Uranium stocks, like Skyharbour Resources Ltd. (TSXV: SYH) (OTCQX: SYHBF), Uranium Energy Corp. (NYSE: UEC), Denison Mines (NYSE: DNN) (TSX: DML), Cameco Corp. (NYSE: CCJ) (TSX: CCO), and NexGen Energy (TSX: NXE) (NYSE: NXE) could benefit substantially from the energy-intensive demands of data centers and artificial intelligence. In fact, according to Data Center Dynamics, “Uranium prices have hit an all-time high, with artificial intelligence data centers driving increased demand for nuclear fuel.”
“Last year, both AWS and Microsoft signed agreements to offtake power from nuclear power stations. In addition, Meta launched a request for proposals to identify potential nuclear energy developers to support 1.4GW of new nuclear generation capacity across the US. Data center operators have also backed small modular reactor (SMR) technology. Last year, Amazon Web Services (AWS) signed three nuclear power deals in the US, including an agreement with Energy Northwest, a consortium of state public utilities, that will enable the development of four advanced SMRs. In addition, Google announced a 500MW deal with SMR provider Kairos Power,” they added.
In addition, we have to consider that “Around 90 nuclear power plants are being planned, 61 are under construction and decommissioned nuclear reactors are being revived,” says Swiss Resource Capital. Also, as noted by Carbon Credits, “BMO Capital Markets projects a strong outlook for uranium demand. The investment banking subsidiary of BMO projected it to grow at an annual rate of 2.9% through 2035. This increase is largely driven by China’s aggressive push to build new nuclear reactors and the potential for reactor restarts in North America.”
Look at Skyharbour Resources Ltd. (TSXV: SYH) (OTCQX: SYHBF), For Example
Skyharbour Resources just announced plans for fully-funded, upcoming drill programs at its co-flagship Russell Lake and Moore Uranium Projects in 2025 totalling approx. 16,000 – 18,000 metres in 35 – 45 holes representing the largest annual drill campaign ever carried out by the Company.
Russell Lake and Moore Projects Location Map:
https://www.skyharbourltd.com/_resources/images/SKY_RussellLake.jpg
At the 73,294 hectare Russell Lake Uranium Project, which is majority owned by Skyharbour as operator with minority joint-venture partner Rio Tinto Exploration Canada Inc., the Company is planning 10,000 - 11,000 metres of diamond drilling in 18 to 20 holes. This drilling will take place in multiple phases through the year, with mobilization and commencement planned within the next few weeks. Following the initial phase of drilling at Russell, Skyharbour plans to move the drill rig over to its adjacent 100% owned, 35,705 hectare, high-grade Moore Uranium Project (“Moore”) to complete the next phase of drilling. The Company is planning to complete 5,000 – 7,000 metres of drilling at Moore throughout the year which will consist of 18 to 24 holes. The combined 2025 drill campaign across Skyharbour’s core projects is fully funded with the geologists and drilling crews working out of the exploration camp at the Russell Lake Project, located along the road servicing Cameco’s McArthur River Uranium Mine.
Jordan Trimble, President and CEO of Skyharbour, stated: “The upcoming commencement of drilling at Russell and Moore marks the start of our most ambitious annual drilling campaign we have ever carried out. The fully-funded 16-18,000-metre, multi-phased program will provide steady news flow throughout the year as we advance the projects using systematic and proven exploration methodologies to follow up on the success of the 2024 drilling. We are confident in the exploration upside at both projects given the high-grade mineralization in recent drilling along with the many highly prospective target areas hosting the geology necessary for high-grade uranium deposition. We also benefit from low-cost drilling and relatively shallow target depths at our Russell and Moore projects. Finally, Skyharbour will have plenty of additional news flow and catalysts from its prospect generator business consisting of partner companies advancing several of our other projects throughout the Athabasca Basin. This year, the Company is anticipating drilling and exploration at its partner-funded projects of Preston, South Falcon East, Falcon, South Dufferin, Highway and 914W.”
Upcoming Winter Phase of Diamond Drilling at Russell Lake:
Skyharbour will soon commence its 2025 drilling program at the Russell Lake Project with plans for a first phase consisting of approx. 5,000 metres to follow up on notable recent exploration success and to test new targets developed by the geological team. The focus for this phase of drilling will be on the Fork and Sphinx targets within the broader Grayling target area, as well as the M-Zone Extension (“MZE”) target and the Fox Lake Trail target. This initial winter program will consist of 10 to 12 drill holes, with most of the targets being road accessible and near the exploration camp, bringing the drill costs down. Further details on the drilling are forthcoming, and geochemical assay results are pending from the drilling recently carried out in late 2024 at Russell.
