Skyharbour Resources Ltd. expanded its portfolio! In the wake of the recent Israel-Hamas conflict, uranium prices have surged by 20% to US$81/lb, marking a remarkable 68% YoY increase. Notably, the Sprott Physical Uranium Trust (TSX: U-UN), the world's largest uranium investment fund, has upped its holdings by 1% to 62.9 Mbls over the past two months (up 6% YoY).
Amidst these market shifts, it's crucial to recognize the vulnerability in the uranium supply chain, especially with Russia contributing 35% to global enriched uranium production.
Now, turning our focus to Skyharbour Resources Ltd. (TSX-V: SYH), the company strategically expanded its portfolio to a vast 518k hectares across 24 properties in the Athabasca Basin, securing its position as one of the largest players among uranium juniors.
In recent developments, a maiden drill program at the Russell Lake project, optioned from Rio Tinto (NYSE: RIO), unfolded. Despite encountering lower grades, the program confirmed mineralization over an impressive 1 km strike length, setting the stage for an eagerly anticipated Q1-2024 follow-up drill program.
Looking ahead, management is gearing up for a follow-up drill at the flagship Moore Lake project, strategically timed before completing a maiden resource estimate. Meanwhile, option partners are making strides in advancing their projects, with Skyharbour expecting payments totaling $2M in cash/shares in the coming months.
This strategic portfolio expansion and proactive exploration stance underscore Skyharbour's resilience and positioning within the evolving uranium landscape.
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