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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. (DNN) announced positive interim results from metallurgical tests for the In-Situ Recovery (ISR) mining operation at the Phoenix uranium deposit. The uranium head-grade has been consistently above 10 g/L, leading to a decision to increase the anticipated head-grade by 50% to 15 g/L. This adjustment is expected to optimize operating parameters and reduce costs for both operations and capital expenditures. Phase 1 of the Phoenix deposit is projected to contain approximately 22.2 million pounds of U3O8 in Probable reserves.
Denison Mines Corp. has completed its acquisition of a 50% interest in JCU Exploration Company for $20.5 million, increasing its effective stake in the Wheeler River project to 95%. The acquisition consolidates Denison's position in uranium interests in Canada's Athabasca Basin, enhancing its portfolio with projects like Millennium and Kiggavik. Additionally, Denison provided UEX with a $40.95 million term loan to facilitate the acquisition of JCU, of which $20.5 million is deemed repaid upon the share transfer. The transaction is viewed as highly accretive for shareholders.
Denison Mines Corp. (TSX: DML, NYSE American: DNN) provided a progress update on its In-Situ Recovery (ISR) field test at the Phoenix uranium deposit, revealing additional high-grade mineralization of 22.0% eU3O8 over 8.6 metres in drill hole GWR-045. All five commercial-scale wells for the ISR test have been successfully installed, alongside nine monitoring wells. Plans for the remainder of 2021 include conducting multi-day pump tests and ion tracer tests to assess permeability and validate models of sub-surface pathways.
Denison Mines Corp. has announced a binding agreement to acquire 50% of JCU Exploration Company from UEX Corporation for $20.5 million. This acquisition follows UEX's planned purchase of JCU for $41 million from Overseas Uranium Resources Development Co., Ltd. JCU holds significant uranium project interests in Canada, including stakes in Denison's Wheeler River project. The agreement includes a term loan arrangement to facilitate the acquisition, which is subject to certain conditions. Completion of UEX's acquisition is expected on or before August 3, 2021, pending shareholder approval.
Denison Mines Corp. has announced the appointment of Ron F. Hochstein as Chair of the Board and Brian Edgar as Lead Director. The decision was made during a meeting of independent directors following the Company's Annual General Meeting. New board members David Neuburger and Jennifer Traub join the board, bringing extensive experience in the mining sector. Hochstein emphasized the importance of advancing Denison's Phoenix In-Situ Recovery uranium project amid a recovering uranium market. The changes aim to enhance corporate governance.
Denison Mines Corp. (DNN) announced the successful election of its board nominees during the Annual General Meeting held on May 6, 2021, in Toronto. All other business items presented were approved. Key nominees received significant shareholder support, with David D. Cates and Jun Gon Kim achieving over 98% votes in favor. However, Ron F. Hochstein saw a notable 23.75% withheld vote, attributed to a lack of independence as identified by Institutional Shareholder Services. This outcome highlights investor confidence in board leadership while raising questions about Hochstein's role.
Denison Mines Corp. (DNN) reported its financial results for Q1 2021, showcasing a positive outlook bolstered by strategic financing initiatives. The company secured over $40 million in equity financing, allowing it to advance its Wheeler River Uranium Project, which is currently undergoing the Environmental Assessment and feasibility study processes. Denison also acquired 2.5 million pounds of U3O8 as a long-term strategic asset. With cash and investments totaling $96 million, the firm is well-positioned for future exploration and development.
Denison Mines Corp. has proposed a binding offer to acquire 100% ownership of Overseas Uranium Resources Development Co., Ltd.'s subsidiary, JCU Exploration Company, Limited. The offer includes cash payments totaling up to CAD$40.5 million and assumes JCU's existing liabilities. Key terms include a CAD$10 million refundable deposit and CAD$28 million upon closing. The acquisition aims to enhance Denison's interests in uranium projects, notably its 10% stake in the Wheeler River project, and is subject to shareholder approval from OURD.
On April 28, 2021, Denison Mines announced the termination of its Management Services Agreement (MSA) with Uranium Participation Corp (UPC) following UPC's conversion into the Sprott Physical Uranium Trust. Denison is set to receive an estimated termination payment of $5.3 million. This strategic shift allows UPC access to a U.S. listing, enhancing trading liquidity in a recovering uranium market. Denison will focus on its Athabasca Basin uranium projects, including the potential low-cost Phoenix uranium mine, following its longstanding management role with UPC.
Denison Mines Corp. (DNN) announced the initiation of its In-Situ Recovery (ISR) field test at the Wheeler River Uranium Project. The drilling equipment for five Commercial Scale Wells (CSWs) has been mobilized, with four successfully completed and the fifth expected soon. This ISR program aims to assess mining conditions and support a future feasibility study. The program includes installing additional monitoring wells and extensive hydrogeologic testing, expected to validate the effectiveness of the ISR method at the high-grade Phoenix uranium deposit.
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