#Canada #Toronto #Denison Mines #Uranium Mining #Phoenix Project

Denison Mines: Financial and Operational Highlights for 2024

Denison Mines Corp. recently released its audited financial statements and management discussions for the fiscal year ending December 31, 2024, showcasing robust progress, particularly with the Phoenix Project. CEO David Cates emphasized the company’s strategic direction towards developing a large-scale uranium mine in northern Saskatchewan.

Key Achievements

The 2024 fiscal year was marked by several significant milestones, notably in advancing the regulatory approvals necessary for the Phoenix In-Situ Recovery (ISR) project. A major highlight was the scheduling of a two-part public hearing by the Canadian Nuclear Safety Commission (CNSC) set for late 2025, which may pave the way for project approvals and construction to commence by early 2026.

In anticipation of these regulatory developments, Denison’s operations team has made substantial progress in the detailed engineering design of the Phoenix project, achieving around 65% completion by year’s end. This progress is crucial as it positions the company to begin construction immediately upon obtaining the necessary regulatory approvals.

Community Engagement and Agreements

In their commitment to local communities, Denison has established a Mutual Benefits Agreement with Kineepik Métis Local #9 and a Community Benefit Agreement with the Village of Pinehouse Lake. These agreements are designed to foster economic development and ensure the community benefits from the development of the Wheeler River uranium project while minimizing environmental impacts.

Joint Ventures and Mining Operations

Additionally, notable developments occurred at Denison's McClean Lake and Midwest joint ventures. The company is preparing for the restart of operations at McClean Lake, utilizing a patented mining method that is expected to commence in 2025. On the Midwest project, the inaugural ISR field test program successfully validated key project assumptions, enhancing Denison’s understanding of the site’s potential.

Exploration Ventures

To further diversify its exploration efforts, Denison has entered into agreements with Foremost Clean Energy and Cosa Resources to explore several non-core uranium properties. These strategic alliances are crucial for expanding Denison’s portfolio and amplifying its presence in the burgeoning uranium market.

Market Outlook

Despite volatility in the spot uranium market, the long-term supply contract sector remains strong. The year saw an increase in UxC's long-term price indicator, reflecting investor confidence in nuclear energy's pivotal role in addressing global energy demands.

As the company progresses into 2025 with a clean balance sheet, it remains focused on key initiatives, including finalizing detailed engineering designs and securing appropriate permits and licenses in preparation for the construction of the Phoenix ISR project.

Conclusion

Denison Mines Corp. demonstrates strong operational momentum as it advances the Phoenix Project while continuing to prioritize community engagement, regulatory compliance, and exploration initiatives. The future looks promising as the company is poised to fulfill its goal of producing uranium to meet the rising demands of the global market.

The detailed progress updates and strategic agreements showcase Denison's commitment to sustainable mining practices and community development as it prepares for what’s next in the evolving uranium mining landscape.