Denison Reports Financial and Operational Results for Q3'2024, Including Positive Progress on Phoenix Engineering and Regulatory Review
Denison Mines reported Q3 2024 results highlighting progress on its Phoenix In-Situ Recovery uranium mining operation. Engineering completion reached 45%, with $21 million in milestone payments or commitments made for initial project capex. The company reports near completion of the Federal review process for the Wheeler River Environmental Impact Statement. Key developments include signing benefit agreements with Kineepik Métis Local #9 and Pinehouse Lake, and an option agreement with Foremost Clean Energy for 10 non-core uranium exploration properties worth up to $30 million in combined value.
Denison Mines ha riportato i risultati del terzo trimestre 2024 evidenziando i progressi sulla sua operazione mineraria di recupero in situ di uranio Phoenix. Il completamento ingegneristico ha raggiunto il 45%, con 21 milioni di dollari in pagamenti o impegni per i traguardi iniziali del progetto. La società riporta il quasi completamento del processo di revisione federale per la Dichiarazione di Impatto Ambientale del Fiume Wheeler. Sviluppi chiave includono la firma di accordi di beneficio con Kineepik Métis Local #9 e Pinehouse Lake, e un accordo di opzione con Foremost Clean Energy per 10 proprietà di esplorazione uranifera non core del valore combinato di fino a 30 milioni di dollari.
Denison Mines informó sobre los resultados del tercer trimestre de 2024, destacando los avances en su operación de minería de uranio por recuperación in situ Phoenix. La finalización de la ingeniería alcanzó el 45%, con 21 millones de dólares en pagos o compromisos por hitos realizados para el gasto de capital inicial del proyecto. La empresa informa sobre el casi finalizado proceso de revisión federal para la Declaración de Impacto Ambiental del Río Wheeler. Desarrollos clave incluyen la firma de acuerdos de beneficios con Kineepik Métis Local #9 y Pinehouse Lake, y un acuerdo de opción con Foremost Clean Energy para 10 propiedades de exploración de uranio no centrales valoradas en hasta 30 millones de dólares en total.
데니슨 마인스가 2024년 3분기 결과를 보고하며 피닉스 현장 회수 우라늄 광산 운영의 진전을 강조했습니다. 엔지니어링 완료율은 45%에 도달했으며, 초기 프로젝트 자본지출을 위한 이정표 지급 또는 약정으로 2천1백만 달러가 지출되었습니다. 회사는 휠러 강 환경 영향 성명서에 대한 연방 검토 과정이 거의 완료되었다고 보고합니다. 주요 개발 사항으로는 Kineepik Métis Local #9 및 Pinehouse Lake와의 혜택 계약 체결, 3천만 달러의 최대 가치를 지닌 10개의 비핵심 우라늄 탐사 속성에 대한 Foremost Clean Energy와의 옵션 계약이 포함됩니다.
Denison Mines a publié les résultats du troisième trimestre 2024 en mettant en avant les progrès réalisés sur son opération d'extraction d'uranium par récupération in situ Phoenix. L'achèvement de l'ingénierie a atteint 45 %, avec 21 millions de dollars en paiements ou engagements de jalons pour les dépenses d'investissement initiales du projet. L'entreprise rapporte que le processus d'examen fédéral pour la Déclaration d'Impact Environnemental de la rivière Wheeler est presque terminé. Développements clés comprend la signature d'accords de bénéfice avec Kineepik Métis Local #9 et Pinehouse Lake, ainsi qu'un accord d'option avec Foremost Clean Energy pour 10 propriétés d'exploration d'uranium non essentielles d'une valeur combinée allant jusqu'à 30 millions de dollars.
Denison Mines berichtete über die Ergebnisse des dritten Quartals 2024 und hob die Fortschritte bei ihrer Phoenix In-Situ Recovery Uranbergbauoperation hervor. Der Abschluss der Ingenieurarbeiten erreichte 45 %, mit 21 Millionen Dollar an Meilensteinzahlungen oder Verpflichtungen für die anfänglichen Projektinvestitionen. Das Unternehmen berichtet über den beinahe abgeschlossenen Verfahren zur Bundesüberprüfung der Umweltauswirkungsanalyse des Wheeler River. Wichtige Entwicklungen umfassen die Unterzeichnung von Nutzungsverträgen mit Kineepik Métis Local #9 und Pinehouse Lake sowie eine Optionsvereinbarung mit Foremost Clean Energy für 10 nicht zum Kerngeschäft gehörende Uranexplorationsflächen im Gesamtwert von bis zu 30 Millionen Dollar.
- Engineering completion at 45% for Phoenix project, on track for 2027/2028 production
- $21 million in milestone payments/commitments secured for initial project capex
- Federal regulatory review process nearing completion with most information requests resolved
- Option agreement with Foremost Clean Energy potentially worth $30 million
- None.
Insights
The Q3 2024 report highlights significant operational progress at Denison Mines. The Phoenix ISR project has reached
The company's strategic agreements with indigenous communities (KML and Pinehouse) strengthen its social license to operate and reduce execution risk. The Foremost transaction represents an innovative approach to monetizing non-core assets while maintaining upside exposure through a
With uranium prices near multi-year highs and nuclear power gaining prominence in clean energy discussions, Denison's progress toward production is well-timed.
