Skyharbour Gains as Orano JV Ignites 7,000m Drilling Push at Preston Uranium Project

Key Highlights:

• Shares edge up 1.6% on major drill announcement
• JV partner Orano to drill up to 7,000 metres in uranium-rich Athabasca Basin
• High-priority targets include Johnson Lake, Canoe Lake, and FSAN
• Exploration aligns with rising global uranium demand
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Vancouver, Canada – May 15, 2025 

Shares of Skyharbour Resources Ltd. (TSX-V: SYH) inched up 1.59% to CAD $0.32 in early Wednesday trading, following the company’s announcement that joint-venture partner Orano Canada Inc. will launch an extensive 6,000 to 7,000-metre diamond drilling program this summer at the Preston Uranium Project in Saskatchewan’s western Athabasca Basin.

The modest move upward comes amid rising anticipation around Skyharbour’s multi-partner uranium exploration strategy and the revitalization of uranium markets globally. With a 25.6% ownership stake in the 49,635-hectare Preston Project, Skyharbour stands to benefit from any success stemming from this aggressive new campaign led by one of the industry’s most established names.

Drilling will focus on high-priority targets such as Johnson Lake, Canoe Lake, and the FSAN Zone, where recent geophysical and geochemical surveys suggest strong potential for basement-hosted uranium deposits. Up to 28 holes will be drilled, targeting structurally complex conductors at depths between 200 and 350 metres.

The FSAN Zone is slated for the heaviest drill coverage with 10 to 17 holes planned. This zone has drawn particular attention due to its gravity low anomalies, magnetic disruptions, and surficial geochemical responses — conditions frequently associated with significant uranium discoveries in the Athabasca Basin, such as NexGen’s Arrow and Fission’s Triple R deposits.

Orano’s renewed activity at Preston marks the first exploration work at the site since 2020. The strategic re-engagement signals confidence in the area’s potential amid tightening global uranium supply and surging demand driven by nuclear power expansion and energy transition policies.

Skyharbour, which operates additional JV projects and earn-in agreements with Rio Tinto, Azincourt Energy, and Thunderbird Resources, holds interests in 36 projects totaling over 614,000 hectares. Through its partnerships, it stands to receive over $36 million in exploration spending and $14 million in cash, bolstering its financial position and exploration capacity.

While today’s stock move was incremental, investor sentiment appears to be warming ahead of what could be a high-impact summer for Skyharbour and its uranium-rich portfolio.