Buy-Rated Uranium Co. Closes Financing
Research Report

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Disclosures for Fundamental Research, Skyharbour Resources Ltd., January 17, 2025

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In a January 17, 2025 research note, Fundamental Research Corp. analysts Sid Rajeev and Nina Rose Coderis maintained a Buy rating on Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE).

The company recently closed a CA$10 million equity financing and staked seven additional uranium properties, expanding its portfolio to 36 properties covering 614,353 hectares in the Athabasca Basin. Skyharbour has announced its largest annual drill campaign to date, with 35-45 holes totaling 16,000-18,000 meters across its flagship Moore and Russell Lake projects.

At Russell Lake, a joint venture with Rio Tinto (RIO:NYSE), the company plans a 10,000-11,000 meter program, with phase one focusing on three target areas. At the 100%-owned Moore project, a 5,000-7,000 meter follow-up program is planned. Management aims to complete maiden resource estimates on both projects this year.

The analysts highlight significant sector developments, including Paladin Energy's US$1.1 billion acquisition of Fission Uranium and increasing nuclear power adoption by tech giants like Google, Microsoft, and Amazon for data centers and AI initiatives.

The company has nine projects with JV/option agreements, where partners could commit up to CA$36 million for exploration and over CA$34 million in cash/share payments to Skyharbour.

Key risks include uranium price dependency, exploration and development risks, lack of NI 43-101 compliant resource estimates on flagship projects, and potential share dilution.

The share price at the time of the report of CA$0.36 represents a potential return of 183% to Fundamental's CA$1.02 fair value estimate.