Latest news with #MLJV
Yahoo
25-07-2025
- Business
- Yahoo
Denison Mines Corp. (DNN): Among the Energy Stocks that Gained This Week
The share price of Denison Mines Corp. (NYSE:DNN) surged by 15.51% between July 15 and July 22, 2025, putting it among the Energy Stocks that Gained the Most This Week. An open pit mine with a large yellow excavator machine with tailings visible in the background, illustrating the uranium extraction process. Denison Mines Corp. (NYSE:DNN) is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. Denison Mines Corp. (NYSE:DNN) shot up this week after the company announced that it had commenced uranium mining operations at the McClean North deposit using the patented SABRE mining method, together with Orano Canada as its joint venture partner. Denison owns a 22.5% interest in the JV, while Orano Canada owns 77.5%. David Cates, President and CEO of Denison Mines Corp. (NYSE:DNN), stated: 'The successful commencement of SABRE mining at McClean North marks a significant milestone in the history of the MLJV, as the joint venture returns to active mining operations for the first time since 2008. Orano Canada is a world-class operator that has consistently demonstrated excellence in operation and innovation in Saskatchewan. We congratulate Orano on its leadership, long-term vision, and dedication to the development of the MLJV's SABRE mining method and ultimately the commercialization of the technology through the deployment at McClean North.' While we acknowledge the potential of DNN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Best Nuclear Energy Stocks to Buy Right Now and The 5 Energy Stocks Billionaires are Quietly Piling Into. Disclosure: None. Sign in to access your portfolio
Cision Canada
21-07-2025
- Business
- Cision Canada
Denison Announces Additional High-Grade Uranium Mineralization Discovered at McClean South
TORONTO, July 21, 2025 /CNW/ - Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE American: DNN) is pleased to announce that several significant new intercepts of shallow high-grade uranium mineralization have been discovered at the McClean South zone ("McClean South"), which is part of the Company's 22.5%-owned McClean Lake Joint Venture ("McClean Lake" or "MLJV") in northern Saskatchewan (see Figure 1). PDF Version View PDF Orano Canada Inc. ("Orano Canada"), the 77.5% owner and operator of the MLJV, completed a 6,400-metre exploration drilling program at McClean South during the first half of 2025. The drill program was highlighted by multiple notable high-grade intersections at the 8C mineralized pod: MCS-77 intersected 7.5 1 % eU 3 O 8 over 5.4 metres from 165.7 to 171.1 metres (including 10.88% eU 3 O 8 over 3.7 metres), MCS-80 intersected 3.5% eU 3 O 8 over 11.2 metres from 156.7 to 167.9 metres (including 5.81% eU 3 O 8 over 6.5 metres), and MCS-84 intersected 1.7 2 % eU 3 O 8 over 20.6 metres from 150.6 to 170.7 metres (including 4.43% eU 3 O 8 over 4.0 metres) In total, fourteen of twenty-four completed drill holes from the program encountered significant intercepts of uranium mineralization and the results are interpreted to have confirmed and expanded the mineralized footprint of the 8C and 8W pods (see Figure 2 and 3). McClean South is located approximately 600 metres to the south of the McClean North deposit, where the MLJV recently commenced commercial mining using the joint venture's patented SABRE mining method. Chad Sorba, Denison's Vice President of Technical Services and Project Evaluation, commented "Earlier this year, in its effort to follow up on the discovery of the 8C pod at McClean South since the last drill program in 2022, Orano Canada carried out a successful exploration program that returned several meaningful additional high-grade intercepts, which are interpreted to have expanded the mineralized footprint of the 8C and 8W pods." David Cates, Denison's President & CEO, added "We congratulate and thank Orano Canada for its efforts to successfully advance the delineation and expansion of the high-grade mineralization at McClean South. With the nearby McClean North deposit recently entering production using the joint venture's SABRE mining method and Denison having made significant advancements in the de-risking of the In-Situ Recovery ('ISR') mining method in recent years, there is great potential for the MLJV to advance McClean South to potentially emerge as an economic new source of future feed to the McClean Lake mill." 2025 McClean South Exploration Highlights The objective of the exploration program at McClean South was to expand the existing footprint of high-grade mineralization with a focus on further assessing the 8C and 8W Pods. With uranium mineralization measuring greater than 0.05% eU (0.06% eU 3 O 8) intersected in 14 of 24 drill holes completed during the program, the results successfully expanded the footprint of the 8W and 8C pods and confirmed the continuity of mineralization. Results from the 8W pod were highlighted by the following: MCS-61 and MCS-64 confirmed mineralization in the sandstone near surface along the western edge of the 8W pod. MCS-61 intersected 0.15% eU 3 O 8 over 2.2 metres from 40.3 to 42.5 metres and MCS-64 intersected 0.21% eU 3 O 8 over 1.2 metres from 57.6 to 58.8 metres. The results of the holes discussed above and the balance of the mineralized intersections from the 2025 drill program are summarized in Table 1 below. Table 1 – 2025 McClean Lake Exploration Drilling – Mineralized Intersections Notes: (1) Lengths indicated represent the down-hole length of mineralized intersections; (2) Interval is composited above a cut-off grade of 0.05% eU, which corresponds to 0.06% eU 3 O 8 Radiometric Equivalent Grades, Sampling, Analysis and Data Verification Following the completion of a drill hole, the hole is radiometrically logged using a downhole slimline gamma probe, which collects continuous readings of radioactivity along the length of the drill hole. Probe results are then calibrated using an algorithm calculated from the comparison of probe results against geochemical analyses in the area. The gamma-log results provide an immediate radiometric equivalent uranium value (eU%, then converted to eU 3 O 8 %) for the hole, which, except in very high-grade zones, is reasonably accurate. The Company typically reports eU 3 O 8, as a preliminary result and subsequently reports definitive assay grades following sampling and chemical analysis of the mineralized drill core. Assay sample intervals are generally 50 centimetres long, except where higher or lower grade mineralization boundaries fall within the interval. In that case, two 25-centimetre samples are collected. Flank samples of 1.0 metre are collected where mineralization is located. Systematic geochemistry samples are collected every 10 metres down the hole. All assayed core is split in half, with one half retained and the other sent to the SRC Geoanalytical Laboratory in Saskatoon for analysis. Control samples are routinely assayed with each batch of core samples analyzed. About McClean South 8C, 8E and 8W Pods The McClean South trend is located parallel to and approximately 600 metres south of the McClean North trend in the southwestern portion of