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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. announced its 2022 financial results, highlighting significant progress in its Wheeler River project. Key achievements include the successful completion of Feasibility Field Test (FFT) at the Phoenix uranium deposit, marking a historic first for in-situ recovery (ISR) mining in Saskatchewan's Athabasca Basin. The test recovered approximately 14,400 pounds of U3O8 with a maximum head grade of 43 g/L, indicating successful ISR viability. Additionally, the submission of a draft Environmental Impact Statement (EIS) represents a regulatory milestone, reflecting extensive consultation and data collection. Denison aims to complete a feasibility study in the first half of 2023.
Uranium prices are surging, driven by the green energy transition and energy security concerns amid the European energy crisis. Experts anticipate rising prices in 2023, with uranium remaining above $48 per pound throughout 2022. Although inflation and interest rates have impacted the market, supply concerns continue to support prices. Traction Uranium Corp. announced the receipt of drill permits for its winter 2023 program, targeting high-grade uranium zones at the Key Lake South Property. Ur-Energy is ramping up production to meet increased contract commitments, while Cameco reported significant contracting success, further bolstering the uranium market outlook.
Denison Mines Corp. has successfully completed the neutralization phase of its Phoenix in-situ recovery Feasibility Field Test at the Wheeler River project. Initiated in mid-October 2022, this phase confirmed the restoration of the Leaching Zone to acceptable pH levels, adhering to regulatory approvals. The neutralization follows the leaching phase which began in September 2022. The project, which holds significant uranium resources, aims to validate the ISR mining method's application at Phoenix. Monitoring will continue into 2023.
Denison Mines Corp. announced impressive results from long-term core leach metallurgical testing for its Phoenix In-Situ Recovery uranium mining operation at the Wheeler River project. The testing demonstrated an overall uranium recovery of over 97%, significantly exceeding the 15 g/L uranium head grade assumed in the Feasibility Study. The maximum recovered solution head grade reached 49.8 g/L. These findings support Denison’s plans for ISR production and reinforce the project’s viability, showcasing the potential economic strength of the Phoenix deposit.
Denison Mines Corp. (DNN) announced that the Canadian Nuclear Safety Commission completed its conformity review of the draft Environmental Impact Statement (EIS) for the proposed in-situ recovery uranium mine at the Wheeler River project. This marks an important step in the regulatory process, enabling the commencement of the federal technical review under the Canadian Environmental Assessment Act, 2012. The public review period will be open for 90 days, ending on February 18, 2023. The EIS outlines the potential effects associated with the project, supported by extensive environmental data and consultations.
Denison Mines Corp. announced successful results from the leaching phase of the Phoenix in-situ recovery Feasibility Field Test at the Wheeler River project. Over ten days, approximately 14,400 lbs of U3O8 were recovered, achieving a maximum uranium head grade of 43 g/l, significantly higher than previous estimates. The company demonstrated effective acidification, consistent uranium mass flow rates, and controlled hydraulic management during the test. These results support higher estimated head grades for the upcoming feasibility study, enhancing the project's viability.
Denison Mines Corp. (DNN) announced its Q3 2022 financial results, highlighting significant achievements in advancing its Phoenix ISR uranium mine project. Key milestones include obtaining regulatory approvals for the Phoenix ISR Feasibility Field Test (FFT) facility and successfully recovering uranium from the FFT. The company submitted a draft Environmental Impact Statement (EIS) for the Wheeler River project, displaying its commitment to environmental sustainability. The developments align with an expected rise in global uranium demand amidst renewed interest in nuclear energy.
Denison Mines Corp. announced a major regulatory milestone for its 95%-owned Wheeler River project by submitting the draft Environmental Impact Statement (EIS) to Saskatchewan's Ministry of Environment and the Canadian Nuclear Safety Commission. The EIS assesses potential environmental effects and mitigation measures for the proposed in-situ recovery uranium mine. Denison's assessments indicate that the project could achieve a high standard of environmental sustainability, with fewer residual effects compared to conventional mining operations. The review process by regulatory agencies is expected to take several years.
Denison Mines Corp. has entered into an Exploration Agreement with the Ya'thi Néné Lands and Resources Office and various Athabasca Nations to conduct exploration activities in the Nuhenéné region. The agreement emphasizes sustainable development and respect for Indigenous rights, fostering a cooperative relationship. Denison aims to advance its exploration while providing economic benefits to local communities. This formalizes years of collaboration, including the renaming of a significant uranium deposit as Tthe Heldeth Túé.
Denison Mines Corp. (DNN) reported a significant milestone in uranium recovery from its Phoenix ISR Feasibility Field Test (FFT) at the Wheeler River project, with initial results indicating successful acidification and uranium recovery. The FFT's leaching phase started in September 2022, and operators are transitioning to the neutralization phase by year-end. The Wheeler River project hosts substantial resources, with a pre-tax NPV of $1.31 billion and expected production of 109.4 million pounds U3O8 over 14 years. Denison holds a 95% interest in this project, enhancing its position in Canada’s uranium sector.
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