Uranium exploration company Denison Mines has closed its previously announced transaction with Skyharbour Resources, resulting in the formation of four exploration joint ventures (JVs) covering ground immediately adjacent to and proximal to Denison’s flagship Wheeler River uranium project in Saskatchewan’s Athabasca basin.

The JVs comprise claims that previously formed part of Skyharbour’s Russell Lake uranium project, which directly neighbours Wheeler River. Denison said the new structure is intended to enhance collaboration between the two companies’ technical teams and to accelerate exploration across the highly prospective land package surrounding Wheeler River.

Under the agreements, Denison will act as operator of the Wheeler North and Wheeler River Inliers JVs, holding interests of 49% and 70%, respectively. Skyharbour will operate the Russell Lake and Getty East JVs, in which Denison will hold interests of 20% and 30%, respectively.

In addition, the companies have entered into earn-in option agreements that provide Denison with the right to increase its ownership interest in the Wheeler North and Getty EastJ JVs to as much as 70%, subject to meeting certain conditions.

Denison holds an effective 95% interest in the Wheeler River uranium project, regarded as the largest undeveloped uranium project in the infrastructure-rich eastern portion of the basin.

A feasibility study completed in mid-2023 outlined the Phoenix deposit as an in-situ recovery operation, while an updated pre-feasibility study was completed for the Gryphon deposit as a conventional underground mine. Based on the respective studies, Denison has said both deposits have the potential to rank among the lowest-cost uranium mining operations globally.

Permitting for the planned Phoenix ISR operation is nearing completion, following approval of the project’s environmental assessment by the province of Saskatchewan in July 2025 and the conclusion, in December 2025, of the Canadian Nuclear Safety Commission’s public hearing process for federal environmental assessment approval and a project construction licence.

Skyharbour, meanwhile, holds a broad portfolio of uranium exploration projects across the Athabasca Basin and is advancing several properties through exploration and drilling, including the Moore and Russell Lake projects located near Wheeler River.