the property (see Figure 1). The McClean South zone has been the subject of historic exploration drilling, resulting in the discovery and subsequent delineation of the 8W, 8C, and 8E pods, which are situated along a N70° to 80° trend near the McClean Lake granitic dome to the south (see Figure 2 and 3). Mineralization within the 8W, 8C and 8E pods is currently understood to be primarily hosted within the sandstone; however, it has been locally encountered within the basement of the 8W and 8C pods. The mineralization within the sandstone can extend upwards of 50 meters above the unconformity and has been identified near surface at the western edge of the 8W pod. No current resource estimate, prepared in accordance with NI 43-101, exists for the mineralization identified to date at the McClean South pods. About McClean Lake The McClean Lake property is located on the eastern edge of the Athabasca Basin in northern Saskatchewan, approximately 750 kilometres north of Saskatoon. Denison holds a 22.5% ownership interest in the MLJV and the McClean Lake uranium mill, one of the world's largest uranium processing facilities. The mill has licensed annual production capacity of 24.0 million pounds U 3 O 8 and is currently operating under a 10-year license expiring in 2027. The mill is contracted to process the ore from the Cigar Lake mine under a toll milling agreement (up to 18.0 million pounds U 3 O 8 per year). The MLJV is an unincorporated contractual arrangement between Orano Canada with a 77.5% interest and Denison with a 22.5% interest. Orano Canada is the operator of the project. McClean Lake consists of nine known uranium deposits: JEB; Sue A, B, C, D, E and F; McClean North; and McClean South. In 1995, the development of the McClean Lake project began. Mill construction commenced in 1995, and ore processing activities reached commercial production in November 1999. Mining operations commenced in 1996, and the following deposits have been mined out to date: JEB (1996 to 1997), Sue C (1997 to 2002), Sue A (2005 to 2006), Sue E (2005 to 2008) and Sue B (2007 to 2008). Production from the McClean North deposit, using the MLJV's patented SABRE mining method, commenced in 2025. About Denison Denison is a leading uranium mining, development, and exploration company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. Denison has an effective 95% interest in its flagship Wheeler River Uranium Project, which is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan. In mid-2023, the Phoenix feasibility study was completed for the Phoenix deposit as an ISR mining operation, and an update to the previously prepared 2018 Pre-Feasibility Study ('PFS') was completed for Wheeler River's Gryphon deposit as a conventional underground mining operation. Based on the respective studies, both deposits have the potential to be competitive with the lowest cost uranium mining operations in the world. Permitting efforts for the planned Phoenix ISR operation commenced in 2019 and several notable milestones were achieved in 2024 with the submission of federal licensing documents and the acceptance of the final form of the project's Environmental Impact Statement by the Province of Saskatchewan and the Canadian Nuclear Safety Commission. Denison's interests in Saskatchewan also include a 22.5% ownership interest in the MLJV, which includes unmined uranium deposits (with mining at the McClean North deposit via the MLJV's SABRE mining method having commenced in 2025) and the McClean Lake uranium mill (currently utilizing a portion of its licensed capacity to process the ore from the Cigar Lake mine under a toll milling agreement), plus a 25.17% interest in the Midwest Joint Venture Midwest Main and Midwest A deposits, and a 70.55% interest in the Tthe Heldeth Túé ('THT') and Huskie deposits on the Waterbury Lake Property. The Midwest Main, Midwest A, THT and Huskie deposits are located within 20 kilometres of the McClean Lake mill. Taken together, Denison has direct ownership interests in properties covering ~384,000 hectares in the Athabasca Basin region. Additionally, through its 50% ownership of JCU (Canada) Exploration Company, Limited ('JCU'), Denison holds interests in various uranium project joint ventures in Canada, including the Millennium project (JCU, 30.099%), the Kiggavik project (JCU, 33.8118) and Christie Lake (JCU, 34.4508%). In 2024, Denison celebrated its 70th year in uranium mining, exploration, and development, which began in 1954 with Denison's first acquisition of mining claims in the Elliot Lake region of northern Ontario. Qualified Persons The technical information contained in this press release has been reviewed and approved by Chad Sorba, Denison's Vice President Technical Services & Project Evaluation, who is a Qualified Person in accordance with the requirements of NI 43-101. Cautionary Statement Regarding Forward-Looking Statements Certain information contained in this news release constitutes 'forward-looking information', within the meaning of the applicable United States and Canadian legislation, concerning the business, operations and financial performance and condition of Denison. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes', or the negatives and/or variations of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur', 'be achieved' or 'has the potential to'. In particular, this news release contains forward-looking information pertaining to the following: the interpretation of exploration results and expectations with respect thereto, including the interpretation of the results from the McClean Lake JV exploration program undertaken by Orano Canada, underlying assumptions and the McClean Lake JV's intentions with respect thereto; exploration plans and objectives; plans and objectives for ISR and SABRE mining by Denison and/or Orano Canada; and expectations regarding its joint venture ownership interests and the continuity of its agreements with its partners and third parties. Statements relating to 'mineral reserves' or 'mineral resources' are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the mineral reserves and mineral resources described can be profitably produced in the future. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. For example, the modelling and assumptions upon which the interpretation of results are based may not be maintained after further testing or be representative of actual conditions. Denison believes that the expectations reflected in this forward-looking information are reasonable but no assurance can be given that these expectations will prove to be accurate and results may differ materially from those anticipated in this forward-looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the factors discussed in Denison's Annual Information Form dated March 28, 2025 or subsequent quarterly financial reports under the heading 'Risk Factors'. These factors are not, and should not be construed as being exhaustive. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this news release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this news release to conform such information to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation. SOURCE Denison Mines Corp.
