Skyharbour Resources (TSX-V:SYH) has entered into a definitive and binding purchase agreement with Rio Tinto Exploration Canada (RTEC) to increase its ownership in the Russell Lake Uranium Project in Canada.
Russell Lake is a large, advanced-stage uranium exploration project covering 73,314 hectares.
Under the agreement, Skyharbour will acquire RTEC’s interest, totalling 42.3%, in the project for C$10 million ($10.92 million) cash.
The payment consists of a C$2 million deposit payable within five business days of executing the agreement and a C$8 million cash payment upon closing the deal on or around 21 December 2025.
Skyharbour will grant RTEC a 0.25% net smelter return royalty over Russell Lake.
The company formed a joint venture partnership with Rio Tinto (ASX:RIO) to further explore the Russell Lake Project. Skyharbour was the operator holding a 57.7% ownership interest and Rio Tinto held the remaining 42.3%.
In aggregate, Skyharbour has signed earn-in option agreements with partners that total to over C$36 million in partner-funded exploration expenditures.
In addition, over C$20 million worth of shares being issued and C$14 million in cash payments have come into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.
Skyharbour Resources holds an extensive portfolio of uranium projects in Canada’s Athabasca Basin and is well-positioned to benefit from improving uranium market fundamentals with interest in 37 projects covering 616,000 hectares.
Write to Aaliyah Rogan at Mining.com.au
Images: Skyharbour Resources