The advancement of the Phoenix ISR project demonstrates strong operational execution. The completion of critical engineering milestones - including P&IDs, HAZOPs and major equipment selection - indicates the project is progressing systematically toward the planned mid-2025 FID. The SABRE program at McClean North maintaining its 2025 production schedule adds near-term production potential to Denison's portfolio.
The parallel advancement of studies at Midwest and THT deposits suggests a pipeline of potential future development opportunities. The resolution of regulatory information requests is particularly significant, as environmental permitting often presents major hurdles for uranium projects. The transition to provincial EIS submission indicates confidence in the federal process completion.
David Cates, President and CEO of Denison commented, "Our third quarter report includes an update on the positive progress of our engineering and regulatory approval efforts for our planned Phoenix In-Situ Recovery ('ISR') uranium mining operation. We continue to rapidly advance detailed design engineering efforts and achieved completion of
On the regulatory side, we are pleased to report that substantially all outstanding information requests ('IRs') from the Canadian Nuclear Safety Commission's ('CNSC') review of the Wheeler River draft Environmental Impact Statement ('EIS') have been resolved, and the Federal review process is nearing completion. Given this positive progress with the Federal review, we have opted to submit a final Provincial EIS to the Saskatchewan Ministry of Environment to advance the process of obtaining formal approval from the Province.
Beyond Wheeler River, we are pleased with the progress of the SABRE program at the McClean North deposit, which remains on track for production in 2025. Our team is also active on our portfolio of other development and exploration projects, with study work advancing on both the Midwest project and the Tthe Heldeth Túé ('THT') deposit, with the potential to result in updated or new technical studies in the coming months.
Also notable is our recent transaction with Foremost Clean Energy, which involves Denison optioning up to
Q3 2024 MD&A Highlights
- Signing of Wheeler River Benefit Agreements with Kineepik Métis Local #9 and the
Village of Pinehouse Lake
In July 2024, Denison announced the signing of a Mutual Benefits Agreement ('MBA') with Kineepik Métis Local #9 ('KML'), and a Community Benefit Agreement ('CBA') with the northern
The MBA acknowledges that the project is located within KML's Land and Occupancy Area in northern
The CBA acknowledges that
- Continued Advancement of Phoenix Engineering and Federal Regulatory Review of the Draft EIS
During the third quarter, the Company continued to focus its efforts on the advancement of the
Phoenix engineering activities are advancing within expected timelines to support a financial investment decision ('FID') by mid-2025. Total engineering completion at end of the third quarter was45% , supported by finalization of process design, piping and instrumentation diagrams (P&ID's), hazard and operability studies ('HAZOPs'), as well as the selection of major process equipment and electrical distribution infrastructure.- The review of the draft EIS continues to advance and Denison has been in regular contact with CNSC staff to support the conclusion of any remaining IRs. In September 2024, Denison received confirmation that the majority of outstanding IRs have been resolved, which suggests that the Federal review process is nearing completion.
- Option of Non-Core Exploration Projects to Foremost Clean Energy Ltd.
In September 2024, Denison executed an option agreement with Foremost Clean Energy Ltd ('Foremost'), which grants Foremost an option to acquire up to
- Collaboration with Foremost is expected to increase exploration activity on a portfolio of non-core Denison properties with the potential to increase the probability of discovery within Denison's vast
Athabasca Basin exploration portfolio. - In October 2024, Denison received an upfront payment in Foremost common shares (representing a ~
19.95% ownership interest in Foremost). If Foremost completes the remaining two phases of the Foremost Transaction Denison will receive further cash and/or common share milestone payments of and Foremost will fund$4.5 million in project exploration expenditures.$20 million - In addition to becoming Foremost's largest shareholder, Denison retains direct interests in the optioned exploration properties and also secures certain strategic pre-emptive rights to participate in future exploration success from the optioned properties.
- Collaboration with Foremost is expected to increase exploration activity on a portfolio of non-core Denison properties with the potential to increase the probability of discovery within Denison's vast
About Denison
Denison Mines Corp. was formed under the laws of
Denison is a uranium mining, exploration and development company with interests focused in the
Denison's interests in
Additionally, through its
Technical Disclosure and Qualified Person
The technical information contained in this press release has been reviewed and approved by Chad Sorba, P.Geo., Denison's Vice President Technical Services & Project Evaluation, and Andy Yackulic, P.Geo., Denison's Vice President Exploration, who are both 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
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 FS, PFS and the Wheeler River technical de-risking process for the proposed ISR operation for the
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 factors discussed in the Company's Annual Information Form dated March 28, 2024 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:https://www.prnewswire.com/news-releases/denison-reports-financial-and-operational-results-for-q32024-including-positive-progress-on-phoenix-engineering-and-regulatory-review-302299445.html
SOURCE Denison Mines Corp.
FAQ
What is the current engineering completion percentage for Denison's Phoenix ISR project (DNN)?
How much has Denison (DNN) committed in milestone payments for the Phoenix project?
When is Denison Mines (DNN) targeting first production at the Phoenix project?