Cision Canada
17-07-2025
- Business
- Cision Canada
Orano Canada and Denison Announce SABRE 1st Production at McClean Lake
SASKATOON, SK, July 17, 2025 /CNW/ - Orano Canada Inc. ("Orano Canada") and Denison Mines Corp. ("Denison") (TSX: DML) (NYSE American: DNN), as joint-venture partners in the McClean Lake Joint Venture ("MLJV"), are pleased to announce the successful start of uranium mining operations using the joint venture's patented Surface Access Borehole Resource Extraction ("SABRE") mining method. Orano Canada owns a 77.5% interest and is the operator of the MLJV and Denison owns a 22.5% interest. View PDF version. SABRE mining of the McClean North uranium deposit ("McClean North") commenced in June with approximately 250 tonnes of high-grade ore (+10% U 3 O 8) estimated to have been recovered from the first mining cavity. Orano Canada also reports that it has successfully backfilled the first cavity, advanced the SABRE rig to the planned second mining cavity, and commenced processing of the recovered ore at the McClean Lake mill. Xavier Saint Martin Tillet, P resident of Orano Mining said:" The first commercial production of uranium with the SABRE technique marks a new chapter, allowing us to access and explore new territories. This innovation reinforces our commitment to delivering a reliable and responsible supply of natural uranium to nuclear power producers worldwide, supporting the generation of low-carbon electricit y." Jim Corman, Orano Canada's President and Chief Executive Officer, said," Our long-term investment in R&D within Orano and the MLJV has culminated in the safe mining, milling and packaging of ore that in the past would have been deemed economically challenging to develop. We are pleased to be actively mining again at McClean Lake and I am so proud of the employees, contractors and partners, who have cohesively brought this mining method and project to life. It truly is an innovative and exciting time to be in the uranium industry." David Cates, Denison's President and Chief Executive Officer, commented, "The successful commencement of SABRE mining at McClean North marks a significant milestone in the history of the MLJV, as the joint venture returns to active mining operations for the first time since 2008. Orano Canada is a world-class operator that has consistently demonstrated excellence in operation and innovation in Saskatchewan. We congratulate Orano on its leadership, long-term vision, and dedication to the development of the MLJV's SABRE mining method and ultimately the commercialization of the technology through the deployment at McClean North." About SABRE SABRE is the culmination of a mining equipment invention and development initiative that began in 2004 and concluded in 2021 with the completion of multi-year mining test program that successfully excavated approximately 1,500 tonnes of high-value ore. It is a non-entry, surface-based mining method that uses a high-pressure water jet placed at the bottom of a drill hole to excavate a mining cavity. The cuttings from the excavation process are then air lifted to surface, separated, and stockpiled. SABRE is viewed as an innovative mining method that has the potential to allow for access to relatively small high-grade orebodies in the Athabasca Basin that are either too small or too deep to be mined economically by conventional open-pit and/or underground mining methods. SABRE is unique in that the mining method can be selective and scalable, which has the potential to provide superior flexibility when compared to conventional mining methods and is thus ideally suited to ever changing uranium market conditions – with an expected production ramp up of months instead of years. The SABRE method has environmental advantages when compared to conventional open pit or underground mining methods as a result of its less intrusive nature and smaller surface footprint. Reduced water usage and power consumption also contribute to important reductions in greenhouse gas emissions and improved sustainability. Additionally, as a non-entry mining method, radiological exposure for mine workers is minimized. Qualified Persons For Orano Canada, the technical information in this release has been reviewed and approved by Mr. Louis-Pierre Gagnon, P. Eng., Director of Mining, Orano Canada Inc., who is a Qualified Person in accordance with the requirements of Canadian National Instrument 43-101 Mineral Disclosure Standards ("NI 43-101"). For Denison, the technical information contained in this release has been reviewed and approved by Mr. Chad Sorba, Denison's Vice President Technical Services & Project Evaluation, who is a Qualified Person in accordance with the requirements of NI 43-101. About Orano Canada: Headquartered in Saskatoon, Saskatchewan, Orano Canada Inc. is a leading producer of uranium, accounting for the processing of 16.9 million pounds of uranium concentrate in Canada in 2024. Orano has been exploring for, mining and milling uranium in Canada for more than 60 years. Orano Canada is the operator of the McClean Lake uranium mill and a major partner in the Cigar Lake, McArthur River and Key Lake operations. The company employs over 450 people in Saskatchewan, including about 375 at the McClean Lake operation where over 40% of employees are self-declared Indigenous. As a sustainable uranium producer, Orano Canada is committed to safety, environmental protection and contributing to the prosperity and well-being of neighbouring communities. Orano Canada Inc. is a subsidiary of the multinational Orano group. As a recognized international operator in the field of nuclear materials, Orano delivers solutions to address present and future global energy and health challenges. Its expertise and mastery of cutting-edge technologies enable Orano to offer its customers high value-added products and services throughout the entire fuel cycle. Every day, the Orano group's 17,000 employees draw on their skills, unwavering dedication to safety and constant quest for innovation, with the commitment to develop know-how in the transformation and control of nuclear materials, for the climate and for a healthy and resource-efficient world, now and tomorrow. Visit Orano at or follow us on LinkedIn, Facebook and Instagram: @oranocanada About Denison Denison is a leading uranium