Skyharbour Resources announces that is has entered into a definitive and binding purchase agreement with Rio Tinto Exploration Canada Inc. to increase and consolidate its ownership interest in the Russell Lake Uranium Project through the acquisition of RTEC's minority interest in the Project.
The Project is strategically located in the central core of the Eastern Athabasca Basin of northern Saskatchewan, with access to regional infrastructure, including an all-weather road and powerline.
Transaction Details:
Immediately prior to closing, RTEC's interest in the Project will be approximately 42.3%. Pursuant to the terms of the Purchase Agreement, Skyharbour has agreed to acquire 100% of RTEC's minority interest in the Project in exchange for cash consideration of C$10 million.
The Purchase Price shall consist of a C$2 million deposit payable within five business days of the date of execution of the Purchase Agreement and a C$8 million cash payment at closing, which is expected to be on or before December 21 st , 2025.
Skyharbour shall grant to RTEC a 0.25% net smelter returns royalty over Russell Lake. The acquisition of RTEC's interest in Russell Lake will increase Skyharbour's interest in the Project to 100%, subject to several other net smelter return royalties held by third parties.
Russell Lake Uranium Project Overview:
The Russell Lake Project is a large, advanced-stage uranium exploration property totalling 73,314 hectares strategically located between Cameco's Key Lake and McArthur River Projects, and adjoining Denison's Wheeler River Project to the west and Skyharbour's Moore Uranium Project to the east.
The northern extension of Highway 914 between Key Lake and McArthur River runs through the western extent of the property and greatly enhances accessibility, while a high-voltage powerline is situated alongside this road. Skyharbour's acquisition of a majority interest in Russell Lake creates a large, nearly contiguous block of highly prospective uranium claims totalling 109,019 hectares between the Russell Lake and the Moore uranium projects.
Several notable exploration targets exist on Russell, including the Grayling Zone, the M-Zone Extension target, the Little Man Lake target, the Christie Lake target, the Fox Lake Trail target and the newly identified Fork Zone target. More than 35 kilometres of largely untested prospective conductors in areas of low magnetic intensity also exist on the Property.
Skyharbour is the operator and owns a majority interest in Russell Lake, having formed a joint venture partnership with RTEC at the project.