Russell Lake Project Target Areas:
https://www.skyharbourltd.com/_resources/images/20240110-MainTargetsRussellLake2024.jpg
The Fork target is a newly identified target to the southwest of the Grayling Zone and on-strike with Denison’s M-Zone at their adjacent Wheeler River Project. Last year, high-grade uranium was discovered at the Fork target in hole RSL24-02, which returned a 2.5 metre wide intercept of 0.721% U3O8 at a relatively shallow depth of 338.1 metres, including approx. 3.0% U3O8 over 0.5 metres just above the unconformity in the sandstone (see news release dated July 19th, 2024, titled: “Skyharbour Drills New Discovery at Russell Project with High-Grade Uranium Mineralization Up to 3.0% U3O8 at Newly Identified Fork Zone”). This high-grade intercept is a new discovery which had very limited historical exploration due to a lack of reliable geophysical data and drill targets resulting from nearby powerline interference. The mineralization is open in most directions, including along strike, and will be a high-priority target for this drill program.
Grayling and Fork Target Areas:
https://skyharbourltd.com/_resources/images/2024-Fork-East-Grayling-Drill-Hole-Location-Map_NR.jpg
Skyharbour also plans to drill targets in the M-Zone Extension area along trend from the Grayling Zone and Denison’s M-Zone, where historical drilling intersected basement-hosted uranium mineralization. More recent drilling by Denison in 2020 at the M-Zone encountered uranium mineralization with significant faulting, core loss, geochemical anomalies, and radioactivity encountered in other drill holes. Like the Grayling Zone, the mineralization at the MZE target is hosted by a graphitic thrust fault within a significant magnetic low. It is also noted that cross structures associated with Denison’s Phoenix and Gryphon uranium deposits potentially trend onto the Russell Lake property within the M-Zone Extension target area, further enhancing the prospectivity of this target.
M-Zone Extension Drill Targets:
https://www.skyharbourltd.com/_resources/images/20240110-M-ZoneExtensionTargetsRussellLake.jpg
Upcoming Winter Phase of Diamond Drilling at Moore:
Skyharbour plans to conduct a second phase of drilling consisting of 3,000-3,500 metres in 9 to 12 holes at its Moore Project upon completion of the initial phase of drilling at Russell. Drilling at the Maverick Corridor will focus on identifying new trends and extensions within untested portions of its 4.7-kilometre strike length. Additional drilling is planned within the Maverick Main and East Zones to concentrate on refinement and expansion of the currently identified mineralized zones. The Maverick Main Zone is characterized by basement- and unconformity-hosted mineralization with a highlight interval drilled previously by Skyharbour of 6.0% U3O8 over 5.9 metres at 265 metres depth, including 20.8% U3O8 over 1.5 metres in hole ML-199. More recently, Skyharbour announced a drill result grading 4.61% U3O8 over 5.0m starting at 265.5m downhole, including 3.0m of 7.30% U3O8 (see news release dated July 11th, 2024, titled: “Skyharbour Intersects 7.30% U3O8 over 3.0m within 5.0m of 4.61% U3O8 at High-Grade Moore Project”). Skyharbour is planning to drill test other regional targets at the project as well with further details on the drilling forthcoming. Additionally, geochemical assay results are pending from the drilling recently carried out in late 2024 at Moore.
Moore Uranium Project Regional Grid Targets Map:
https://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
Russell Lake Uranium Project Overview:
The Russell Lake Project is a large, advanced-stage uranium exploration property totalling 73,294 hectares strategically located between Cameco’s Key Lake and McArthur River Projects, and adjoining Denison’s Wheeler River Project to the west and Skyharbour’s Moore Uranium Project to the east. The northern extension of Highway 914 between Key Lake and McArthur River runs through the western extent of the property and greatly enhances accessibility, while a high-voltage powerline is situated alongside this road. Skyharbour’s acquisition of a majority interest in Russell Lake creates a large, nearly contiguous block of highly prospective uranium claims totalling 108,999 hectares between the Russell Lake and the Moore uranium projects. Several notable exploration targets exist on Russell, including the Grayling Zone, the M-Zone Extension target, the Little Man Lake target, the Christie Lake target, the Fox Lake Trail target and the newly identified Fork Zone target. More than 35 kilometres of largely untested prospective conductors in areas of low magnetic intensity also exist on the Property. Skyharbour is the operator and owns a majority interest in Russell Lake, having formed a joint venture partnership with RTEC at the project.