mining, development, and exploration company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. Denison has an effective 95% interest in its flagship Wheeler River Uranium Project, which is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan. In mid-2023, the Phoenix feasibility study was completed for the Phoenix deposit as an ISR mining operation, and an update to the previously prepared 2018 Pre-Feasibility Study ('PFS') was completed for Wheeler River's Gryphon deposit as a conventional underground mining operation. Based on the respective studies, both deposits have the potential to be competitive with the lowest cost uranium mining operations in the world. Permitting efforts for the planned Phoenix ISR operation commenced in 2019 and several notable milestones were achieved in 2024 with the submission of federal licensing documents and the acceptance of the final form of the project's Environmental Impact Statement by the Province of Saskatchewan and the Canadian Nuclear Safety Commission. Denison's interests in Saskatchewan also include a 22.5% ownership interest in the MLJV, which includes the McClean Lake uranium mill (currently utilizing a portion of its licensed capacity to process the ore from the Cigar Lake mine under a toll milling agreement), plus a 25.17% interest in the Midwest Joint Venture Midwest Main and Midwest A deposits, and a 70.55% interest in the Tthe Heldeth Túé ('THT') and Huskie deposits on the Waterbury Lake Property. The Midwest Main, Midwest A, THT and Huskie deposits are located within 20 kilometres of the McClean Lake mill. Taken together, Denison has direct ownership interests in properties covering ~384,000 hectares in the Athabasca Basin region. Additionally, through its 50% ownership of JCU (Canada) Exploration Company, Limited ('JCU'), Denison holds interests in various uranium project joint ventures in Canada, including the Millennium project (JCU, 30.099%), the Kiggavik project (JCU, 33.8118) and Christie Lake (JCU, 34.4508%). In 2024, Denison celebrated its 70th year in uranium mining, exploration, and development, which began in 1954 with Denison's first acquisition of mining claims in the Elliot Lake region of northern Ontario. Cautionary Statement Regarding Forward-Looking Statements Certain information contained in this press release constitutes 'forward-looking information', within the meaning of the applicable United States and Canadian legislation concerning the business, operations and financial performance and condition of Orano and/or Denison. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes', or the negatives and/or variations of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur', 'be achieved' or 'has the potential to'. In particular, this press release contains forward-looking information pertaining to the current and future plans and objectives for use of the SABRE mining method; expectations regarding SABRE production at MLJV deposits; expectations with respect to Orano and/or Denison's other projects, including exploration, development and/or mining thereof; expectations regarding the performance of the uranium market and global sentiment regarding nuclear energy; and expectations regarding Orano and/or Denison's joint venture ownership interests. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. For example, the results and underlying assumptions and interpretations with respect to SABRE mining by the MLJV may not be maintained after further use at the applicable deposits. In addition, Orano may decide or otherwise be required to discontinue SABRE mining as currently anticipated. Orano and Denison believe that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be accurate and results may differ materially from those anticipated in this forward-looking information. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this press release. Neither Orano nor Denison undertake any obligation to publicly update or revise any forward-looking information after the date of this press release to conform such information to actual results or to changes in expectations except as otherwise required by applicable legislation. SOURCE Denison Mines Corp.
Cision Canada
13-05-2025
- Business
- Cision Canada
Denison Reports Financial and Operational Results for Q1 2025, Highlighted by Continued Advancement of the Phoenix Project, and the Results of its Shareholder Meeting
TORONTO, May 12, 2025 /CNW/ - Denison Mines Corp. ('Denison' or the 'Company') (TSX: DML) (NYSE American: DNN) today filed its Condensed Consolidated Financial Statements and Management's Discussion & Analysis ('MD&A') for the quarter ended March 31, 2025. Both documents will be available on the Company's website (at SEDAR+ (at and EDGAR (at The highlights provided below are derived from these documents and should be read in conjunction with them. All amounts in this release are in Canadian dollars unless otherwise stated. View PDF Version View PDF David Cates, President and CEO of Denison commented, " With the Canadian Nuclear Safety Commission ('CNSC') announcing in Q1'2025 the scheduling of a public hearing ('Hearing') for our flagship Phoenix In-Situ Recovery ('ISR') project in late 2025, our focus for the remainder of the year has shifted to completion of the detailed design engineering phase and advancement of construction planning and procurement efforts. Our plans are designed to put us in a position to start construction in early 2026, following anticipated regulatory approvals. Based on this timeline, we expect to be able to maintain our previous guidance of first production from Phoenix by mid-2028, which would make Phoenix the first new large-scale uranium mine in northern Saskatchewan since the Cigar Lake mine was commissioned in 2014. By the end of Q1'2025, we have achieved approximately 75% completion of total engineering for Phoenix, and we have already funded over $7 million and committed a further $67 million for long-lead capital purchases. With 2.2 million pounds U 3 O 8 in physical uranium holdings on hand, a strong cash balance, and no debt, Denison remains in an enviable financial position – able to fund both (i) our pre-Final Investment Decision ('FID') investments in Phoenix and (ii) important potential future growth initiatives. At our McClean Lake Joint Venture ('MLJV') with Orano Canada, we