Skyharbour Resources Ltd (SYHBF) February 2026 Capital Markets Day Transcript

Great. Well, thank you, everyone. Thank you for your time today. I'm Jordan Trimble, President and CEO of Sky Harbor Resources. We are a preeminent uranium explorer and prospect generator in the Athabasca Basin. Please read the disclaimer on your own time. So Sky Harbor just announced and closed a $61.5 million property transaction with none other than Denison Mines. Multi-billion dollar developer and producer, our largest shareholder. and this project at one of our co-flagship Russell Lake project is a transformative deal for this company. It sets the stage for over 15,000 meters of drilling at the project this year. It brings in a partner that's building a mine just a few kilometers away from where we're drilling and it really allows us to now advance this project in a way that we would not have been able to otherwise had we not done this deal. It joins our technical teams together and it also allows us to work with Denison as we expedite the discovery process with as little equity dilution to you, the shareholders of Sky Harbor, as possible. Second, we just announced additional high-grade drill results from our other co-flagship, Moorlake Project. 12% over a meter and a half. We've had grades as high as 21 percent very very high grade mineralization at the adjacent project we also announced eight to ten thousand meters of drilling at moore lake so you've already there got 25 000 meters between russell and moore lake lastly we have other partner companies including another industry leader in orano funding drilling and exploration at other projects in our uranium property portfolio in the basin. We are expecting this year over 30,000 meters of diamond drilling across our project portfolio in the Athabasca. That is one of the largest drill campaigns of any company, including the developers and producers in this part of Canada. So lots of shots on goal, great discovery potential, as little equity dilution as possible using the prospect generator business in the partnership model. Now, just taking a quick step back for those that do not know anything about Sky Harbor, as you probably could have guessed by now, high-grade uranium exploration and prospect generation in the Athabasca Basin. This is a very unique model, dual-pronged strategy that allows us to stay focused at our main projects, Russell and Moore, drill those assets, while we have partner companies advancing our other projects in our portfolio spending over 118 million dollars Canadian that's our current market cap just in these secondary and tertiary projects as they complete these earnings into joint ventures. We have 10 partner companies now advancing 14 of the 43 projects in our project portfolio. Be remiss not to mention that we have over 1.6 million acres making us the third largest mineral tenure holder in the region. No other, very few other companies, no other company with our market cap has that kind of land position in the Athabasca Basin. These projects range from early stage grassroots properties right through to more advanced stage exploration assets. And one final note on this slide, you don't have to listen to me. Just look at our three larger strategic either shareholders or JV partners, Denison Mines. Denison recently added to their position buying several million shares in the open market after we closed the transaction with them in December. We also have Rio Tinto, one of the world's largest mining companies as a large shareholder. And last but not least, I mentioned Arano, France's largest nuclear and uranium mining company as a JV partner at our Preston project. Management team and board, stellar team that we've assembled over the last decade or so. I come from a finance and entrepreneurial background. My chairman and I, Jim Pettit, built and sold a gold company called Bayfield Ventures. Part of that was the extension of the Rainy River Deposit, which is now producing gold mine in Ontario. That's when we started Sky Harbor, taking advantage of a unique contrarian opportunity in the sector in the mid-2010s. Dave Cates, who's an independent director, well known. He's the president and CEO of Denison Mines. He's a very large shareholder as well. He's added to his position personally in the last few months. Joe Gallucci, he's at Ventum Capital. Joe Gallucci joined us five years ago, six years ago, and brings a wealth of capital markets experience. Siddhar Donmez, 20 years at Denison, VP of Exploration. This is the guy that's going to find us the next big uranium deposit in the Athabasca Basin, the rest of our team as well. You'll see Dave Bayard, Christine McKechnie, Sean Cross, Dylan Drummond. These are all top-notch Athabasca Basin geologists. Paul Matizik, he's built and sold six mining companies for two and a half billion dollars. This is exactly what we're looking to do here at Sky Harbor, ultimately build and sell the company. 212 million shares out, $110 million valuation. Okay, uranium market, 200 million pounds of demand, 175 million pounds of supply. This is a undersupplied market. We don't have enough new production coming online. 