Moore Uranium Project Overview:
The Moore project consists of 12 contiguous claims totaling 35,705 hectares located 42 kilometres northeast of the Key Lake mill, 15 kilometres east of Denison’s Wheeler River project, and 39 kilometres south of Cameco’s McArthur River uranium mine. Unconformity-style, high-grade uranium mineralization has been discovered on the Moore Project along the Maverick conductive corridor. In addition to the Maverick zones, the project hosts other mineralized targets with strong discovery potential which the Company plans to test with future drill programs. The project is fully accessible via winter and ice roads, which simplifies logistics and lowers costs, while most of the property is accessible in the summer as well.
Other related developments from around the markets include:
Uranium Energy announces that it has completed the acquisition of 107,142,857 common shares of Anfield Energy Inc. for total consideration of $10.46 million ($15 million Canadian dollars). The acquisition was completed on January 15, 2025 pursuant to a subscription agreement between the Company and Anfield, whereby the Company subscribed for the Anfield Shares at a price of $0.14 per share (Canadian dollars). Immediately after the acquisition, the Company had beneficial ownership, and control and direction of, a total of 203,415,775 Anfield Shares, representing approximately 17.8% of the outstanding Anfield Shares on a non-diluted basis and approximately 24.2% of the outstanding Anfield Shares on a partially diluted basis after assuming the exercise of all warrants held by the Company.
Denison Mines announced that is has executed an agreement with Cosa Resources Corp. to form three uranium exploration joint ventures in the eastern portion of the Athabasca Basin region in northern Saskatchewan. Pursuant to the Agreement, Cosa will acquire a 70% interest in Denison's 100%-owned Murphy Lake North, Darby, and Packrat properties in exchange for approximately 14.2 million Cosa common shares, $2.25M in deferred equity consideration, and a commitment to spend $6.5 million in exploration expenditures at Murphy Lake North and Darby. David Cates, President & CEO of Denison, commented, "Denison is pleased to collaborate with Cosa in a way that is mutually beneficial and enhances our exposure to the potential discovery of a meaningful uranium deposit on the Properties and through Cosa's existing uranium exploration portfolio. With Denison focused on executing on our core mining and development-stage projects, we believe Cosa is an excellent partner to advance exploration of the Properties. The entire Cosa senior management team has worked with Denison previously, and have strong technical capabilities, plus a unique familiarity with the Properties and nearby discoveries."
Cameco Corporation reported its consolidated financial and operating results for the third quarter ended September 30, 2024. “Our third quarter operational performance was strong across all segments, supporting our return to a tier-one cost structure,” said Tim Gitzel, Cameco’s president and CEO. “Looking past quarterly earnings, which can vary significantly, there is a clear underlying trend of improving operational performance and cash flow generation, backed by stable and rising market prices. Apart from the impact of a stronger US dollar, our financial outlook for both Cameco and Westinghouse remained strong and unchanged. To recognize the return to our tier-one production rate and the continued strengthening of the industry’s long-term prospects, our board of directors declared an increased 2024 annual dividend of $0.16 per common share. We are also recommending a dividend growth plan to our board of directors, under which we expect to at least double last year’s dividend of $0.12 per common share, to $0.24 per common share, over the fiscal periods 2024 through 2026, subject to annual consideration by our board.
NexGen Energy announced it has been awarded the first uranium sales agreements with multiple leading US nuclear utility companies. These inaugural awards all incorporate market-related pricing mechanisms at the time of delivery. They reflect NexGen's long stated focus of maximizing leverage to future uranium prices and the Company's positioning as a new reliable Western World source of nuclear fuel incorporating the highest standards of technical, environmental and social inclusion from the tier one jurisdiction of Saskatchewan Canada.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Skyharbour Resources Ltd. by Skyharbour Resources Ltd. We own ZERO shares of Skyharbour Resources Ltd. Please click here for disclaimer.
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