are expecting 2025 to be a notable year with the commencement of mining at the McClean North deposit using the MLJV's patented Surface Access Borehole Resource Extraction ('SABRE') mining method. Thus far this year, site preparation activities have recommenced and we are expecting mining to commence in the coming months. In addition to our planned investments in the Company's project development portfolio, we are working to amplify our exposure to exploration discovery. With that objective we entered into agreements with Cosa Resources Corp. ('Cosa') (TSX-V: COSA) in Q1'2025 and Foremost Clean Energy ('Foremost') (NASDAQ:FMST) (CSE:FAT) in Q4'2024, both of which involve collaborating on the exploration of several of Denison's non-core properties. Initial exploration results from this strategy are encouraging – as Cosa has already identified a two-kilometre strike extension of the Hurricane Trend through its initial drilling program at the Murphy Lake North uranium property, and Foremost has reported a new discovery of uranium mineralization at the Hatchet Lake uranium property. At the corporate level, during the quarter, we welcomed Ken Hartwick, who previously served as the CEO of Ontario Power Generation, and Jinsu Baik, KHNP Canada Energy Ltd.'s nominee, to the Denison board of directors. We believe Ken and Jinsu will bolster the breadth of nuclear industry and commercial knowledge on our Board and enhance its oversight during the critical process of Phoenix project execution and marketing of our future uranium production. We are also pleased to welcome Wes Carson, Vice President, Mining Operations at Wheaton Precious Metals Corp., to the Denison board today, after his election at Denison's annual and special shareholders meeting. Wes enhances the depth of technical expertise on our Board, as he brings a wealth of mining industry experience and best practices, having held a variety of leadership roles in operations, project development, and engineering." Highlights Regulatory Approval Hearing Dates set for the Phoenix ISR Project Supporting Guidance for First Production by First Half of 2028 The Canadian Nuclear Safety Commission ('CNSC') Registrar announced the schedule for the CNSC public hearing (the 'Hearing') for the Wheeler River Uranium Project ('Wheeler River'). The Hearing is scheduled to be held in two parts (October 8, 2025, and December 8 to 12, 2025) and represents the final step in the federal approval process for the Wheeler River Project's ('Project') Environmental Assessment ('EA') and the Licence to Prepare and Construct a Uranium Mine and Mill ('Licence'). The Hearing dates are expected to support commencement of construction in early 2026 and first production in the first half of 2028, consistent with past guidance. The announcement of the Hearing schedule follows the successful completion of multiple key regulatory milestones in late 2024, including (i) completion of the technical review phase of the federal EA approval process in November, (ii) acceptance by the CNSC of the Company's final Environmental Impact Statement ('EIS') for the Project in December, and (iii) the CNSC's determination of the sufficiency of Denison's Licence application, also in November. These accomplishments indicate that the CSNC staff support the advancement of the Project and are transitioning their efforts to prepare an evidence-based summary report for the Commission members that will govern the Hearing and render their decision on the EA and Licence once the Hearing is complete. Achieved 75% Completion of Total Engineering for Phoenix In January 2024, Denison awarded a contract to Wood Canada Limited ('Wood'), for the completion of a significant portion of the detailed design engineering for the Phoenix ISR project. The work commenced in the first quarter of 2024 and is expected to be substantially completed in the third quarter of 2025. Phoenix detailed design engineering activities are an important element of the Company's continued efforts on advancing Phoenix towards a final investment decision ('FID'), in support of its objective to achieve first production by the first half of 2028. Total engineering completion at end of the first quarter of 2025 was approximately 75%, supported by finalization of process design, piping and instrumentation diagrams ('P&ID's'), hazard and operability studies ('HAZOPs'), selection of major process equipment, electrical distribution infrastructure and substantially complete on civil engineering design. The completion of the detailed design engineering has been scheduled to ensure Denison is ready to commence project construction upon receipt of regulatory approval. Site preparation activities have recommenced at McClean North in preparation for the 2025 SABRE mining program. Site development is on track to support the commencement of mining activities in mid-2025. Appointment of New Board Members In March 2025, Denison announced the appointment of Ken Hartwick, who previously served as the CEO of Ontario Power Generation ('OPG'). Mr. Hartwick's appointment comes following the retirement from the Board of Brian Edgar, after having served as a Director of Denison and its predecessors for over 20 years. Denison also reported the appointment of Mr. Jinsu Baik to the Board, replacing Mr. Jong Ho Hong as KHNP Canada Energy Ltd.'s ('KHNP Canada') nominated director to the Board. Additionally, Mr. Wes Carson, Vice President, Mining Operations at Wheaton Precious Metals Corp., was appointed to the Board at the Corporation's annual and special shareholder meeting held on May 12, 2025. Formation of Exploration Joint Ventures with Cosa Resources Corp. In January 2025, Denison completed an acquisition agreement with Cosa Resources Corp. ('Cosa') for Cosa to acquire a 70% interest in three of Denison's properties in the eastern portion of the Athabasca Basin region in northern Saskatchewan in exchange for approximately 14.2 million Cosa common shares, $2.25M in deferred equity consideration, and a commitment to spend $6.5 million in exploration expenditures on the properties. Upon the close of the transaction, Denison became Cosa's largest shareholder (representing ~19.95% ownership interest in Cosa at that time) and Denison and Cosa formed three uranium exploration joint ventures. 