06:53 AM EST, 11/17/2025 (MT Newswires) -- Denison Mines ( DNN ) on Monday said it has struck an agreement to acquire initial interests in claims comprising Skyharbour Resources' (SHY.V) Russell Lake uranium project in Saskatchewan.

Russell Lake is directly adjacent to Denison's flagship Wheeler River project. The Russell property will be divided into four property joint ventures, namely Russell Lake, Getty East, Wheeler North and Wheeler River Inliers, of which Denison will acquire initial ownership stakes of 20%, 30%, 49% and 70%, respectively.

Denison and Skyharbour also agreed to enter into option agreements to allow Denison to increase its stakes in each of the new Wheeler North and Getty East joint ventures to up to 70%.

Under the deal terms, Denison will pay Skyharbour a total of C$18 million, composed of a $2 million cash payment upon execution of the agreement and deferred consideration of $16 million, payable in cash or Denison common shares in two tranches of $8 million, before Dec. 31.

The transaction is subject to customary approvals, including Skyharbour obtaining approval from the TSX Venture Exchange. Deal closing is scheduled for Dec. 21.

Denison's share price at last look rose 1.6% in U.S. pre-market trading on Monday.

Separately, Skyharbour on Sunday said it has entered into a purchase agreement with Rio Tinto Exploration Canada to increase and consolidate its ownership interest in the Russell Lake uranium project by acquiring RTEC's minority interest.

The acquisition of RTEC's stake in Russell Lake will boost Skyharbour's interest in the project to 100%, subject to several other net smelter return royalties held by third parties.

Prior to deal closing, RTEC's interest in the project will be about 42.3%. Under the agreement, Skyharbour will acquire 100% of RTEC's minority interest in exchange for $10 million in cash, consisting of a $2 million deposit payable within five business days of the date of execution of the purchase agreement and an $8 million cash payment at closing.

Skyharbour will grant to RTEC a 0.25% net smelter returns royalty over Russell Lake.

Closing of the purchase agreement is also expected to occur on Dec. 21.