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Denison Mines Corp. (NYSE American: DNN; TSX: DML) is a leading uranium exploration and development company headquartered in Toronto, Canada. Operating primarily in the Athabasca Basin region of northern Saskatchewan, Denison's key focus is on discovering and developing high-grade uranium deposits. Their flagship project, Wheeler River, is the largest undeveloped uranium project in the eastern part of the Athabasca Basin and includes the high-grade Phoenix and Gryphon deposits. Denison holds a 95% effective interest in this project.
Denison also has substantial ownership interests in several other significant uranium projects. This includes a 22.5% interest in the McClean Lake Joint Venture, which operates the McClean Lake uranium mill, and various uranium deposits. The McClean Lake mill is currently processing ore from the Cigar Lake mine under a toll milling agreement. Moreover, Denison holds a 25.17% interest in the Midwest Main and Midwest A deposits and a 69.35% interest in the Tthe Heldeth Túé (THT) and Huskie deposits on the Waterbury Lake property.
In addition to these assets, Denison is involved in several other projects through its 50% ownership of JCU (Canada) Exploration Company, Limited. These projects include the Millennium project (JCU, 30.099%), the Kiggavik project (JCU, 33.8118%), and the Christie Lake project (JCU, 34.4508%). Denison's exploration portfolio covers approximately 385,000 hectares in the Athabasca Basin, making it a dominant player in this uranium-rich region.
Denison is advancing its flagship Wheeler River project with significant strides, including the completion of a feasibility study for the Phoenix deposit as an ISR mining operation and an updated pre-feasibility study for the Gryphon deposit as a conventional underground mining operation. Both deposits are poised to be among the lowest-cost uranium mining operations globally. The company has also made substantial progress in the permitting process for the Phoenix ISR operation, with a draft Environmental Impact Statement submitted and ongoing regulatory reviews.
Denison Mines is committed to sustainable development, as evidenced by its Shared Prosperity Agreement with English River First Nation and its Sustainable Communities Investment Agreement with Northern Saskatchewan municipalities. These agreements aim to support community-led initiatives and ensure long-term, positive impacts beyond the lifespan of their mining projects.
With a strong financial position, strategic partnerships, and a diversified portfolio of high-grade uranium assets, Denison Mines Corp. is well-positioned to play a crucial role in the global nuclear energy sector, supporting the increasing demand for clean, reliable energy sources.
Denison Mines Corp (NYSE American: DNN) announced the procurement of 2.5 million pounds of uranium concentrates at an average price of USD$29.61 per pound, totaling approximately USD$74 million. This move supports the Wheeler River Uranium Project, enhancing Denison's balance sheet and easing future project financing. The physical uranium holdings, valued at around USD$78 million, will provide collateral and flexibility for long-term supply negotiations. The purchase comes amid rising uranium prices, which increased by approximately 15% in March 2021.
Denison Mines Corp. has filed its 2020 annual report on Form 40-F with the SEC, including management discussions and audited financial statements for the year ended December 31, 2020. The report is accessible on Denison's website and the SEC's site. The company has also filed its Annual Information Form with Canadian regulators. Denison focuses on uranium exploration, particularly in the Athabasca Basin of Saskatchewan, owning significant projects including the Wheeler River Uranium Project and a stake in the McClean Lake joint venture.
Denison Mines Corp. (DNN) announced its inclusion in the S&P/TSX Composite Index effective March 22, 2021. This milestone reflects heightened investor interest in nuclear energy. President David Cates emphasized the company's commitment to sustainable mining practices, particularly through its Wheeler River project. The index inclusion aims to enhance Denison's visibility among investors, potentially increasing shareholder value. The S&P/TSX Composite Index is recognized as a major benchmark for the Canadian equity market.
Denison Mines Corp. (DNN) has published its 2020 financial results, showcasing significant progress in de-risking its Wheeler River project. Key highlights include achieving 'Proof of Concept' for In-Situ Recovery (ISR) at the Phoenix deposit, restarting the Environmental Assessment process, and completing equity financings totaling over $56 million. The company maintains a strong financial position with approximately $85 million in cash and investments, while remaining debt-free. Denison aims to advance its ISR mining project, expected to pair with the world's lowest cost uranium mining method.
Denison Mines Corp. (TSX: DML, NYSE: DNN) announced significant results from its 2020 exploration drilling program at the Wheeler River project. The company completed 19 drill holes totaling approximately 7,400 metres, with notable findings in Zone C, including high-grade uranium intersections of 5.69% U3O8 over 5.0 metres in WR-328D1 and 8.84% U3O8 over 2.5 metres in WR-767D1. These results suggest a potential extension of the mineralized zone, improving prospects for future resource development. The Phoenix project is positioned as the largest undeveloped uranium project in the eastern Athabasca Basin.
Denison Mines Corp. has announced an ambitious evaluation program for its 90% owned Wheeler River Uranium Project in 2021, including a $24 million budget allocation. Key activities include resuming the Environmental Assessment (EA) process, advancing In-Situ Recovery (ISR) mining methods at the high-grade Phoenix deposit, and initiating a formal Feasibility Study (FS) by late 2021. The program aims to address hydrogeological characteristics, establish a lixiviant test, and optimize metallurgical processes. Current estimates indicate approximately 6.6 million pounds of uranium in anticipated reserves within the project area.
Denison Mines Corp. announced significant findings from its 2020 regional exploration program at the Wheeler River Uranium Project. Notably, drill hole WR-741AD2 revealed high-grade uranium mineralization of 7.66% U3O8, approximately 4 km from the Phoenix deposit. The results also highlighted a substantial nickel presence of up to 19.1%. Denison aims to utilize this mineralization for a potential satellite deposit to support the planned Phoenix In-Situ Recovery operation, currently in the environmental assessment phase. The company maintains that Wheeler River is the largest undeveloped uranium project in the Athabasca Basin.
Denison Mines Corp. (DNN) has filed a technical report under NI 43-101 for the Preliminary Economic Assessment (PEA) of the Tthe Heldeth Tué (J Zone) deposit at the Waterbury Lake property, effective October 30, 2020. The report confirms previous disclosures, demonstrating robust economics including a mine life of approximately 6 years, production of 9.7 million lbs U3O8, and low operating costs of USD$12.23 per lb. Initial capital costs are projected at $112 million, with a pre-tax IRR of 39.1% and NPV of $177 million.
Denison Mines Corp. (DNN: NYSE American) announced the filing of a technical report for the Preliminary Economic Assessment (PEA) of the Heldeth Tué deposit at the Waterbury Lake property, effective October 30, 2020. The PEA confirms robust economics for the in-situ recovery (ISR) mining method, projecting a mine life of about 6 years, producing 9.7 million lbs of U3O8 at an average cash operating cost of USD$12.23 per lb. The report highlights low initial capital costs of $112 million and a pre-tax NPV of $177 million with an IRR of 39.1%. The project aims for minimal environmental impact and leverages existing infrastructure.
Denison Mines Corp. has completed a trade-off study endorsing a freeze wall design for its Phoenix uranium deposit at the Wheeler River Uranium Project. The freeze wall offers significant advantages over the previously considered freeze cap method, including enhanced environmental protection, reduced technical complexity, and lower initial capital costs. The phased approach allows for targeted mining of higher-grade areas, minimizing upfront investments. The project is anticipated to have a pre-tax NPV of $930.4 million and aims for first production in 2024.
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