2025 Annual & Special Shareholders Meeting Denison is also pleased to report the passing of all items of business presented to shareholders at the Company's annual and special shareholders meeting held in Toronto today (the " Meeting"), as disclosed in the management information circular dated March 28, 2025. Detailed results of the vote by proxy for the election of directors are set out below. The Company has provided more details on the results of all matters considered at the Meeting in its Report of Voting Results which has been filed under its profile on SEDAR+ at and on EDGAR at About Denison Denison Mines Corp. was formed under the laws of Ontario and is a reporting issuer in all Canadian provinces and territories. Denison's common shares are listed on the Toronto Stock Exchange (the 'TSX') under the symbol 'DML' and on the NYSE American exchange under the symbol 'DNN'. Denison is a leading uranium mining, development, and exploration company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. Denison has an effective 95% interest in its flagship Wheeler River Uranium Project, which is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan. In mid-2023, the Phoenix feasibility study was completed for the Phoenix deposit as an ISR mining operation, and an update to the previously prepared 2018 Pre-Feasibility Study ('PFS') was completed for Wheeler River's Gryphon deposit as a conventional underground mining operation. Based on the respective studies, both deposits have the potential to be competitive with the lowest cost uranium mining operations in the world. Permitting efforts for the planned Phoenix ISR operation commenced in 2019 and several notable milestones were achieved in 2024 with the submission of federal licensing documents and the acceptance of the final form of the project's Environmental Impact Statement by the Province of Saskatchewan and the Canadian Nuclear Safety Commission. Denison's interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake Joint Venture ('MLJV'), which includes unmined uranium deposits (planned for extraction via the MLJV's SABRE mining method starting in 2025) and the McClean Lake uranium mill (currently utilizing a portion of its licensed capacity to process the ore from the Cigar Lake mine under a toll milling agreement), plus a 25.17% interest in the Midwest Joint Venture Midwest Main and Midwest A deposits, and a 70.55% interest in the Tthe Heldeth Túé ('THT') and Huskie deposits on the Waterbury Lake Property. The Midwest Main, Midwest A, THT and Huskie deposits are located within 20 kilometres of the McClean Lake mill. Taken together, Denison has direct ownership interests in properties covering ~384,000 hectares in the Athabasca Basin region. Additionally, through its 50% ownership of JCU (Canada) Exploration Company, Limited ('JCU'), Denison holds interests in various uranium project joint ventures in Canada, including the Millennium project (JCU, 30.099%), the Kiggavik project (JCU, 33.8118) and Christie Lake (JCU, 34.4508%). In 2024, Denison celebrated its 70th year in uranium mining, exploration, and development, which began in 1954 with Denison's first acquisition of mining claims in the Elliot Lake region of northern Ontario. Technical Disclosure and Qualified Person The technical information contained in this press release has been reviewed and approved by Chad Sorba, Denison's Vice President Technical Services & Project Evaluation, who is a Qualified Persons in accordance with the requirements of NI 43-101. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Certain information contained in this press release constitutes 'forward-looking information', within the meaning of the applicable United States and Canadian legislation concerning the business, operations and financial performance and condition of Denison. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes', or the negatives and/or variations of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur', 'be achieved' or 'has the potential to'. In particular, this press release contains forward-looking information pertaining to the following: projections with respect to exploration, development and expansion plans and objectives, including the scope, objectives and interpretations of the FS, PFS and the Wheeler River technical de-risking process for the proposed ISR operation for the Phoenix deposit; expectations with respect to the EA, EIS and Licensing and permitting for proposed operations at Wheeler River, including the Hearing; expectations with respect to mine development and operations on the Wheeler River property, including discussions of an FID and timing for construction and achievement of first production; anticipated benefits of the transactions with Foremost and Cosa; expectations regarding the restart of mining operations at McClean Lake; expectations regarding the performance of the uranium market and global sentiment regarding nuclear energy; and expectations regarding Denison's joint venture ownership interests. Statements relating to 'mineral reserves' or 'mineral resources' are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the mineral reserves and mineral resources described can be profitably produced in the future. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. For example, the results and underlying assumptions and interpretations of the FS and PFS may not be maintained after further testing or be representative of actual conditions within the applicable deposits. In addition, Denison may decide or otherwise be required to discontinue testing, evaluation, engineering, and development work if it is unable to maintain or otherwise secure the necessary approvals or resources (such as testing facilities, capital funding, etc.). Denison believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be accurate and results may differ materially from those anticipated in this forward-looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the Annual Information Form dated March 25, 2025 under the heading 'Risk Factors'. These factors are not, and should not be, construed as being exhaustive. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this press release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this press release to conform such information to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation.
