Denison Mines (TSX:DML,NYSEAMERICAN:DNN) has closed a previously announced deal with Skyharbour Resources (TSXV:SYH,OTC:SYHBF) that repurposes a large block of uranium exploration ground surrounding its flagship Wheeler River project in northern Saskatchewan.
The recent transaction formalizes the division of Skyharbour’s former Russell Lake uranium project into four separate joint ventures positioned directly adjacent to, or proximal to, Wheeler River.
The structure is intended to promote closer technical collaboration between the two companies while advancing exploration across claims that sit along the same geological corridors as Denison’s advanced-stage development assets.
Under the new arrangements, Denison will operate the Wheeler North and Wheeler River Inliers joint ventures, holding ownership interests of 49 percent and 70 percent, respectively.
Skyharbour will operate the Russell Lake and Getty East joint ventures, in which Denison holds minority interests of 20 percent and 30 percent. In addition, Denison has secured earn-in option agreements that allow it to increase its ownership in both Wheeler North and Getty East to as much as 70 percent, subject to future conditions.
The claims involved were previously consolidated under Skyharbour’s Russell Lake project, which borders Denison’s Wheeler River property.
The deal strengthens Denison’s already dominant position around Wheeler River, which is the largest undeveloped uranium project in the infrastructure-rich eastern Athabasca Basin.
The company currently holds an effective 95 percent interest in Wheeler River, which hosts the Phoenix and Gryphon deposits.
A feasibility study completed in 2023 outlined Phoenix as an in-situ recovery operation, while an updated study for Gryphon evaluated conventional underground mining.
Both deposits are expected to rank among the lowest-cost uranium operations globally, based on those studies.
Regulatory momentum has also continued at Wheeler River. The project’s environmental assessment received provincial approval from Saskatchewan in July 2025, and federal review advanced with the conclusion of the Canadian Nuclear Safety Commission’s public hearing in December.
Beyond Wheeler River, Denison maintains a broad portfolio across the Athabasca Basin, including interests in the McClean Lake joint venture as well as stakes in the Midwest, Tthe Heldeth Túé, and Huskie deposits.
For Skyharbour, the transaction allows it to remain an active operator on key exploration assets near Wheeler River while continuing to advance its broader Athabasca Basin portfolio.
The company holds interests in 37 uranium projects covering more than 616,000 hectares, including the Moore uranium project, located east of Wheeler River, and the remaining Russell Lake ground now organized under joint venture structures.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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