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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. (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.
Denison Mines Corp. announced the election results from its Annual General Meeting held in Toronto on May 4, 2022. All nominees listed in the management proxy circular dated March 23, 2022, were successfully elected as directors. Notably, David D. Cates received 98.33% of votes in favor, while Ron F. Hochstein faced significant opposition with only 73.40%. The Board affirmed Hochstein’s independence, despite recommendations from proxy advisors suggesting a withhold vote. All other business items presented to shareholders were approved.
On March 29, 2022, Denison Mines Corp. (NYSE: DNN) announced significant discoveries of high-grade uranium mineralization during its 2022 winter exploration program at the Waterfound River property. Notable results included drill hole WF-68, which revealed 5.91% eU3O8 over 3.9 metres, with a peak of 25.30% eU3O8 over 0.7 metres. Denison holds a 24.68% ownership in the Waterfound JV, involving key partners Orano Canada and JCU. The mineralization remains open for further exploration, showcasing Denison's strong potential for future mill feed at the McClean Lake mill.
Denison Mines Corp. has filed its 2021 Annual Report on Form 40-F with the U.S. SEC, which includes management discussion and audited financial statements for the year ending December 31, 2021. The Form 40-F is accessible on Denison's website and the SEC's site. Additionally, an Annual Information Form has been filed with Canadian authorities and is also available online. Denison is a uranium exploration and development company focused on the Athabasca Basin in Saskatchewan, holding a 95% interest in the Wheeler River Uranium Project, the largest undeveloped project in the region.
Denison Mines Corp. announced its 2021 financial results, showing earnings of $0.02 per share. The uranium market's improvement significantly boosted the company's balance sheet, with a $41.4 million gain on its uranium holdings. Successful ISR field tests at the Phoenix deposit support Denison's advancement towards a feasibility study. In 2021, Denison raised $48.2 million for environmental assessments and secured funding for various projects. The company also acquired a 50% stake in JCU, enhancing its portfolio in Canada's uranium sector.
Denison Mines Corp. (DNN) announced significant intersections of high-grade uranium at the Phoenix deposit, expanding the defined extents of the high-grade domain. Notable results include 24.9% eU3O8 over 4.2 meters in drill hole GWR-049 and additional high-grade findings in GWR-045, WR-784, and WR-787. These discoveries could enhance the resource model and indicate further exploration potential. The project holds a significant pre-tax NPV of $1.31 billion and a mine life projection of 14 years, marking it as a crucial development in the uranium sector.
Denison Mines Corp. has appointed Laurie Sterritt to its Board of Directors and Kevin Himbeault as Vice President of Plant Operations & Regulatory Affairs. Sterritt brings over 25 years of experience in Indigenous and community relations, emphasizing diversity and inclusion. Himbeault has extensive expertise in uranium processing and regulatory affairs, crucial for the company's Wheeler River project. Both appointments aim to strengthen Denison's leadership at a pivotal growth phase.
Denison Mines Corp. (TSX: DML, NYSE American: DNN) has received approval from the Canadian Nuclear Safety Commission to expand the JEB Tailings Management Facility at the McClean Lake Operation. This facility is currently the only uranium milling operation in Canada, enhancing its role as a regional milling center for uranium mining projects in the Athabasca Basin. The amendment to the operating license is valid until June 30, 2027, and allows for environmentally responsible capacity expansion, supporting current and future mining initiatives.
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