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About Denison Mines Corp. (DNN)
Denison Mines Corp. is a leading uranium exploration and development company with a primary focus on the Athabasca Basin region of northern Saskatchewan, Canada, an area renowned for hosting the world's highest-grade uranium deposits. The company is strategically positioned within the global uranium market, leveraging its extensive portfolio of projects, innovative mining techniques, and strong industry partnerships to meet the growing demand for nuclear energy as a reliable and sustainable power source.
Core Business and Flagship Project
Denison's flagship project, the Wheeler River Uranium Project, is the largest undeveloped uranium project in the infrastructure-rich eastern Athabasca Basin. The project includes two high-grade uranium deposits: Phoenix and Gryphon. The Phoenix deposit is set to utilize an environmentally sustainable In-Situ Recovery (ISR) mining method, a first for the Athabasca Basin, while Gryphon is planned for conventional underground mining. Both deposits have been shown to be competitive with the lowest-cost uranium mining operations globally, according to feasibility and pre-feasibility studies.
Broader Portfolio and Strategic Interests
Beyond Wheeler River, Denison holds significant interests in several other uranium projects and facilities:
- McClean Lake Joint Venture (MLJV): A 22.5% ownership interest in the McClean Lake uranium mill and associated deposits. The mill processes ore from the Cigar Lake mine under a toll milling agreement and is set to utilize the innovative SABRE mining method starting in 2025.
- Midwest Joint Venture (MWJV): A 25.17% interest in the Midwest Main and Midwest A deposits, located near the McClean Lake mill.
- Waterbury Lake Property: A 69.44% interest in the Tthe Heldeth Túé (THT) and Huskie deposits, also near McClean Lake.
- Exploration Portfolio: Interests in over 384,000 hectares of highly prospective land in the Athabasca Basin, including joint ventures and partnerships that enhance its discovery potential.
Innovation and Environmental Stewardship
Denison is at the forefront of technological innovation in uranium mining, particularly through its application of ISR mining techniques. This method is not only cost-effective but also minimizes surface disruption and environmental impact. The company is deeply committed to sustainable practices, as evidenced by its environmental reclamation projects and its proactive engagement with Indigenous communities and local stakeholders.
Industry Position and Competitive Edge
As a member of the Lundin Group of Companies, Denison benefits from a strong network of industry expertise and resources. Its competitive advantages include:
- Access to high-grade uranium deposits in a geopolitically stable region.
- Proven technical expertise in advanced mining methods like ISR.
- Strategic partnerships and joint ventures that enhance operational efficiency and exploration capabilities.
- A robust commitment to community engagement and sustainable development.
Significance in the Global Uranium Market
Denison's operations are well-aligned with the increasing global demand for uranium driven by the shift toward clean energy and the expansion of nuclear power. The company's projects are positioned to supply high-grade uranium to meet this demand, contributing to energy security and the global energy transition.
Conclusion
Denison Mines Corp. stands out as a key player in the uranium industry, combining technical innovation, resource efficiency, and a commitment to sustainability. With its flagship Wheeler River project and a diversified portfolio of high-potential assets, Denison is well-equipped to address the challenges and opportunities of the evolving energy landscape.
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.
Denison Mines Corp. has announced the successful completion of the commissioning of the lixiviant injection system for the Phoenix in-situ recovery Feasibility Field Test at the Wheeler River project, in which Denison holds a 95% ownership. This crucial milestone initiates the leaching phase of the FFT, where an acidic solution will be injected to recover minerals, including uranium. The project is fully permitted and aims to verify key parameters for ISR mining success. The Wheeler River project hosts significant mineral resources, estimated at 132.1 million pounds of U3O8.
Denison Mines Corp. announced significant findings from its 2022 summer exploration program at the Waterfound River property, including drill hole WF-74A intersecting 4.75% eU3O8 over 13.3 metres. The results highlight the potential for further high-grade uranium discoveries, with WF-74A being the best mineralized hole to date. The program included seven drill holes, totaling 3,902.6 metres, with three returning notable uranium grades. Denison holds a 24.68% interest in the Waterfound JV, which is operated by Orano Canada.
Denison Mines Corp. (NYSE American: DNN) announced significant findings from their 2022 exploration drilling at the McClean Lake Joint Venture, where assays revealed substantial high-grade uranium mineralization. Notably, drill hole MCS-58 showed 2.96% U3O8 over 15.5 metres, marking a considerable expansion of the mineralized zone to approximately 180 metres. The results from both 2021 and 2022 have led to the interpretation of a new mineralized pod, suggesting promising future exploration and potential mill feed sources.
Denison Mines Corp. has submitted a new Acquisition Proposal to acquire all outstanding shares of UEX Corporation. The offer stands at 0.32 Denison shares for each UEX share, equating to an implied price of $0.51 per UEX share, a 7% and 9% premium over recent offers from Uranium Energy Corp. The deal hinges on UEX's board determining it as a superior proposal, with a special meeting postponed to August 15, 2022, to assess this. Denison aims to consolidate ownership of key assets, including the Wheeler River project, enhancing operational synergies and expertise.
Denison Mines Corp. (DNN) announced that it has received a Nuclear Substance License from the Canadian Nuclear Safety Commission for its In-Situ Recovery Feasibility Field Test at the Phoenix uranium deposit. This license, along with prior approval from the Saskatchewan Minister of Environment, permits the company to proceed with the test. The FFT aims to validate the ISR mining method's feasibility at Phoenix, which hosts significant uranium resources. The planned test, estimated to span 60 days, involves leaching and neutralization phases to assess the deposit's characteristics and environmental safety.
Denison Mines Corp. (DNN) has announced the expiration of its acquisition proposal for UEX Corporation, which was submitted confidentially on July 22, 2022. The UEX board deemed Denison's offer a 'Superior Proposal,' but ultimately accepted an amended proposal from Uranium Energy Corp (UEC). Despite Denison's proposal featuring a premium to UEX's prior agreements, the board's decision reflects competitive interest in UEX's assets. Denison remains focused on advancing its Wheeler River Project, the largest undeveloped uranium project in the eastern Athabasca Basin.
Denison Mines Corp. (DNN), in its Q2 2022 financial report, highlighted a significant uranium sale from the SABRE test, yielding over 175,000 lbs U3O8 at $74.65 per pound. The company secured regulatory approval for the Phoenix Feasibility Field Test and achieved key metallurgical milestones, confirming the ability to produce a saleable yellowcake. Collaborations with Kineepik Métis Local #9 were also established. Looking ahead, Denison anticipates completing ISR field testing and submitting a draft Environmental Impact Statement for the Wheeler River project, focusing on advancing its operations.
Denison Mines Corp. announced the substantial completion of metallurgical test work for the Phoenix processing plant as part of the ongoing Feasibility Study (FS) for its Wheeler River project, in which it holds a 95% interest. The tests confirmed the production of a yellowcake product meeting ASTM C967-13 specifications, crucial for uranium production. Key results include metallurgical recovery rates over 95%, suitability to process uranium bearing solutions with head grades averaging 15 g/L, and achieving environmental discharge criteria.
Denison Mines Corp. (TSX: DML, NYSE American: DNN) confirmed its Acquisition Proposal for UEX Corporation following UEX's recognition of Denison's offer as a Superior Proposal. This proposal intends to consolidate Denison's ownership of key assets, particularly the Wheeler River Project, which is notable for its high-grade uranium deposits. The transaction remains unconsummated and is subject to further agreements and disclosures. If finalized, this acquisition could significantly enhance Denison's position in the Athabasca Basin, especially ahead of the critical phases in its feasibility study.
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