#Canada #Toronto #Denison Mines #Wheeler River #Uranium Project

Denison Mines Submits Final EIS for Wheeler River Project

On November 25, 2024, Denison Mines Corp. (TSX: DML; NYSE American: DNN) announced the submission of its final Environmental Impact Statement (EIS) for the Wheeler River Uranium Project to the Canadian Nuclear Safety Commission (CNSC). This submission follows the completion of a thorough technical review phase as part of the federal Environmental Assessment (EA) approval process. The EIS showcases Denison's extensive efforts since the commencement of the EA process in 2019 and reflects valuable feedback from various stakeholders, including Indigenous nations and the CNSC's Federal Indigenous Review Team.

David Cates, President and CEO of Denison, noted, "The submission of the final EIS marks a key milestone in our journey to secure regulatory approval for Wheeler River. The innovative In-Situ Recovery (ISR) mining method proposed for the project not only supports its sustainable development but also sets a higher environmental standard compared to traditional uranium mining methods."

Public Review and Indigenous Engagement

The draft EIS underwent a public review facilitated by the CNSC from November 2022 to March 2023, enhancing the transparency and inclusivity of the EA process. Denison engaged actively with the public, responding to over 500 comments on the draft EIS. The final EIS reflects the insights and recommendations from a variety of Indigenous communities, demonstrating Denison's commitment to respecting Indigenous rights and fostering cooperation with local stakeholders.

Significant support has been expressed through letters of consent and backing from the English River First Nation, Kineepik Métis Local #9, and several local municipalities. This level of backing is indicative of Denison's respect for the rights and traditions of the surrounding Indigenous communities who are crucial to the region's socio-economic landscape.

Next Steps in the Regulatory Process

As Denison moves forward, the CNSC will review the final EIS submission for acceptance. The CNSC staff will prepare recommendations for the commission members who will participate in public hearings regarding the Project. These hearings are an opportunity for Denison to illustrate how the Wheeler River Project aligns with regulatory demands and community expectations. While a date for the hearing has not yet been set, it is anticipated to be forthcoming after the EIS submission is accepted.

In tandem with the EIS review process, Denison received confirmation of meeting the CNSC's requirements for a license to prepare and construct a uranium mine and mill. This progress allows for a simultaneous decision-making process regarding licensing and the EA approval.

Provincial EA Process and Project Overview

Additionally, in October 2024, a final EIS was submitted to the Saskatchewan Ministry of Environment, closely mirroring the format of the EIS submitted to the CNSC. Denison chose to incorporate crucial feedback from the federal technical review into the provincial EA approval process, with expectations in place for a single ministerial decision after a public review, which began in November 2024.

Wheeler River holds the title of the largest undeveloped uranium project within the resource-abundant eastern segment of the Athabasca Basin in Northern Saskatchewan. Home to the high-grade Phoenix and Gryphon uranium deposits, the project operates as a joint venture, with Denison owning 90% and JCU (Canada) Exploration Company Limited holding the remaining 10%. Denison completed a feasibility study on ISR mining for the Phoenix deposit and evaluated the costs associated with conventional underground mining for the Gryphon deposit.

Both deposits are aligned to be competitively positioned among the lowest-cost uranium mining operations globally. Denison's commitment to sustainable practices is expected to contribute positively not just to the environment, but also to the local economy, as the company seeks to collaborate and foster growth within northern communities.

Celebrating Seven Decades in Uranium

As Denison continues its journey in uranium mining, exploration, and development, the company celebrates its 70th anniversary in 2024. Since its inception in 1954 with the initial acquisitions in Ontario’s Elliot Lake region, Denison has consistently evolved, responding to market dynamics while engaging responsibly with the environment and communities.

In summary, Denison Mines Corporation stands at a pivotal moment with the Wheeler River Project, balancing regulatory diligence, community rights, and innovative mining techniques to potentially redefine uranium extraction practices in Canada.