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

Cameco walked away from Wheeler River. Denison agreed to buy Cameco's entire 30% joint venture interest for C$15,999,750, paid in about 24.6 million Denison shares, subject to a right of first refusal held by the third partner JCU. The largest uranium producer in the basin sold out of the project rather than fund it, and Denison went from operator with 60% to 90% owner.

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

Sold its entire African portfolio - Rockgate, and with it Mutanga in Zambia, Falea in Mali and Dome in Namibia - to GoviEx Uranium for about 56.1 million GoviEx shares and 22.4 million warrants, leaving Denison with 25% of GoviEx. Three years after buying Rockgate, Denison is out of Africa and back to a purely Athabasca Basin company.

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

The Fission merger collapsed. Denison's own shareholders backed it strongly and a majority of Fission shares voted in favour, but not the two-thirds Fission needed. Denison's second attempt to combine with the Fission side of the basin failed at the counterparty's own meeting.

material agreement termination

Agreed to sell its interest in the Gurvan Saihan joint venture 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 deferred to 30 November 2015. The deferred payment, which is almost the whole price, was conditional on Mongolia granting mining licences for four projects by that date.

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

Phoenix passed 70 million lb: indicated resources rose from 52.3 to 70.2 million lb of uranium oxide on 166,400 tonnes, after 25 holes drilled since the 2012 estimate to convert inferred material and extend the higher-grade parts.

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 104,852,532 shares, about 89% of Rockgate Capital, under its takeover offer and said it would compulsorily acquire the rest. Rockgate holds Denison's African uranium interests.

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

Denison Mines Inc and International Uranium Corporation agreed to merge into a single diversified uranium producer, targeting 5.5 million lb of uranium oxide a year by 2010, with 100% of the White Mesa mill in Utah, 22.5% of the McClean Lake mill in the Athabasca Basin, five active projects and more than $120 million of cash. This is the origin of Denison Mines Corp, and of the three asset groups it spent the next decade disposing of: the US mining division sold to Energy Fuels in 2012, the Mongolian ground sold in 2015, and the African portfolio sold to GoviEx in 2016. The 22.5% of McClean Lake is the one piece it kept.

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