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13-05-2025
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Denison Reports Financial and Operational Results for Q1 2025, Highlighted by Continued Advancement of the Phoenix Project, and the Results of its Shareholder Meeting
TORONTO, May 12, 2025 /CNW/ - Denison Mines Corp. ('Denison' or the 'Company') (TSX: DML) (NYSE American: DNN) today filed its Condensed Consolidated Financial Statements and Management's Discussion & Analysis ('MD&A') for the quarter ended March 31, 2025. Both documents will be available on the Company's website (at SEDAR+ (at and EDGAR (at The highlights provided below are derived from these documents and should be read in conjunction with them. All amounts in this release are in Canadian dollars unless otherwise stated. View PDF Version David Cates, President and CEO of Denison commented, "With the Canadian Nuclear Safety Commission ('CNSC') announcing in Q1'2025 the scheduling of a public hearing ('Hearing') for our flagship Phoenix In-Situ Recovery ('ISR') project in late 2025, our focus for the remainder of the year has shifted to completion of the detailed design engineering phase and advancement of construction planning and procurement efforts. Our plans are designed to put us in a position to start construction in early 2026, following anticipated regulatory approvals. Based on this timeline, we expect to be able to maintain our previous guidance of first production from Phoenix by mid-2028, which would make Phoenix the first new large-scale uranium mine in northern Saskatchewan since the Cigar Lake mine was commissioned in 2014. By the end of Q1'2025, we have achieved approximately 75% completion of total engineering for Phoenix, and we have already funded over $7 million and committed a further $67 million for long-lead capital purchases. With 2.2 million pounds U3O8 in physical uranium holdings on hand, a strong cash balance, and no debt, Denison remains in an enviable financial position – able to fund both (i) our pre-Final Investment Decision ('FID') investments in Phoenix and (ii) important potential future growth initiatives. At our McClean Lake Joint Venture ('MLJV') with Orano Canada, we are expecting 2025 to be a notable year with the commencement of mining at the McClean North deposit using the MLJV's patented Surface Access Borehole Resource Extraction ('SABRE') mining method. Thus far this year, site preparation activities have recommenced and we are expecting mining to commence in the coming months. In addition to our planned investments in the Company's project development portfolio, we are working to amplify our exposure to exploration discovery. With that objective we entered into agreements with Cosa Resources Corp. ('Cosa') (TSX-V: COSA) in Q1'2025 and Foremost Clean Energy ('Foremost') (NASDAQ:FMST) (CSE:FAT) in Q4'2024, both of which involve collaborating on the exploration of several of Denison's non-core properties. Initial exploration results from this strategy are encouraging – as Cosa has already identified a two-kilometre strike extension of the Hurricane Trend through its initial drilling program at the Murphy Lake North uranium property, and Foremost has reported a new discovery of uranium mineralization at the Hatchet Lake uranium property. At the corporate level, during the quarter, we welcomed Ken Hartwick, who previously served as the CEO of Ontario Power Generation, and Jinsu Baik, KHNP Canada Energy Ltd.'s nominee, to the Denison board of directors. We believe Ken and Jinsu will bolster the breadth of nuclear industry and commercial knowledge on our Board and enhance its oversight during the critical process of Phoenix project execution and marketing of our future uranium production. We are also pleased to welcome Wes Carson, Vice President, Mining Operations at Wheaton Precious Metals Corp., to the Denison board today, after his election at Denison's annual and special shareholders meeting. Wes enhances the depth of technical expertise on our Board, as he brings a wealth of mining industry experience and best practices, having held a variety of leadership roles in operations, project development, and engineering." Highlights Regulatory Approval Hearing Dates set for the Phoenix ISR Project Supporting Guidance for First Production by First Half of 2028 The Canadian Nuclear Safety Commission ('CNSC') Registrar announced the schedule for the CNSC public hearing (the 'Hearing') for the Wheeler River Uranium Project ('Wheeler River'). The Hearing is scheduled to be held in two parts (October 8, 2025, and December 8 to 12, 2025) and represents the final step in the federal approval process for the Wheeler River Project's ('Project') Environmental Assessment ('EA') and the Licence to Prepare and Construct a Uranium Mine and Mill ('Licence'). The Hearing dates are expected to support commencement of construction in early 2026 and first production in the first half of 2028, consistent with past guidance. The announcement of the Hearing schedule follows the successful completion of multiple key regulatory milestones in late 2024, including (i) completion of the technical review phase of the federal EA approval process in November, (ii) acceptance by the CNSC of the Company's final Environmental Impact Statement ('EIS') for the Project in December, and (iii) the CNSC's determination of the sufficiency of Denison's Licence application, also in November. These accomplishments indicate that the CSNC staff support the advancement of the Project and are transitioning their efforts to prepare an evidence-based summary report for the Commission members that will govern the Hearing and render their decision on the EA and Licence once the Hearing is complete. Achieved 75% Completion of Total Engineering for Phoenix In January 2024, Denison awarded a contract to Wood Canada Limited ('Wood'), for the completion of a significant portion of the detailed design engineering for the Phoenix ISR project. The work commenced in the first quarter of 2024 and is expected to be substantially completed in the third quarter of 2025. Phoenix detailed design engineering activities are an important element of the Company's continued efforts on advancing Phoenix towards a final investment decision ('FID'), in support of its objective to achieve first production by the first half of 2028. Total engineering completion at end of the first quarter of 2025 was approximately 75%, supported by finalization of process design, piping and instrumentation diagrams ('P&ID's'), hazard and operability studies ('HAZOPs'), selection of major process equipment, electrical distribution infrastructure and substantially complete on civil engineering design. The completion of the detailed design engineering has been scheduled to ensure Denison is ready to commence project construction upon receipt of regulatory approval. McClean Lake Joint Venture Advances Site Preparation Activities for Planned 2025 SABRE Mining Program Site preparation activities have recommenced at McClean North in preparation for the 2025 SABRE mining program. Site development is on track to support the commencement of mining activities in mid-2025. Appointment of New Board Members In March 2025, Denison announced the appointment of Ken Hartwick, who previously served as the CEO of Ontario Power Generation ('OPG'). Mr. Hartwick's appointment comes following the retirement from the Board of Brian Edgar, after having served as a Director of Denison and its predecessors for over 20 years. Denison also reported the appointment of Mr. Jinsu Baik to the Board, replacing Mr. Jong Ho Hong as KHNP Canada Energy Ltd.'s ('KHNP Canada') nominated director to the Board. Additionally, Mr. Wes Carson, Vice President, Mining Operations at Wheaton Precious Metals Corp., was appointed to the Board at the Corporation's annual and special shareholder meeting held on May 12, 2025. Formation of Exploration Joint Ventures with Cosa Resources Corp. In January 2025, Denison completed an acquisition agreement with Cosa Resources Corp. ('Cosa') for Cosa to acquire a 70% interest in three of Denison's properties in the eastern portion of the Athabasca Basin region in northern Saskatchewan in exchange for approximately 14.2 million Cosa common shares, $2.25M in deferred equity consideration, and a commitment to spend $6.5 million in exploration expenditures on the properties. Upon the close of the transaction, Denison became Cosa's largest shareholder (representing ~19.95% ownership interest in Cosa at that time) and Denison and Cosa formed three uranium exploration joint ventures. 