In short: One of three Denison-backed explorers with "really exciting stories" (Denison is a shareholder, so a sponsor's view). The long-standing neighbour just east of Wheeler River: Denison raised its stake and helped it consolidate, then split, the "enormous" Russell Lake property into four JVs — Denison earning in at Wheeler North while Skyharbour works the rest.
Skyharbour is a small uranium explorer whose land sits right next to Denison's. Denison owns shares in it and has worked with it to combine a huge block of land (Russell Lake) and then split it into four joint ventures, each partner running some pieces. Denison spends its own money on the piece nearest its mine (Wheeler North) and earns a bigger ownership share by doing so; Skyharbour explores the others. It is a way for Denison to get more ground drilled without distracting its own team — and Cates, as a shareholder, is naturally upbeat about it.
11:28So right now I'd highlight that we're invested in three companies in the region that really have exciting stories. We have a long-standing relationship with Sky Harbor Resources. They are our neighbor with properties just east of Wheeler River and recently we've worked together with them to increase our interest in that company but also to help them consolidate the Russell Lake property and then deconolidate that property.
In short: "A great partnership" — Denison is a long-term shareholder (a sponsor's view). The Russell Lake property, north and east of Wheeler River, was just broken into four JVs; Denison has initial interests and the option to earn up to 70% on two, starting with Wheeler North for synergies with Phoenix and Griffin.
Skyharbour is a small uranium explorer that owns a big property (Russell Lake) right next to Denison's mine site. Denison has been a shareholder for years, and the two just split the property into four joint ventures. Denison can earn up to 70% of two of them by spending on exploration, starting with the piece closest to its own deposits — if something is found there, it could share Denison's infrastructure. As a shareholder, Denison is naturally upbeat.
17:57large equity position, roughly in the range of up to 20% in either of those companies. So really strong partnership there, but allowing those companies to raise the capital, use their teams to explore assets that we were unlikely to be exploring in the next 3 to 5 years. And we also have a great partnership with Sky Harbor Resources, where we've been a long-term shareholder, but recently announced a transaction where a very large property called Russell Lake, which is adjacent to the north and the east of our Wheeler
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