380 million pounds of uncovered, sorry, 1.2 billion pounds of uncovered demand, 380 million pounds, cumulative supply gap. We have financial entities buying material like Sput, 15 million pounds that were bought just in the last year by these financial entities. Sprott, the physical trust, bought 9 million of that, 15 million. They're well on their way to doing that again this year. So this is a commodity unlike some of the other metals. It hasn't yet quite run as much as silver, as gold, as copper. To get to its previous all-time high, that's $140 a pound. It's trading at $88. We've just seen the spot price start to tick up in the last few months, as well as the long-term price. This is the commodity I think this year. If you're looking for one that hasn't yet quite moved, I think this is your bet this year. And And again, Sky Harbor in the Athabasca Basin is uniquely poised to take advantage of this, I think, next breakout in the commodity. Now, moving on to the projects, and I just want to highlight our project portfolio. 1.6 million acres, as I mentioned. You'll see Russell and Moorlake. These are the two main assets just south of the MacArthur River mine, north of the Key Lake Mill, and most importantly, adjacent to Denison's Wheeler River project. They're building the Phoenix deposit just a few kilometers from where we're drilling at Russell. Four of these 43 projects were in a company in 2007 that was a half a billion dollar market cap. We're $110 million today. So as we see this cycle progress, the re-rate potential on this asset base is substantial. And I think we could see a lot of that value come in here in the next 12 months, as I mentioned, as we're seeing a rising tide in the uranium market and broadly in the commodity sector. Russell Lake and Moorlake, 250,000 acres of prime real estate wedged in between the largest, richest uranium mine in the world, the MacArthur River, one of only two operating mills, the Key Lake Mill, and again, Denison's Wheeler River Project. We benefit from substantial infrastructure, including the haulage road, power lines, and an exploration camp, all of which bring our drill costs down well below $350 Canadian all in a meter. The average drill cost for a project in the basin right now is about $500 to $600 all in a meter for your typical exploration project in the basin. So very low cost drilling. I mentioned the deal with Denison Mines. So this is, as I said earlier, a big deal for us. You'll see on this image here, we've broken up the project into four separate sub-properties, the pink, the yellow, the green. We keep 80% of the bulk of the project. That's the RL, the pink claims there. Denison then is spending $40 million at the yellow and the green claims, Wheeler North and Getty East. As they earn in, they can earn up to 70%. We will ultimately retain, keep 30%. And it's important to also note here, the drilling is starting right now. We have rigs going up the site, both at Russell and at Moore. 15 plus thousand meters of drilling at Russell. And then moving on to our Moore Lake project, 8,000 to 10,000 meters of drilling at Moore Lake. And this project, I will note, again, adjacent to Russell, this has a small high-grade deposit, the Maverick deposit. We're looking to expand that deposit. It's also exciting because of the recent commercial production of Sabre, which is a mining method from Surface. Denison and Arano are using it at McLean Lake. And it works on shallow high-grade deposits, which is exactly what we have here at the Maverick deposit. So this project and those high-grade zones of mineralization have become much more interesting. Those pounds have become much more interesting as a result of Sabre coming online. It also could have the potential to be ISR amenable as most of the high-grade is hosted right at the unconformity in the sandstone. So 25,000 meters between those two projects, a good chunk of that funded by Denison. That's all kicking off in the next few weeks and will run throughout the year. We are fully funded for that. $11 million in the Treasury. We have $3 million additional dollars in cash and shares coming in from partner payments this year as well. And we generate some revenue every year from our camp. We're able to rent the camp out to other operators. I'll wrap up with the last two slides here. I won't get into each one, but this just shows the 10 partner companies spending over $118 million in combined project consideration at our various secondary and tertiary projects. And then just to wrap up, I mentioned the year ahead, 30 plus thousand meters of drilling across our project portfolio. It's by far our largest annual drill campaign. A bunch of that is being funded by partner companies. We're following up on high-grade results from the last few years at both Russell and Moorlake. A big hole at either project will certainly send the stock higher. We are working on some new option and joint ventures. We have a whole bunch of 100% owned claims in inventory that we can look to monetize. And last but not least, again, the uranium market, I think, is going to break out in this coming year. Sky Harbor as a $100, $110 million company is in a perfect position to offer additional torque to those rising uranium prices. So I'll end there. Please come visit booth 205. We'll be there all day today and tomorrow. And thank you again for listening.