've just scratched the surface there.

And again, as the joint venture now with Denison, we'll be able to, I think, expedite the discovery process with our new partner here, with them as the operator and with them funding it. And so keep an eye out for news flow from the drilling there.

And then at one of the other properties called the Getty East property, it starts with a 30% interest. Denison can earn up to, again, a 70% interest at Getty East by spending an additional 50 million in that exploration site, of drilling and exploration planned over the specifically today, and '26 plans, which again, covers all of those different properties.

So a total of over 15,000 meters combined between us and Denison. We're the operator, Skyharbour's the operator and Denison's the operator funding though, the bulk of the work. And this again, it's proximal to Wheeler River, where Denison's building what will be the next large, newest-producing uranium mine in the Athabasca Basin. In fact, some of the targets are within just a couple of kilometers of that Phoenix deposit.

So it's not just about the initial news of drilling success and high-grade drill results. It's the fact that upon making discoveries and proving up resources at Russell, the pounds that we find with Denison as our JV partner at Russell, you could argue, should receive a much higher valuation in terms of an enterprise value per pound metric simply because they're so close to, again, what will be a producing mine here soon across the border on the Wheeler River Project.

And it's quite close to regional infrastructure, mining infrastructure, including road, power line, our exploration camp at Russell. And so it's a very exciting time for us and our shareholders. This represents the largest annual drill campaign at Russell in decades.

And again, we keep the equity dilution in check, now having a funding partner in Denison Mines that knows this part of the Athabasca Basin very, very well. They've also become a larger shareholder having recently purchased shares in the market.

And you'll see with our insider filings as well, myself and David Cates, who runs Denison, he's been a director of Skyharbour for a number of years, we've continued to add to our position. So we're very much believing in what we're doing. And Russell Lake is one of two co-flagship projects, is really going to lead the way in terms of news flow and potential catalyst with this 15,000-plus meters' campaign multiphased over the course of the next 12 months.

Gerardo Del Real: No, listen, a lot of catalysts. We didn't touch on the uranium space. I want to save that for a separate conversation because I suspect the next several weeks are going to provide a lot of headlines that are positive catalysts. And I want to get a thorough deep dive take from you on that space. Anything to add to that, Jordan?

Jordan Trimble: Well, I think just to cover off the other projects, and I'll try to cover them off as quickly as I can, but we talked about Russell and this major transaction with Denison going at Russell. But keep in mind too, we've had some great news flow from our other co-flagship, Moore Project. We own 100% of Moore. It's adjacent to Russell, to the east.

And we just announced last week, additional high-grade drill results. One of the holes returned 4.8% U3O8 over almost four and a half meters. And within that, we had 1.6 meters of almost 12% U3O8. So again, continuing to deliver on high-grade drill results. The market has responded very well to that.

And we also announced at that project, again, with us as the 100% owner of the project, we're obviously the operator and we're funding it, we are planning an eight to 10,000-meter drill campaign. Again, this will be over several phases of drilling throughout the year in this year in 2026, following up on the high-grade results that we've continued to intersect at that project in the last few years at the Maverick zones.

Again, these are shallow, high-grade zones of uranium mineralization along a fertile uriniferous conductor called the Maverick Corridor, several conductors. And we are looking to expand on those high-grade zones as well as drill a little bit deeper into the basement rocks.

We also have numerous regional targets at Moore, and actually a new one, about two kilometers away from these known high-grade zones at the Maverick zones. And this new zone called the Nomad zone is going to be a top priority for us in the drilling in 2026 as one of the more prospective regional targets at Moore Lake.

So, a number of regional targets that we'll be drill testing, as well as continuing to expand on the known high-grade uranium mineralization at the Maverick Corridor. It's an exciting project because one, it's obviously going to continue to add to the news flow and now, the much more robust news flow that we'll get from Russell along with our partner Denison there.

But two, it's becoming a more interesting project in the sense that there is high-grade uranium mineralization that's relatively shallow, within 300 meters of surface at these Maverick zones. And these new mining methods being either used or proposed in the Athabasca Basin, surface mining methods in ISR and SABRE make the mineralization at the Moore Lake Project interesting because it is relatively shallow, high-grade mineralization.

So we're going to continue expanding those zones through drilling, and we're also looking to continue to have success at some of these regional targets that we've identified recently with some geophysics and some exploratory drilling.

And just a final note, we've talked about our two main projects in Russell and Moore, but we are expecting another very active year with our prospect generator business. We now have 10 partner companies spending potentially over 118 million in combined project consideration. Those are various option and joint venture partners that we have, exploring and advancing numerous projects in our 43-project portfolio.

In total, in 2026, we're anticipating well over 30,000 meters of combined drilling between us and our partner companies at Russell, at Moore, at our Preston Project, which is a joint venture partnership that we have with Orano, and at numerous other projects. So this is one of the largest exploration and drilling campaigns combined programs over the course of the year. It's as large as other companies operating in the basin as developers and much larger companies.

So again, Skyharbour offers this unique exposure to upside discovery potential and optionality across a suite of projects without the risk that most companies would need to take on, quite frankly, to fund that kind of drilling, that kind of major campaigns because we do, again, benefit from partner funding for most of the drilling.

Gerardo Del Real: No, listen, well said, mitigates dilution. And look, having the expertise of a partner like a Denison absolutely doesn't hurt. So, well put. Jordan, thank you so much for your time. Looking forward to catching up again, soon.

Jordan Trimble: Thank you, Gerardo.

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