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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 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.
Denison Mines Corp. (TSX: DML, NYSE: DNN) has received approval from the Saskatchewan Minister of Environment to prepare, construct, and operate facilities for the In-Situ Recovery (ISR) Feasibility Field Test (FFT) at the Phoenix deposit, part of the Wheeler River project. This significant milestone allows Denison to manage the treatment and storage of recovered materials and supports the ongoing feasibility study. The FFT aims to assess the viability and effectiveness of ISR methods in Canada, marking an important step for the project.
Denison Mines Corp. (NYSE American: DNN) has entered into a Participation and Funding Agreement with Kineepik Métis Local #9 (KML) to advance the in-situ recovery uranium mining operation at the Wheeler River Project. This agreement builds on previous collaborations and supports KML's involvement in the environmental assessment process. Additionally, an Exploration Agreement has been signed, establishing a cooperative relationship for exploration activities in KML's land area. These agreements aim to enhance community benefits and ensure sustainable development of the Wheeler River Project.
Denison Mines Corp. (DNN) reported earnings of $0.05 per share for Q1 2022, driven by a $47.8 million gain on physical uranium holdings. The uranium market saw a price increase of nearly 40%, enhancing the value of Denison's uranium holdings to approximately $181 million. Significant progress was made on the Wheeler River and McClean Lake projects, including the commencement of the In Situ Recovery field program and receipt of regulatory approval for the McClean Lake Tailings Management Facility expansion. The company is well-positioned for future development.
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