DENISON MINES CORP.

An economic assessment of the Midwest deposit by in-situ recovery, effective 6 August 2025: on a whole-project basis and at US$80 a pound uranium, an after-tax value of C$964 million at an 8% discount, an 82.7% return and payback inside a year. Midwest was a conventional open-pit project for decades; the in-situ method is what makes it look like this.

resource reserve update

Raised US$55.13 million in a bought deal, 37 million shares at US$1.49 - four times the US$0.37 a share of the October 2020 raise three years earlier.

capital raising announcement

The Wheeler River technical report effective 23 June 2023 puts the Phoenix in-situ recovery project at an after-tax value of $1.43 billion at an 8% discount, an 82.3% return and an eleven-month payback - a step up from the 2018 pre-feasibility figures, driven by the in-situ recovery design and higher uranium prices.

resource reserve update

An economic assessment of the Tthe Heldeth Tue (J Zone) deposit at Waterbury Lake, effective 30 October 2020, using in-situ recovery: base case pre-tax value of $177.3 million at an 8% discount, a 39.1% return and payback in about 22 months. At $35 a pound uranium the same project is worth $38.3 million and returns 17.4% - the study's own low case shows how much of the value is the uranium price.

resource reserve update

Filed the pre-feasibility study for the now 90%-owned Wheeler River: 109.4 million lb of uranium oxide over a 14-year life, pre-tax net present value of $1.31 billion at an 8% discount, a 38.7% return and $322.5 million of initial capital. Phoenix would be mined by in-situ recovery with its own on-site plant; Gryphon underground, processed at the McClean Lake mill Denison part-owns.

resource reserve update

Denison agreed to buy Cameco's entire Wheeler River joint venture interest (about 24% by end-2018) for 24,615,000 Denison shares at a deemed $0.65, about C$16 million. This would lift Denison to 90%, or about 86.84% if JCU exercised its right of first refusal.

asset acquisition disposition

The Canadian Nuclear Safety Commission granted the McClean Lake operations a ten-year uranium mine operating licence running to 30 June 2027. The mill is owned by AREVA (70%), Denison (22.5%) and OURD (7.5%); a decade-long licence for an existing facility is what routine uranium permitting looks like in Saskatchewan.

regulatory community update

Chemical assays came back 45% above the radiometric probe estimates released during the winter programme, and delivered the best D-lens result to date. Denison's practice of publishing probe numbers first understated these holes.

drilling result

Reported 22.1 metres of high-grade mineralization from the Gryphon D lenses as winter drilling ended, still outside the 2015 resource estimate.

drilling result

Multiple high-grade intercepts in the D series of lenses, which lie outside the existing Gryphon resource, from a 16,000-metre winter programme aimed at making the deposit both bigger and better defined.

drilling result

The first economic study of Wheeler River: a base-case pre-tax return of 20.4% at the then long-term uranium contract price, with Denison's 60% share of initial capital put at C$336 million out of C$560 million for the whole project.

resource reserve update

Denison signed a definitive agreement to sell Rockgate Capital, which holds its Mutanga, Falea and Dome projects in Africa, to GoviEx Uranium for about 56.1 million shares and 22.4 million warrants. On closing, expected around 17 May 2016, Denison would hold 25% of GoviEx.

asset acquisition disposition

Metallurgical testwork on Gryphon material showed high uranium recoveries and that it could be processed at the McClean Lake mill, in which Denison holds 22.5%. Owning a share of a licensed mill removes one of the permits a new Athabasca deposit would otherwise need.

other material event

WR-641, 160 metres northwest of Gryphon, returned 3.9% uranium oxide over 9.2 metres including 6.7% over 5.3 metres. These are radiometric probe estimates awaiting chemical assay.

drilling result

Renewed for three more years, from 1 April 2016, the agreement under which Denison's subsidiary manages Uranium Participation Corporation, a listed physical uranium holding company. Management fees from UPC are one of the few revenue lines Denison has while its own deposits are undeveloped.

material agreement

WR-633D1, 100 metres north of Gryphon, cut about 11 metres of basement-hosted mineralization including 5.7% uranium oxide over 1.0 metre and 6.3% over 1.7 metres - the deposit is not closed off to the north.

drilling result

The Mongolian licences were not granted, the July agreement did not close, and the deal was rewritten: Denison took US$1.25 million on closing plus rights to up to US$12 million from later sales, for total consideration of US$13.25 million instead of US$20 million. A permitting failure by a government cut a third off the price of an asset already agreed sold.

asset acquisition disposition

The first resource estimate for Gryphon added 43.0 million lb of inferred uranium oxide to Wheeler River, alongside Phoenix's 70.2 million lb indicated. Eighteen months after the discovery hole, Wheeler River holds two deposits instead of one.

resource reserve update

The day after the merger failed, Lukas Lundin took over as executive chairman, with Ron Hochstein standing down from that role but staying on the board. David Cates remains president and chief executive.

