01:08 PM EST, 12/23/2024 (MT Newswires) -- Skyharbour Resources ( SYHBF ) was modestly higher Monday after saying Terra Clean Energy, its partner company, announced the execution of an exploration agreement with The English River First Nation.

The company said this agreement gives access to the ancestral lands of The English River First Nation on which the South Falcon East Property lies, which hosts the Fraser Lakes B uranium deposit.

Skyharbour optioned the project to Terra and under the option agreement, assuming the 75% interest is earned, Terra will fund exploration expenditures of $10.5 million and pay Skyharbour $11.1 million in cash of which $6.6 million can be settled for shares in the capital of Terra over the five-year earn-in period.

Terra also announced that it received permits from the Saskatchewan Ministry of Environment to conduct its winter exploration program on the South Falcon East Property, for a three-year period.

The winter 2025 drilling program is currently in the final planning and scheduling phase, and the upcoming field program is expected to start in late January to early February and will be executed by Terralogic Exploration, the company said in a statement.

Shares of the company were last seen up $0.005 or 1.35%, at $0.375, near a 52-week low at $0.31, on the TSX Venture Exchange.

Price: 0.38, Change: +0.01, Percent Change: +1.35