Denison Mines Completes Strategic Deal with Skyharbour for Joint Ventures Near Wheeler River
Denison Mines Corporation has announced the successful closure of its long-anticipated transaction with Skyharbour Resources Ltd. This agreement marks a pivotal moment in Denison's operations as it ushers in the creation of four joint ventures that will focus on exploring uranium claims adjacent to its flagship project, Wheeler River. This new endeavor promises to bolster collaboration between the technical teams of both companies, accelerating the evaluation of the promising exploration terrain nearby.
As per the terms of the deal, Denison assumes the role of operator for two of these joint ventures—namely, the Wheeler North and Wheeler River Inliers—holding a substantial 49% and 70% ownership interest respectively. Conversely, Skyharbour has taken on the operational responsibilities for the Russell Lake and Getty East joint ventures, with Denison maintaining ownership interests of 20% and 30%. This structuring not only enhances both companies’ strategic positions but also presents opportunities for increased operational synergy.
In parallel to the joint ventures, Denison and Skyharbour have instituted Earn-In Option Agreements. This arrangement allows Denison to elevate its ownership stake in the Wheeler North and Getty East projects, potentially increasing it up to 70%. These agreements indicate Denison's commitment to deepen its operational footprint in this resource-rich region.
Denison Mines Corp. is recognized as a leader in uranium mining, development, and exploration, especially in the Athabasca Basin of northern Saskatchewan, Canada. It holds a noteworthy 95% interest in its prime Wheeler River Uranium Project, currently identified as the largest undeveloped uranium project in the heavily endowed eastern segment of the Athabasca Basin. The company recently achieved significant milestones in mid-2023, completing a feasibility study on the Phoenix deposit as an in-situ recovery mining operation, alongside an updated Pre-Feasibility Study for the Gryphon deposit, which is earmarked for conventional underground mining. The results from these studies indicate a strong potential for competitive mining operations in the global uranium marketplace.
Recent developments have also seen Denison advancing through the regulatory landscape. Important permitting efforts for the Phoenix ISR operation commenced in 2019 and are nearing completion. Notable highlights include the Saskatchewan government’s approval of the project’s Environmental Assessment (EA) in July 2025, and the culmination of public hearings by the Canadian Nuclear Safety Commission aiming for federal approval shortly thereafter.
Additionally, Denison holds significant stakes in several other uranium projects within Saskatchewan, including a 22.5% interest in the McClean Lake Joint Venture, which encompasses unmined uranium deposits. Noteworthy operations at the McClean North deposit are currently utilizing innovative SABRE mining methods initiated in July 2025. The company also maintains vital interests in the Midwest Joint Venture, which encompasses Midwest Main and A deposits, along with claims in the Waterbury Lake Property.
Skyharbour Resources, on the other hand, holds an expansive portfolio of uranium exploration projects throughout the Athabasca Basin, encompassing over 616,000 hectares. With a strong strategic alignment with Denison, Skyharbour has acquired significant interests in high-potential projects, such as the Moore Uranium Project located strategically near Wheeler River. This project has demonstrated promising high-grade uranium mineralization, particularly in its Maverick Corridor, which is an area of great geological interest.
Both Denison and Skyharbour are actively working to advance their exploration initiatives and joint venture agreements, with Skyharbour's range of partnerships expanding to include leaders in the uranium sector like Denison and Orano Canada Inc. This strategic collaboration reflects a broader effort to harness industry expertise and maximize uranium exploration success in Canada’s most prolific uranium-producing region.
Looking toward the future, both companies exhibit a shared optimism regarding the trajectory of uranium demand and the potential benefits inherent in these joint ventures. Overall, the closure of this transaction is anticipated to enhance both companies' operational capabilities and position them favorably in a recovering uranium market.
As per the terms of the deal, Denison assumes the role of operator for two of these joint ventures—namely, the Wheeler North and Wheeler River Inliers—holding a substantial 49% and 70% ownership interest respectively. Conversely, Skyharbour has taken on the operational responsibilities for the Russell Lake and Getty East joint ventures, with Denison maintaining ownership interests of 20% and 30%. This structuring not only enhances both companies’ strategic positions but also presents opportunities for increased operational synergy.
In parallel to the joint ventures, Denison and Skyharbour have instituted Earn-In Option Agreements. This arrangement allows Denison to elevate its ownership stake in the Wheeler North and Getty East projects, potentially increasing it up to 70%. These agreements indicate Denison's commitment to deepen its operational footprint in this resource-rich region.
Denison Mines Corp. is recognized as a leader in uranium mining, development, and exploration, especially in the Athabasca Basin of northern Saskatchewan, Canada. It holds a noteworthy 95% interest in its prime Wheeler River Uranium Project, currently identified as the largest undeveloped uranium project in the heavily endowed eastern segment of the Athabasca Basin. The company recently achieved significant milestones in mid-2023, completing a feasibility study on the Phoenix deposit as an in-situ recovery mining operation, alongside an updated Pre-Feasibility Study for the Gryphon deposit, which is earmarked for conventional underground mining. The results from these studies indicate a strong potential for competitive mining operations in the global uranium marketplace.
Recent developments have also seen Denison advancing through the regulatory landscape. Important permitting efforts for the Phoenix ISR operation commenced in 2019 and are nearing completion. Notable highlights include the Saskatchewan government’s approval of the project’s Environmental Assessment (EA) in July 2025, and the culmination of public hearings by the Canadian Nuclear Safety Commission aiming for federal approval shortly thereafter.
Additionally, Denison holds significant stakes in several other uranium projects within Saskatchewan, including a 22.5% interest in the McClean Lake Joint Venture, which encompasses unmined uranium deposits. Noteworthy operations at the McClean North deposit are currently utilizing innovative SABRE mining methods initiated in July 2025. The company also maintains vital interests in the Midwest Joint Venture, which encompasses Midwest Main and A deposits, along with claims in the Waterbury Lake Property.
Skyharbour Resources, on the other hand, holds an expansive portfolio of uranium exploration projects throughout the Athabasca Basin, encompassing over 616,000 hectares. With a strong strategic alignment with Denison, Skyharbour has acquired significant interests in high-potential projects, such as the Moore Uranium Project located strategically near Wheeler River. This project has demonstrated promising high-grade uranium mineralization, particularly in its Maverick Corridor, which is an area of great geological interest.
Both Denison and Skyharbour are actively working to advance their exploration initiatives and joint venture agreements, with Skyharbour's range of partnerships expanding to include leaders in the uranium sector like Denison and Orano Canada Inc. This strategic collaboration reflects a broader effort to harness industry expertise and maximize uranium exploration success in Canada’s most prolific uranium-producing region.
Looking toward the future, both companies exhibit a shared optimism regarding the trajectory of uranium demand and the potential benefits inherent in these joint ventures. Overall, the closure of this transaction is anticipated to enhance both companies' operational capabilities and position them favorably in a recovering uranium market.
Topics Business Technology）
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