director officer appointment

Denison and Fission terminated their arrangement agreement after Fission shareholders' proxies fell short of the required two-thirds approval, though a majority of the Fission shares voted were in favour. Denison's shareholders strongly supported it, and the October 14 meetings were cancelled.

material agreement termination

Agreed to sell its 85% Gurvan Saihan joint venture interest in Mongolia to Uranium Industry a.s. of the Czech Republic for US$20 million: US$250,000 on closing and US$19.75 million by 30 November 2015. The deferred payment was guaranteed if mining licences for four projects were granted by then; otherwise the shares would return to Denison unless Uranium Industry chose to pay.

asset acquisition disposition

Signed the definitive arrangement agreement, replacing July's letter agreement, with shareholder votes at both companies to follow.

business combination

Agreed in principle to merge with Fission Uranium, offering 1.26 Denison shares per Fission share for a company to be renamed Denison Energy Corp and owned roughly half by each side's holders. It would have joined Fission's 100%-owned Patterson Lake South project to Denison's 60% of Wheeler River.

business combination

Reported assays from the Gryphon zone at Wheeler River, with drill hole WR-560 returning 21.2% U3O8 over 4.5 metres and WR-556 returning 15.3% over 4.0 metres. Planned 21,000 metres of summer drilling, 14,000 metres of it at Wheeler River.

resource reserve update

The first follow-up hole at Gryphon, WR-560, returned 17.3% uranium oxide over 4.2 metres, confirming the discovery two weeks after it was announced. The same filing carries the annual meeting circular and the chairman's letter to shareholders.

drilling result

A new discovery: WR-556, 3 km northwest of Phoenix at the K North target, cut 9.7% uranium oxide over 4.6 metres in the basement rock. The zone was named Gryphon and became the second deposit at Wheeler River.

drilling result

High-grade intersections at Zone A of Phoenix, best of them 29.6% uranium oxide over 6.5 metres in WR-548. The release sets out the ownership that mattered for the next five years: Denison operator with 60%, Cameco 30% and JCU 10%.

drilling result

Took up about 104.85 million Rockgate Capital shares, roughly 89% of the company, under its takeover offer, which has now expired. It said it would acquire the remaining shares through a plan of arrangement on the same terms.

business combination

Closed the Fission Energy acquisition on 26 April 2013, taking Fission's 60% of the Waterbury Lake project and its other eastern Athabasca interests. The same filing carries first-quarter results, a C$13 million bought-deal flow-through placement of 10,000,000 shares, and the annual election of directors.

business combination

The arrangement agreement of 7 March 2013 under which Denison would acquire Fission Energy Corp, with Fission's Patterson Lake ground spun out into a new company, Fission Uranium.

business combination

The 2012 annual filing package. Its substance sits in three exhibits: the year's results, the completion of the JNR Resources acquisition on 31 January 2013, and a new advance-notice by-law restricting how directors can be nominated from the floor.

annual report

First resource estimate for the Phoenix A and B deposits at Wheeler River: 52.3 million lb of uranium oxide indicated, from just 152,400 tonnes at 15.6% uranium oxide, plus 7.6 million lb inferred from 11,600 tonnes at 29.8%. Very small tonnages at extraordinary grades.

resource reserve update

A late material change report on the transaction that reshaped the company: on 29 June 2012 Denison sold every subsidiary holding its United States mining assets and operations to Energy Fuels in exchange for 425,440,872 Energy Fuels shares. What was left was a Canadian and African exploration company with no production of its own.

asset acquisition disposition

Agreed a friendly takeover of JNR Resources, an Athabasca Basin explorer, at 0.073 of a Denison share for each JNR share - the first of four acquisitions Denison made in the basin between 2012 and 2015.

business combination

The 2012 Wheeler River programme drilled 27,263 metres in 58 holes and expanded the Phoenix B deposit, with WR-474 returning 18.37% uranium oxide over 4.4 metres and WR-478 21.74% over 1.6 metres. Grades of this order are what makes the eastern Athabasca Basin unusual.

drilling result

Reported 2011 results: a fourth-quarter net loss of $65.5 million, or $0.17 a share, against $9.4 million a year earlier, including a non-cash impairment charge of $32.6 million.

annual report

International Uranium Corporation filed a Form 6-K on 22 September 2006 furnishing a press release dated 18 September 2006. The filing text shown gives no merger terms, so the details of the Denison combination are not confirmed here.

business combination

Denison's predecessor, International Uranium Corporation, sold its entire 565,000 lb uranium inventory together with its sales contracts for US$6.2 million net, lifting cash to US$12 million, and won its third multi-million-dollar US government FUSRAP contract to process contaminated material as alternate feed. The earliest event in this record: the company was living off toll processing at its Utah mill, not off mining.

contract award