2025 Annual & Special Shareholders Meeting Denison is also pleased to report the passing of all items of business presented to shareholders at the Company's annual and special shareholders meeting held in Toronto today (the "Meeting"), as disclosed in the management information circular dated March 28, 2025. Detailed results of the vote by proxy for the election of directors are set out below. Nominee Votes For % For Votes Withheld % Withheld Jennifer Traub 367,438,770 94.99 % 19,399,921 5.01 % David Cates 366,920,809 94.85 % 19,917,881 5.15 % Jinsu Baik 384,502,960 99.40 % 2,335,731 0.60 % Wes Carson 366,457,344 94.73 % 20,381,346 5.27 % Ken Hartwick 384,596,396 99.42 % 2,242,294 0.58 % David Neuburger 379,319,168 98.06 % 7,519,522 1.94 % Laurie Sterritt 378,238,679 97.78 % 8,600,011 2.22 % Patricia Volker 379,592,941 98.13 % 7,245,749 1.87 % The Company has provided more details on the results of all matters considered at the Meeting in its Report of Voting Results which has been filed under its profile on SEDAR+ at and on EDGAR at About Denison Denison Mines Corp. was formed under the laws of Ontario and is a reporting issuer in all Canadian provinces and territories. Denison's common shares are listed on the Toronto Stock Exchange (the 'TSX') under the symbol 'DML' and on the NYSE American exchange under the symbol 'DNN'. Denison is a leading uranium mining, development, and exploration company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. Denison has an effective 95% interest in its flagship Wheeler River Uranium Project, which is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan. In mid-2023, the Phoenix feasibility study was completed for the Phoenix deposit as an ISR mining operation, and an update to the previously prepared 2018 Pre-Feasibility Study ('PFS') was completed for Wheeler River's Gryphon deposit as a conventional underground mining operation. Based on the respective studies, both deposits have the potential to be competitive with the lowest cost uranium mining operations in the world. Permitting efforts for the planned Phoenix ISR operation commenced in 2019 and several notable milestones were achieved in 2024 with the submission of federal licensing documents and the acceptance of the final form of the project's Environmental Impact Statement by the Province of Saskatchewan and the Canadian Nuclear Safety Commission. Denison's interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake Joint Venture ('MLJV'), which includes unmined uranium deposits (planned for extraction via the MLJV's SABRE mining method starting in 2025) and the McClean Lake uranium mill (currently utilizing a portion of its licensed capacity to process the ore from the Cigar Lake mine under a toll milling agreement), plus a 25.17% interest in the Midwest Joint Venture Midwest Main and Midwest A deposits, and a 70.55% interest in the Tthe Heldeth Túé ('THT') and Huskie deposits on the Waterbury Lake Property. The Midwest Main, Midwest A, THT and Huskie deposits are located within 20 kilometres of the McClean Lake mill. Taken together, Denison has direct ownership interests in properties covering ~384,000 hectares in the Athabasca Basin region. Additionally, through its 50% ownership of JCU (Canada) Exploration Company, Limited ('JCU'), Denison holds interests in various uranium project joint ventures in Canada, including the Millennium project (JCU, 30.099%), the Kiggavik project (JCU, 33.8118) and Christie Lake (JCU, 34.4508%). In 2024, Denison celebrated its 70th year in uranium mining, exploration, and development, which began in 1954 with Denison's first acquisition of mining claims in the Elliot Lake region of northern Ontario. Technical Disclosure and Qualified Person The technical information contained in this press release has been reviewed and approved by Chad Sorba, Denison's Vice President Technical Services & Project Evaluation, who is a Qualified Persons in accordance with the requirements of NI 43-101. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Certain information contained in this press release constitutes 'forward-looking information', within the meaning of the applicable United States and Canadian legislation concerning the business, operations and financial performance and condition of Denison. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes', or the negatives and/or variations of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur', 'be achieved' or 'has the potential to'. In particular, this press release contains forward-looking information pertaining to the following: projections with respect to exploration, development and expansion plans and objectives, including the scope, objectives and interpretations of the FS, PFS and the Wheeler River technical de-risking process for the proposed ISR operation for the Phoenix deposit; expectations with respect to the EA, EIS and Licensing and permitting for proposed operations at Wheeler River, including the Hearing; expectations with respect to mine development and operations on the Wheeler River property, including discussions of an FID and timing for construction and achievement of first production; anticipated benefits of the transactions with Foremost and Cosa; expectations regarding the restart of mining operations at McClean Lake; expectations regarding the performance of the uranium market and global sentiment regarding nuclear energy; and expectations regarding Denison's joint venture ownership interests. Statements relating to 'mineral reserves' or 'mineral resources' are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the mineral reserves and mineral resources described can be profitably produced in the future. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. For example, the results and underlying assumptions and interpretations of the FS and PFS may not be maintained after further testing or be representative of actual conditions within the applicable deposits. In addition, Denison may decide or otherwise be required to discontinue testing, evaluation, engineering, and development work if it is unable to maintain or otherwise secure the necessary approvals or resources (such as testing facilities, capital funding, etc.). Denison believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be accurate and results may differ materially from those anticipated in this forward-looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the Annual Information Form dated March 25, 2025 under the heading 'Risk Factors'. These factors are not, and should not be, construed as being exhaustive. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this press release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this press release to conform such information to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation. View original content to download multimedia: SOURCE Denison Mines Corp. View original content to download multimedia:
